---

         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, February 27, 2014, Vol. 17, No. 41


                            Headlines


A U S T R A L I A

AUSTRALIAN BIGHT: Purchased Out of Receivership
AWA AUSTRALIA: Appoints Administrators After 105 Years
HAZELWOOD PARK: Clifton Hall Appointed as Liquidators
LEWTON ASSET: Placed Into Administration
MABKAB PTY: Hall Chadwick Appointed as Administrators

QANTAS AIRWAYS: Posts Steep Loss, To Cut 5,000 Jobs
SUBLIME CONSTRUCTIONS: Mackay Goodwin Appointed as Administrator
THE ANYWHERE GROUP: Goes Into Administration; Owes AUD14MM


C H I N A

CITIC RESOURCES: Moody's Changes Outlook for Ba3 CFR to Negative
LDK SOLAR: Seeks Provisional Liquidators in Cayman Islands
LDK SOLAR: Noteholders Further Extended Forbearance Until Today


I N D I A

A.R.C. MILLS: CARE Reaffirms B+ Rating on INR9.54cr Bank Loans
AAR ROYAL: CRISIL Rates INR60 Million Term Loan at 'D'
ARROW CONSTRUCTIONS: CRISIL Reaffirms 'B' Rating on INR20MM Loan
ASHOK BRICKS: CRISIL Reaffirms 'B-' Rating on INR36.2MM Loans
AUROMA COKE: CARE Lowers Rating on INR12cr Bank Loan to 'B+'

AVADH ALLOYS: CRISIL Reaffirms 'B' Rating on INR58.5MM Loans
BHANDARI STEELS: CRISIL Reaffirms 'B+' Rating on INR280MM Loans
HIMALAYAN CHEMICALS: CARE Rates INR7cr Bank Loans at 'B+'
JOY MAHAPROVU: CRISIL Assigns 'B' Rating to INR60MM Loans
K.R.R ENGINEERING: CRISIL Cuts Rating on INR47.1MM Loans to 'B+'

KANHAIYA LAL: CRISIL Reaffirms 'B+' Rating on INR80MM Loans
KRANTI TRADERS: CARE Assigns 'B+' Rating to INR4.50cr Bank Loans
LAXMI BUILDERS: CRISIL Assigns 'B' Rating to INR50MM Loans
MITTAL BROTHERS: CRISIL Puts 'B+' Rating on INR40MM Loan
MJR FERRO: CARE Downgrades Rating on INR12.93cr Bank Loans to D

RAJA MOTORS: CRISIL Reaffirms 'B' Rating on INR77.5MM Loans
RAJA MOTORS BHATINDA: CRISIL Reaffirms B Rating on INR86.3MM Loan
RAJKAMAL BUILDERS: CRISIL Ups Rating on INR550MM Loans to 'B+'
ROHAN METALS: CRISIL Reaffirms 'B' Rating on INR150MM Loans
RUKMANI INFRA: CRISIL Reaffirms 'D' Rating on INR580MM Loans

SAI MANASA: CRISIL Reaffirms 'B' Rating on INR325MM Loans
SANT RAM: CARE Assigns 'B+' Rating to INR17cr Bank Loans
SARASWATI INDUSTRIES: CRISIL Reaffirms B Rating on INR55MM Loan
SHEKAR LOGISTICS: CRISIL Reaffirms 'B' Rating on INR512.3MM Loan
SRI SURYA: CARE Assigns 'B' Rating to INR9.45cr Bank Loans

SRI VENKATESWARA: CARE Reaffirms 'B' Rating on INR6.25cr Loans
SURAJ DEPOT: CARE Reaffirms 'B+' Rating on INR10cr Bank Loans
VIRATA RETAIL: CRISIL Reaffirms 'B' Rating on INR100MM Loans


J A P A N

L-JAC 6 TRUST: Moody's Confirms Caa2 Rating on 4 Classes of Cert.


                            - - - - -


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


AUSTRALIAN BIGHT: Purchased Out of Receivership
-----------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Ocean Abalone
Australia, formerly Australian Bight Abalone, has been purchased
out of receivership by a company based in Queensland.

According to the report, Ocean Abalone general manager Verne
Lindsay said the Elliston farm had been operating even under
receivership.  Elliston local people were also employed by the
farm continuously, the report says.

Australian Bight Abalone is an aquaculture company based in
Elliston, South Australia.

The Directors of Australian Bight Abalone called in McGrath Nicol
as voluntary administrators of the Company on July 2, 2009.
According to the Australian Food News, ABA said the issues
surrounding the industry, including the failure of two of the
largest companies in the sector, deteriorating general business
conditions, the last minute withdrawal of financiers from the
grower loan funding market and the subsequent reduction in
investment, had been the decisive factors in taking the decision
to move into voluntary administration.

The company was also placed in the hands of receivers Ferrier
Hodgson.

CEO Andrew Ferguson had advised that the company would continue
trading while an acquirer was sought.


AWA AUSTRALIA: Appoints Administrators After 105 Years
------------------------------------------------------
Michael Janda and Peter Ryan at ABC News report that AWA Australia
has appointed administrators after 105 years of operation, as it
struggles to compete with rivals.

According to ABC News, the administrators from PPB Advisory said
their primary aim is to keep the business running as usual while
they look to sell it.

"We are currently conducting an urgent review of AWA's business
and operations with a view to preparing AWA for sale as a going
concern in the short term," the report quotes administrator Phil
Carter -- pcarter@ppbadvisory.com -- as saying.

"Our priority is to maintain business as usual in order to ensure
AWA's blue chip customer base continues to receive the support and
service expected from AWA while we work with management and key
stakeholders to achieve the best outcome."

Mr. Carter told ABC radio's The World Today program that AWA
employees should continue to be paid, for now.

According to the report, Mr. Carter said the business was close to
running out of money when administrators were called in.

"The company was either about to become insolvent or already
insolvent so, in this case, I think they've acted at a time when
it looked like they were shortly to become insolvent," Mr. Carter,
as cited by ABC News, said.

The administrators said they are already seeking expressions of
interest for potential buyers of the business or its assets, ABC
News adds.

AWA Australia was originally a radio manufacturer and radio
broadcaster, but in recent years has focused on providing
technology services to major businesses and government
organisations. The company has 250 employees.


HAZELWOOD PARK: Clifton Hall Appointed as Liquidators
-----------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed Joint
and Several Liquidators of Hazelwood Park Store Pty Ltd on Feb.
24, 2014.

A meeting of creditors will be held at Clifton Hall, Level 1, 12
Gilles Street, in Adelaide, South Australia on March 6, 2014, at
10:30 am.


LEWTON ASSET: Placed Into Administration
----------------------------------------
James Koutsoukos -- james.koutsoukos@briferriervic.com.au -- David
Coyne -- david.coyne@briferriervic.com.au -- and
Peter Krejci -- peter.krejci@briferriernsw.com.au -- at BRI
Ferrier were appointed as administrators of Lewton Asset Services
Pty Ltd, Lewton Property Holdings Pty Ltd, and Lewton Trading
Services Pty Ltd on Feb. 20, 2014.

A first meeting of the creditors for each of the Companies will be
held at The Institute of Chartered Accountants in Australia
Level 3, 600 Bourke Street, in Melbourne, on March 3, 2014.


MABKAB PTY: Hall Chadwick Appointed as Administrators
-----------------------------------------------------
Brent Kijurina -- bkijurina@hallchadwick.com.au -- and
Richard Albarran -- ralbarran@hallchadwick.com.au -- at Hall
Chadwick were appointed as administrators of Mabkab Pty Limited on
Feb. 20, 2014.

A first meeting of the creditors of the Company will be held at
the offices of Hall Chadwick, Level 19, 144 Edward Street, in
Brisbane, Queensland, on March 3, 2014, at 10:00 a.m.


QANTAS AIRWAYS: Posts Steep Loss, To Cut 5,000 Jobs
---------------------------------------------------
Ross Kelly, writing for The Wall Street Journal, reported that
Qantas Airways Ltd. said it would cut 5,000 jobs, sell airport
terminal leases, and defer aircraft deliveries as intense
competition sent it to a deep loss in the fiscal first-half.

According to the report, the Australian flag carrier also said it
would scrap routes, including flights between Perth and Singapore,
and suspend new growth at the Asian arm of low-cost offshoot
Jetstar.

Qantas booked a net loss for the six months through December of
AUD235 million (US$211 million), compared with a AUD109 million
profit in the same period a year earlier, the report related.

"It's clear that the market Qantas operates in has changed, with
structural economic shifts exacerbated by an uneven playing field
in Australian aviation policy," Chief Executive Officer Alan Joyce
said in a statement, the report cited.

Like many global airlines, Qantas is struggling with sluggish
international demand, soaring jet-fuel costs and intense
competition from Middle Eastern carriers on international routes,
the report noted.

                       About Qantas Airways

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training, catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 13, 2014, Moody's Investors Service has downgraded to Ba2
from Baa3 Qantas Airways Limited's senior unsecured rating.
Qantas' short term rating has also been downgraded to NP (Not
Prime) from P-3. This concludes the review initiated on Dec. 5,
2013, following Qantas' announcement and market update that it was
now expecting an underlying loss before tax of AUD250 to AUD300
million for the six months ended Dec. 31, 2013.

