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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

          Wednesday, February 19, 2014, Vol. 17, No. 35


                            Headlines


A U S T R A L I A

BEST COMMUNITY: Skill Plus Deal Saves Coop From Insolvency
KSUBI: Closes All Australian Stores
ROBINS KITCHEN: Workers to Keep Jobs With New Restructuring Deal


C H I N A

CHINA ALUMINUM: S&P Assigns 'BB+' LT CCR; Outlook Stable
SUNTECH POWER: ADS to be Officially Delisted From NYSE


I N D I A

A P STEEL: CRISIL Cuts Rating on INR40.7MM Loans to 'B+'
AKSHAYA AUTO: CRISIL Reaffirms 'B+' Rating on INR50MM Loan
ALBA ASIA: CARE Lowers Rating on INR54.56cr Loans to 'D'
AMBEY METALLIC: ICRA Reaffirms 'B+' Rating on INR4.8cr Loans
ARUNACHALA SPINNING: CARE Revises Rating on INR14.79cr Loan to B+

AUTODECOR PRIVATE: CARE Revises Rating on INR38.57cr Loan to 'B'
B.L.D.E. UNIVERSITY: CRISIL Reaffirms B Rating on INR468.3MM Loan
B.R. ARORA: ICRA Suspends 'B' Rating on INR14.65cr Loans
BHARAT SUPPLY: ICRA Reaffirms 'B' Rating on INR3cr Loan
BHUJBAL CONSTRON: CRISIL Reaffirms 'B' Rating on INR80MM Loan

BLDE ASSOCIATION: CRISIL Cuts Rating on INR540MM Loans to 'D'
BRAHMAPUTRA INFRA: CRISIL Raises Rating on INR255MM Loan to 'B-'
CASPIA HOTELS: CARE Reaffirms 'B' Rating on INR34.62cr Loans
D.V. EXPORTS: ICRA Assigns 'B+' Ratings to INR20cr Loans
DSG CORP: ICRA Reaffirms 'B' Rating on INR14r Loans

ERNAD ENGINEERING: CRISIL Reaffirms B+ Rating on INR200MM Loan
GOLD PLUS: CARE Reaffirms 'C' Rating on INR383.01cr Loans
IGNITE INSTITUTE: ICRA Suspends 'B' Rating on INR6.75cr Loans
JANACHAITANYA HOUSING: CRISIL Cuts Rating on INR53MM Loan to D
KAVITA OVERSEAS: CRISIL Assigns 'B+' Ratings to INR199.9MM Loan

KUBER SECURITIES: CARE Reaffirms 'B' Rating on INR6.67cr Loans
L. C. FOODS: CRISIL Ups Rating on INR102.4MM Loans to 'B'
MA SARSINSA: ICRA Reaffirms 'B+' Ratings on INR24cr Loans
MANTRI METALLICS: ICRA Cuts Rating on INR78.04cr Loans to 'C'
MARUTINANDAN GINNING: CRISIL Reaffirms B Rating on INR120MM Loan

NATA DEVICES: CARE Assigns 'B+' Rating to INR5cr Long-Term Loans
PARAMOUNT WHEELS: ICRA Assigns 'B' Rating to INR12cr Loans
PMR FOOD: CRISIL Reaffirms 'D' Ratings on INR120.9MM Loans
RAGHAV INDUSTRIES: CRISIL Ups Rating on INR483.7MM Loan to 'B-'
RAMABRAHMA GOLDEN: CRISIL Cuts Rating on INR70MM Loans to 'D'

S.P. MANI: CRISIL Rates INR280MM Bank Loan at 'B+'
SAKETH AUTOMOBILES: CRISIL Ups Rating on INR70MM Loan to 'B+'
SAMBROS TEX: CRISIL Lowers Rating on INR232.3MM Loans to 'D'
SHREE B.S.: CRISIL Assigns 'B+' Rating to INR90MM Loans
SPENTEX INDUSTRIES: CARE Reaffirms 'D' Rating on INR757.12 Loans

SRI RAMALINGESWARA: ICRA Rates INR6cr Loans at 'B+'
SRI VENKATESWARA: ICRA Assigns 'B+' Rating to INR12cr Loans
SUDAMA EXPORT: CRISIL Reaffirms 'B-' Rating on INR44MM Loan
TEJA EDUCATIONAL: CRISIL Reaffirms B+ Rating on INR131MM Loans
TUTICORIN COAL: CARE Revises Rating on INR281cr Loans to 'B'

UDIT INFRAWORLD: ICRA Suspends 'B+/A4' Rating on INR8.5cr Loan
VETO CERAMIC: ICRA Reaffirms 'B' Rating on INR6.72cr Loans
VIJAY ENGINEERING: CRISIL Cuts Rating on INR467MM Loans to 'D'
VSB PAPER: CRISIL Reaffirms 'D' Rating on INR130.9MM Loans
WADHWANI COMMODITIES: CRISIL Reaffirms B Rating on INR60MM Loan

WEST QUAY: CARE Revises Rating on INR116.5cr Loans to 'B'


M O N G O L I A

MONGOLIAN MINING: Sale of Road Assets No Impact on Caa2 Rating


N E W  Z E A L A N D

DICKSON MARINE: Boat Builder Shuts Doors; 8 Jobs Axed
NEW ZEALAND ASSOCIATION: Fitch Gives BB+ LT Issuer Default Rating
OCEANIC SEAFOODS: Enters Liquidation After Fishy Iranian Deal


S I N G A P O R E

GLOBAL A&T: S&P Lowers LT CCR to 'B-'; Still on CreditWatch Neg.
* SINGAPORE: Number of Bankruptcy Cases Hits Four-Year High


                            - - - - -


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A U S T R A L I A
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BEST COMMUNITY: Skill Plus Deal Saves Coop From Insolvency
----------------------------------------------------------
Rachel Afflick at The Courier reports that Best Community
Development was likely to fall into insolvency if it couldn't be
wound up under a deal with Frankston provider Skills Plus.

Best CD Members were expected to meet on February 5 to wind up the
co-operative, ending its 40 year history as an employment and
disability service provider in Ballarat, The Courier notes.

Under the initiative, several Ballarat jobs have been cut and
services transferred to a new consolidated Skills Plus and BRACE
entity -- a partnership of Ballarat training organisation BRACE
and Skills Plus, according to The Courier.

The existing Job Services Australia contract expires in 2015, the
report says.

The Courier discloses that BEST CD sold a major Dana Street
property last year and had cash assets of AUD3,212,256 at the end
of 2008.  But in a disclosure document distributed to members, and
obtained by The Courier, the extent of the co-operative's
financial trouble has been revealed.

The report relates that the organisation's financial position
deteriorated to the extent it could not reasonably continue, with
the Job Services Australia contract being delivered at a loss.

Members were told the board carefully considered "all options for
continuation of services provided", from continuing as a single
entity through to merger and winding up. Winding up was preferred,
the report notes.

The Courier was unable to contact BEST chairman Erich Sinkis, but
the company disclosure statement shows BEST CD was set to transfer
AUD1,810,605 in total assets to Skills Plus, including
AUD1,122,000 in real estate holdings.  In turn, Skills Plus takes
on liabilities of AUD1,827,419.

The individual directors of the BEST board join the SkillsPlus
board, The Courier adds.


KSUBI: Closes All Australian Stores
-----------------------------------
Carmen Hamilton at Vogue Australia, citing Inside Retail, reports
that Ksubi (formerly known as Tsubi) will be closing all six of
its Australian stores, leaving the brand's fate in the hands of
liquidation and bankruptcy firm Veritas Advisory. Ksubi has also
ceased trading on its website, the report says.

According to the report, the streetwear label has been attempting
to stay afloat since it went into receivership at the end of last
year. Its authorities have reportedly been looking for a buyer or
investor to pull it from the fire, and its creative team have been
going to great lengths -- casting Montana Cox in campaigns and
even managing to lure Chanel Iman into its offices for an
Instagram photo during her recent stint in Australia, Vogue
Australia relays.

Since Ksubi launched as a denim line in 2000, the label has earned
a substantial customer base both locally and internationally, and
enjoyed the celebrity endorsement of everyone from Miranda Kerr to
Nicole Richie, the report notes.


ROBINS KITCHEN: Workers to Keep Jobs With New Restructuring Deal
----------------------------------------------------------------
Sophie Foster Small and Medium Business at The Courier-Mail report
that Robins Kitchen will stay open with all remaining staff
assured of keeping their jobs now that a two-week cooling off
period has expired on a restructure deal.

The Courier-Mail relates that two weeks after creditors agreed to
a restructure of the kitchenware chain, a Deed of Company
Arrangement has now been formally ratified giving Klearin Pty and
Atamine Pty control of the business -- both firms linked to Sydney
businessman Fred Bart.

According to The Courier-Mail, a statement issued by Robins
Kitchen said "Mr. Fred Bart has made a commitment to keep the
business going and retain all staff currently employed by Robins
Kitchen".

It said he had "diverse business interests, including significant
investments within the resource and property sectors" locally and
abroad. Among his retail outlets were the brands Bed Bath & Beyond
and Sleeping Giant, the statement said, The Courier-Mail relays.

"He brings to the company extensive commercial experience from his
involvement in the manufacturing and textile industries."

Lineville Pty, trading as Robins Kitchen, went into voluntary
administration on December 16, following which administrator FTI
Consulting closed seven stores.

The Courier-Mail relates that Mr. Bart now controls 38 remaining
stores through Queensland, New South Wales and the Australian
Capital Territory.

Among the issues he will have to sort through are outstanding lay-
bys and gift cards issued prior to December 17 last year, the
report says.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 19, 2013, skynews.com.au said Robins Kitchen has been placed
into voluntary administration, leaving the future for its 300
workers uncertain.  The group's Brisbane-based parent company
Lineville Pty has appointed FTI Consulting as voluntary
administrators, according to skynews.com.au.

Robins Kitchen is a kitchenware retailer. It operated 55 bricks
and mortar stores across Queensland, New South Wales.  It also
operated an online division, which sells kitchen products from
well-known brands including Circulon, Anna Gare, Baccarat, Mundial
and Wustof.


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C H I N A
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CHINA ALUMINUM: S&P Assigns 'BB+' LT CCR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB+' long-term corporate credit rating and 'cnBBB+' long-term
Greater China regional scale rating to China-based engineering and
construction company China Aluminum International Engineering
Corp. Ltd. (Chalieco).  The outlook is stable.  S&P also assigned
its 'BB' long-term issue rating and its 'cnBBB' Greater China
regional scale rating to Chalieco's proposed senior unsecured
perpetual notes.  The issue rating is subject to S&P's review of
the final issuance documentation.  The proposed notes will be
issued by Chalieco Hong Kong Corp. Ltd., a special purposed
vehicle, and Chalieco will unconditionally and irrevocably
guarantee them.

The rating on Chalieco reflects the company's stand-alone credit
profile of 'bb' and a one-notch uplift for support from the
company's parent, Aluminum Corp. of China (Chinalco).

"We assess Chinalco's group credit profile as 'bbb-', reflecting
our assessment of Chinalco's "satisfactory" business risk profile
and its "highly leveraged" financial risk profile.  Chinalco's
other subsidiaries include Aluminum Corp. of China Ltd. and
Chinalco Mining Corp. International Ltd. Standard & Poor's
believes Chalieco is a "strategically important" subsidiary of the
parent," S&P noted.

"Our assessment of Chalieco's business risk profile as "fair"
primarily reflects the company's good reputation and an order
backlog from various segments, including nonferrous metal and
other non-metal industries," said Standard & Poor's credit analyst
Jian Cheng.  "Such competitive advantages are tempered by the
challenging outlook for the Chinese nonferrous metals industry,
particularly for the aluminum segment, which has had a prolonged
oversupply in recent years."

In addition, Chalieco has entered the infrastructure and
transportation industries, which have lower entry barriers.  This
exposes the company to a very competitive market, which tends to
have higher working capital requirements due to long cash-
collection periods.

Chalieco's cash flow leverage is likely to remain sensitive to
changes in profitability and working capital management.  However,
S&P expects Chalieco's EBITDA margin to stay at 7%-8% in 2014,
while the deterioration in working capital will moderate.  S&P's
view is supported by the company's adequate contract backlog,
which S&P believes provides revenue clarity for the coming two
years.

The "significant" financial risk profile incorporates S&P's
expectation that company will have persistently high working
capital requirements and moderate revenue growth over the next two
years.  As such, S&P expects Chalieco's free operating cash flow
to remain negative in the coming two years as the company expands,
leading to higher leverage.

The proposed senior unsecured perpetual notes are rated one notch
lower than the issuer credit rating on Chalieco's to reflect the
company's option to defer interest payments on the notes.

"The stable outlook reflects our view that Chalieco will be able
to maintain its market position and competitive advantage in the
Chinese nonferrous metals engineering and construction industry
for the next two years at least," said Mr. Cheng.  "We also expect
the company to maintain fairly stable profitability as it expands
into the non-metals industry in China."

