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

                      A S I A   P A C I F I C

           Thursday, March 27, 2014, Vol. 17, No. 61


                            Headlines


A U S T R A L I A

A T RICHARDSON: Worrells Solvency Appointed as Administrators
COBAR CONSOLIDATED: Firm Up for Sale
DESTINATION FOR MEN: Administrators Seek Buyers For Business
UNIT TECHNOLOGIES: Placed In Receivership
* AUSTRALIA: Build Firms' Failures Leave AUD80MM Debt in Canberra


C H I N A

LONGFOR PROPERTIES: Weak Profit No Impact on Moody's Ba1 CFR


I N D I A

AKHIL GUJARAT: CARE Rates INR8.90cr Bank Loan at 'B-'
AMPLE TEXTECH: CRISIL Assigns 'D' Rating to INR85.6MM Loans
BISWAPITA COLD: CARE Assigns 'C' Rating to INR5.15cr Loan
BRYS HOTELS: CARE Assigns 'B+' Rating to INR71.25cr Bank Loan
DEESAN COTEX: CARE Assigns B+ Rating on INR45.10cr Loan

DINESH SOAPS: CRISIL Reaffirms 'B+' Rating on INR2.5MM Loan
GLOBAL WOOD: CARE Reaffirms 'B' Rating on INR2cr Bank Loan
GOVIND AGRO: CRISIL Reaffirms 'B+' Rating on INR200MM Loans
GOYAL COTTON: CARE Revises Rating on INR7.45cr Bank Loan to 'B+'
GREEN FACADE: CRISIL Assigns 'B-' Rating to INR39MM Loans

HAPPY FORGINGS: CRISIL Reaffirms 'B+' Rating on INR2.4BB Loans
INFRASTRUCTURE LOGISTIC: CRISIL Keeps B- Rating on INR152.5M Loan
JAI SHIV: CARE Reaffirms 'B+' Rating on INR11.60cr Loan
JUGAL KISHORE: CARE Reaffirms 'B+' Rating on INR9cr Bank Loan
MAHAVEER GINNING: CARE Reaffirms 'B' Rating on INR7.78cr Loan

MARUTI PRODUCTS: CARE Rates INR12.55cr Bank Loan at 'B+'
MARVEL AUTOMOBILES: CRISIL Puts 'B' Rating on INR87.3MM Loans
MAXHEAL LABORATORIES: CARE Assigns 'B' Rating to INR5.5cr Loan
NARAYAN SOLVEX: CARE Reaffirms 'B+' Rating on INR5cr Bank Loan
NATIONAL MINING: CRISIL Lowers Rating on INR85MM Loans to 'D'

NATIONAL MOTORS: CRISIL Assigns 'B' Rating to INR80MM Loans
NAVEEN FILTERS: CRISIL Reaffirms 'B+' Rating on INR58.1MM Loans
NIRUPAMA COLD: CRISIL Raises Rating on INR90.5MM Loans to 'B-'
NS PAPERS: CARE Revises Rating on INR155.10cr Loan to 'B'

P N PAPER: CRISIL Upgrades Rating on INR156.9MM Loans to 'B-'
PAARTH INFRATECH: CRISIL Assigns 'B' Rating to INR360MM Term Loan
SADAN REALTECH: CRISIL Assigns 'B' Rating to INR202.8MM Loan
SALASAR COTSPINS: CRISIL Reaffirms B+ Rating on INR157.5MM Loans
SCAN STEELS: CARE Revises Rating on INR207.88cr Loan to 'B+'

SILVER JUBILEE: CARE Reaffirms 'B-' Rating on INR65.09cr Loan
SRI VENKATA: CARE Revises Rating on INR7.77cr Loan to 'B+'
SRM SPINNERS: CARE Assigns 'B+' Rating to INR29.65cr Bank Loan
STEELSMITH CONTINENTAL: CARE Cuts Rating on INR32.06cr Loans to D
UMESH EDUCATION: CARE Assigns 'B' Rating to INR16.30cr Loan