At the same time, Moody's has assigned a Corporate Family Rating
(CFR) of Ba1 to Qantas. The CFR, which is typically assigned to
non-investment grade corporates, reflects Moody's opinion on
Qantas' ability to honour its financial obligations as if it had a
single class of debt and a single consolidated legal entity
structure. The outlook for the ratings is negative.


SUBLIME CONSTRUCTIONS: Mackay Goodwin Appointed as Administrator
----------------------------------------------------------------
Domenic Calabretta at Mackay Goodwin was appointed as
administrator of Sublime Constructions & Development Pty Ltd on
Feb. 19, 2014.

Cliff Sanderson at dissolve.com.au says the appointment came after
a liquidation order was commenced by Trussme Pty Ltd on January 23
over debt of AUD19,000. The order was to be heard on the March 3,
dissolve.com.au relates.

A first meeting of the creditors of the Company will be held at
The Institute of Chartered Accountants, Level 10, 60 Marcus Clarke
Street, in Canberra, on Feb. 28, 2014, at 11:00 a.m.


THE ANYWHERE GROUP: Goes Into Administration; Owes AUD14MM
----------------------------------------------------------
Sean Smith at The West Australian reports that The Anywhere Group
of Companies (TAG) has gone under owing more than AUD14 million,
most of it to a Singaporean private equity group.

The Anywhere Group of Companies (TAG) operated arguably one of the
State's biggest undercover manufacturing sites, with its leased
facility in Bellevue in Perth's eastern suburbs covering nearly
19,000sqm.

With the business almost depleted of work, its sole director
called in administrators from WA Insolvency Solutions last week,
The West Australian relates.

According to the report, joint administrator Kim Strickland said
TAG had turned over AUD46 million in 2012-13 and as late as 18
months ago employed more than 150 people building accommodation
for the likes of BHP Billiton, Rio Tinto and the State Government.
However, as with others in the resources services industry, it was
unable to replenish its order book as mining and oil and gas
companies reduced development spending.

The Anywhere Group of Companies (TAG) is a Subiaco-based maker of
remote accommodation.



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


CITIC RESOURCES: Moody's Changes Outlook for Ba3 CFR to Negative
----------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook for the Ba3 corporate family rating of CITIC Resources
Holdings Limited and for the Ba3 rating on the senior unsecured
notes issued by CITIC Resources Finance (2007) Limited and
guaranteed by CITIC Resources.

Ratings Rationale

"The change in outlook reflects CITIC Resources' weaker-than-
expected operating performance in 2013, and our expectation that
the downward commodity cycle and higher operating costs will
continue to pressure the company's profitability and financial
metrics over the next 12-18 months," says Chenyi Lu, a Moody's
Vice President and Senior Analyst.

Excluding asset impairment losses and one-off items, CITIC
Resources' reported underlying EBIT declined 58.9% year-on-year to
HKD 492 million in 2013. Its coal, metal and commodity import and
export businesses suffer from slowing growth in Chinese demand for
commodities. In addition, despite stable crude oil and relatively
stable oil price, its crude oil production businesses reported a
sharp decline in earnings due to higher operational costs as well
as the initial development costs for Yuedong oilfield which has
suspended production for most of 2013.

"The negative outlook also reflects CITIC Resources' deteriorated
credit metrics, which were driven by its weakened earnings and
higher level of debt by end of 2013 also due to double financing
to prepare for bond redemption," adds Lu, who is also the
International Lead Analyst for CITIC Resources.

CITIC Resources' adjusted debt increased to around HKD14.1 billion
at end-2013, up from HKD11.5 billion at end-2012. Apart from those
to prepare for bond redemption, the debt was primarily used to
fund the company's capital expenditure and investments. This
development and weaker profit resulted in a deterioration in its
adjusted net debt/EBITDA and debt/capitalization to about 4x and
54% in 2013, respectively, from 1.1x and 43% in 2012, based on
Moody's estimates and the pro rata consolidation of its 50%-owned
CITIC Canada Energy Limited (unrated), which holds the Karazhanbas
oilfield. These ratios position the company at the weak end of the
rating.

"In addition, the large asset impairment of HKD1.7 billion related
to the Hainan Yuedong project -- a result of lowered probable and
possible reserve estimations for the Yuedong oilfield -- implies
considerable execution risks for this project. This situation
could result in lower than expected production and cash flow
generation when the project is completed," says Kai Hu, a Moody's
Vice President and Senior Credit Officer and Moody's Local Market
Analyst for CITIC Resources.

Moody's previously expected that the Hainan Yuedong project will
significantly increase the company's cash flow and diversify its
exploration and production portfolio upon completion.

In terms of liquidity, despite large maturing debt of about HKD7
billion in 2014, which includes a US$800 million bond due in May
2014, Moody's expects that the company will have little difficulty
refinancing such debt, given its cash on hand of HKD7 billion at
end-2013 and its good access to bank credit, given its association
with the CITIC Group (Baa2 stable).

CITIC Resources' Ba3 rating incorporates (1) its standalone credit
profile, which reflects its small scale, sizable capital spending,
large acquisitive appetite and large exposure to volatile
commodity prices; and (2) a two-notch uplift, based on expected
support from its major shareholder, CITIC Group.

The rating outlook could revert to stable if (1) the profit margin
for CITIC Resources' commodity businesses and energy businesses
improves; (2) the Hainan-Yuedong project achieves significant
progress, such as a major ramp up in production and completion of
the project; or (3) there is evidence that CITIC Group will
provide stronger support to CITIC Resources. These developments
can be evidenced by adjusted net debt/EBITDA below 4x and a
debt/capitalization ratio below 50%.

The rating could be downgraded, if (1) CITIC Resources' core
businesses further deteriorate; (2) the Hainan Yuedong project
incurs a major setback, such as further downward revision of the
reserves, project delay or cost overrun; or (3) CITIC Resources
embarks on a larger-than-expected debt-funded acquisition, or if
such acquisition entails a high level of implementation risk.

The credit metrics that Moody's will consider for a downgrade
include adjusted net debt/EBITDA above 5x, and debt/capitalization
exceeding 50-55% for a prolonged period.

Any weakening in the relationship with CITIC Group that leads to a
lower level of support will be negative for the rating. Should
CITIC Group's rating be downgraded, the company's support level,
and hence the rating uplift for CITIC Resources, will also be
revisited.

The principal methodology used in this rating was the Global
Independent Exploration and Production Industry published in
December 2011.

CITIC Resources Holdings Limited is an energy and natural
resources investment holding company, with interests in bauxite
mining, alumina refinery, aluminum smelting, manganese, coal,
import and export of commodities, and the exploration, development
and production of oil. The company serves as the principal natural
resources and energy arm of its parent, CITIC Group.


LDK SOLAR: Seeks Provisional Liquidators in Cayman Islands
----------------------------------------------------------
Reuters reports that debt-laden Chinese solar company LDK Solar Co
Ltd said it filed in the Cayman Islands for the appointment of
provisional liquidators, four days before it is due to make a $197
million bond repayment.

According to the report, LDK Solar, which is incorporated in the
Cayman Islands, has received several reprieves from investors on
interest payments on the bond, which matures on Feb. 28.

S&P Capital IQ analyst Angelo Zino said he believed that LDK Solar
could fail to meet its commitments, the report related.  "As a
result you will eventually see a liquidity crisis . . . similar to
what we have seen with Suntech last year," said Zino, who has a
"sell" rating on the stock.

LDK Solar said it has made "considerable progress" in its ongoing
discussions with key offshore creditors, the report further
related.

                           About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar Co disclosed a net loss of $1.05 billion on $862.88
million of net sales for the year ended Dec. 31, 2012, as compared
with a net loss of $608.95 million on $2.15 billion of net sales
for the year ended Dec. 31, 2011.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.


LDK SOLAR: Noteholders Further Extended Forbearance Until Today
---------------------------------------------------------------
LDK Solar Co., Ltd., entered into a new 14-day forbearance
arrangement with holders of a majority in aggregate principal
amount of its US$-Settled 10 percent Senior Notes due 2014.  The
new forbearance arrangement, which expires today, Feb. 27, 2014,
relates to the interest payment due under the Notes on Aug. 28,
2013.  That interest payment is still unpaid.  It is LDK Solar's
intention to find a consensual solution to its obligations under
the Notes as soon as possible and LDK Solar remains hopeful that
it will be able to achieve that goal.

As reported previously, LDK Solar has engaged Jefferies LLC as a
financial advisor for strategic advice in connection with the
Notes and LDK Solar's other offshore obligations.  Holders of LDK
Solar's offshore debt obligations may contact Augusto King at
aking@Jefferies.com, or Steven Strom at sstrom@Jefferies.com,
Lyndon Norley at lyndon.norley@Jefferies.com, or Richard Klein at
rklein@Jefferies.com with any questions.

Sidley Austin is acting as counsel to LDK Solar, led by Thomas
Albrecht at talbrecht@sidley.com, and Timothy Li at
htli@sidley.com.  LDK Solar understands that Ropes & Gray is
acting as counsel to a group of noteholders, led by Daniel
Anderson (daniel.anderson@ropesgray.com) and Paul Boltz
(paul.boltz@ropesgray.com).  LDK Solar also understands that
Houlihan Lokey has been engaged as financial advisor to that same
group of noteholders; holders of the Notes may contact Brandon
Gale at bgale@hl.com with any questions.