Chalieco should have high visibility over its revenue, given its
sizable backlog of orders.  However, the overall industry outlook
is challenging, in S&P's view, particularly in the nonferrous
metals sector.

S&P could downgrade Chalieco if it lowers Chinalco's group credit
profile or if Chalieco become less important to its parent group.
In addition, S&P could lower the ratings if Chalieco's stand-alone
credit profile deteriorates to 'b'.  This could be driven by a
reduction in the margins or working capital management that would
cause the ratio of debt to EBITDA to exceed 5x on a sustained
basis and Chalieco's financial risk profile to deteriorate to
"highly leveraged."  In S&P's view, this is an unlikely scenario
for the next two years, at least.

S&P may upgrade Chalieco if it raises its assessment of Chinalco's
group credit profile.


SUNTECH POWER: ADS to be Officially Delisted From NYSE
------------------------------------------------------
Mark Osborne at pv-tech.org reports that Suntech Power Holdings
American Depositary Shares (ADS) will officially be delisted from
the New York Stock Exchange after the insolvent company lost an
appeal with the NYSE's Committee for Review.

However, Suntech Power Holdings shares are expected to continue
trading on the OTC market under the symbol 'STPFQ' for the time
being but could eventually be halted following Chapter 15
bankruptcy proceedings in US courts, according to pv-tech.org.

The statement was issued via the Cayman Islands where Suntech
Power Holdings is registered, the report notes.

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

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

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

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



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I N D I A
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A P STEEL: CRISIL Cuts Rating on INR40.7MM Loans to 'B+'
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
A P Steel Re-Rolling Mill Ltd to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+.

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

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

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

   Term Loan                  0.7    CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that APS's financial risk
profile, particularly its liquidity will remain restricted by its
lower-than-expected cash accruals, due to sluggish revenues and
low profitability. The company's cash accruals could be closely
matched with its debt obligations over the medium term. Moreover,
APS has weak debt protection metrics, with interest coverage and
net cash accruals to total debt (NCATD) ratios at 1.47 times and
0.10 times, respectively, for 2012-13 (refers to financial year,
April 1 to March 31).

The ratings reflect APS's small scale of operations; and average
financial risk profile, marked by weak debt protection metrics and
modest net worth. The ratings also factor in APS's working-
capital-intensive operations and the susceptibility of its
operating performance to volatility in steel prices. These rating
weaknesses are partially offset by the extensive experience of the
promoters, semi-integrated operations and established customer
relations.

Outlook: Stable

CRISIL believes that APS will maintain its stable business risk
profile over the medium term, backed by its established customer
relationships and the promoter's extensive experience in the steel
industry. The outlook may be revised to 'Positive' if the company
reports a significant and sustained improvement in the company's
scale of operations and profitability, while maintaining a
comfortable capital structure; or a substantial improvement in its
working capital cycle, thereby enhancing its liquidity and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if APS's financial risk profile weakens, with a sharp
decline in its profitability margins or revenues, or deterioration
in its working capital cycle.

APS was incorporated in 1992, as a private limited company. The
company was founded by Mr. A P Azad along with his brother, Mr. A
Shamsudheen, and business acquaintances: Mr. K. Pankajakshan, Mr.
K. Abdul Latheef and Mr. C P Ali Bhav Haji. The company has semi-
integrated operations; and manufactures ingots, thermo-
mechanically treated (TMT) bars, rounds, flats and angles. APS's
TMT bars are marketed under the AP Suraksha brand. APS has a
manufacturing facility in Palakkad (Kerala).

APS reported a profit after tax (PAT) of INR0.76 million on sales
of INR397.8 million for 2012-13, vis-a-vis a PAT of INR0.27
million on net sales of INR422.9 million for 2011-12.


AKSHAYA AUTO: CRISIL Reaffirms 'B+' Rating on INR50MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Akshaya Auto
Service continue to reflect AAS's below-average financial risk
profile, marked by high total outside liabilities to tangible net
worth (TOLTNW) ratio and weak debt protection metrics. The ratings
also factor in the company's modest scale of operations in the
intensely competitive automobile dealership industry. These rating
weaknesses are partially offset by AAS's established relationship
with its key principal, Bajaj Auto Ltd (BAL; rated 'CRISIL
AAA/FAAA/Stable/CRISIL A1+').

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

Outlook: Stable

CRISIL believes that AAS will continue to benefit over the medium
term from its exclusive dealership contract with its principal,
BAL. The outlook may be revised to 'Positive' if AAS's sales
volumes and operating margin improve substantially, or if there is
any equity infusion from the promoters, thereby improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if AAS records a decline in its sales volumes, thus
significantly impacting its revenues and profitability, or
undertakes any large, debt-funded capital expenditure (capex)
programme, thus weakening its financial risk profile.

Update
For 2012-13 (refers to financial year, April 1 to March 31), AAS's
revenue of INR336 million was in line with CRISIL's expectations;
the firm's operating margin was around 3.1 per cent in 2012-13,
broadly in line with CRISIL's estimates. However, the firm is
expected to record a year-on-year decline in sales for 2013-14,
following the discontinuation of its sales of three-wheelers, with
effect from June 2013. Over the nine months ended December 31,
2013, AAS recorded revenues of around INR193 million. Over the
medium term, however, the firm is likely to report steady growth
in sales, on the back of stable demand and sales volumes in its
two-wheeler business.

The firm has moderate working capital requirements, with inventory
holding of around one month, and receivables of around 20 days,
partially mitigated by moderate credit from BAL.

AAS's financial risk profile continues to be below-average, marked
by a high TOLTNW ratio and weak interest coverage ratio, despite
the promoters' capital infusion of around INR2.2 million during
2012-13. In the absence of any additional capital infusion over
the medium term, AAS's financial risk profile is expected to
remain below-average over this period.

AAS's liquidity remains stretched, with modest cash accruals and
high bank limit utilisation, partially offset by moderate
unencumbered cash and bank balances.

AAS, established in 1989, is the sole authorised dealer for BAL's
two-wheelers and three-wheelers in Tumkur and Chitradurga
districts (both in Karnataka). AAS is promoted by Mr. Suresh Babu
and his sons, Mr. A S Samith and Mr. A S Amith.

AAS reported a profit after tax (PAT) of INR0.97 million on net
sales of INR377 million for 2012-13, vis-a-vis a PAT of INR0.44
million on net sales of INR348 million for 2011-12.


ALBA ASIA: CARE Lowers Rating on INR54.56cr Loans to 'D'
--------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Alba
Asia Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        34.56      CARE D Revised
   Facilities                       From CARE BB-

   Long-term/Short-      20.00      CARE D Revised
   Term Bank Facilities             From CARE BB-/CARE A4

Rating Rationale

The ratings revision considers delay in servicing of term loan
repayment obligations.

Alba Asia Private Limited (erstwhile ABG LDA Bulk Handling Private
Limited ) is a Joint Venture between ABG Infralogistics Limited
(ABG Infra) through its wholly owned subsidiary, ABG Ports Pvt.
Ltd. and Louis Dreyfus Armateurs (LDA), France, holding 51% and
49% equity stake respectively in AAPL. The promoters ABG Infra as
well as LDA have extensive experience in handling port operations.

AAPL owns, operates, maintains and rents cranes of various types
and capacity, which are deployed for different applications,
mainly to the companies from the ports sector. At present, the
company operates at the Vishakhapatnam Port and New Mangalore
Port.

AAPL was awarded two contracts for the development of port
terminals for which the company had formed Special Purpose
Vehicles (SPVs) to execute the same.

For FY13, AAPL reported a total operating income of INR24.26 crore
and a PAT of INR0.17 crore as compared to a total operating income
of INR29.41 crore and a net loss of INR2.35 crore during FY12.


AMBEY METALLIC: ICRA Reaffirms 'B+' Rating on INR4.8cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' to the
INR4.80 crore (enhanced from INR4.70 crore) fund-based bank
facility of Ambey Metallic Limited. ICRA has also reaffirmed the
short term rating of '[ICRA]A4' to the INR15.20 crore (enhanced
from INR10.19 crore) non-fund based bank facilities of AML.

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long-term fund      4.80       [ICRA]B+ Reaffirmed
   based limits

   Short-term non-
   fund based limits  15.20       [ICRA]A4 Reaffirmed

The rating reaffirmation takes into consideration the uncertainty
associated with the supply of primary raw material (iron ore) and
the resultant increase in its purchase price which coupled with
Ambey Metallic Limited (AML)'s, low value additive nature of
business, results in low profitability. The high inventory holding
of AML has increased the working capital intensity of its
business, thereby impacting its liquidity, as well as exposed it
to inventory price risks, given the cyclicality inherent in the
steel industry. The ratings also reflect AML's exposure to forex
risks, given its dependence on imports for coal, in the absence of
a formal hedging mechanism.

The ratings, however, take into account the long standing
experience of the promoters of AML in the iron and steel business
and the company's conservative capital structure and moderate
coverage indicators which indicate a comfortable financial risk
profile. The turnover of the company registered improvement in
FY13 and H1FY14 supported by higher capacity utilization.

Incorporated in 2001, AML is engaged in the manufacturing of
sponge iron using iron ore and coal as key raw materials. AML has
an installed capacity of 36,000 Metric Tonnes Per Annum (MTPA) at
its manufacturing facility in Pissurlem, Goa.

Recent Results

AML recorded a net profit after tax of INR0.58 crore on an
operating income of INR42.99 crore for the year ending 31st March,
2013. For the six month period of April 2013 to September 2013,
the company recorded a profit before tax of INR1.35 crore on an
operating income of INR26.43 crore, as per its provisional
financials.


ARUNACHALA SPINNING: CARE Revises Rating on INR14.79cr Loan to B+
-----------------------------------------------------------------
CARE revises/reaffirms rating assigned to the bank facilities of
Arunachala Spinning Mills India Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        14.79      CARE B+ Revised
   Facilities                       from CARE B

   Short-term Bank
   Facilities             0.18      CARE A4 Reaffirmed

   Long/Short-term        2.00      CARE B+/CARE A4 Revised
   Bank Facilities                  From CARE B/CARE A4

Rating Rationale

The revision in the long-term rating factors in the improvement in
the financial performance of Arunachala Spinning Mills India Pvt
Ltd marked by growth in revenues and profitability, improvement in
the liquidity position and debt protection metrics of the company.

However, the ratings continue to be constrained by the
susceptibility of ASMIPL's margins to volatility in raw material
prices and its presence in the highly fragmented cotton yarn
industry.  The ratings continue to draw strength from the wide
experience of the promoters, presence in the textile cluster with
easy access to labour and proximity to the end-user industry.
The ability of ASMIPL to move up in the textile value chain,
diversify product offerings and sustain the improvement in the
overall financial risk profile would be the key rating
sensitivities.

ASMIPL was incorporated in 2004 by Mr MN Natarajan and other
associates to undertake the business of manufacturing cotton yarn.
The company produces cotton yarn with an average count of 40's
mainly used by the hosiery industry. ASMIPL operates with an
installed capacity of 16,800 spindles, ie, 2,800 metric tonnes per
annum (MTPA) from its sole manufacturing facility located at
Dharapuram region in the Tirupur district of Tamil Nadu.
ASMIPL has four associate companies, namely, Bagyalakshmi Dyeing,
Everking Garments, Superking Knitters and Veeyem Tex. All the
associate concerns are in the business of dyeing fabrics and
manufacturing garments.

ASMIPL has achieved a net profit of INR1.23 crore on a total
operating income of INR54.77 crore in FY13 (refers to the period
April 1 to March 31) as compared with  a net loss of INR2.54 crore
on a total operating income of INR38.64 crore in FY12.


AUTODECOR PRIVATE: CARE Revises Rating on INR38.57cr Loan to 'B'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Autodecor Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        38.57      CARE B Revised
   Facilities                       from CARE BB+

   Short-term Bank        8         CARE A4 Revised
   Facilities                       from CARE A4+

Rating Rationale

The revision in the ratings of Autodecor Private Limited takes
into account the weakened financial risk profile, exposure to
volatility in the raw material prices, small scale of operations
and cyclical nature of the auto-industry with subdued demand.
However, the ratings continues to derive strength from the long
experience of the promoters in the auto-component industry, proven
track record of ADPL's operations and established relationship
with the customers.

The ability of the company to maintain the revenue growth and
profitability along with working capital management remain the key
rating sensitivities.

Incorporated on February 18, 1984, Autodecor Pvt Ltd is engaged in
manufacturing thermo plastic injection moulds which find
application mainly in the automobile industry with the modest
supply to the non-automotive segment. The company produces
automobile components viz speedometers, chain cover, trim desk,
bracketail light, dash boards, bumper parts and other interior
parts for both four-wheelers as well as two-wheelers segments.
In the non-automotive segment, the company manufactures plastic
injection moulds that are utilized in UPS, inverter, home
appliances such as AC and washing machine etc. ADPL has a total
of four manufacturing facilities with two units located at Manesar
(Haryana), and one each at Gurgaon (Haryana) and Rudrapur
(Uttarakhand).