J A P A N

MT. GOX: Some Customers Want Founder out During Bankruptcy
MT. GOX: Creditors Band Together to Recover Assets
MT. GOX: Cooperating With Police


N E W  Z E A L A N D

SHIVRAM: New Zealand Nando's Franchisee Placed in Liquidation


                            - - - - -


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


A T RICHARDSON: Worrells Solvency Appointed as Administrators
-------------------------------------------------------------
Nathan Deppeler -- nathan.deppeler@worrells.net.au -- and
Matthew Jess -- matthew.jess@worrells.net.au -- at Worrells
Solvency & Forensic Accountants were appointed as administrators
of A T Richardson Wines Pty Ltd on March 24, 2014.

A first meeting of the creditors of the Company will be held at
the office of Worrells Solvency & Forensic Accountants, 328
Lyttleton Terrace, in Bendigo, Victoria, on April 3, 2014, at
10:30 a.m.


COBAR CONSOLIDATED: Firm Up for Sale
-------------------------------------
Cliff Sanderson at dissolve.com.au reports that Cobar Consolidated
Resources and its associated subsidiaries are up for sale.

dissolve.com.au relates that the company entered administration on
March 18, 2014 with Stephen G Longley -- slongley@ppbadvisory.com
--  David L McEvoy -- dmcevoy@ppbadvisory.com -- and Christpher C
Hill -- chill@ppbadvisory.com -- of PPB Advisory being appointed
as administrators.

The administration took place following the company's failure to
raise enough funds for repaying its Commonwealth Bank of Australia
debt, the report says.

Cobar Consolidated Resources owns and operates western New South
Wales's Wonawinta silver. It is a holder of an extensive
exploration tenements associated with the 900sqm of the Cobar
basin's western margin.


DESTINATION FOR MEN: Administrators Seek Buyers For Business
------------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that administrators of
Destination for Men Pty Ltd are seeking expression of interest for
the sale of the business and its assets.

The company was placed into administration on March 13, 2014.
Meertens' Robert Naudi and Austin Taylor were appointed as
administrators.

Destination for Men offers extensive range of treatments that
include manicures/pedicures, hair removal, haircuts, barber shop
shaves, massage and more. It also owns a bar that holds a license
to serve alcohol.


UNIT TECHNOLOGIES: Placed In Receivership
-----------------------------------------
Unit Technologies Pty Ltd (Unit), trading as Unit Riders, was
placed in receivership on March 25 following the appointment of
Voluntary Administrators.

Ferrier Hodgson partners Tim Michael -- tim.michael@fh.com.au --
and James Stewart -- stewart.mccallum@fh.com.au -- were appointed
Receivers and Managers over Unit and a number of associated
entities.

Unit operates seven stores across Australia. There are 40
employees. The outlets specialise in the sale of streetwear
apparel and accessories.

The appointment extends to Unit's wholesale distribution business,
which supplies over 400 independent retailers.

Mr. Michael said that Unit's decline in performance was impacted
by the decrease in consumer discretionary spending currently being
felt by many Australian retailers. He said it would be business as
usual while the Receivers look at the realisation opportunities
for the streetwear brand.

"Unit's heritage and authenticity in the action sports industry
has allowed the business to capture the attention of Gen-Y
consumers and build its brand into a leading designer, wholesaler
and retailer of streetwear apparel," Mr. Michael said. "We are
immediately calling for expressions of interest for a sale of the
business as a going concern."

Mr. Michael said that employees will continue to be paid by the
Receivers and that it is expected that employee entitlements will
be covered under the Federal Government's General Employee
Entitlements and Redundancy Scheme (GEERS) if the business cannot
be sold as a going concern.