                           About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar Co disclosed a net loss of $1.05 billion on $862.88
million of net sales for the year ended Dec. 31, 2012, as compared
with a net loss of $608.95 million on $2.15 billion of net sales
for the year ended Dec. 31, 2011.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.



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


A.R.C. MILLS: CARE Reaffirms B+ Rating on INR9.54cr Bank Loans
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
A.R.C. Mills Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            9.54       CARE B+ Reaffirmed

Rating Rationale

The rating of A.R.C. Mills Private Limited (ARC) continues to be
constrained by the small scale of operations, susceptibility to
volatile raw material prices, stretched capital structure and weak
coverage indicators owing to debt funded capex. The rating does
take note of experience of the promoter in textile industry of
over two decades. The rating also factors in growth in income from
operations in FY13 and improved profit despite increase in fixed
cost.

Going forward, the ability of the company to effectively utilize
the modernized capacity, thus increasing the scale of operations
and its ability to improve the profitability would be key rating
sensitivities. Additionally, the ability of the company to manage
raw material price risk would be the key rating sensitivities.

A.R.C. Mills Private Limited was originally part of Sri
Karunambikai Mills Ltd. Coimbatore, incorporated in 1957 by the
late Mr A.R.Chennimali Gounder. As a result of a family
arrangement and court order in 1994, the ownership of this unit
vested with A.R.C. Mills Limited. Subsequently ARC was converted
into a private limited company in 2002. The company is engaged in
cotton yarn spinning with an installed capacity of 16,056 spindles
as of December 2013. The day-to-day operations are managed by Mr
S. Sivaramalingam (son of Mr. A.R.Chennimali Gounder) who has more
than two decades of experience in the textile industry.

ARC has achieved a net profit of INR0.10 crore on a total
operating income of INR19.06 crore in FY13 (refers to the period
April 01 to March 31) as compared with a net loss of INR1.46 crore
on a total operating income of INR14.41 crore in FY12.


AAR ROYAL: CRISIL Rates INR60 Million Term Loan at 'D'
------------------------------------------------------
CRISIL has assigned its 'CRISIL D' ratings to the bank facilities
of AAR Royal Residency Pvt Ltd. The ratings reflect consistent
delays by AAR in repayment of its term loans; the delays are due
to its weak liquidity.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 60       CRISIL D

AAR is also exposed to implementation-related project risks.
However, this is partially offset by strategic location of the
project and extensive entrepreneurial experience of the promoters.

AAR is engaged in the construction of hotel in Palayamkottai,
Tirunelveli District of Tamil Nadu. AAR was initially set up as
RVC Promoters Pvt Ltd in Sep 2008 and later re-named as AAR in
June 2011. The operations are managed by its directors - Sri S
Ayya Durai Pandian, Mrs. Alli Rani and Sri M Thayal Ashok.


ARROW CONSTRUCTIONS: CRISIL Reaffirms 'B' Rating on INR20MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Arrow Constructions Ltd
continue to reflect its average financial risk profile, marked by
a modest net worth and weak liquidity, and its modest scale of
operations in the intensely competitive civil construction
segment. The ratings also factor the company's working capital
intensive operations. These weaknesses are partially offset by the
extensive industry experience of ACL's promoters and its healthy
order book.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           55       CRISIL A4 (Reaffirmed)
   Cash Credit              20       CRISIL B/Stable (Reaffirmed)
   Letter of Credit         10       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that ACL will maintain its established market
position in the civil construction industry, over the medium term,
backed by its promoters' extensive industry experience and
established customer relationships. The outlook may be revised to
'Positive' if there is a substantial and sustained improvement in
the company's revenues and profitability. Also, a substantial
improvement in liquidity backed by equity infusion from promoters
or enhancement in bank limits could trigger an outlook revision to
'Positive'. Conversely, the outlook may be revised to 'Negative'
if there is a significant stretch in working capital cycle
adversely affecting the liquidity. The outlook may also be revised
to 'Negative' if ACL undertakes large debt-funded capital
expenditure, resulting in deterioration in capital structure.

Incorporated in 1995, ACL is into civil construction. It
undertakes construction of government buildings, hospitals, and
lining works for canals. The promoter-directors, Mr. S Vijaya
Kumar, Mr. T Venkata Ramana, and A Chandra Sekhar have more than
30 years of experience in similar lines of business. The company
is a special class contractor with Greater Hyderabad Municipal
Corporation, Public Works Department (Andhra Pradesh), and a
category I contractor with the state utilities in Karnataka.


ASHOK BRICKS: CRISIL Reaffirms 'B-' Rating on INR36.2MM Loans
-------------------------------------------------------------
CRISIL ratings on the bank facilities of Ashok Bricks Industries
Private Limited's continues to reflect geographical concentration
in its revenue profile, small scale of operations in the intensely
competitive civil construction industry, and large working capital
requirements. These rating weaknesses are partially offset by the
benefits that ABIPL derives from its promoters' extensive
experience in the civil construction business.

                          Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         60       CRISIL A4 (Reaffirmed)
   Cash Credit            25       CRISIL B-/Stable (Reaffirmed)
   Term Loan              11.2     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ABIPL will continue to benefit over the
medium term from its promoters' business experience. The outlook
may be revised to 'Positive' if the company registers significant
revenue growth, supported by geographical diversification, while
it maintains its operating margin and its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if ABIPL's
accruals are adversely impacted, on account of any delays in
project execution, or if the company undertakes a larger-than-
expected, debt-funded capital expenditure programmes, thereby
weakening its gearing and debt protection metrics.

Update

In 2012-13 (refers to the financial year from April 1 to
March 31), ABIPL recorded revenues around INR240 million, a modest
year-on-year growth of xx per cent because of deferment of orders
by some clientele. The operating margins continued to remain
strong at around 17 per cent in 2012-13. The company has
registered revenues around INR100 million till September 2013 and
is likely to generate revenues around INR400 million in 2013-14led
by healthy order book position of around INR750 million to be
executed over the next two years.

ABIPL's operations are working capital intensive on account of
high retention money and extended credit to customers. In addition
to this, about 10 per cent of the contract amount is also kept as
security deposit with the customers. This is reflected in the high
gross current assets) days of about 247 days as on March 31, 2013.
ABIPL partially mitigates this by stretching its suppliers with
creditors which are outstanding at about 108 days as on March 31,
2013. CRISIL believes that ABIPL's operations will remain working
capital intensive over the medium term

ABIPL's gearing has deteriorated to 1.88 times as on March 31,
2013 from 1.56 times, a year earlier on account of debt funded
capex and incremental working capital requirements. The company
had incurred a capex of INR60 million to increase its crusher
capacity to 120 tons per hour from 80 tons per hour and for
purchase of other machineries. The entire capex was funded by
INR17 million bank debt, INR 15 million though promoters own funds
and the balance INR30 million through private finance from Non
Banking financial institutions (NBFCs). The company's cash
accruals are expected to be tightly matched with the repayments of
around INR21.5 million in 2013-14; however cushion would be
available in the form of unsecured loans from promoters. The bank
limits are fully utilized, however there are no overdrawals.

On provisional basis, ABIPL reported a profit after tax (PAT) of
INR10.4 million on net sales of INR238.6 million for 2012-13; the
company reported a PAT of INR 8.3 million on net sales of INR205.2
million for 2011-12

ABIPL was set up as partnership firm in 1992 in Orissa by Mr.
Pramod Agarwal and his brother, Mr. Ashok Agarwal, to manufacture
red bricks, which are used in the construction industry. In 2000,
after being reconstituted as private limited company, it entered
the road construction business. ABIPL is a civil construction
contractor.


AUROMA COKE: CARE Lowers Rating on INR12cr Bank Loan to 'B+'
------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Auroma Coke Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facility               12        CARE B+ Revised from
                                    CARE BB-

   Short-term Bank
   Facility                6.5      CARE A4 Reaffirmed

Rating Rationale

The revision in the rating takes into cognizance the deterioration
in the financial risk profile in FY13 (refers to the period April
12 to March 31) vis-...-vis FY12 marked by a decline in the total
operating income, deterioration in the debt coverage indicators
and elongated operating cycle. The ratings continue to be
constrained by its small scale of operations with limited
geographical presence, volatility in raw material & finished good
prices, stiff competition from organized & unorganized sector
players and its dependence on the fortunes of the steel industry.

The ratings, however, draw comfort from the long experience of the
promoters in the coal business, long track record of operation and
strategic location of the plant.

Going forward the ability of the company to grow its scale of
operation & improve its profitability margin and to sustain
volatility in raw material & finished good prices and ability of
management of the working capital would be the key rating
sensitivities.

Auroma Coke Ltd was set up as a partnership firm in 1977 by the
Tulsyan family of Dhanbad (Jharkhand). Since inception, the
company was engaged in the manufacturing of Low Ash Metallurgical
Coke (LAMC) at its plant located at Govindpur, Dhanbad (with an
initial installed capacity - 16,200 MTPA). In 1993, the firm was
converted into a private limited company and was rechristened as
Auroma Coke Pvt. Ltd. (ACPL). Subsequently, in the year 1995, ACPL
was converted into a public limited company. Over the period, the
company gradually expanded its LAMC capacity to 60,000 MTPA, has
setup a coal washery (capacity 150 tonnes per hour) and also
commenced trading in coal.