ADPL reported PAT of INR0.39 crore on a total income of INR78.50
crore during FY13 (refers to the period April 1 to March 31) vis-
...-vis PAT of INR2.94 crore on a total income of INR75.37 crore
during FY12. For H1FY14 (provisional), the company reported losses
of INR 0.30 crore at the PBT level on a total operating income of
INR38.20 crore.


B.L.D.E. UNIVERSITY: CRISIL Reaffirms B Rating on INR468.3MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of B.L.D.E. University
continue to reflect BLDEU's below-average financial risk profile
marked by highly leveraged capital structure, its exposure to
intense competition, and susceptibility to the highly regulated
environment in the education sector. These rating weaknesses are
partially offset by BLDEU's established regional market position.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           44       CRISIL A4 (Reaffirmed)
   Cash Credit             150       CRISIL B/Stable (Reaffirmed)
   Long Term Loan          294.2     CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       24.1     CRISIL B/Stable(Reaffirmed)

Outlook: Stable

CRISIL believes that BLDEU will continue to benefit over the
medium term from its established regional market position in
offering courses in medicine. The outlook may be revised to
'Positive' in case BLDEU reports significant improvement in scale
of operations along with maintenance of margins, leading to
sustained improvement in cash accruals and capital structure.
Conversely, the outlook may be revised to 'Negative' if BLDEU
undertakes any larger-than-expected, debt-funded capital
expenditure (capex) programme, or if it faces any adverse
regulatory change, resulting in significant decline in its student
intake or its cash accruals.

Update
For 2012-13 (refers to financial year, April 1 to March 31),
BLDEU's operating income was INR500 million, which represents a
growth of 14 per cent over that in the previous year, in line with
CRISIL's expectations. CRISIL believes that BLDEU will report
operating income of around INR580 million for 2013-14. BLDEU's
revenue growth has been driven by fee revision for its medical
courses during 2012-13 and increase in student intake for its
post-graduate courses. BLDEU's operating margin declined to 12.4
per cent in 2012-13 from 26.4 per cent in 2011-12 because of
change in accounting policy from cash basis to accrual basis and
one-off advertising expenses of around INR22 million during 2012-
13; the operating margin is expected to improve to around 20 per
cent over the medium term, supported by healthy demand for medical
education and upward revision in fee structure.

BLDEU's financial risk profile is below average, marked by small
net worth and high gearing of INR60 million and 6.6 times,
respectively, as on March 31, 2013. Though the gearing is expected
to improve over the medium term, it will remain high on account of
BLDEU's proposed capex of around INR200 million in 2013-14 and
2014-15, to be funded through term loans of around INR90 million
and through internal accruals. BLDEU's liquidity remains adequate
for the rating category, marked by sufficient cash accruals to
meet debt obligations.

Established in 2008, BLDEU is a deemed university operating a
medical college and hospital. The university's day-to-day
operations are managed by its board of management, headed by Vice
Chancellor Professor. B G Mulimani.


B.R. ARORA: ICRA Suspends 'B' Rating on INR14.65cr Loans
--------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]B' assigned to
the INR14.65 crore fund based facilities of B.R. Arora &
Associates 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.

B.R. Arora & Associates Private Limited has been engaged in civil
construction and has undertaken construction projects mainly for
Military Engineering Services (MES), Airport Authority of India
(AAI) and National Highway Authority of India (NHAI). Its scope of
work includes but is not limited to construction/ resurfacing of
runways, apron, taxiways construction of highways and roads. The
company has carried out construction work for airports at Udaipur,
Goa, Trivandrum, Bagdogra, Tirupati etc. Currently the company has
two work orders from MES Allahabad and MES Ahmednagar.


BHARAT SUPPLY: ICRA Reaffirms 'B' Rating on INR3cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B'  to the
INR3.00 crore cash credit facility of Bharat Supply Company. ICRA
has also reaffirmed the short term rating of '[ICRA]A4' to the
INR4.00 crore letter of credit facility of BSC.

                          Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Cash Credit Facility   3.00       [ICRA]B reaffirmed
   Letter of Credit       4.00       [ICRA]A4 reaffirmed

The ratings reaffirmation take into account the significant
decline in operating income of the entity in financial year 2012-
13 on account of a demand slowdown, its thin profit margins due to
the highly fragmented and low value added nature of the trading
business, notwithstanding the improvement in 2012-13 and the
entity's weak financial profile, as indicated by deterioration in
gearing and coverage indicators. The cyclicality associated with
the iron and steel industry imparts volatility in the entity's
revenues. ICRA notes that BSC has recently ventured into trading
of food grains which further exposes it to agro climatic risks.
The ratings, however, derive comfort from the long experience of
the proprietor in the iron and steel trading business and the
significant improvement in operating profitability in 2012-13
although, at an absolute level net profit remains stagnant.

BSC, a Kolkata based proprietorship concern, is engaged in the
business of trading in rolling and melting ferrous scrap. The
proprietorship, Mr. Mahabir Prasad Dhakalia, has a long track
record in the iron and steel scrap trading business. The company
has recently started trading in food grains.

Recent Results

BSC reported a net profit of INR0.14 crore in 2012-13 on the back
of an operating income of INR6.84 crore, as against a net profit
of INR0.13 crore on an operating income of INR16.07 crore during
2011-12.


BHUJBAL CONSTRON: CRISIL Reaffirms 'B' Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Bhujbal Constron
continues to reflect Bhujbal's susceptibility to demand risks
related to its ongoing project and to the cyclicality in the real
estate industry in India. These rating weaknesses are partially
offset by the extensive experience of the firm's partners in the
real estate industry and their funding support.

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

Outlook: Stable

CRISIL believes that Bhujbal will continue to benefit from the
extensive experience of its partners in the real estate industry
and their funding support, over the medium term. The outlook may
be revised to 'Positive' in case of timely project completion
along with better-than-expected customer bookings, resulting in an
improvement in the firm's liquidity. Conversely, the outlook may
be revised to 'Negative' in case of a time or cost overrun in
Bhujbal's project, or lower-than-expected customer bookings,
leading to lower-than-anticipated cash inflows thus impacting the
firm's liquidity.

Update
The progress in Bhujbal's project over the ten months ended
January 31, 2014, has been broadly in line with CRISIL's
expectations. The project is in an advanced stage of completion
with over 70 per cent of the costs already incurred, and is
expected to be completed by August 2014. The selling rates have,
however, been significantly lower than expected, leading to lower-
than-anticipated customer advances despite the number of units
sold being broadly in line with expectations. However, timely fund
infusion by the partners has met the funding needs of the firm and
is also expected to arrest any significant time overrun in the
project; the partners have already infused their entire
contribution.

Furthermore, the assured cash inflow from units already sold
coupled with the available term loan is expected to be sufficient
to cover the remaining construction costs. The partners are also
expected to regularly infuse funds to service Bhujbal's debt
obligations and complete the project. Nevertheless, with
commencement of debt repayment obligations from June 2014, coupled
with the sizeable interest costs, selling rates and ramp up in
bookings would remain key rating sensitivity factors and would
most likely determine the future movement in ratings. CRISIL
expects Bhujbal's liquidity to remain weak over the medium term,
though supported by fund infusion by its partners.

Set up in April 2012, Bhujbal is implementing a residential real
estate project on the outskirts of Wai (Maharashtra). The project
comprises 108 residential units (54 units, each with one bedroom
along with a hall and kitchen [1-BHK], and 54 with 2-BHK); it is
being marketed under the name Grand County. Bhujbal is part of the
Bhujbal group of entities promoted by Mr. Abhijit Bhujbal.


BLDE ASSOCIATION: CRISIL Cuts Rating on INR540MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of BLDE
Association to 'CRISIL D' from 'CRISIL B+/Stable'.

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

   Proposed Long Term
   Bank Loan Facility     170      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Term Loan              310      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by BLDE in
servicing its term debt obligations; the delays have been caused
by cash flow mismatches faced by BLDE. BLDE has been aggressive in
its capital expenditure plans in the recent past which has been
funded through a mix of debt and internal accruals. This has led
to occasional mismatches.

The ratings continue to reflect BLDE's exposure to regulatory
risks associated with educational institutions and exposure to
intense competition from other educational institutes. These
rating weakness are partially offset by BLDE's established
regional position in the education system, diversified course
offerings, and healthy occupancy levels across various
disciplines.

BLDE was set up in 1910, promoted by Mr. P G Halakatti and Shri
Banthanal Mahaswamijee, to provide educational facilities to the
poor and socially backward populace of Bijapur (Karnataka). BLDE
started a school, Shri Siddheshwar High School, in Bijapur in
1917. It gradually expanded its range of educational courses and
now manages 75 educational institutions in and around Bijapur,
offering kindergarten to post-graduation and research courses, in
the arts, science, commerce, management, medicine, nursing, law
and engineering streams.

BLDE group consists of BLDE Association and BLDE University. BLDE
University was established in 2008 and offers post graduate and
under graduate courses in medicine.

BLDE reported a net surplus (excess of revenue over expenditure),
of INR 15.2 million on an operating income Rs 813.6 million for
2012-13; the company reported a net surplus of INR 88.8 million on
operating income of INR 668.9 million for 2011-12.


BRAHMAPUTRA INFRA: CRISIL Raises Rating on INR255MM Loan to 'B-'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Brahmaputra Infra Power Pvt Ltd to 'CRISIL B-/ Stable' from
'CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 255     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects BIPPL's adequate track record of timely debt
servicing driven by improved liquidity. BIPPL's liquidity has
improved on account of support from its parent Neccon Power &
Infra Pvt Ltd (Neccon; rated 'CRISIL BB+/Stable/CRISIL A4+').
Neccon had invested INR214 million in BIPPL as on March 31, 2013,
to support BIPPL's capital expenditure requirements and debt
obligations. BIPPL's liquidity is expected to remain stretched
neing in initial stage of operation. However is expected to be
adequately supported by its promoters in timely manner.

The rating reflects BIPPL's below-average financial risk profile
and the expected customer concentration in its revenue profile
once it starts operations. Moreover, the company is exposed to
risks related to project implementation. These rating weaknesses
are partially offset by the benefits that BIPPL will derive from
the strong entrepreneurial experience of its promoters and fund
support from its parent.

Outlook: Stable

CRISIL believes that BIPPL will continue to benefit from support
from its promoters though its liquidity will remain constrained in
the initial stage of operations. The outlook may be revised to
'Positive' if BIPPL commences operations earlier than expected and
generates more-than-expected cash accruals, adequate to meet its
debt obligations. Conversely, the outlook may be revised to
'Negative' if commencement of operations is delayed further and
support from promoters does not come in on time.

BIPPL, incorporated in February 2009, is a wholly owned subsidiary
of Neccon. BIPPL is a special purpose vehicle created to execute a
4.7-megawatt run-of-the river hydro project on Bordikorai river, a
tranche on the northern bed of the Brahmaputra river, in Sonitpur
(Assam).


CASPIA HOTELS: CARE Reaffirms 'B' Rating on INR34.62cr Loans
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Caspia Hotels Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           34.62       CARE B Reaffirmed

Rating Rationale

The rating continues to be constrained by slow progress of the
project executed by Caspia Hotels Private Limited, delay in
identifying the hotel operator and risk associated with timely
implementation of the project. The rating continues to derive
strength from favorable location of the project and completion of
construction of hotel building.

Ability of the company to complete the project as per schedule and
within budgeted costs and tieup with a renowned hotel operator is
the key rating sensitivity.

Caspia Hotels Private Limited, incorporated on July 22, 2005, is a
100% subsidiary of Vascon Pricol Infrastructure Limited. VPIL is
70:30 joint ventures of Vascon Engineers Limited and Pricol
Limited.

CHPL is developing a 129 room, 3-star hotel in Coimbatore, Tamil
Nadu. The project is expected to cost INR56.23 crore financed
through a debt of INR35.63 crore with a debt equity mix of 1.73:1.
Original commercial operation date (CoD), November 2011 has
revised to March 2014.


D.V. EXPORTS: ICRA Assigns 'B+' Ratings to INR20cr Loans
--------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B+' to the
INR20.0 crore long-term fund based bank facilities of D.V.
Exports.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           10.00      [ICRA]B+ assigned
   EPC/FBP/FBN/FOBNLC    10.00      [ICRA]B+ assigned

The assigned rating takes into consideration the long established
experience of the promoters in the cotton business as a part of
the Manjeet Cotton group (Manjeet Cotton Private Limited, rated
[ICRA]BB+ (Stable)/[ICRA]A4+); proximity of the firm to the cotton
producing belt of Gujarat, Maharashtra and Madhya Pradesh
resulting in easy access to raw materials and healthy revenue
growth in FY 13 supported by increased proportion of export sales
with a well diversified customer base of the firm. The rating is,
however, constrained by the susceptibility of revenue growth to
volatility in cotton prices; constrained operating profitability
on account of low value addition nature of trading business; high
working capital requirements inherent to the seasonal nature of
business and restricted financial flexibility on account of
stretched capital structure and modest debt coverage indicators.
Going forward, improvement in profitability indicators, liquidity
and capital structure would be the key rating sensitivity.