* AUSTRALIA: Build Firms' Failures Leave AUD80MM Debt in Canberra
-----------------------------------------------------------------
Mark Sawa and Phillip Thomson at The Canberra Times report that
construction and building companies in Canberra have endured a
brutal two years with more than one in every five ACT business
collapses coming from the sector, leaving a combined
AUD80 million trail of debt at the time they became insolvent.

The Canberra Times relates that research found 22 per cent of
collapsed enterprises were companies in the construction sector,
followed by retail on 10 per cent and accommodation/food
businesses with 9 per cent, based on data presented to the ACT and
Region Chamber of Commerce and Industry.

Nationally, the construction sector made up 18 per cent of all
insolvencies, the report relays.

As the ACT government brings in stimulus measures to boost the
battling building trade, an analysis of Australian government
figures outline in detail the full extent of damage sustained in
the industry in the past two years, according to The Canberra
Times.

The report says more than 20 companies from the territory
construction sector have been put under the control of outside
insolvency experts in that time. In many of the cases money owed
was not paid back at all or is still in doubt, the report relates.

It comes as records show four more companies in the Canberra
construction industry have been put in the hands of liquidators,
administrators or receivers who say the companies owe
AUD45 million-plus among them, The Canberra Times relates.

The biggest, Kenoss Pty Ltd, which called in an administrator in
December, owes AUD28 million.  A related company, Kenoss
Contractors, went into liquidation recently with AUD6.6 million of
debt, the report discloses.



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


LONGFOR PROPERTIES: Weak Profit No Impact on Moody's Ba1 CFR
------------------------------------------------------------
Moody's Investors Service says Longfor Properties Co Limited's
2013 results support its Ba1 corporate family rating, despite a
lower profit margin.

The rating outlook remains stable.

"Longfor's strong revenue growth, healthy debt leverage and
adequate liquidity have balanced the impact of declining profit
margin and interest cover," says Kaven Tsang, a Moody's Vice
President and Senior Analyst.

While Longfor's revenue jumped 48.8% year-on-year to RMB41.5
billion, its gross margin contracted to 27.8% in 2013, from 40.1%
in 2012.

The lower gross margin reflects the realization of projects sold
between second half of 2011 and 2012, amid an unfavorable pricing
environment.

As a result, Longfor's EBITDA/interest coverage declined to 3.8x
in 2013, versus 4.7x in 2012.

Moody's expects Longfor's profit margin will moderately recover in
2H 2014 due to higher selling prices for contracted sales in the
last 12 months and the company's efforts in controlling cost.

This development will in turn improve its interest coverage
position. Longfor's ratings could be pressured if such an
improvement does not materialize.

"Longfor's healthy contracted sales in 2013, which grew 19.9%
year-on-year to RMB48.1 billion, support the its adequate
liquidity and low debt leverage as measured by
debt/capitalization," adds Tsang.

As of end-2013, the company had cash holdings of RMB14.7 billion,
which can fully cover its short-term debt of RMB9.1 billion.

The good cash flow from its contracted sales has also provided
some funding for the company's land acquisitions and project
development.

Longfor maintained its financial discipline, while it pursued its
growth plan in 2013.

It acquired 5.6 million square meters of new land -- in terms of
gross floor area (GFA) -- for RMB17.5 billion, which translates to
approximately 42% of its contracted sales.

As a result, Longfor's reported debt rose moderately to RMB37.7
billion from RMB32.8 billion.

Its debt leverage remained healthy, with adjusted
debt/capitalization at 49.6% and revenue/reported debt improving
to 110.1% in 2013 from 84.9% in 2012.

These ratios are in line with those of Longfor's Ba-rated peers.

Moody's expects the company will maintain its good financial
discipline and keep its debt/capitalization below 55% in 2014.

Longfor's management also plans to reduce its inventory on hand
and enforce stringent controls on its land purchases in 2014.

Longfor's shopping mall portfolio reached 763,349 square meters in
GFA as of end-2013, up 7.0% year-on-year, with a healthy occupancy
rate of 97.6%.