During FY13, ACL had reported a total operating income of INR28.21
crore (INR38.25 crore in FY12) and PAT of INR0.02 crore (INR0.5
crore in FY12). Furthermore, as per the M9FY14 (unaudited), the
management has maintained to have achieved a total operating
income of INR11.64 crore and net loss INR0.19 crore.


AVADH ALLOYS: CRISIL Reaffirms 'B' Rating on INR58.5MM Loans
------------------------------------------------------------
CRISIL's ratings on bank facilities of Avadh Alloys Pvt Ltd
continues to reflect AAPL's small scale of operations in the
highly fragmented industry and working capital intensive
operations, resulting in average financial risk profile. These
rating strengths are partially offset by the promoters' extensive
industry experience.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL B/Stable (Reaffirmed)
   Letter of Credit          11.3    CRISIL A4 (Reaffirmed)
   Term Loan                  8.5    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AAPL's credit risk profile will remain weak
over the medium term, on account of its small scale of, and
working capital intensive, operations. The outlook may be revised
to 'Positive' if the company reports significantly higher topline
or profitability, or in case of improvement in working capital
requirements, leading to improvement in liquidity. Conversely, the
outlook may be revised to 'Negative' if AAPL's financial risk
profile weakens because of lower-than-expected cash accruals or if
it undertakes a larger-than-expected debt-funded capital
expenditure programme.

Update
AAPL reported top-line of INR320 million for 2012-13 (refers to
financial year, April 1 to March 31), registering negligible
growth on a year-on-year basis. The same was on account of lower
prices for the products and muted demand. The company was able to
sustain its operating profitability at 4.9 per cent, in line with
past trends and commensurate with CRISIL's estimates. CRISIL
believes that significant scale up of operations would remain a
challenge for AAPL over the medium term.

AAPL's operations continue to be working capital intensive, on
account of large inventory requirements of more than three months.
The company's receivables collection period is less than a month,
it gets moderate credit period of two months from its suppliers.
The same leads to reliance on bank limits to meet working capital
requirements. CRISIL believes that over the medium term, AAPL's
operations would continue to be working capital intensive.

AAPL's financial profile remains constrained by small net worth;
as well as tightly matched accruals with repayment obligations.
The financial flexibility is partly supported by funding support
from promoters to the extent of INR30 million. In addition, CRISIL
believes that over the medium term, AAPL's financial flexibility
would be constrained by its small net worth.

Incorporated in 1991, AAPL manufactures mild steel (MS) ingots,
runner riser, MS strips, MS pipes, shutter pattis, and U-channels.
The facility is located at Muzzafarnagar (Uttar Pradesh) and the
day-to-day operations are managed by Mr. Purushottam Singhal.


BHANDARI STEELS: CRISIL Reaffirms 'B+' Rating on INR280MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhandari Steels Pvt.
Ltd. continue to reflect the company's average financial risk
profile, marked by weak debt protection metrics, and its working-
capital-intensive operations. These rating weaknesses are
partially offset by BSPL's established market position and its
promoters' extensive experience in the steel product trading
business.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee       20       CRISIL A4 (Reaffirmed)
   Bill Discounting    110       CRISIL B+/Stable (Reaffirmed)
   Cash Credit          40       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     90       CRISIL A4 (Reaffirmed)
   Long Term Loan       75       CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility   35       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility   20       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BSPL will benefit over the medium term from
its established position and its promoters' extensive experience
in the steel product trading industry. The outlook may be revised
to 'Positive' in case of significant increase in revenue and
improvement in net cash accruals while improving its debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of deterioration in operating margin or debt
protection metrics, thereby adversely affecting its debt-servicing
ability.

BSPL, part of the Bhandari group, is currently managed by Mr.
Girish Bhandari, belonging to the Madhya Pradesh-based Bhandari
family. The company was established in 1999 by the late Mr. Dinesh
Bhandari. The company trades in various steel products like CR SS
coils, SS tubes, seamless tubes, angles, beams, SS rods, and other
wide range of steel products. The company's registered office is
located in Chennai (Tamil Nadu).

For 2012-13 (refers to financial year, April 1 to March 31), BSPL
is estimated to have reported a profit after tax (PAT) of INR7.9
million on net sales of INR1199 million; the company reported a
PAT of INR7.4 million on net sales of INR1242.7 million for 2011-
12.


HIMALAYAN CHEMICALS: CARE Rates INR7cr Bank Loans at 'B+'
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Himalayan
Chemicals.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             7         CARE B+ Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Himalayan Chemicals
are primarily constrained by its weak financial risk profile
characterized by low profitability margins, leveraged capital
structure, weak coverage indicators and customer concentration
risk. The rating is further constrained by the highly fragmented
and competitive industry along with susceptibility of its
margins to volatility in the prices of raw material and threat of
substitution from synthetic menthol.

Furthermore, the constitution of the entity as a proprietorship
firm also constrains the rating. The rating, however, finds
support from the experienced promoter, growing scale of
operations, and strong demand for menthol and allied products.
The ability of HIC to increase its scale of operations while
improving its profitability margins and capital structure along
with efficient management of its working capital requirements
shall be the key rating sensitivities.

Himalayan Chemicals is a proprietorship concern, established in
2000 by Mr Udit Agrawal. HIC is engaged in the manufacturing of
menthol, menthol bold crystals and de-mentholised oil (DMO). HIC
sells the products directly to the manufacturers who operate in
various industries like pharmaceutical, confectionery, personal
care, perfumes etc. HIC's manufacturing plant is located at
Kashipur, Uttrakhand with a cumulative installed capacity of 375
Tonnes Per Annum as on March 31, 2013. During FY13 (refers to the
period April 1 to March 31), HIC reported a net profit of INR0.35
crore on a total operating income of INR61.75 crore. During
7MFY14, HIC has achieved a total operating income of INR32 crore.


JOY MAHAPROVU: CRISIL Assigns 'B' Rating to INR60MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank loan facilities of Joy Mahaprovu Cold Storage Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Working Capital Loan        10      CRISIL A4
   Cash Credit                 50      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility          10      CRISIL B/Stable

The ratings reflect JMCSPL's small scale of operations,
susceptibility to adverse regulatory changes and intense
competition in the West Bengal cold storage industry, and weak
financial risk profile. These rating weaknesses are partially
offset by the benefits that JMCSPL derives from its moderate
business risk profile, supported by its promoters' extensive
industry experience.

Outlook: Stable

CRISIL believes that JMCSPL will continue to benefit from its
promoters' extensive experience in the cold storage business. The
outlook may be revised to 'Positive' in case of efficient
management of farmer financing, along with significant ramp up in
the company's scale of operations and profitability. Conversely,
the outlook may be revised to 'Negative' in case of pressure on
the company's liquidity on account of delays in repayments by
farmers, lower than expected cash accruals or any large debt-
funded capital expenditure.

JMCSPL was incorporated in 2012 by Mr. Samar Dhawa and his family
members. The company has cold storage facilities in Medinipur
(West Bengal) for the potato traders and farmers.


K.R.R ENGINEERING: CRISIL Cuts Rating on INR47.1MM Loans to 'B+'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank facilities
of K.R.R Engineering Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          50        CRISIL A4 (Downgraded from
                                      'CRISIL A4+')

   Cash Credit             15        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit        30        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term
   Bank Loan Facility      22.4      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   SME Credit               2.5      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Term Loan                7.2      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in KRR's liquidity
profile resulting from stretch in receivables collection. As on
December 31, 2013, about 60 per cent of the company's debtors were
outstanding beyond a period of six months. This had also led to
instances of overdrawals in the company's working capital
facilities over the 12 months through December 2013. CRISIL
expects the company's operations to remain working capital
intensive over the medium term.

The ratings continue to reflect KRR's small scale of operations in
an intensely competitive steel fabrication industry, and large
working capital requirements. These rating weaknesses are
partially offset by its promoters' extensive experience in the
industry and its moderate financial risk profile, marked by
healthy gearing albeit on a moderate net worth.

Outlook: Stable

CRISIL believes that KRR will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations, while maintaining its healthy operating
margin, leading to higher-than-expected cash accruals. Conversely,
the outlook may be revised to 'Negative' if KRR contracts more-
than-expected debt to fund its capital expenditure or there is
further stretch in its working capital cycle, resulting in weak
financial risk profile.

KRR was set up as a proprietorship concern named KRR Engineering
Enterprises by Mr. K R Ramaswamy in 1976; it was reconstituted as
a private limited company in 1986. KRR undertakes heavy
fabrication and machining for a wide range of process industries.
The company is based in Chennai (Tamil Nadu).

KRR reported, a profit after tax (PAT) of INR5.6 million on total
revenue of INR121.1 million for 2012-13; it had reported a PAT of
INR12.5 million on total revenue of INR111.7 million for 2011-12.


KANHAIYA LAL: CRISIL Reaffirms 'B+' Rating on INR80MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Kanhaiya Lal Damodar Das
Jewellers continues to reflect KDJ's limited track record of
operations and its weak financial risk profile, marked by high
gearing and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of the firm's
promoters in the jewellery retail business.