DV Exports is a proprietorship concern of Mr. Rajpal Singh S/o
Bhupendra Singh Rajpal, who also holds directorship of Manjeet
Cotton Private Limited. The firm is a part of "Manjeet Group"
(Manjeet Cotton Private Limited, rated [ICRA]BB+
(Stable)/[ICRA]A4+), which consists of various companies and firms
engaged in cotton ginning, cotton pressing and cotton trading
activities. Earlier, the group's major business activity was
concentrated in the state of Madhya Pradesh, but at present the
group has spread over its operations. The group's boasts a
clientele consisting of some of the well known textile groups in
India.

The promoters and family concerns are solely dedicated and focused
on cotton business and well supported by Manjeet group who is
dominant player in cotton trading and ginning business in central
India. As a result of their constant endeavor, the firm has
developed good contacts with the major buyers and has enriched
value of business through quality products, integration and
standard policy & terms of business.

Recent Results
As per audited financials for FY 2013, the company reported a
Profit after Tax (PAT) of INR1.8 crore on an Operating Income (OI)
of INR175.5 crore as against a PAT of INR0.1 crore on an OI of
INR42.3 crore in FY 2012.


DSG CORP: ICRA Reaffirms 'B' Rating on INR14r Loans
----------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' to the non
fund based limits of INR14 Crore of DSG Corp Private Limited
(erstwhile D S Gupta Construction Private Limited). The rating
suspension done in September 2013 stands revoked.

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Non-Fund Based       14          [ICRA]B reaffirmed;
   Limits                           suspension revoked

The ratings reaffirmation factors in uncertain medium term plan of
the company due to acquisition of the business by Blue Star Ltd
and the subsequent non-compete clause which will continue till
August 2014. While ICRA notes that currently the company has
adequate liquidity by way of unencumbered fixed deposits, the same
is expected to reduce going forward as DSGCPL plans to draw-down
these fixed deposits and advance funds to group companies for
investing in real estate ventures. The rating is also constrained
by the instances of overutilization of working capital limits in
the past.

The rating however favourably factors in the presence of only
working capital limits in the company against which there is
sufficient liquidity in the form of unencumbered fixed deposits.

DSG Corp Private Limited (DSGCPL) was started as a proprietorship
firm by Mr. Sunil Gupta in 1992 which was converted to a
partnership firm in 1995 and subsequently converted to a private
limited company in 1997 with Mr. Sunil Gupta and Mrs. Kavita Gupta
holding 100% shares of the company. DSGPL offered plumbing and
fire-fighting equipment-related systems and services to hotels,
hospitals, information technology parks, residential multiplexes,
and educational institutions. On 31st August 2010 Blue Star
Limited (BSL) acquired the business of DSGCPL; consequently DSGCPL
currently has no business operations.


ERNAD ENGINEERING: CRISIL Reaffirms B+ Rating on INR200MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ernad Engineering
Enterprises continue to reflect EEE's modest scale of operations
in the highly fragmented civil construction industry, and
geographic concentration in its revenue profile. The ratings also
factor in the firm's large working capital requirements. These
rating weaknesses are partially offset by EEE's above-average
financial risk profile, marked by healthy gearing and debt
protection metrics, and its promoters' extensive experience in the
road construction segment.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarante          300      CRISIL A4 (Reaffirmed)
   Cash Credit            200      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

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

Update
For 2012-13 (refers to financial year, April 1 to March 31), EEE's
provisional revenues of about INR559 million were marginally
higher than CRISIL expectations. For the seven months ended
October 31, 2013, the company recognised revenues of around INR
440 million; it is likely to report revenues of INR750 million for
2013-14 given its healthy order book. EEE's operating margin of
12.1 per cent in 2012-13, was in line with CRISIL expectations.
The firm's operations continue to remain working-capital-intensive
marked by high receivable period resulting in high bank limit
utilisation.

EEE's financial risk profile continues to remain above average,
driven by healthy debt protection metrics. The company plans to
undertake capex of INR 30 crores over the medium term.  Despite
the same, the financial risk profile is expected to remain above-
average on the back of expected equity infusion from the
promoters.

EEE's liquidity remains stretched, marked by high bank limit
utilization however partially offset by comfortable accruals vis-
a-vis maturing debt obligations.

EEE reported, on a provisional basis, a profit after tax (PAT) of
INR17.6 million on net sales of INR559 million for 2012-13, as
against a PAT of INR24.2 million on net sales of INR444 million
for 2011-12.

Established in 1974 as a partnership firm, EEE is engaged in
construction of roads and bridges in Kerala. The firm's day-to-day
operations are managed by the promoter, Mr. Abu Haji, supported by
his three sons'Mr. Hashim, Mr. Kunju Mohammad, and Mr. Yunus


GOLD PLUS: CARE Reaffirms 'C' Rating on INR383.01cr Loans
---------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Gold Plus Glass Industries Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           383.01      CARE C Re-affirmed

   Short-term Bank
   Facilities            37.50      CARE A4 Re-affirmed

Rating Rationale

The ratings continue to be constrained on account of the
consistent net losses and elevated gearing position of Gold Plus
Glass Industries Ltd despite an improvement in the operating
profitability in FY13 (refers to the period April 1 to March 31).
The ratings also take into account, the consistently high energy
cost and high competition in the industry coupled with subdued
demand outlook for the end-user industries in the near term. The
rating constraints are partially offset by the strength derived
from the experienced promoters and GPGIL's established position in
the float glass manufacturing industry.

Going forward, the timely infusion of funds through sale of
assets/ induction of strategic investors and improvement in
profitability will be the key rating sensitivities.

Gold Plus Glass Industry Ltd, incorporated in December 2005 as a
Public Limited company, commenced its full fledged operations in
January 2009 by setting-up a Float glass manufacturing unit of 460
MT per day capacity at Roorkee (Uttarakhand). The current product
mix of the company comprises of float glass, mirror glass,
reflective glass and frosted glass at the Roorkee unit and
automotive toughened glass, automotive laminated glass, insulating
glass and printed glass at Haryana and Himachal Pradesh units. The
end-products are mainly used by the
construction and auto industry.

GPGIL achieved a total operating income of INR395.80 crore in FY13
with a PBILDT margin of 9.64% and net loss of INR22.43 crore. As
per the provisional results for 9MFY14, GPGIL reported an
operating income of INR337.33 crore and PBILDT margin of 11.22%.


IGNITE INSTITUTE: ICRA Suspends 'B' Rating on INR6.75cr Loans
-------------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B' assigned to
the INR6.75 crore bank facilities of Ignite Institute of
Technology. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the entity.

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.


JANACHAITANYA HOUSING: CRISIL Cuts Rating on INR53MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Janachaitanya Housing Pvt Ltd to 'CRISIL D' from 'CRISIL
BB/Stable'

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long Term Loan           53       CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The rating downgrade reflects instances of delays by JHPL in
servicing its debt; the delays have been caused by the company's
weak liquidity.

JHPL is exposed to risks related to offtake of its large inventory
of plots and flats, and is susceptible to the cyclicality inherent
in the real estate sector in India. However, the company benefits
from its promoters' experience in the real estate business.

JHPL, promoted by Mr. M Sudhakar and Ms. M Sakuntala, became
operational in 1985 as Janachaitanya Real Estate Developers, a
partnership firm, in Guntur (Andhra Pradesh). In March 1990, the
firm was reconstituted as a private limited company with the
current name.

JHPL is engaged in development of residential and commercial
plots, and construction of buildings. The company also provides
finance for procurement of motor vehicles and farm equipment.


KAVITA OVERSEAS: CRISIL Assigns 'B+' Ratings to INR199.9MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Kavita Overseas Group.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                12.5     CRISIL B+/Stable
   Overdraft Facility       40       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      147.4     CRISIL B+/Stable

The rating reflects KO's working-capital-intensive and small scale
of operations. The rating also factors in KO's weak financial risk
profile driven by high gearing and low networth. These rating
weaknesses are partially offset by the benefits that KO derives
from its promoters' extensive experience in ready-made garments
industry.

Outlook: Stable

CRISIL believes KO will continue to benefit from its promoter's
extensive experience in ready-made garment industry. The outlook
may be revised to 'Positive' in case there is significant and
sustained improvement in scale of operations and profitability
along with an improvement in working capital management or if the
firm's capital structure improves considerably either by way of
capital infusion or better than expected accruals. Conversely, the
outlook may be revised to 'Negative' in case of significant
deterioration in financial risk profile due to large borrowings
for capital expenditure or working capital requirements or if it's
turnover or operating margins decline significantly.

KO was established in 2000 as a partnership firm which was later
re-constituted as a proprietorship firm in 2005 with Mr. Suneet
Kharbanda as the the sole-proprietor. The firm is engaged into
manufacturing of readymade garments for women. The firm sells its
products under its brand name 'Lakshita'. The firm's manufacturing
facilities are located in Noida.


KUBER SECURITIES: CARE Reaffirms 'B' Rating on INR6.67cr Loans
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the long-term bank
facilities of Kuber Securities.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term bank
   facilities            6.67       CARE B Reaffirmed

Rating Rationale

The rating continues to be constrained by the weak financial risk
profile due to high overall gearing, small scale of operations and
highly volatile income profile. The rating also takes into
account high market risk due to significant proprietary trading,
constitution of the entity as a partnership firm and reduction in
net worth of the firm as on March 31, 2013 due to withdrawal of
funds by partners. However, the rating derives strength from the
established promoter group, low off-take risk for sale of
generated electricity (through windmill), tax benefits under
Income Tax Act and improvement in profitability and interest
coverage indicators. The ability of the firm to improve the
overall financial risk profile and increase the scale of
operations are the key rating sensitivities.

Established in the year 1998, Kuber Securities (Kuber) is a
partnership firm promoted by Mr. Mul Chand Malu and Mr. Vikas Malu
with equal profit sharing arrangements. The firm is a part of the
group promoted by Mr. Mul Chand Malu, which has diversified
presence in many business segments such as tobacco products,
cigarettes, snacks etc. across varied group entities.

Kuber is engaged in the business of trading in securities and
generation of electricity through wind mill. During FY13 (refers
to the period April 1, 2012 to March 31, 2013), the firm derived
about 68% of its revenues from securities trading segment while
the rest was contributed by the wind power segment. The firm
commenced its primary business of proprietary trading in
securities in the year 2002 largely in the derivatives segment. In
FY08, the firm set up a wind mill power project with an installed
capacity of 3.05 MW in Kutch district of Gujarat. The firm has
entered into an Operation & Maintenance (O&M) agreement with
Suzlon Infrastructure Services Ltd. (SISL) for a period of 20
years. Furthermore, the firm has signed long term Power Purchase
Agreement (PPA) with Gujrat Urja Vikas Nigam Limited (GUVNL)
[rated CARE A/ A (SO)/ A1] for sale of generated electricity at an
agreed price of INR 3.37 per unit for 20 years.

During FY13 (refer the period from 1 April, 2012 to 31 March,
2013), Kuber reported a net profit of INR 1.18 crore on a total
income of INR 5.76 crore as compared with a net loss of INR 0.91
crore on a total income of INR 4.36 crore in FY12.


L. C. FOODS: CRISIL Ups Rating on INR102.4MM Loans to 'B'
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
L. C. Foods Limited to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               75      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term
   Bank Loan Facility        15.5    CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Term Loan                 11.9    CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in LCF's liquidity on the
back of improvement in accruals while managing its working capital
requirements within the available limits. The company reported 25
per cent growth in sales in 2012-13 and is expected to post 10 per
cent growth in 2013-14 (refers to financial year, April 1 to March
31). Although the growth in accruals has been lower due to
contraction in the operating margin, the company has been able to
generate sufficient accruals to meet its debt obligations. The
company is planning to further scale up its operations over the
medium term on the back of proposed enhancement in bank lines.

The rating reflects LCF's below-average financial risk profile,
marked by small net worth, high gearing, weak debt protection
metrics, and stretched liquidity, large working capital
requirements, modest scale of operations, and susceptibility to
intense industry competition and to volatility in raw material
prices. These rating weaknesses are partially offset by the
extensive industry experience of LCF's promoters in the flour mill
industry and its established customer relationships.