Its gross rental income grew to RMB634.6 million in 2013 from
RMB483.4 million in 2012. This recurring cash flow covers 24% of
Longfor's gross interest expenses in 2013, and could provide some
cushion against its more volatile development business.

The company will continue to grow its portfolio with six shopping
malls under construction that have a total GFA of about 765,000
square meters.

Completion of these malls through 2016 will further boost
Longfor's recurring rental income in the next two years.

Upgrade pressure could emerge if the company: (1) consistently
meets its sales targets and continues to implement its disciplined
approach to acquiring land and managing its financials; (2)
maintains stable profitability through business cycles; (3)
progressively develops its investment property portfolio, with a
stable source of recurring income that can cover a meaningful
amount of interest expenses; (4) maintains good liquidity, with a
minimum cash balance of more than 10%-15% of total assets; or (5)
can maintain EBITDA/interest coverage consistently above 6x-7x and
adjusted debt/capitalization at around 40%-45%.

The ratings could be downgraded if: (1) Longfor's sales weaken;
(2) its liquidity or debt leverage deteriorate owing to its
aggressive development of new projects or land acquisitions; or
(3) adjusted debt/capitalization exceeds 55% or EBITDA/interest
falls below 4x.

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

Longfor Properties Company Limited is one of the leading
developers in China's residential and commercial property
development sector. Founded in 1994, the company began its
business in Chongqing and has since established a leading brand
name in the municipality. As of end-2013, it had an attributable
land bank of 35.8 million square meters in GFA, spanning 22 cities
in five major regions in China.



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


AKHIL GUJARAT: CARE Rates INR8.90cr Bank Loan at 'B-'
-----------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of Akhil
Gujarat Manav Kalyan Sansthan.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        8.90       CARE B- Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Akhil Gujarat Manav
Kalyan Sansthan is primarily constrained by its low net-worth base
and very weak financial risk profile marked by cash deficit,
stressed solvency and liquidity indicators. The rating is further
constrained due its presence in the highly competitive and
regulated education sector.

The rating, however, derives strength from the well-experienced
promoters in the education sector and healthy enrolment ratio.

The ability of AGMKS to increase its scale of operations by
sustaining the strong enrollment ratio as well as addition of new
courses and improve its surplus level alongwith the improvement in
its solvency and liquidity position will be the key rating
sensitivities.

Bharuch-based (Gujarat) AGMKS was established in the year 2000 by
Mr Surjitsinh Mangrola, Chairman, to undertake social activities
for the benefit of handicapped people, farmers, unemployed people
and various youth, women and children welfare activities. Further,
during Academic Year 2011 (AY11; refers to the period July 1 to
June 30), AGMKS undertook a project to set up educational
institution so as to provide technical education to local students
by setting up Valia Polytechnic College (VPC) with an approved
annual intake of 300 students. VPC commenced offering three-year
diploma courses in the field of engineering (with five branches,
namely, automobile, chemical, civil, electrical and mechanical)
since AY12 and the first batch is scheduled to pass out in May
2014. VPC is approved from the All India Council of Technical
Education (AICTE) and also has affiliation with the Gujarat
Technological University (GTU).
During FY13 (refers to the period April 1 to March 31), AGMKS
reported a net deficit of INR0.98 crore on a total operating
income of INR1.85 crore as against a net deficit of INR0.45 crore
on a total operating income of INR0.94 crore during FY12. During
10MFY14 (provisional), AGMKS reported a total income of INR2.77
crore with approximately net surplus of INR0.54 crore.