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

   Proposed Long Term
   Bank Loan Facility      10      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KDJ's financial risk profile will remain weak
over the medium term, driven by its large inventory and
consequently high working-capital-related debt. The outlook may be
revised to 'Positive' if KDJ improves its scale of operations and
its profitability, leading to improvement in its cash accruals and
capital structure. Conversely, the outlook may be revised to
'Negative' if the firm's financial risk profile deteriorates,
driven most likely by large debt-funded capital expenditure
(capex), or more-than-expected increase in working-capital-related
borrowings.

Update:
KDJ's business risk profile remained moderate, marked by an
increase in its scale of operations; however, its financial risk
profile, including liquidity, continues to be weak. The firm is
expected to report a moderate increase of 5 to 10 per cent year-
on-year in its turnover for 2013-14 (refers to financial year,
April 1 to March 31). It reported net sales of INR96.4 million for
2012-13, an increase from INR63 million in 2011-12. KDJ's
operating profitability is expected to remain at 14 to 15 per cent
in 2013-14, in line with the previous year, as its profitability
is not impacted by volatility in the prices of gold.

KDJ's financial risk profile remains weak with high expected
gearing of 2.3 to 2.5 times as on March 31, 2014, and weak debt
protection metrics, with interest coverage and net cash accruals
to total debt ratios expected at 1.5 to 1.7 times and 0.06 to 0.08
times, respectively, for 2013-14. The firm is expected to have a
small net worth of INR28 million to INR30 million as on March 31,
2014, because of low accretion to reserves. KDJ's liquidity is
stretched, with low cash accruals of about INR4.6 million expected
in 2013-14, and high bank limit utilisation of 98 per cent over
the 12 months through December 2013. However, its liquidity is
supported by unsecured loans of INR12.4 million from promoters, no
term debt repayment obligations, and no major capex plan over the
medium term.

KDJ reported a profit after tax (PAT) of INR3.6 million on net
sales of INR96.4 million for 2012-13, as against a PAT of
INR0.1 million on net sales of INR63.8 million for 2011-12.

KDJ is a partnership firm established in 2010 by Mr. Piyush
Aggarwal, Mr. Akshat Aggarwal, Mrs. Preeti Aggarwal, and Mrs.
Sulekha Aggarwal. KDJ started its operations in April 2011 by
opening a retail store at Bhelupura, Varanasi (Uttar Pradesh). The
firm retails gold and diamond-studded jewellery.


KRANTI TRADERS: CARE Assigns 'B+' Rating to INR4.50cr Bank Loans
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Kranti Traders.

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

   Short-term Bank
   Facilities            0.50       CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Kranti Traders are
constrained by its weak financial risk profile marked by low
profitability margins and high gearing levels with small scale
of operations along with constitution as a partnership firm. The
ratings are further constrained on account of its revenues exposed
to agro-climatic risks and the prices of fertilisers.

The ratings, however, derives strength from the long track record
of the firm and experience of the partners in the trading
business.

The ability of the firm to increase its scale of operations,
improve profit margins and capital structure is the key rating
sensitivity.

Jalgaon, Maharashtra-based Kranti Traders (KT) was established as
a partnership firm in November 1986 by Mr Pramod Patil. KT is
engaged in the trading of agro products. In addition to
trading, KT is also engaged in the storage, handling and
transportation of the agro products. The firm's revenue can be
classified broadly in three segments namely seeds, fertilizers and
pesticides with seeds trading have contributed 50% of the total
revenue whereas fertilizers and pesticides contributed 20% and 30%
respectively in FY13. KT has two warehouses of 7,000 sq ft (for
own use) with storage capacity of around 1,000 Metric Tonnes (MTs)
along with a commercial vehicle for transportation. The major
suppliers of the firm include Ajeet Seeds Limited (rated 'CARE A-
'), Ankur Seeds Private Limited and Syngenta India Limited.

During FY13 (refers to the period April 1 to March 31), KT earned
a PAT of INR0.26 crore on a total income of INR30.93 crore as
against a PAT of INR0.34 crore on a total income of INR29.58 crore
for FY12.


LAXMI BUILDERS: CRISIL Assigns 'B' Rating to INR50MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of M/S. Laxmi Builders. The ratings reflect
Laxmi's modest scale of operations in a competitive industry and
its working-capital-intensive operations. These rating weaknesses
are partially offset by the extensive experience of Laxmi's
promoters in the construction industry.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility        20      CRISIL B/Stable

   Bank Guarantee            50      CRISIL A4

   Cash Credit               30      CRISIL B/Stable

Outlook: Stable

CRISIL believes that Laxmi will maintain its business risk profile
over the medium term, supported by its promoters' industry
experience. The outlook may be revised to 'Positive' in case of a
substantial increase in Laxmi's scale of operations along with
stable profitability and improvement in working capital
requirement. Conversely, the outlook may be revised to 'Negative'
if the firm's financial risk profile weakens, most likely because
of less-than-expected cash accruals, or large fresh debt-funded
capital expenditure, or pressure on liquidity because of
substantial stretch on working capital requirements or substantial
withdrawal of funds by the promoters.

Laxmi is a 'Class AA' civil contractor, engaged in construction of
road, building, and irrigation projects. The firm is a partnership
concern of Ahmedabad (Gujarat)-based Mr. M K Patel and Mr. R K
Patel.

Laxmi reported a book profit of INR6.9 million on net sales of
INR150 million for 2012-13 (refers to financial year, April 1 to
March 31), against a book profit of INR1.7 million on net sales of
INR40 million for 2011-12.


MITTAL BROTHERS: CRISIL Puts 'B+' Rating on INR40MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Mittal Brothers Engineers & Contractors.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           80       CRISIL A4
   Cash Credit              40       CRISIL B+/Stable

The ratings reflect MBEC's modest scale and working-capital-
intensive nature of operations coupled with subdued financial risk
profile marked by modest networth and moderate debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of partners in the civil construction
industry.

Outlook: Stable

CRISIL believes that MBEC will continue to benefit over the medium
term from its partner's extensive experience in civil construction
industry. The outlook may be revised to 'Positive' if the firm
reports substantial growth in its scale of operations while
improving its profitability and working capital cycle. Conversely,
the outlook may be revised to 'Negative' in case there is decline
in the firm's revenues or profitability or any elongation of its
working capital cycle, or if it undertakes any debt funded capex
programme, significantly impacting its financial risk profile.

MBEC was setup in 2001 as a partnership firm by Mittal family in
Lucknow, Uttar Pradesh. The firm is engaged in civil construction
work of bridges for Uttar Pradesh Public Works Department (UP-
PWD). MBEC is registered as a Class A contractor with UP-PWD. Mr.
Akshay Mittal, the partner of the firm, manages the day-to-day
operations of the business.

MBEC reported a profit after tax (PAT) of INR7.0 million on net
sales of INR217.0 million for 2012-13, as against a PAT of INR6.9
million on net sales of INR225.2 million for 2011-12.


MJR FERRO: CARE Downgrades Rating on INR12.93cr Bank Loans to D
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
MJR Ferro Alloys Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        12.43      CARE D Revised from
   Facilities                       CARE BB+

   Short-term Bank        0.50      CARE D Revised from
   Facilities                       CARE A4+

Rating Rationale

The revision in the ratings takes into account the instances of
delay in servicing the debt obligations on account of stretched
liquidity position of the company.

Incorporated on February 18, 2008, MJR Ferro Alloys Private Ltd is
involved in manufacturing of ferro alloys at its manufacturing
unit located at Nalgonda, Andhra Pradesh, with an overall
installed capacity of 4500 metric ton per annum. The commercial
operations of the company commenced from June 1, 2012 and FY13 was
the first year of operations.

As per Audited results for FY13 (refers to the period April 1 to
March 31), the company reported a net loss of INR 1.23 crore on a
total operating income of INR 13.02 crore. During 10MFY14 (refers
to the period of April 1, 2013 to January 31, 2014), the company
has achieved a total operating income of INR 19.27 Crore.


RAJA MOTORS: CRISIL Reaffirms 'B' Rating on INR77.5MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Raja Motors continue to
reflect RMS's modest scale of operations, weak financial risk
profile marked by a small net worth and a weak interest coverage
ratio, average liquidity, exposure to intense competition in the
automobile dealership market, and limited negotiating power with
its principal. These rating weaknesses are partially offset by
RMS's established position in the automobile dealership market in
Sirsa (Punjab).

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              55       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       13.6     CRISIL B/Stable (Reaffirmed)

   Term Loan                 8.9     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RMS will continue to benefit over the medium
term from its established market position in the automobile
dealership market in Sirsa. The outlook may be revised to
'Positive' in case the firm exhibits a significant and sustainable
improvement in its revenues and accruals, leading to improvement
in its net worth and interest coverage ratio. Conversely, the
outlook may be revised to 'Negative' in case RMS's scale of
operations and profitability margin deteriorate, leading to
further weakening of its debt protection metrics, or the firm
undertakes a larger-than-expected debt-funded capital expenditure
programme, thereby constraining its capital structure.

RMS, a partnership firm, was set up in 2008 by Mr. Om Prakash
Makkar and his son, Mr. Rajesh Kumar Makkar. It is a sole
authorised dealer for Hyundai Motor India Ltd in Sirsa (Punjab).

RMS reported a net profit of INR0.3 million on net sales of INR379
million for 2012-13, against a net profit of INR0.3 million on net
sales of INR420 million for 2011-12.