Outlook: Stable

CRISIL believes that LCF will continue to benefit from its
promoter's extensive industry experience and established customer
relationships, over the medium term. The outlook may be revised to
'Positive' if there is a significant improvement in LCF's
liquidity, driven most likely by marked improvement in its cash
accruals or sizeable infusion of funds by the promoter.
Conversely, the outlook may be revised to 'Negative' if LCF's
working capital cycle gets stretched or if the company undertakes
a large debt-funded capital expenditure programme, thereby
adversely affecting its liquidity.
Incorporated in 2003 by Mr. Kesarwani  as a private limited
company and reconstituted as a closely held limited company in
2006, LCF processes wheat products, including wheat flour (atta),
refined wheat flour (maida), bran, and suji. The company's
processing unit is based in Uttar Pradesh.

In 2012-13, LCF reported a profit after tax (PAT) of INR0.6
million on net sales of INR407.1 million, against a PAT of INR0.5
million on net sales of INR322.9 million for 2011-12.


MA SARSINSA: ICRA Reaffirms 'B+' Ratings on INR24cr Loans
---------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' to the
INR24.0 crore fund based limits, term loans and unallocated limits
of Ma Sarsinsa Steels Private Limited.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund Based Limits      15.00       [ICRA]B+ (Reaffirmed)
   Term Loans              7.30       [ICRA]B+ (Reaffirmed)
   Unallocated             1.70       [ICRA]B+ (Reaffirmed)

The reaffirmation of the rating takes into account MSSPL's
relatively moderate scale of operations, limited track record of
the manufacturing facility and increase in company's gearing to
3.04 times as on March 31, 2013 following the debt funded capex
towards the Cold Rolled (CR) Strips manufacturing facility. The
rating remains constrained by stretched liquidity position of the
company as reflected by consistently full utilization of working
capital limits. The rating also takes into consideration MSSPL's
presence in highly fragmented and competitive industry and its
exposure to volatility in raw material prices, which has resulted
in thin profitability. This coupled with high debt levels have
resulted in weak coverage indicators as demonstrated by interest
coverage of 1.47 times, NCA/TD of 3% and Debt Service Coverage
ratio of 0.91 times as on March 31, 2013. However, the rating
takes comfort from MSSPL's experienced management and its long
presence in the CR Strips industry. ICRA also noted the completion
of capex towards the manufacturing facility of the CR Strips and
steady stabilization of the same as established by steady improved
in capacity utilization levels.

Ma Sarsinsa Steels Private Limited was originally incorporated in
1991 by Late Mr. Shri Kishan Bindal as a private limited company
under the name Sarsinsa Steels Private Limited to carry on trading
of CR Strips. The name of the company was later changed to Ma
Sarsinsa Steels Private Limited in 2009. The promoters have an
experience of more than 2 decades in the CR Strips trading
business. The manufacturing plant started commercial operations in
January 2012.

The company reported a net profit after tax of INR0.38 crore on an
operating income of INR72.78 crore during FY2013 as against a
profit after tax of INR0.11 crore on an operating income of
INR16.59 crore during FY2012.


MANTRI METALLICS: ICRA Cuts Rating on INR78.04cr Loans to 'C'
-------------------------------------------------------------
ICRA has revised downwards the long term rating to the INR35.04
crore (reduced from INR52.31 crore) term loans and the INR43.0
crore (enhanced from INR38.00 crore) cash credit facilities of
Mantri Metallics Pvt. Ltd. to '[ICRA]C' from '[ICRA]B'. ICRA has
reaffirmed the short term rating to the INR18.0 crore non-fund
based bank and INR7.00 crore fund based facilities of MMPL to
'[ICRA]A4'. ICRA has also revised downwards the long / short term
rating to INR2.27 crore unallocated bank lines of MMPL to
[ICRA]C/[ICRA]A4 from [ICRA]B/[ICRA]A4.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term loan           35.04      Revised to [ICRA]C
                                  from [ICRA]B

   Cash Credit         43.00      Revised to [ICRA]C
                                  from [ICRA]B

   Non-fund based
   Limits              18.00      Reaffirmed at [ICRA]A4

   Stand by Line of
   Credit               7.00      Reaffirmed at [ICRA]A4

   Unallocated limits   2.27      Revised to [ICRA]C/[ICRA]A4
                                  from [ICRA]B/[ICRA]A4

   Short term fund
   based limits        20.00      Reaffirmed at [ICRA]A4

The ratings revision takes into account the sharp drop in net
profitability on account of increase in power charges;
deterioration of its coverage indicators due to reduced
profitability and stretched liquidity profile of the company as
evidenced by an almost full bank limit utilization pattern. ICRA
also takes into consideration its aggressive capital structure on
the back of its largely debt funded capital expansions in the
past; exposure of company's profitability to forex risk in the
absence of a formal hedging mechanism; company's unfavourable debt
service record in the past and its high customer concentration
risk as its top ten customers accounted for ~90% of its revenues
in 2012-13. The ratings however draw comfort from the company's
established relations with reputed original equipment
manufacturers (OEMs) which indicate good product quality;
increased share of exports in the overall sales mix in 2012-13,
which results in reduced geographical concentration risk and
significant experience of the promoters in the auto components
industry while revising the ratings.

Incorporated in 1995, Mantri Metallics Pvt. Ltd. is involved in
the manufacturing of cast iron automotive components like flywheel
assemblies, brake drums, exhaust manifolds, housings and plates.
It has two manufacturing locations in the region of Kolhapur and
one in Pantnagar (Uttarakhand); with a total foundry capacity of
60,000 MTPA. In February 2008, BTS India Pvt. Equity fund Ltd.
(BIPEFL) invested INR20.0 crore in the company and the fund
currently holds 33% of MMPL's equity share capital.

Recent Results
In 2012-13, MMPL reported a net profit of INR1.12 crore on the
back of net sales of INR258.19 crore as compared to a net profit
of INR7.87 crore on the back of net sales INR263.61 crore in 2011-
12.


MARUTINANDAN GINNING: CRISIL Reaffirms B Rating on INR120MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Marutinandan Ginning &
Pressing Factory continues to reflect MGPF's modest scale of
operations in the highly fragmented cotton industry.

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

   Proposed Long Term
   Bank Loan Facility       60       CRISIL B/Stable (Reaffirmed)

The rating also factors in its below-average financial risk
profile, marked by high gearing and below-average debt protection
metrics and the vulnerability of the firm's business and
profitability to changes in government policy regarding the cotton
industry. These rating weaknesses are partially offset by the
benefits that MGPF will derive from its extensive industry
experience of the promoters.

Outlook: Stable

CRISIL believes that MGPF will benefit over the medium term from
its promoters' extensive industry experience and the healthy
outlook for the cotton textile industry. The outlook may be
revised to 'Positive' if the firm's scale of operations improves,
accompanied by sustainable improvement in its margins, capital
structure, and liquidity. Conversely, the outlook may be revised
to 'Negative' if the firm's financial risk profile deteriorates
because of increased working capital borrowings, or if the firm
undertakes any large debt-funded capital expenditure (capex)
programme, or in case of change in government policy having a
negative impact on its operations.

MGPF was set up in 2010 by Mr. Pravinbhai Bhadabhai and Keshubhai
Bhadabhai in Rajkot (Gujarat). The promoters have been engaged in
the cotton trading business since 2007.

For 2012-13 (refers to financial year, April 1 to March 31), MGPF
reported a profit after tax (PAT) of INR4.5 million on an
operating income of INR366.3 million, against a PAT of INR0.1
million on an operating income of INR211.6 million for 2011-12.


NATA DEVICES: CARE Assigns 'B+' Rating to INR5cr Long-Term Loans
----------------------------------------------------------------
CARE assigns 'CARE B+'/'CARE A4' to the bank facilities of
Nata Devices India Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities              5        CARE B+ Assigned

   Short-term Bank
   Facilities              0.65     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of NATA Devices India
Private Limited are primarily constrained by its weak financial
risk profile characterized by small scale of operations,
low profitability margin, leveraged capital structure and weak
debt coverage indicators. The ratings are further constrained by
the working capital intensive nature of business operations and
susceptibility of its margins to the fluctuation in the raw
material prices.

The ratings, however, draw comfort from the experienced promoters
coupled with the long track record of NDIL's operations and its
association with the established brand.

Going forward, the company's ability to increase its scale of
operations, improve its capital structure and effectively manage
its working capital requirement shall be the key rating
sensitivities.

NATA Devices India Private Limited was incorporated in 1991 by Mr
Rajesh Nakra, and is engaged in the trading of batteries and solar
lighting systems, viz, uninterruptible power supply (UPS), sealed
maintenance free (SMF) batteries, solar batteries, solar lighting
systems and battery chargers. The company is an authorized dealer
of Exide batteries and sells its products through a marketing
network of agents and distributors in National Capital Region
(NCR) and Punjab. NDIL has sales offices in Delhi and Mohali
(Chandigarh). The company is ISO 9001:2008 certified for its
quality management.

During FY13 (refers to the period April 1 to March 31), the
company earned a total operating income (TOI) of INR14.83 crore
with a profit after tax (PAT) of INR0.03 crore. In FY14 (till
January 31, 2014), the company earned a total operating income
(TOI) of INR13 crore.


PARAMOUNT WHEELS: ICRA Assigns 'B' Rating to INR12cr Loans
----------------------------------------------------------
A long-term rating of '[ICRA]B' has been assigned to the INR12.00
crore fund-based working capital facilities of Paramount Wheels
Private Limited.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, fund-      12.00       [ICRA]B assigned
   based working
   capital facilities
   (Sanctioned plus
   proposed)

The rating takes into account PWPL's position as an authorised
dealer of Maruti Suzuki India Limited, which is the market leader
in the Indian passenger car segment and potential demand upside
arising from relatively large catchment area for its outlet at
present. The ratings, however, are constrained by PWPL's weak
financial profile indicated by low networth and stretched coverage
indicators, thin margins prevalent in the dealership business with
business being susceptible to slowdown in the passenger car
market. The ratings are further constrained by competition from
established and new MSIL dealers in Mumbai as well as from other
OEM dealers. Further, ICRA notes that growth in volumes and
profitability remains a key rating sensitivity for PWPL.

PWPL reported a profit after tax (PAT) of INR0.50 crore on an
operating income of INR73.43 crore in FY13, as against a net loss
of INR0.92 crore on an operating income of INR52.01 crore in FY12.


PMR FOOD: CRISIL Reaffirms 'D' Ratings on INR120.9MM Loans
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of PMR Food
Products Pvt Ltd continues to reflect instances of delay by PMR in
servicing its term debt. The delays have been caused by PMR's weak
liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              96.5     CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan                24.4     CRISIL D (Reaffirmed)

PMR also has a weak financial risk profile, marked by negative net
worth and cash accruals because of losses and high interest
expenses. Moreover, the company has a small scale of operations,
and is exposed to risks associated with fluctuations in fruit
yields and to intense competition in the industry. These rating
weakness are partially offset by the extensive entrepreneurial
experience of PMR's promoters.

PMR, based in Chennai (Tamil Nadu), was established in 2009 by Mr.
P Muthuvelraj. The company is engaged in fruit-pulp extraction and
aseptic packaging of processed fruit products. The company
commenced its operations in December 2010. Its operations are
managed by Mr. P Muthuvelraj and his wife, Mrs. P Sangamitra.

For 2012-13 (refers to financial year, April 1 to March 31), PMR
reported a net loss of INR73.9 million on net sales of INR22.2
million.


RAGHAV INDUSTRIES: CRISIL Ups Rating on INR483.7MM Loan to 'B-'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Raghav Industries Ltd to 'CRISIL B-/Stable' from 'CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               260     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Long Term Loan            170     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term
   Bank Loan Facility         53.7   CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects RIL's timely debt servicing, backed by
its promoters' financial support. Though the company's cash
accruals are inadequate for meeting its repayment obligations in
2013-14 (refers to financial year, April 1 to March 31), the
promoters have infused funds in the form of unsecured loans of
INR15 million in the first half of the year, supporting the timely
repayment of term loans. The upgrade also reflects CRISIL's belief
that RIL will continue to receive need-based support from its
promoters over the medium term.

The ratings reflect RIL's below-average financial risk profile,
marked by high gearing, and its working-capital-intensive
operations. These rating weaknesses are partially offset by the
experience of the company's promoters in the textile industry and
its established relationships with customers.
Outlook: Stable

CRISIL believes that RIL will continue to benefit over the medium
term from its promoters' industry experience and its diversified
product mix. The outlook may be revised to 'Positive' if the
company achieves more-than-expected growth in revenues while
sustaining its profitability, or if there is any significant
equity infusion by the promoters, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if RIL's liquidity is stretched due to large working
capital requirements or substantial debt-funded capital
expenditure, thereby negatively impacting its debt servicing
ability.

RIL, incorporated in 1987, is promoted by Mr. Rajendra Kumar
Kanodia. The company manufactures textile yarn in polyester,
viscose, cotton, and blends of these, and trades in polyester
staple fibre, viscose staple fibre, and liquefied petroleum gas
(LPG) stoves.

RIL reported a profit after tax (PAT) of INR4 million on net sales
of INR1.03 billion for 2012-13, against a PAT of INR5 million on
net sales of INR1 billion for 2011-12.