AMPLE TEXTECH: CRISIL Assigns 'D' Rating to INR85.6MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Ample Textech Pvt Ltd. The rating reflects delay by
ATPL in repaying its term loan obligations on account of weak
liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             76.5       CRISIL D (Assigned)
   Bank Guarantee         4.1       CRISIL D (Assigned)
   Cash Credit            5.0       CRISIL D (Assigned)

The company, being a new entrant in dyeing and bleaching business,
is also exposed to intense industry competition. Further, the
company have a weak financial risk profile. These rating
weaknesses are partially offset by the expected healthy operating
profitability of the company.

ATPL, incorporated in 2010-11, is engaged in dyeing and bleaching
of gray fabric on job work basis. The company is equally owned by
families of Kolkata based Mr. Radhey Shyam Agarwal and Mr. Atul
Kumar Mundra. The company has commenced commercial operations from
November 2013.


BISWAPITA COLD: CARE Assigns 'C' Rating to INR5.15cr Loan
---------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank facilities
of Biswapita Cold Storage Pvt Ltd.

                                Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities     5.15        CARE C Assigned
   Short-term Bank Facilities    0.14        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Biswapita Cold
Storage Pvt Ltd are constrained by the small scale of operations
with low net profitability margin, high gearing level along with
stretched liquidity position, highly regulated industry,
competitive scenario and dependent on the vagaries of nature. The
above constraints are partially offset by the experienced
promoters, proximity to potato growing area and regular debt
servicing since October 2013.

The ability of the company to increase its scale of operations,
manage working capital effectively and service its debt obligation
on a regular basis shall remain the key rating sensitivities.

Biswapita Cold Storage Pvt Ltd, incorporated in the year 2008, is
a Paschim Mediniporebased (West Bengal) company, promoted by Seikh
Khalilur Rahaman, Seikh Tamijuddin Khan (brother of Seikh Khalilur
Rahaman), Seikh Jiyayur Rahaman Khan (son of Seikh Khalilur
Rahaman) and Seikh Iktharuddin Khan (son of Seikh Tamijuddin
Khan). It has commenced operation from February 2009 and is
engaged in the business of providing cold storage services to
potato-growing farmers and potato traders, having an installed
storage capacity of 13,400 MT (metric tonnes). Besides providing
cold storage services, BCSPL also trades in potatoes on
occasional basis, which accounted for around 11% of the total
revenue in FY12 (refers to the period April 01 to March 31).

Being the managing director, Seikh Khalilur Rahaman looks after
the day-to-day activities of the business with adequate support
from co-directors.

During FY12 (refers to the period April 1 to March 31), BCSPL
achieved a PBILDT of INR1.11 crore (Rs.0.66 crore in FY11) and a
PAT of INR0.01 crore (net loss of INR0.24 crore in FY11) on a
total income of INR2.05 crore (Rs.1.49 crore in FY11).


BRYS HOTELS: CARE Assigns 'B+' Rating to INR71.25cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Brys
Hotels Private Ltd.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities    71.25      CARE B+ Assigned

Rating Rationale

The rating of the bank facilities of BRYS Hotels Private Limited
is constrained being a maiden venture into the hotel business and
without any operational/marketing tie-up. The rating also factors
in the project execution and stabilization risk, weak financial
risk profile characterized by small scale of operations, high
overall gearing and weak coverage indicators and competition
from the existing hotels. The rating, however, derives strength
from the favourable location of the hotel property and positive
outlook of the hotel industry in Jaisalmer and NCR.

Going forward, timely completion of the projects undertaken and
ability to achieve ARRs and occupancy levels as envisaged would
remain the key rating sensitivities.

BRYS Hotels Pvt Ltd was incorporated on June 11, 2010, and is
engaged in the business of running a hotel property. BHPL has been
promoted by Mr Rahul Gaur (one of the promoters of Gaursons India
Limited, a leading real estate company of NCR) and Ms Navneet
Bhadla. BHPL has two hotel properties, viz, BRYS Fort (Jaisalmer)
and BRYS Elan (Sahibabad) in its portfolio.