RAJA MOTORS BHATINDA: CRISIL Reaffirms B Rating on INR86.3MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Raja Motors (Bhatinda)
continues to reflect RMB's modest scale of operations, weak
financial risk profile, marked by a small net worth, weak interest
coverage ratio, and moderate liquidity, limited negotiating power
with its principal, and exposure to intense competition in the
automobile dealership market. These rating weaknesses are
partially offset by RMB's established position in the automobile
dealership market.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           --------    -------
   Cash Credit              60      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       11.1    CRISIL B/Stable (Reaffirmed)
   Term Loan                15.2    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RMB will continue to benefit over the medium
term from its established position in the automobile dealership
market in Bathinda (Punjab). The outlook may be revised to
'Positive' in case of a significant and sustainable improvement in
RMB's revenues and accruals, leading to improvement in the firm's
net worth and interest coverage ratio. Conversely, the outlook may
be revised to 'Negative' if RMB reports a decline in its scale of
operations and profitability margins, leading to further
deterioration in its debt protection metrics, or the firm
undertakes a larger-than-expected debt-funded capital expenditure
programme, resulting in deterioration in its capital structure.

RMB is a partnership firm set up in 2008 by Mr. Om Prakash Makkar
and his son Mr. Rajesh Kumar Makkar. It is the sole authorised
dealer of Hyundai Motor India Ltd (HMIL) in Bathinda.

RMB reported a net profit of INR0.3 million on net sales of
INR447.8 million for 2012-13, as against a net profit of INR0.3
million on net sales of INR357 million for 2011-12.


RAJKAMAL BUILDERS: CRISIL Ups Rating on INR550MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Rajkamal Builders Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and reaffirmed its rating on the short term facilities
'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee          100       CRISIL A4 (Reaffirmed)

   Cash Credit             100       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term      450       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The upgrade reflects CRISIL's expectation that RBPL's business and
financial risk profile will continue to improve over the medium
term backed by healthy revenue visibility and improved liquidity
position. The company has booked sales of INR 700 million till
January 2014 and is expected to book sales of INR1 billion for
2013-14, registering 20% year on year growth due to moderate
orders in hand. Going forward also the sales growth is expected to
be maintained supported by order book of around INR6.6 billion as
on 31 January 2014, with orders to be executed over the next two
to three years. The company's liquidity is supported by unsecured
loans (USL) of INR158.2 million as on 31 March, 2013, of which of
INR78.1 million during the year. Though company's average bank
limit utilisation was 96.7 per cent for 6 months ended January
2014, its liquidity is expected to improve by enhancement in its
bank limits.  Moreover, the company's overall financial profile is
expected to improve with improvement in its capital structure with
repayment of loans. CRISIL believes that the RBPL will register
healthy growth in sales and its liquidity is expected to improve
due to increase in accruals over the medium term.

CRISIL's ratings on the bank facilities of RBPL continues to
reflect its modest scale of operations, tender based nature of
activity and working capital intensive nature of operations, along
with geographical concentration. These rating weaknesses are
partially offset by RBPL's extensive experience of promoters in
the civil construction industry and moderate financial risk
profile.

Outlook: Stable

CRISIL expects that RBPL will maintain its credit risk profile
over the medium term backed by healthy order book position and
moderate financial risk profile. The outlook may be revised to
'Positive' in case of improvement in its working capital
management, thereby leading to lower dependence on external
funding and thus improvement in its liquidity risk profile.
Conversely, the outlook may be revised to 'Negative', if the
company generates less than expected sales leading to lower
accruals thus deteriorating its debt protection metrics.

RBPL was promoted in 1985. RBPL is involved in the execution of
various road constructions, irrigation and tunnel works in the
states of Madhya Pradesh and Chhattisgarh. The current promoters
are Madhya Pradesh based Surana family.

RBPL reported, a profit after tax (PAT) of INR34.9 million on net
sales of INR846.3 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR10.9 million on net
sales of INR102.9 million for 2011-12.


ROHAN METALS: CRISIL Reaffirms 'B' Rating on INR150MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank loan facilities of Rohan Metals Pvt
Ltd continues to reflect RMPL's below-average financial risk
profile marked by small net worth, high total outside liabilities
to tangible net worth (TOLTNW) ratio, and weak debt protection
metrics. The rating also reflects RMPL's small scale of operations
in a fragmented industry, and susceptibility to volatility in
metal prices. These rating weaknesses are partially offset by the
extensive experience of RMPL's promoter in the metal manufacturing
and trading business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            100       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      50       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RMPL's financial risk profile will remain
weak over the medium term, driven by large working capital
requirements and small net worth. The outlook may be revised to
'Positive' in case of significant improvement in the company's
revenue and profitability, leading to improved capital structure,
or efficient working capital management. Conversely, the outlook
may be revised to 'Negative' in case of decline in RMPL's revenue
and profitability leading to lower-than-expected cash accruals, or
significant stretch in its working capital cycle leading to
deterioration in its financial risk profile, particularly its
liquidity.

Update
RMPL's business risk profile is expected to remain stable over the
medium term, backed by its promoter's extensive experience in the
metal trading industry. RMPL is likely to report operating income
of INR450 million to INR500 million in 2013-14 (refers to
financial year, April 1 to March 31) vis-a-vis INR398.6 million in
2012-13. The company has recorded sales of around INR420 million
till December 2013 in 2013-14. Its operating margin is expected to
remain low, around 3.5 per cent, over the medium term, because of
its trading operations. However, shift in focus towards
manufacturing may lead to improvement in RMPL's margins over the
long term; manufacturing is expected to account for 35 to 40 per
cent of RMPL's revenue in 2013-14, compared with 30 per cent in
2012-13.

RMPL's financial risk profile is expected to remain weak, marked
by TOLTNW ratio of above 4 times over the medium term, driven by
large working capital requirements and increasing focus on
manufacturing. Also, the company has a small net worth, at INR13
million as on March 31, 2013, driven by low profitability. Its
debt protection metrics are also expected to remain weak, with
interest coverage ratio expected at around 1.2 times over the
medium term, because of low profitability.  The company's risk
coverage ratio1 is expected at 1.1 to 1.5 times over the medium
term, because of its large inventory and debtors. Moreover,
volatility in metal prices exposes RMPL to high price risk. RMPL's
liquidity is expected to remain stretched, marked by high bank
limit utilisation (averaging 90 per cent over the 13 months
through November 2013) and low net cash accruals. The liquidity
is, however, supported by unsecured loans of INR10.1 million and
negligible debt obligations.

RMPL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR398.6 million for 2012-13, against a PAT of INR0.7
million on net sales of INR372.2 million for 2011-12.

RMPL, incorporated in 1996, is engaged in trading and
manufacturing of lead alloys and lead ingots that are used in
batteries. The company's manufacturing unit is in Bhiwadi
(Rajasthan) and trading unit is in New Delhi.


RUKMANI INFRA: CRISIL Reaffirms 'D' Rating on INR580MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rukmani Infra Projects
Pvt Ltd continue to reflect delays by RIPPL in servicing its debt;
the delays have been caused by the company's weak liquidity,
driven by delays in receipts from its customers. An improvement in
liquidity that translates into a track-record of timely debt
repayment will determine the rating direction over the medium
term.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bank Guarantee            410       CRISIL D (Reaffirmed)
   Cash Credit               100       CRISIL D (Reaffirmed)
   Letter of Credit           50       CRISIL D (Reaffirmed)
   Term Loan                  20       CRISIL D (Reaffirmed)

RIPPL also has a modest scale of operations in the intensely
competitive infrastructure industry, and an average financial risk
profile, marked by a modest net worth and high gearing.
Furthermore, the company's revenues are dependent on the overall
economic activity, and are susceptible to the cyclicality
associated with the capital goods sector. However, RIPPL continues
to benefit from the extensive experience of its promoters in the
infrastructure business and its established relationships with
customers.

RIPPL was originally set up in 2003 as a sole proprietorship firm,
Rukmani Engineering Works; the firm was reconstituted as a
partnership firm in 2005, and again as a private limited company
in 2008. Promoted by Mr. Udaynath Sahoo and family, RIPPL
fabricates, installs, and maintains heavy structures on a job-work
basis and erects boilers mainly for thermal power and steel
plants.


SAI MANASA: CRISIL Reaffirms 'B' Rating on INR325MM Loans
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Sai Manasa Spintex
(India) Limited continues to reflect the company's below-average
financial risk profile marked by its modest net worth, high
gearing, and average debt protection metrics. The rating also
factors in the company's large working capital requirements, the
susceptibility of its profitability margins to cotton prices, and
its exposure to intense competition in the cotton yarn industry.
These rating weaknesses are partially offset by the extensive
industry experience of SMSL's promoters in the textiles industry.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              100.0    CRISIL B/Stable (Reaffirmed)
   Standby Line of Credit    12.0    CRISIL B/Stable (Reaffirmed)
   Term Loan                183.0    CRISIL B/Stable (Reaffirmed)
   Letter of Credit          10.0    CRISIL A4 (Reaffirmed)
   Working Capital
   Term Loan                 30.0    CRISIL B/Stable (Reaffirmed)
   Bank Guarantee             5.0    CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SMSL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relations with customers. The outlook may be revised
to 'Positive' if there is a sustained improvement in the company's
working capital management or there is substantial improvement in
its capital structure on the back of equity infusion from
promoters. Conversely, the outlook may be revised to 'Negative' if
there is a steep decline in the company's profitability margins or
there is a significant deterioration in its capital structure on
account of larger-than-expected working capital requirements or
large debt-funded capex.