RAMABRAHMA GOLDEN: CRISIL Cuts Rating on INR70MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ramabrahma Golden Agri Exim Pvt Ltd to 'CRISIL D' from 'CRISIL
B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               60      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Cash
   Credit Limit               7.5    CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   SME Credit                 2.5     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects instances of delay by RGAEPL in
servicing its debt; the delays have been caused by RGAEPL's weak
liquidity.

RGAEPL has large working capital requirements and below-average
financial risk profile marked by small net worth, high gearing,
and below-average debt protection metrics; also, the company's
profitability margins are susceptible to volatility in cotton
prices. However, the company benefits from the extensive
experience of its promoters in the cotton ginning industry.

Set up in April 2011, RGAEPL is engaged in cotton ginning. The
company was promoted by Mr. J Brahma Reddy and his family members.
RGAPL's ginning unit is located near Guntur (Andhra Pradesh).


S.P. MANI: CRISIL Rates INR280MM Bank Loan at 'B+'
--------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of S.P. Mani and Mohan Dairy (India) Pvt Ltd.  The
rating reflects SP Mani's exposure to the project implementation
risks for setting up of a milk processing unit in Erode (Tamil
Nadu) and intense competition in the milk business. These rating
weaknesses are partially offset by the promoters' extensive
experience in the milk processing industry.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility        280      CRISIL B+ (Assigned)

Outlook: Stable

CRISIL believes that SP Mani will continue to benefit from the
extensive experience of its promoters in the milk processing
industry over the medium term. The outlook may be revised to
'Positive', if the company stabilises its operations earlier than
expected, resulting in larger-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
significant time and cost overruns in its project, resulting in
lower-than-expected cash accruals. The outlook may also be revised
to 'Negative' if SP Mani undertakes a larger-than-expected debt-
funded capital expenditure programme, leading to deterioration in
its financial risk profile.

SP Mani, incorporated in 2011, is promoted by Mr. S P Loganathan
and Mr. R Mohanasundaram. The company is setting up a milk
processing unit in Erode (Tamil Nadu).


SAKETH AUTOMOBILES: CRISIL Ups Rating on INR70MM Loan to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Saketh
Automobiles to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            70      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The rating upgrade reflects the sustainable improvement in SA's
business risk profile, coupled with an improvement in its
liquidity.

For 2012-13 (refers to financial year, April 1 to March 31), SA's
revenue of INR553 million was higher than CRISIL's expectations.
The increase in revenues was in line with the performance of
Maruti Suzuki India Ltd (MSIL; rated 'CRISIL AAA/Stable/CRISIL
A1+'), which increased its diesel vehicle production during the
year in response to the market demand. Consequently, MSIL reported
a year-on-year improvement in sales volumes. SA recorded healthy
revenues of around INR500 million, over the nine months ended
December 31, 2013. CRISIL, therefore, believes that SA will
sustain the momentum of its revenue growth, and will record a
moderate growth of around 10 per cent over the medium term.

SA's operating margin of around 3.6 per cent in 2012-13 was
broadly in line with CRISIL's estimates. Over the medium term, it
is expected that the operating profitability will remain at
similar levels.

The upgrade also reflects an improvement in SA's liquidity, driven
by significant financial support from the promoters. Between 2011-
12 (refers to financial year, April 1 to March 31) and 2012-13,
the promoters infused capital of INR14 million, thereby enhancing
SA's liquidity. The firm's liquidity is also supported by moderate
cash accruals vis-a-vis term debt obligations, and moderate
unencumbered cash and bank balances. SA has no debt-funded capital
expenditure (capex) plans over the medium term. The firm's
liquidity, however, remains constrained by its high working
capital limit utilisation.

The rating continue to reflects SA's below-average financial risk
profile, marked by high total outside liabilities to tangible net
worth (TOLTNW) ratio, and weak debt protection metrics. The
ratings also factor in SA's moderate scale of operations in the
intensely competitive automobile dealership industry. These rating
weaknesses are partially offset by SA's established relationship
with MSIL, its key principal.

Outlook: Stable

CRISIL believes that SA will continue to benefit over the medium
term from its established position in the automobile dealership
market and the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SA's sales volumes and
operating margin improve substantially, or the company receives
any significant equity infusion by the promoters, resulting in an
improvement in the firm's capital structure and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
SA's market share declines, thereby significantly impacting its
revenues and profitability, or if the firm undertakes any large,
debt-funded capital expenditure (capex) programme, thereby
weakening its financial risk profile.

SA, established in 2001, is the sole authorised dealer for MSIL's
vehicles in Tumkur and Chitradurga districts (both in Karnataka).
The firm is promoted by Mr. Suresh Babu and his sons, Mr. A S
Samith and Mr. A S Amith.

SA reported profit after tax (PAT) of INR1.32 million on net sales
of INR553 million for 2012-13, vis-a-vis a PAT of INR0.72 million
on net sales of INR370 million for 2011-12.


SAMBROS TEX: CRISIL Lowers Rating on INR232.3MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Sambros
Tex Global Limited to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               70      CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Foreign Bill Purchase    150      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Term Loan                 12.3    CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by STGL in
servicing its debt; the delays have been caused by the company's
weak liquidity.

The ratings continue to reflect STGL's below average financial
risk profile and its susceptibility to volatility in raw material
prices and forex rates. These rating weaknesses are partially
offset by the extensive industry experience of STGL's promoters in
the spices trading business.

Established in 1997 as a closely held public limited company, STGL
is involved in trading of spices. The company is promoted by
Mr.C.V.Sampath Kumar and his brother Mr.C.V.Raghu Kumar.


SHREE B.S.: CRISIL Assigns 'B+' Rating to INR90MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shree B.S. Cotton Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              70        CRISIL B+/Stable
   Term Loan                20        CRISIL B+/Stable

The rating reflects SBCPL's modest scale of operations in a highly
competitive industry, its working-capital-intensive operations,
and weak financial risk profile, marked by high gearing and
average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of SBCPL's promoters
in the cotton ginning industry.

Outlook: Stable

CRISIL believes that SBCPL will benefit over the medium term from
its promoters' experience in the cotton industry. The outlook may
be revised to 'Positive' if there is substantial and sustained
growth in the company's revenue and profitability from the current
levels, or if there is an improvement in its capital structure,
most likely through fresh capital infusion. Conversely, the
outlook may be revised to 'Negative' if SBCPL's liquidity weakens
significantly, most likely because of substantially less-than-
expected cash accruals or large working capital requirements.

Incorporated in 2012, SBCPL is based in Sendhwa (Madhya Pradesh).
The company is promoted by Tayal family who has more than 25 years
of experience in the cotton industry. SBCPL is engaged in the
business of cotton ginning and pressing.

SBCPL reported a profit after tax (PAT) of INR0.08 million on net
sales of INR57.36 million for 2012-13 (refers to financial year,
April 1 to March 31).


SPENTEX INDUSTRIES: CARE Reaffirms 'D' Rating on INR757.12 Loans
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Spentex Industries Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            484.01     CARE D Reaffirmed

   Short-term Bank
   Facilities            238.80     CARE D Reaffirmed

   Non-Convertible
   Debenture              34.31     CARE D Reaffirmed

Rating Rationale

The ratings take into account the ongoing delays in servicing of
the company's debt obligations.

Spentex Industries Ltd was originally promoted by the RPG group as
a 100% EOU in 1991. Subsequently, after running into losses and
erosion of net-worth, it came under the purview of SICA and was
declared sick by BIFR. It was taken over by the CLC group in
January 2004. SIL is engaged in the manufacturing of cotton and
synthetic yarn and fabrics. The plants are located in Baramati,
Solapur, Butibori (Maharashtra), Pithampur (Madhya Pradesh),
Tashkent (Uzbekistan), Margilan City (Uzbekistan) and Litvinov
(Czech Republic). The company has been in CDR since
June 2009.

In FY13 (refers to the period April 1 to March 31), SIL has posted
a PAT of INR21 crore on the total operating income of INR1,150
crore vis-...-vis net loss of INR201 crore on a total income of
INR983 crore during FY12. On a provisional basis, SIL has reported
PAT of INR2.7 crore on the total income of INR590 crore in H1
FY14.


SRI RAMALINGESWARA: ICRA Rates INR6cr Loans at 'B+'
---------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to INR6.00
crore fund based of Sri Ramalingeswara Aqua Feeds.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limits      6.00        [ICRA]B+ assigned

The assigned rating is constrained by firm's weak financial
profile as reflected by high gearing, weak debt coverage
indicators and low profitability inherit in the trading nature of
the highly fragmented aqua feed industry; demand exposed to
inherent risks in the sea food industry including the
susceptibility to diseases, government policies & climate change
risks and risks arising from the partnership nature of business.
The rating however favorably factors in the low customer
concentration risk with top 5 customers accounting for 20% of the
total sales in FY2013; longstanding experience of the promoter in
the aqua feed industry and logistic advantages owing to proximity
of the firm's facilities to the major aquaculture belt of Andhra
Pradesh.

Going forward, the firm's ability to improve its operating margins
while managing its working capital requirements is the key rating
sensitivities from credit perspective.

Founded in 1999 as a partnership firm, Sri Ramalingeswara Aqua
Feeds is engaged in trading of Shrimp feed of the Charoen Pokphand
(India) Private Limited (rated [ICRA]A+), Avanthi Feeds Limited
(rated CRISIL BBB+/A2) and Godrej Agrovet Limited (ICRA A+/stable)
within Andhra Pradesh. The firm is promoted by Mr. Krishna Reddy
and the firm is located in Kakinada based out in East Godavari
District. The firm also has several branches within east Godavari
district of Andhra Pradesh.

Recent Results

The firm reported profit after tax of INR0.08 crore on an
operating income of INR22.70 crore during FY2013 as against profit
after tax of INR0.06 crore on an operating income of INR21.99
crore during FY2012.


SRI VENKATESWARA: ICRA Assigns 'B+' Rating to INR12cr Loans
-----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to INR12.00
crore fund based limit of Sri Venkateswara Aqua Culture.

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

The assigned rating is constrained by the low profitability
inherit in the trading nature of the highly fragmented aqua feed
industry; demand exposed to inherent risks in the sea food
industry including the susceptibility to diseases, government
policies & climate change risks and risks arising from the
partnership nature of business. The rating however favorably
factors in the steady growth in the operating revenues by 37% in
the past two years albeit on a low base; longstanding experience
of the promoter in the aqua feed industry and logistic advantages
owing to proximity of the firm's facilities to the major
aquaculture belt of Andhra Pradesh.

Going forward, the firm's ability to improve its operating margins
while managing its working capital requirements is the key rating
sensitivities from credit perspective.

Founded as a partnership firm in 2000, Sri Venkateswara Aqua
Culture is engaged in trading of shrimp feed of the Charoen
Pokphand (India) Private Limited (rated [ICRA]A+) exclusively and
a minor portion of income is also derived from shrimp culture of
Vannamei and Tiger Species. The firm is promoted by Mr. Krishna
Reddy and it located in East Godavari District of Andhra Pradesh.

Recent Results

The firm reported profit after tax of INR0.18 crore on an
operating income of INR47.73 crore during FY2013 as against profit
after tax of INR0.17 crore on an operating income of INR42.62
crore during FY2012.


SUDAMA EXPORT: CRISIL Reaffirms 'B-' Rating on INR44MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Sudama Export Pvt Ltd
continue to reflect the company's weak financial risk profile
marked by modest net worth, aggressive capital structure, and
inadequate debt protection metrics, and modest profitability
because of the trading nature of its business. These rating
weaknesses are partially offset by SEPL's established relationship
with suppliers and customers.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             44      CRISIL B-/Stable (Reaffirmed)
   Packing Credit         126      CRISIL A4 (Reaffirmed)
   Standby Line of Credit  30      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SEPL will continue to benefit from its
promoters' established relationship with suppliers and customers,
over the medium term. The outlook may be revised to 'Positive' if
the company's financial risk profile improves, backed by increased
accruals or significant infusion of long-term funds by its
promoters. Conversely, the outlook may be revised to 'Negative' in
case of decline in SEPL's revenue and profitability, adversely
affecting the company's ability to meet its debt obligations.

Incorporated in 2005, SEPL is engaged in export of rice to western
Africa. It initially exported iron ore, but following the ban on
mining in Odisha, started trading in rice since October 2012.

For 2012-13 (refers to financial year, April 1 to March 31), SEPL
reported a net loss of INR9 million on net sales of INR370
million, against a net loss of INR19 million on net sales of
INR332 million for 2011-12.