BRYS Fort, Jaisalmer: The company had acquired this hotel property
(five-star category) measuring 8.5 acres of land with 38 rooms
(that were already under operation) in a bidding process
in August 2010 from Tourism Finance Corporation of India (TFCI)
for a consideration of INR13 crore. Furthermore, the company has
increased the number of rooms from 38 to 80 in September
2013 with a total cost of INR57.09 crore funded through INR43.09
crore of debt and INR14 crore of equity.

BRYS Elan, Sahibabad: BHPL is also constructing another hotel in
Sahibabad, Uttar Pradesh, which is expected to have 66 rooms with
added facilities of two banquets, swimming pool, SPA, gymnasium,
conference hall, restaurant and a coffee shop.

In FY13 (refers to the period April 1 to March 31), the company
achieved a total operating income of INR2.74 crore and a loss of
INR5.48 crore. During 9MFY14, BHPL reported a total income of
INR3.87 with a net loss of INR2.90 crore.


DEESAN COTEX: CARE Assigns B+ Rating on INR45.10cr Loan
-------------------------------------------------------
CARE assigns 'CARE B+ and CARE A4' rating to the bank facilities
of Deesan Cotex Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       45.10       CARE B+ Assigned
   Facilities

   Short-term Bank       1.00       CARE A4 Assigned

   Facilities
Rating Rationale

The ratings assigned to the bank facilities of Deesan Cotex
Private Limited are constrained by the relatively small and
fluctuating scale of operations, moderate profitability margins
and moderately leveraged capital structure along with weak debt
coverage indicators. The ratings are further constrained by
operations in the highly competitive and fragmented nature of the
textile industry and susceptibility of operating margins to the
raw material price fluctuation.

These factors far offset the benefits derived from the experience
of the promoters and their financial support in the past and
operational support from group entities.

Ability of DCPL to improve the scale of operations through
stabilization of newly commenced unit coupled with efficient
management of the working capital cycle amidst the intense
competition are the key rating sensitivities.

Incorporated in 2007, Deesan Cotex Private Limited is engaged in
manufacturing of terry towels, trading of grey fabric and job work
of yarn doubling. The company has however commenced manufacturing
of terry towels only from December 2013 at Dhaiwad, Dhule,
Maharashtra with an installed capacity of 15 tonnes per day, and
was earlier only engaged in the trading of grey cloth and
undertook job work of yarn doubling.

During FY13 (refers to the period April 1 to March 31), DCPL
reported a total operating income of INR36.02 crore (up by 178%
vis-a-vis FY12) and PAT of INR0.84 crore (up by 21% vis-a-vis
FY12).  Furthermore, during 9MFY14 (provisional) the company
posted a total operating income of INR14.35 crore.


DINESH SOAPS: CRISIL Reaffirms 'B+' Rating on INR2.5MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Dinesh Soaps and
Detergents continue to reflect DSD's weak financial risk profile
marked by small net worth and high ratio of total outside
liabilities to tangible net worth). The ratings also reflect the
susceptibility of DSD's operating margin to fluctuations in
foreign exchange (forex) rates. These rating weaknesses are
partially offset by the extensive experience of DSD's promoters in
the edible oils industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            2.5       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     450.0       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that DSD will continue to benefit over the medium
term from its promoters' extensive experience in the edible oils
industry. The outlook may be revised to 'Positive' if DSD improves
its risk management practices or if the promoters infuse
significant capital into the firm, leading to an improved
financial risk profile. Conversely, the outlook may be revised to
'Negative' if DSD undertakes a debt-funded capital expenditure
programme, weakening its financial risk profile.

DSD is a partnership firm that trades in crude palm oil. Though
the firm was primarily set up to manufacture soaps and detergents,
since 2009-10 (refers to financial year, April 1 to March 31),
more than 95 per cent of its revenue has been from trading
activity. DSD hedges around 15 per cent of its forex exposure. The
promoters have also set up Dinesh Oils Ltd and Swadisht Oils Pvt
Ltd (rated 'CRISIL BB/Stable/CRISIL A4+'), which refine and trade
in edible oils.