SMSL, incorporated in 2009 and based in Chilakaluripet (Andhra
Pradesh), manufactures cotton yarn. The company started operations
in January 2011. Mr. K Gopala Reddy is the chairman and managing
director of SMSL.


SANT RAM: CARE Assigns 'B+' Rating to INR17cr Bank Loans
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sant Ram
Mangat Ram Jain Jewellers.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             17        CARE B+ Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Sant Ram Mangat Ram
Jain Jewellers is primarily constrained by its small scale of
operations coupled with low net-worth base, leveraged capital
structure, weak debt service coverage indicators and working
capital intensive nature of operations. The rating is further
constrained by the risk associated with fluctuations in gold and
diamond prices and highly competitive and fragmented nature of the
Gems and Jewellery Industry. These rating constraints are
partially offset by the support from the experienced promoters,
long track record of operations, favourable location of the
showroom, strong reputation in the market and growing scale of
operations.

Going forward, the ability of SRMR to scale up its operations,
achieving the envisaged profitability margins and efficiently
manage its working capital requirements shall be the key rating
sensitivities.

SRMR was established as a proprietorship firm in the year 1960 by
the late Mr Pawan Kumar Jain, and subsequently was converted into
a partnership firm. Presently the partners, Mr Rajan Jain (son
of Mr Pawan Kumar Jain) and Mrs Mamta Jain have equal profit and
loss sharing ratio. The firm has its single showroom located at
Chandigarh. SRMR is engaged in the retailing of diamond
studded gold jewellery (necklaces, earrings, rings, pendants and
bangles), gold jewellery and gold bullion. The firm buys readymade
jewellery from wholesalers and manufacturers in Mumbai, Delhi and
the local market.

In FY13 (refers to the period April 1 to March 31), the firm
achieved a total operating income of INR28.53 crore with a PAT of
INR0.13 crore. The firm has achieved a total operating income of
INR17 crore till 9MFY14.


SARASWATI INDUSTRIES: CRISIL Reaffirms B Rating on INR55MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Saraswati
Industries continues to reflect SI's weak financial risk profile,
marked by a leveraged capital structure, a small net worth, and
weak debt protection metrics. The rating also factors in the
firm's low bargaining power with principals, and exposure to
intense competition in the automobile dealership market. These
weaknesses are partially offset by the extensive industry
experience SI's partners and its diversified supplier base.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               49      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility         6      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SI will continue to benefit over the medium
term from its established relationships with its principals and
its partners' industry experience. The outlook may be revised to
'Positive' if the firm's operating profitability improves and
there is equity infusion by its partners, resulting in improvement
in its capital structure. Conversely, the outlook may be revised
to 'Negative' in case of a significant decline in SI's sales
volumes or operating margin, resulting in deterioration in its
debt protection metrics.

Update
SI's revenues registered a growth of 62 per cent to INR574 million
in 2012-13 (refers to financial year, April 1 to March 31) from
INR355 million in 2011-12, supported by healthy sales volume in
the tractor segment. SI derives 85 per cent of its revenues from
tractor sales, 12 per cent from car sales, and 3 per cent from
sales of accessories and spare parts. Tractor sales registered a
year-on-year volume growth of 55 per cent on the back of a pick-up
in sales of New Holland India Ltd (New Holland) tractors. The firm
has registered revenues of INR490 million during the first nine
months of 2013-14. CRISIL believes that SI's scale of operations
will continue to grow at a healthy pace over the medium term
supported by its strong network of 35 dealers, and its position as
the sole distributor of Mahindra & Mahindra Ltd (M&M; rated
'CRISIL AA+/Stable/CRISIL A1+') and New Holland India Ltd (New
Holland) tractors in Mirzapur and Shona districts of Uttar
Pradesh.

SI's operating profitability remained subdued at around 1 per cent
in 2012-13 due to low negotiating power with its principals and
intense competition in the vehicle dealership business. The firm's
operations remained working-capital-intensive on account of
inventory of tractors and cars maintained at its showroom,
commensurate with its level of operations and based on the models
in demand. Its inventory has ranged between 40 and 60 days in the
past, in line with industry trends. SI also has a high quantum of
receivables ranging from 20 to 25 days of sales. Against this, it
gets limited credit from its principals and hence has to rely
extensively on bank lines and unsecured loans from promoters to
support its working capital requirements. CRISIL believes that
SI's operations will remain working-capital-intensive over the
medium term.

SI's financial risk profile remains weak, marked by a small net
worth of INR8.2 million and high total outside liabilities to
tangible net worth ratio of 11.4 times as on March 31, 2013; it
also had weak interest coverage and risk coverage ratios at 1.2
times and 1.7 times, respectively, in 2012-13. CRISIL believes
that SI's financial risk profile will remain weak over the medium
term on account of its low operating margin and extensive reliance
on bank lines to fund its working capital requirements.

SI reported a profit after tax (PAT) of INR0.8 million on net
sales of INR574 million for 2012-13, vis-a-vis a PAT of INR0.6
million on net sales of INR355 million for 2011-12.

SI is a partnership firm established in July 2009 and founded by
Mr. Satyam Agarwal and Mrs. Shyama Agarwal. The firm is a
distributor of tractors manufactured by M&M and New Holland and
passenger cars of General Motors India Pvt Ltd. SI is based in
Mirzapur (Uttar Pradesh).


SHEKAR LOGISTICS: CRISIL Reaffirms 'B' Rating on INR512.3MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shekar Logistics Pvt
Ltd continue  to reflect SLPL's below-average financial risk
profile, marked by a small net worth and high gearing, its small
scale of operations in the intensely competitive logistics
industry, and its large working capital requirements. These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoters and its established
relationship with Tata Steel Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           15       CRISIL A4 (Reaffirmed)
   Cash Credit              75       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      113       CRISIL B/Stable (Reaffirmed)
   Standby Line of Credit   13.5     CRISIL B/Stable (Reaffirmed)
   Working Capital Term
   Loan                     30       CRISIL B/Stable (Reaffirmed)
   Term Loan               280.8     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SLPL will continue to benefit over the medium
term from its established relationship with TSL and its promoters'
need-based funding support. The outlook may be revised to
'Positive' if SLPL registers sustained improvement in its cash
accruals or there is capital infusion to improve its overall
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company undertakes a larger-than-expected debt-
funded capital expenditure programme or faces delays in collection
of receivables, thereby adversely affecting its liquidity.

Update:
SLPL's revenues have increased marginally by 4 per cent year-on-
year in 2012-13 (refers to financial year, April 1 to March 31) to
INR753 million on the back of sustained orders from TSL.  Its
operating profit margin increased to 28 per cent in 2012-13,
driven by reducing the dependency on outsourced vehicles. The
company's fleet of owned vehicles increased to 250 during the year
from 120 four years earlier. CRISIL believes that SLPL will
maintain stable revenues over the medium term, supported by its
established customer relationships; diversification into
specialised operations such as repair service station could
improve its operating margin over this period.

SLPL's financial risk profile has been constrained by a modest net
worth of INR207 million and high gearing of 3.8 times as on
March 31, 2013. Its liquidity remains stretched on account of its
working-capital-intensive operations, reflected in gross current
assets of 159 days as on March 31, 2013. The company's accruals,
estimated at INR120 million for 2013-14, would not be sufficient
to cover its maturing repayment obligations of about INR170
million during the year; the gap has been funded by unsecured
loans of INR50 million from the promoters during the year till
date. SLPL relies on bank funds to meet its incremental working
capital requirements, leading to high bank limit utilisation at an
average of 99 per cent over the 12 months through December 2013.

SLPL reported a profit after tax (PAT) of INR30 million on net
sales of INR752.6 million for 2012-13 against a PAT of INR8.2
million on net sales of INR724.9 million for 2011-12.

SLPL was established in 2001 by Mr. Chandrasekhar Viswanath. It
provides transportation, material movement, and handling services.


SRI SURYA: CARE Assigns 'B' Rating to INR9.45cr Bank Loans
----------------------------------------------------------
CARE assigns 'CARE B' ratings to the bank facilities of Sri Surya
Poultry Farm.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           9.45        CARE B Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Sri Surya Poultry
Farm is primarily constrained by its nascent and small scale of
operations; implementation risk associated with its ongoing
expansion project and highly leveraged capital structure with
working capital intensive nature of operations. The rating is
further constrained by the constitution of the entity as a
partnership firm, highly fragmented nature of the poultry business
with limited entry barriers, risks inherent in the poultry
industry and vulnerability of profits to raw material (chicks &
feed grains) price fluctuation.

The rating, however, derives strength from the experience of the
partners in the industry and favorable demand prospects for the
poultry sector across India.

The ability of the firm to scale up its operations and improve its
overall financial risk profile are the key rating sensitivities.

Sri Surya Poultry Farm was formed in February 2012 as a
partnership firm by Mr M Suryanarayana Reddy, Mr M Srinivasa
Reddy, Mr T Ramamohan Reddy, Mr P Sanjeeva Reddy and Ms M Ngavali.
SSPF is a family managed business. Mr Suryanarayana Reddy (aged 62
years) is the managing partner. He has an experience of around 35
years in emu farming. SSPF is a poultry farm which commenced its
business operations from May 2012; thus FY13 (refers to the period
April 01 to March 31) was the first year of operations. The firm
is engaged in the business of sale of eggs and cull birds. The
firm's poultry farm is located at Putrela, Krishna district of
Andhra Pradesh, with a capacity of 1.16 lakh layers birds and each
bird producing around 300 eggs per annum.