TEJA EDUCATIONAL: CRISIL Reaffirms B+ Rating on INR131MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Teja Educational Society
continue to reflect TES's below-average financial risk profile
marked by its small net worth, high gearing, and below-average
debt protection metrics. The rating also factors in the society's
modest scale of operations, and its exposure to high regulatory
risks and intense competition in the education sector. These
rating weaknesses are partially offset by benefits that TES
derives from the stable demand for its diverse course offerings,
and the healthy demand prospects for the education sector.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Overdraft Facility      20       CRISIL B+/Stable (Reaffirmed)

   Term Loan              111       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TES will continue to benefit over the medium
term from its established regional presence in the education
segment, supported by the healthy demand prospects for the
education sector. The outlook may be revised to 'Positive' if the
society increases its scale of operations substantially most
likely by increasing its student intake capacity, while
maintaining its profitability margins, or if there is an
improvement in the society's capital structure on the back of
infusion of funds by its trustees. Conversely, the outlook may be
revised to 'Negative' if there are any regulatory changes
adversely affecting TES's operations, or if TES's capital
structure weakens on account of any large debt-funded capital
expenditure programme.

TES was set up as an educational society in 2004 in Hyderabad
(Andhra Pradesh). The society runs Geetanjali College of
Engineering and Technology, Geetanjali College of Pharmacy, and
Geetanjali School of Management Studies.


TUTICORIN COAL: CARE Revises Rating on INR281cr Loans to 'B'
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Tuticorin Coal Terminal Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        281        CARE B Revised
   Facilities                       From CARE BB-(SO)

   Short-term Bank        47        CARE A4 Revised
   Facilities                       from CARE A4

Rating Rationale

The ratings revision of Tuticorin Coal Terminal Pvt Ltd takes into
consideration deterioration of the credit profile of the principle
promoter and guarantor Alba Asia Pvt Ltd (Rated CARE D). The
standalone rating of TCTPL is constrained by weak credit profile
of the principle promoter and project execution risk.

The rating however considers experience of the promoters in port
handling operations and favorable long term growth prospects for
handling of bulk cargo at V O Chidambaranar Port (VOCP, earlier
referred to as Tuticorin Port).

The ability of the company to complete the project within the
stipulated time and optimally utilize the facility is the main
rating sensitivity.

Tuticorin Coal Terminal Private Limited, a Special Purpose Vehicle
(SPV), is promoted by ABG-LDA Bulk Handling Pvt. Ltd (ABG-LDA,
holding 74% equity stake) and Louis Dreyfus Armateurs SAS (LDA,
holding 26% equity stake), a French conglomerate with its presence
in international maritime transport for more than a century.

TCTPL has been awarded the concession for development of North
Cargo Berth-II (NCB-II Terminal) for handling coal and other bulk
cargo at V O Chidambaranar Port (VOCP, earlier referred to as
Tuticorin Port) on Design, Build, Finance, Operate and Transfer
(DBFOT) basis. The total project cost of INR468 crore is proposed
to be funded at a debt-to-equity ratio of 1.50x.  The project is
expected to operational from the beginning of FY15.


UDIT INFRAWORLD: ICRA Suspends 'B+/A4' Rating on INR8.5cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings assigned to the
INR8.50 crore bank facilities and of Udit Infraworld 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 ratings
outstanding if in its opinion there is insufficient information to
assess such ratings during the surveillance exercise.


VETO CERAMIC: ICRA Reaffirms 'B' Rating on INR6.72cr Loans
----------------------------------------------------------
The long term rating of '[ICRA]B' has been reaffirmed to the
INR3.00 crore cash credit facility and the INR3.72 crore term
loans of Veto Ceramic Private Limited. The short term rating of
'[ICRA]A4' has also been reaffirmed to the INR0.70 crore non fund
based facilities of VCPL.

                            Amount
   Facilities             (INR crore)   Ratings
   ----------             -----------   -------
   Cash Credit Facility      3.00       [ICRA]B reaffirmed
   Overdraft                (1.50)      [ICRA]B reaffirmed
   Term Loans                3.72       [ICRA]B reaffirmed
   Bank Guarantee            0.70       [ICRA]A4 reaffirmed

The reaffirmation of ratings takes into account the company's
small scale of operations and its weak financial profile
characterized by high gearing and moderate coverage indicators.
The ratings also continue to remain constrained by the highly
fragmented nature of the tiles industry which results in intense
competitive pressures, the cyclical nature of the real estate
industry which is the main consuming sector and exposure of the
company's profitability to volatility in raw material and gas
prices as well as to adverse foreign exchange fluctuations.
The ratings however continue to favourably factor in the
experience of the promoters in the ceramic industry and the
locational advantage of the company for raw material procurement
by virtue of its presence in Morbi (Gujarat).

Incorporated in November 2006, VCPL commenced commercial
production in June 2007 with its product portfolio comprising of
ceramic wall tiles of 12"x12" and 12"x18" dimensions. In September
2012, the company incorporated digitally printed tiles to its
portfolio and in November 2012, it replaced its roller kiln which
enabled it to produce large sized wall tiles of 12"x24" dimension.
VCPL is promoted by Mr. Karsan Jivani and Mr. Arvind Jivani along
with their relatives. Its plant is located at Morbi, in Rajkot
district of Gujarat.

Recent Results

For the year ended March 31, 2013, VCPL reported an operating
income of INR9.43 crore and net losses of INR0.26 crore. In the
six month period from April 2013 to September 2013 (provisional
financials), the company reported an operating income of INR12.61
crore and profit before depreciation and tax of INR1.29 crore.


VIJAY ENGINEERING: CRISIL Cuts Rating on INR467MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vijay Engineering Equipment India Pvt Ltd to 'CRISIL D' from
'CRISIL B/Stable', while assigning its 'CRISIL D' rating on the
company's short-term facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              200       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Letter of credit &
   Bank Guarantee            30       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility       237       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Term Loan                  3       CRISIL D (Reassigned)

The rating downgrade reflects instances of delay by VEEIPL in
servicing its debt; the delays have been caused by the company's
weak liquidity, with its cash accruals being inadequate to meet
its term debt repayment obligations.

VEEIPL also has large working capital requirements, and a below-
average financial risk profile, marked by a high total outside
liabilities to tangible net worth ratio and below-average debt
protection metrics. However, the company benefits from its
established relationship with Volvo India Pvt Ltd (VIPL), and its
promoters' extensive experience in the construction and mining
equipment dealership business.

VEEIPL, promoted by Mr. C Vijaya Shekar Reddy, is a part of the
Hyderabad (Andhra Pradesh)-based Vijay group. VEEIPL is an
authorised dealer and service provider for VIPL's construction and
mining equipment, such as excavators, compactors, and tippers, in
Andhra Pradesh.


VSB PAPER: CRISIL Reaffirms 'D' Rating on INR130.9MM Loans
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of VSB Paper
Products continues to reflect instances of delay by VSB in
servicing its term debt. The delays have been caused by the firm's
weak liquidity, marked by stretch in the receivables.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              40       CRISIL D (Reaffirmed)
   Long Term Loan           90.9     CRISIL D (Reaffirmed)

VSB also has a weak financial risk profile, marked by its small
net worth, high gearing and subdued debt protection metrics.
Moreover, the firm has a modest scale of operations in a
fragmented and competitive kraft paper industry. These rating
weaknesses are partially offset by the extensive industry
experience of VSB's promoters.

VSB, based in Tamil Nadu, was established as a proprietorship firm
in 2008 by Mr. S B Gunasekar, whose wife, Mrs. A Neela, is the
proprietor. The firm commenced operations in August 2010. VSB
manufactures kraft paper, used as a key ingredient to manufacture
corrugated boxes.


WADHWANI COMMODITIES: CRISIL Reaffirms B Rating on INR60MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Wadhwani Commodities
Trading Private Limited continue to reflect the company's modest
scale of operations, weak financial risk profile, marked by low
networth, high level of total external liabilities relative to
networth and subdued debt protection metrics. These rating
weaknesses are partially offset by the benefits that the company
derives from the extensive experience of its promoters in the
spices industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               60      CRISIL B/Stable (Reaffirmed)
   Letter of Credit          50      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that WCPL will continue to benefit from its
extensive experience of promoters in the industry, over the medium
term. The outlook may be revised to 'Positive' if WCPL reports
significantly higher than expected growth in accruals, while
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' is WCPL's financial risk profile
deteriorates, on account of lower-than-envisaged profitability or
revenues, deterioration in its working capital cycle, or if the
company undertakes a large, debt-funded capital expenditure
programme.

Update

WCPL's revenues remained flattish, declining 7 per cent on a year-
on-year basis to around INR432.9 million in 2012-13 (refers to
financial year, April 1 to March 31) from INR450.1 million in
2011-12. The decline was mainly on account of the government of
India's ban on the import of betel nuts from Indonesia. The
company had operating margin of 4.9 per cent in 2012-13 as against
4.4 per cent in 2011-12.

WCPL's operations continue to remain working capital intensive as
reflected in its current assets at 174 days as on March 31, 2013
(142 days as on March 31, 2012). The stretch in working capital
cycle was primarily because of increase in the debtor days of the
company. The debtors were at 48 days as on March 31, 2013 as
against 25 days as on March 31, 2012. WCPL maintains an inventory
of around 100 days due to the seasonal nature of its commodities,
leading to the working capital intensity. This working capital
requirement is mainly funded through trade credit and bank
borrowings. The company's bank lines of INR60 million is utilised
at an average of 93 per cent over the past seven months through
September 2013.

WCPL had a modest net worth of INR32.2 million as on March 31,
2013. On account of its large working capital requirements, WCPL
has a highly leveraged capital structure with gearing at 5.51
times and total outside liabilities to tangible networth (TOLTNW)
at 6.72 times as on March 31, 2013. Of the total debt of INR 177.7
million, short term working capital borrowings were INR 95.4
million, unsecured loans from promoters were INR 72 million and
vehicle/property loans comprised of INR 10.2 million. The debt
protection metrics are weak with the net cash accruals to total
debt and interest coverage ratios at 0.03 times and 1.47 times,
respectively, for 2012-13. WCPL is expected to generate cash
accruals of INR5.3 million in 2013-14, against vehicle/property
loan repayments of around INR3 million for the year.

Incorporated in 2005 by Nagpur based Wadhwani family, WCPL is
engaged in trading of different kinds of spices and dry fruits.
WCPL imports these products and sells them in the local markets.
WCPL's registered office is located at Nagpur, Maharashtra.

WCPL has reported a profit after tax (PAT) of INR 2.7 million on
net sales of INR432.9 million for 2012-13, as against a PAT of
INR3.3 million on net sales of INR450.1 million for 2011-12.


WEST QUAY: CARE Revises Rating on INR116.5cr Loans to 'B'
---------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
West Quay Multiport Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       116.50      CARE B Revised
   Facilities                       From CARE BB-(SO)

   Short-term Bank       25.00      CARE A4 Revised
   Facilities                       from CARE A4

Rating Rationale

The ratings revision of West Quay Multiport Pvt Ltd takes into
consideration deterioration of the credit profile of the principle
promoter and guarantor Alba Asia Pvt Ltd (Rated CARE D). The
standalone rating of WQMPL is constrained by weak credit profile
of the principle promoter and project execution risk.
The rating however considers experience of the promoters in port
handling operations and favorable long term growth prospects for
handling of bulk cargo at Visakhapatnam Port.

The ability of the company to complete the project within the
stipulated time and optimally utilize the facility is the main
rating sensitivity.

West Quay Multiport Private Limited (WQMPL) is a Special Purpose
Vehicle (SPV) incorporated to implement the project for
development of West Quay Berth-VI (WQ6) for handling bulk cargo up
to 4.5 million tons per annum at Visakhapatnam Port on Design,
Build, Finance, Operate and Transfer (DBFOT) basis. The port would
exclusively handle Pet Coke, CP Coke, LAM Coke, steel
and Granite for the first five years.

WQMPL has been promoted by Alba Asia Private Limited (AAPL,
erstwhile ABG-LDA Bulk Handling Pvt. Ltd) (AAPL holds 49%) and ABG
Infralogistics Ltd. (ABG Infra, holds 51%). AAPL is a Joint
Venture (JV) in which ABG Infra through its majority owned
subsidiary, ABG Ports Pvt. Ltd. -- holds 51% equity stake and LDA
holds balance 49% of the equity.

The above mentioned concession was awarded by the Visakhapatnam
Port Trust (VPT) for a period of 30 years following an
International Competitive Bidding (ICB) process based on highest
revenue share (47.17%) offered by it. The total project cost is
INR155.46 crore and is to be funded through debt of INR116.50
crore and the balance thorough equity (debt-to-equity ratio: 3x).
The project is expected to operational from the beginning of FY15.



===============
M O N G O L I A
===============


MONGOLIAN MINING: Sale of Road Assets No Impact on Caa2 Rating
--------------------------------------------------------------
Moody's Investors Service says that Mongolian Mining Corporation's
(MMC, Caa2 negative) sale of its Ukhaa Khudag-Gashuun Sukhait
(UHG-GS) road assets will not alleviate the severe liquidity
pressure on MMC, given the company's large debt servicing
requirements and against the backdrop of a challenging operating
environment.