DSD reported a profit after tax (PAT) of INR13.1 million on net
sales of INR1.3 billion for 2012-13, against a PAT of INR12.7
million on net sales of INR1.32 billion for 2011-12.


GLOBAL WOOD: CARE Reaffirms 'B' Rating on INR2cr Bank Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Global Wood India Private Limited (Erstwhile Goyal Timber Store).

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities      2        CARE B Reaffirmed
   Short-term Bank Facilities     9        CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Global Wood India
Private Limited (GWPL) continue to be constrained by its weak
financial risk profile marked by the small scale of operations,
low profitability, leveraged capital structure and stressed
liquidity. The ratings are further constrained by its presence in
the highly competitive timber trading business, susceptibility of
its margins to the volatility in the foreign exchange rates and
risk of country-specific trade regulations.

The ratings, however, find support from the experienced promoters
and long track record of operations.

Going forward, the ability of the company to increase its scale of
operations while improving its profitability margins and capital
structure would be the key rating sensitivities.

GWPL, a private limited company, was incorporated in November 2012
by Mr Vijay Goyal, Mr Rishi Goyal, Mr Rahul Goel and Mr Anand
Goyal. The company was earlier established as a proprietorship
firm in 1985 by Mr Vijay Goyal. The GWPL took over the operations
of the firm with effect from April 01, 2013. The company is
engaged in the timber trading business, wherein it imports round
timber logs from Malaysia, Indonesia, Ghana and Ivory Coast and
sells it to wholesalers & saw mills in the domestic market. The
company imports various types of timber such as Meranti, Kapur,
Saal, and Teak. These largely find application in manufacturing of
furniture, plywood, doors, windows, etc. The warehousing facility
(owned) of the company is located in Gandhidham, Kutch, near
Kandla port, which facilitates easy imports and transportation
of the products. Besides, the company also has a warehouse at its
head office in Karnal (Haryana).

During FY13 (refers to the period April 01 to March 31; audited),
GWPL achieved a total operating income (TOI) of INR31.75 crore
with profit after tax (PAT) of INR0.15 crore. During FY14, till
February 2014, the company achieved a total operating income of
INR34.50 crore.


GOVIND AGRO: CRISIL Reaffirms 'B+' Rating on INR200MM Loans
-----------------------------------------------------------
CRISIL's rating reflects Govind Agro Foods's weak financial risk
profile marked by small net worth, high gearing, and weak debt
protection metrics. The rating also reflects GAF's large working
capital requirements, small scale of operations, and
susceptibility to changes in government policies and to erratic
rainfall. These rating weaknesses are partially offset by the
benefits that GAF derives from its promoters' extensive business
experience and the healthy growth prospects for the basmati rice
industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            180       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       3.5     CRISIL B+/Stable (Reaffirmed)
   Term Loan               16.5     CRISIL B+/Stable (Reaffirmed)

CRISIL had upgraded the rating of GAF to 'CRISIL B+/Stable' from
'CRISIL B/Stable' on December 2, 2014.

The upgrade reflected the ramp-up in GAF's operations in 2012-13
(refers to financial year, April 1 to March 31); the firm had
reported increase in revenue to INR562 million in 2012-13 from
INR360 million the previous year, while maintaining its operating
margin and managing its working capital requirements efficiently.
The revenues were expected to be around INR600 million in 2013-14.
As a result, the firm's accruals improved and are expected to be
sufficient to meet its debt obligations for 2013-14. The upgrade
also factored in the support to GAF's liquidity provided by
enhancement of its bank line to INR180 million from INR120 million
in September 2013 and unsecured loans of INR32 million extended by
its promoters in 2013-14.