During FY13, 90% of the total operating income was derived from
dealers/traders while the remaining 10% was derived from retail
customers. During FY13, SSPF reported a total operating income of
INR3.96 crore.


SRI VENKATESWARA: CARE Reaffirms 'B' Rating on INR6.25cr Loans
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sri Venkateswara Modern Rice Mill.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.25       CARE B Reaffirmed
   Facilities

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

Rating Rationale

The rating assigned to the bank facilities of Sri Venkateswara
Modern Rice Mill continues to be primarily constrained by the
constitution of the entity as a partnership firm, its weak
financial risk profile marked by decline in operating income and
profitability margins in FY13 (refers to the period April 01 to
March 31), moderate capital structure with working capital
intensive nature of the business and weak debt coverage
indicators. The rating is further constrained by its presence in a
highly fragmented and competitive industry with seasonal
availability of paddy and impact of changes in the government
regulations in terms of Minimum Support Price (MSP) for raw
material. The rating, however, continues to derive strength from
the experience of the partners in the industry, presence of the
firm in major paddy cultivation area resulting in easy access to
raw material and diversified client base.

The ability of the firm to improve the margins in the midst of the
competition and improve its overall financial risk profile while
managing the working capital cycle will remain as the key rating
sensitivities.

SVMRM was established in the year 2005 as a partnership firm by Mr
DVS Prakash Rao, managing partner, along with five other partners.
The firm is engaged in the milling and processing of rice at its
processing unit located at West Godavari, Andhra Pradesh, with a
current paddy de-husking capacity of 80 quintals per hour. The
firm is also engaged in the trading of rice. Furthermore, the firm
is also operating from the existing neighbouring rice mill, M/s
Sri Venkatarama Modern Rice Mill, on lease basis for a period of
five years with a lease rent of INR0.60 crore per annum from Nov.
12, 2010, which has a capacity to process 70 quintals per hour.

The firm currently has a total paddy de-husking capacity of 63,000
Metric Tons Per Annum (MTPA) with 150 quintals per hour capacity.
Paddy being the main raw material is procured from the local
farmers/agents in the district. The firm mainly supplies levy rice
to Food Corporation of India (75% of total the sales), Andhra
Pradesh, apart from which, it supplies non-levy rice in the open
markets of Andhra Pradesh, Kerala, Tamil Nadu, Bihar and West
Bengal and also exports through dealers/agents.

During FY13, SVMRM reported a total operating income of INR26.05
crore and a net profit of INR0.05 crore as against a total
operating income and PAT of INR35.06 crore and INR0.05 crore
respectively in FY12. As per the 10MFY14 (unaudited), the firm
achieved a turnover sales/operating income of INR24.90 crore.


SURAJ DEPOT: CARE Reaffirms 'B+' Rating on INR10cr Bank Loans
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Suraj Depot.

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

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

Rating Rationale

The rating continues to factor in the weak financial risk profile
of Suraj Depot (SD) marked by low profitability margins, highly
leveraged capital structure & stressed debt coverage indicators,
its product concentration risk, operations in the cyclical steel
industry and constitution as a partnership firm.

The rating, however, continues to derive strength from the
experience of partners in the steel trading business along with
reputed supplier base with established warehouse and stocking
facilities.

The ability of the firm to improve its profitability and capital
structure continues to remain the key rating sensitivity.

Suraj Depot, a partnership firm incorporated in 2001, is a part of
the Suraj Group, based in Nanded, Maharashtra. The group was
initially promoted by Mr Vishambhar Parsewar in the year
1956. Currently, the group is headed by his son Mr Ramesh
Parsewar. The group has a diversified business in the areas of
steel trading, manufacturing of fertilizers and polymers. The
group has also backward integrated its operations to a certain
extent by incorporating a manufacturing unit viz Suraj Tubes India
Private Limited (STIPL: rated 'CARE B+') to manufacture steel
tubes and coils etc.

SD is engaged in the trading of various steel products like hot
rolled (HR) sheets, Cold rolled (CR) sheets, galvanised
coils/sheets, TMT bars, Mild Steel (MS) bars, steel tubes & pipes
and PVC pipes etc. The firm's entire business operations are
carried out in the domestic market. The products of the firm find
application in various sectors like construction, irrigation,
railways and other retail market.

During FY13 (refers to the period April 1 to March 31), SD earned
a PAT of INR0.25 crore on a total income of INR108.12 crore as
against a PAT of INR0.18 crore on a total income of INR95.22 crore
for FY12.


VIRATA RETAIL: CRISIL Reaffirms 'B' Rating on INR100MM Loans
------------------------------------------------------------
CRISIL rating on the long-term bank facilities of Virata Retail
Pvt Ltd continues to reflect VRPL's exposure to risks related to
stabilisation and ramp-up of operations, its limited track record
of operations, susceptibility to risks related to the long
gestation period involved in establishing a strong brand loyalty
for its products in the domestic market, and exposure to intense
competition in the industry. These rating weaknesses are partially
offset by the benefits that VRPL derives from its promoters'
experience in the retail industry.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit          53       CRISIL B/Stable (Reaffirmed)
   Term Loan            47       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VRPL will continue to benefit over the medium
term from its promoters' experience in the retail industry, and
its location at Kothapet near Dilshuknagar in Hyderabad (Andhra
Pradesh). The outlook may be revised to 'Positive' if the company
registers higher-than-expected operating revenue and
profitability, leading to comfortable accruals and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' in
case of slower-than-expected growth in accruals, leading to
pressure on its liquidity, or any larger-than-expected debt-funded
capital expenditure.

Update
During 2012-13 (refers to financial year, April 1 to March 31),
VRPL's first year of operation, its aggressive marketing efforts
helped it achieve topline of INR151 million. However, VRPL
incurred a loss of INR31 million for the year because of high
operational expenses while its topline is low in the initial phase
of operations together with high marketing expenses. In 2013-14,
while the company is likely to show healthy topline growth (sales
of INR227 million till January 2014), it will continue to incur
losses. Healthy growth in topline and large working capital
requirements (in the form of inventory) have resulted in
constrained liquidity, as reflected in VRPL's fully drawn bank
limits.

VRPL's financial risk profile remains weak, marked by modest net
worth, high gearing, and weak debt protection measures. The
company had a net worth of INR18.7 million and gearing of 6.25
times as on March 31, 2013. VRPL's weak operating profitability
and cash losses mean that the company's debt protection measures
remain inadequate. However, the company has regularly received
financial support from promoters.

VRPL, incorporated in 2012, has set up a lifestyle mall at
Kothapet near Dilshuknagar in Hyderabad, which has been leased for
nine years. The company commenced operations on October 2012 under
the Hyderabad Six brand. VRPL is promoted by two brothers, Mr. B
Sridhar and Mr. B Srikanth. It is held closely by the two brothers
and their family members.


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


L-JAC 6 TRUST: Moody's Confirms Caa2 Rating on 4 Classes of Cert.
-----------------------------------------------------------------
Moody's Japan K.K has confirmed the ratings for the Class A
through G-1 of L-JAC 6 trust certificates.

The affected ratings are as follows:

Class A, confirmed at A3 (sf); previously on November 28, 2013, A3
(sf) placed under review for downgrade

Class B-1, confirmed at Ba1 (sf); previously on November 28, 2013,
Ba1 (sf) placed under review for downgrade

Class C-1, confirmed at B2 (sf); previously on November 28, 2013,
B2 (sf) placed under review for downgrade

Class D-1, confirmed at Caa2 (sf); previously on November 28,
2013, Caa2 (sf) placed under review for downgrade

Class E-1, confirmed at Caa2 (sf); previously on November 28,
2013, Caa2 (sf) placed under review for downgrade

Class F-1, confirmed at Caa2 (sf); previously on November 28,
2013, Caa2 (sf) placed under review for downgrade

Class G-1, confirmed at Caa2 (sf); previously on November 28,
2013, Caa2 (sf) placed under review for downgrade

Deal Name: L-JAC 6 Trust

Class: Class A through G-1 trust certificates

Issue Amount (Initial): JPY97.5 billion

Dividend: Floating

Issue Date (Initial): November 12, 2007

Final Maturity: October 25, 2016

Underlying Asset (Initial): Two non-recourse loans backed by real
estate

Originator: New Century Finance Co. Ltd. (as of the issue date)

Arranger: Lehman Brothers Japan Inc. (as of the issue date)

L-JAC 6 Trust is currently backed by one loan after the full
redemption of the other loan.

Ratings Rationale

The rating action reflects the increasing likelihood that the
trust certificates will be redeemed, after possible sale of the
underlying property before the expected maturity date. Sale of the
property is currently under discussion. If sold successfully
before the expected maturity date, this will decrease the
likelihood of a stress scenario.

In its previous review for downgrade, Moody's assumed a stress
scenario based on the likelihood for disposition of the property
during the tail period, which is the period between the expected
and legal final maturity dates of the trust certificates. The
stress scenario incorporated volatility in cash flow and a decline
in the property's value, in case the main tenant canceled the
lease agreement during the tail period.

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

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

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***