Nonetheless, the sale and the resulting effect on the company's
financial profile will not have an immediate impact on MMC's Caa2
corporate family rating, or its Caa2 senior unsecured bond rating.

In addition, Moody's maintains a negative outlook on the ratings.

On February 13, MMC announced that it had finalized the sale of
its UHG-GS road assets to a Mongolian state-owned company, Erdenes
MGL LLC (unrated), for $90.5 million.

"The proceeds from the sale will temporarily boost MMC's liquidity
position, in particular, the $80 million cash on hand that we
estimated the firm had at the end of last year. However, its cash
balance is insufficient to address its debt-servicing requirements
of $277 million this year," says Simon Wong, a Moody's Vice
President and Senior Credit Officer.

MMC is operating at a loss relative to the current Queensland
benchmark coking coal price of around $130 per tonne.

Its debt maturities include $105 million in promissory notes, with
installments due in March and December; the amortization of $102
million in bank loans; and interest payments of approximately $70
million.

"We believe the ongoing pressure on MMC's financials and liquidity
position will only start to improve when there is a material and
sustained improvement in the coking coal price, and when the firm
completes the refinancing of bank loans and payments on promissory
notes," adds Wong, who is also the Lead Analyst for MMC.

The company has focused on preserving liquidity since 2013, when
coking coal prices started to fall. It has done so through assets
divestments, such as the sale of its paved road to Erdenes MGL,
and adopted a careful approach to working capital management and
production cost controls. It is still in the process of deferring
its bank loan amortization payments.

Such measures to preserve liquidity have provided MMC with a
liquidity buffer over the last 12 months.

A rating upgrade is unlikely in the near term, given the negative
outlook.

Nevertheless, positive rating momentum could emerge if the
benchmark coking coal price improves to $160-$170 per tonne on a
sustained basis, and if the company improves its liquidity profile
through assets sales or equity injections.

On the other hand, downgrade pressure could emerge if: (1) its
liquidity risk rises due to an inability to raise funding or to
roll forward maturing debt on a timely basis; (2) MMC restructures
its debt in a manner that we deem a distressed exchange; and (3)
prices fall beyond our Queensland benchmark coking coal price
assumption of $150 per tonne on a sustained basis.

The principal methodology used in this rating was the Global
Mining Industry published in May 2009. Please see the Credit
Policy page on www.moodys.com for a copy of this methodology.

Mongolian Mining Corporation is the largest privately owned coking
coal mining company in Mongolia.

Established in 2005, it listed on the Hong Kong Exchange in
October 2010.

The company has two producing mines located in the Gobi Desert.
The Ukhaa Khudag mine, which produced 8.6 million tonnes of coking
coal in 2012 and the Baruu Naran mine, which was acquired in 2011
and commenced production in February 2012 and produced 0.8 million
tonnes of coking coal in 2012.



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


DICKSON MARINE: Boat Builder Shuts Doors; 8 Jobs Axed
-----------------------------------------------------
Bill Moore at Fairfax NZ News reports that Nelson's only
substantial boatbuilding company, Dickson Marine, is shutting up
shop with the loss of eight jobs.

In a short statement, co-owners Malcolm and Tracey Coffey in a
statement announced with "great sadness and reluctance" that the
boatyard would close at the end of this month, Fairfax NZ News
relays.

The report relates that the owners said all trade creditors would
be paid but unfortunately, eight "experienced, loyal and capable
staff" would lose their jobs.

"The decision was forced on the company by the lack of forward
bookings for work and the loss of a 30-metre catamaran new build.
That was, according to the owner's Australian bankers, caused by
the high New Zealand dollar, which made the funding
unpredictable," the couple, as cited by Fairfax NZ News, said.

Dickson Marine was started by former Nelson yachtsman and
boatbuilder Malcolm Dickson and wife Joan in the 1980s. Malcolm
and Tracey Coffey took over Dickson Marine at the end of 2012,
having moved to Nelson from Auckland the previous year.


NEW ZEALAND ASSOCIATION: Fitch Gives BB+ LT Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has assigned New Zealand Association of Credit
Unions (NZACU) Long- and Short-Term Issuer Default Ratings (IDR)
of 'BB+' and 'B' respectively. The Outlook on the Long-Term IDR is
Stable.

KEY RATING DRIVERS - IDRS

NZACU's ratings reflect its concentrated customer base and limited
franchise outside of the credit union and building society sector,
which accounts for less than 1% of New Zealand's financial system.
The members of NZACU, including the credit union and building
society sector as a whole, are unlikely to reach investment grade
due to geographic concentration and a limited loss absorption
capacity in the form of small absolute levels of profit and
capital.

However, modest levels of credit and market risk partially offset
these factors. NZACU is a service provider (mainly to its member
credit unions and building societies) and trade organisation, with
no direct exposure outside its wholly-owned insurance subsidiary
to its members' end customers. It has a small run-off loan
portfolio which it aims to substantially reduce during the
financial year ending 30 June 2014, and some counterparty risk in
its 'central banking' operations, which provide centralised
liquidity management for members, giving them access to
investments and returns that they may not be able to obtain on a
standalone basis.

Investments in the 'central banking' operations are generally of
good quality. The majority (FYE: 94%) are investment grade, with
the remainder being unrated local council exposures. The two
largest depositors accounted for 60% of the total at FYE13. This
concentration in member deposits provides some liquidity risk,
although the underlying credit unions appear to have reasonable
levels of liquidity outside their NZACU holdings. The 'central
banking' operations are the dominant component of NZACU's balance
sheet, accounting for all non-equity balance sheet funding, and
94% of total assets at FYE13.

Profitability was reasonable in FY13, with operating
profit/average total assets being 1.23%, but absolute levels are
low and there is some volatility in earnings. This is in part due
to changes in impairment provisions related to the legacy loan
portfolio, but also includes discounts and other benefits provided
by NZACU to full members. Profitability should improve if the
association is able to expand its non-member customer base at
arms-length prices.

Capitalisation is modest for a non-bank, with tangible common
equity/ tangible assets ratio being 8.75% at FYE13, and the
absolute level is small. The association's dividend policy, which
seeks to provide a set return for base capital noteholders that is
unrelated to profitability, means capital accretion can be
volatile.

The NZACU is a trade organisation and service provider for a
number of New Zealand credit unions and building societies. It had
18 members and five associate members at FYE13. It provides
transactional, IT and liquidity services, offering economies of
scale benefits for customers. It also owns Credit Union Insurance
Limited (Insurer Financial Strength rating: BB+/Stable), which
provides life and non-life products to NZACU's member customers.

RATING SENSITIVITIES - IDRS

NZACU's IDRs are sensitive to developments in New Zealand's credit
union and building society sector. If conditions were to
materially weaken, or larger members encounter difficulties,
NZACU's ratings would face downward pressure. Loss of member
confidence leading to members exiting the association would also
place negative pressure on ratings.

A significant diversification of NZACU's customer base, and a
substantial increase in absolute capital and profitability levels,
would be required for positive rating momentum. This is unlikely
in the short- to medium-term.

The ratings are as follows:

New Zealand Association of Credit Unions:

Long-Term IDR assigned at 'BB+'; Outlook Stable; and
Short-Term IDR assigned at 'B'.


OCEANIC SEAFOODS: Enters Liquidation After Fishy Iranian Deal
-------------------------------------------------------------
Stephanie Flores at NBR Online reports that the sole shareholder
of Oceanic Seafoods has placed his company into liquidation
following a sour NZ$2.9 million business deal stretching from Iran
to South Korea.

So far, the liquidator's report shows the company owes
NZ$3.65 million to unsecured creditors, NZ$2.9 million of which is
to Korean-based Silla Co for a tuna shipment that sat in an
Iranian port while the country's currency plummeted, NBR Online
discloses.

The sole shareholder and director of Oceanic Seafoods is Masoud
Bassam Tabar, NBR Online relates citing the Companies Office. The
company changed its name to XV Services just before it entered
liquidation on February 5, NBR Online notes.

According to NBR Online, Oceanic Seafoods purchased fish from
New Zealand and international suppliers. Most of the seafood was
sold to a related company in Iran, Khanevadeh Abi Protein Products
Company.

In late 2010 Oceanic bought about 1,200 tons of tuna from Silla, a
Seoul-based deep-sea fishing company, for US$2.41 million which it
intended to sell in Iran, NBR Online recalls.

Between ordering the fish and delivering it to the Middle East,
the market value of the Iranian rial fell, NBR Online relates
citing the liquidator's report.  The sale was stalled as the fish
sat at the port. Silla agreed to release the fish directly to the
buyer, Khanevadeh.  Oceanic said it would guarantee the Iranian
company's debt to the Korean company, according to the
liquidator's report.

Meanwhile, the storage and demurrage fees added up for Oceanic.
After the negotiations, Khanevadeh had to sell the fish below its
purchase price because of the reduced shelf life, NBR Online adds.

Oceanic Seafoods is an Auckland-based seafood wholesaler.



=================
S I N G A P O R E
=================


GLOBAL A&T: S&P Lowers LT CCR to 'B-'; Still on CreditWatch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Global A&T Electronics Ltd.
(GATE) to 'B-' from 'B'.  S&P also lowered its long-term ASEAN
regional scale rating on the company to 'axB' from 'axBB-'.

At the same time, S&P lowered its long-term issue ratings on
GATE's US$625 million and US$502.257 million senior secured notes
due 2019 to 'B-' from 'B'.  The ratings remain on CreditWatch,
where they were placed with negative implications on Nov. 18,
2013.

GATE is a Singapore-based outsourced semiconductor assembly and
test services company.

"We downgraded GATE because the company's liquidity is likely to
weaken because of the costs to resolve a legal dispute with
bondholders and increased refinancing risk," said Standard &
Poor's credit analyst Abhishek Dangra.  "We also expect GATE's
operating performance to remain weak in 2014 despite the company's
recent acquisition of some Panasonic Corp. facilities."

More than 25% of GATE's bondholders (as required under the terms
of the notes indenture) have filed a complaint with the Supreme
Court of New York.  The bondholders are seeking, among other
things, damages and reversal of the exchange of second-lien notes
done by GATE in September 2013.  If the exchange is reversed, the
second-lien notes of US$543 million will be due in October 2015
and GATE's refinancing risk will significantly increase.

GATE has "less than adequate" liquidity, as S&P's criteria define
the term.  The company's lack of any core banking relationship
limits it ability to raise bank loans.  In recent years, the
company has also not been successful in raising funds from equity
markets.  GATE's dispute with holders of senior notes, subsequent
dilution of their security, and weak operating performance, have
further weakened the company's ability to access debt capital
markets and refinance the notes.  High dispute resolution costs or
damages could put further pressure on GATE's liquidity.

S&P applies the unfavorable comparable rating adjustment modifier
in view of the increased legal and refinancing risk for GATE, and
the company's weaker operating performance than peers.

S&P do not expect any significant improvement in GATE's operating
performance in 2014.  GATE's scale and diversity (customer,
geographic and product) will not improve despite its parent UTAC
Holdings Ltd.'s acquisition of three Panasonic facilities.  This
is because the acquisition will be done through a ring-fenced,
wholly owned subsidiary of UTAC. We anticipate that GATE's EBITDA
margins will be 25%-27% in 2014.

"We kept the ratings on CreditWatch with negative implications to
reflect the uncertainty about the nature and costs relating to
GATE's dispute resolution," said Mr. Dangra.

S&P may downgrade GATE if the company's liquidity becomes weak as
a result of cancellation of the exchange of the second-lien notes
or if dispute-resolution costs are significant.  S&P may downgrade
GATE by more than one notch if an "event of default" is triggered
and appears likely to result in an acceleration of payment.

S&P may affirm the rating if the legal risk ends without any
significant dispute resolution costs and the company's operating
performance improves.


* SINGAPORE: Number of Bankruptcy Cases Hits Four-Year High
-----------------------------------------------------------
Christopher Tan at The Straits Times reports that the number of
people made bankrupt last year rose by 14 percent to reach 1,992 -
- the highest percentage since 2009.

The report says the Insolvency and Public Trustee's Office (IPTO)
under the Ministry of Law gave general reasons for the rise:
overspending, business failure and unemployment.

Certainly, the overall jobless rate has risen -- from 1.8 percent
at the end of 2012 to 2.2 percent in June of last year, the report
relates citing the Ministry of Manpower.

The business environment also got tougher last year, the report
notes.

The Singapore Vehicle Traders Association noted that for instance,
high vehicle costs, on the back of sky-high Certificate of
Entitlement prices, have hit small- and medium-sized businesses
hard, while strident curbs on car loans have sent sales plunging
by up to half.  Membership of the association has also shrunk,
from 410 to around 390, since the curbs kicked in, indicating that
some traders have folded, the report relays.

People here are also borrowing more, according to the Credit
Bureau Singapore.

The amount of bad debt owed by individuals hit SG$425.92 million
(US$338 million) last year -- 26 percent higher than in 2009, the
report adds.



                             *********

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

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

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


                            *********


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

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

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

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

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