For arriving at the rating, CRISIL has treated the unsecured loans
of INR62.0 million extended to GAF by its promoters as neither
debt nor equity, as the loans are interest-free and have been
subordinated to bank debt.

Outlook: Stable

CRISIL believes that GAF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's capital
structure improves significantly because of higher accruals or
significant equity infusion. Conversely, the outlook may be
revised to 'Negative' if GAF's liquidity deteriorates with
increase in working capital requirements or larger-than-expected
debt-funded capital expenditure.

GAF was set up in July 2009 as a partnership firm by Mr. Subhash
Chand and his son, Mr. Neeraj Kumar. It processes basmati rice and
sells to domestic companies, most of which export to the Middle
East.


GOYAL COTTON: CARE Revises Rating on INR7.45cr Bank Loan to 'B+'
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Goyal
Cotton Fiber.

                                Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities     7.45        CARE B+ Revised from
                                             CARE B

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of the withdrawal of
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 Goyal Cotton Fiber
was revised on account of the stabilization of its manufacturing
unit resulting in growth in turnover during 11MFY14 (refers to
the period April 1 to February 28).

However, the rating is constrained by its thin profitability, high
leverage and moderate debt coverage indicators and liquidity
position. The rating further continues to remain constrained on
account of its short track record of operations in the highly
competitive and fragmented cottonginning business with limited
value addition, susceptibility of profit margins to raw material
price fluctuation, working capital intensive operations and
seasonality associated with the cotton industry coupled with
susceptibility of the operations to government regulation.

The rating, however, favorably factors in the experience of the
partners in the cotton-ginning business and proximity to the
cotton-producing regions of Madhya Pradesh and Maharashtra.
The ability of GCF to increase its scale of operations, improve
profit margins and capital structure along-with efficient working
capital utilization remain the key rating sensitivities.

GCF is a partnership firm incorporated on June 15, 2012, by four
partners of the Goyal family at Barwani district, Madhya Pradesh,
with the vision to engage in the cotton ginning and pressing
business with an installed capacity of 36,000 bales of cotton and
11,500 metric tonnes per annum (MTPA) of cotton seed per annum.
GCF belongs to the Goyal group of Sendhwa which is engaged
in the business of cotton ginning and pressing since more than two
decades and enjoys good market reputation. The commercial
production at GCF commenced from December 2012 and FY13
(refers to the period April 01 to March 31) was the first year of
operations in which GCF reported total operating income (TOI) of
INR28.47 crore with PAT of INR0.10 crore.

During 11MFY14 (provisional), GCF registered a TOI of INR46.25
crore.


GREEN FACADE: CRISIL Assigns 'B-' Rating to INR39MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Green Facade Solutions Pvt Ltd. The ratings
reflect GFSPL's below-average financial risk profile, marked by a
small net worth, high gearing and depressed accruals, and its
modest scale of operations in the facade engineering industry.
These rating weaknesses are partially offset by the extensive
industry experience of GFSPL's promoters.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Rupee Term Loan            8.5       CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility        20.5       CRISIL B-/Stable

   Bank Guarantee            50.0       CRISIL A4

   Cash Credit               10.0       CRISIL B-/Stable

Outlook: Stable

CRISIL believes that GFSPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
higher-than-expected cash accruals, or if there is a significant
equity infusion, thus correcting its capital structure and
subsequently improving its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if there is further
deterioration in the financial risk profile, especially its
liquidity, because of lower-than-expected cash accruals, or
elongation in its working capital cycle, or more-than-expected
debt funded capital expenditure plans.

GFSPL, based in New Delhi was established in 2009 by Mr. Rai Singh
and Mrs. Anju Singh. The company began commercial operations 2010-
11 (refers to financial year, April 1 to
March 31). GFSPL is engaged in engineering and installation of
aluminium and glass doors and windows, cladding and facades.


HAPPY FORGINGS: CRISIL Reaffirms 'B+' Rating on INR2.4BB Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Happy Forgings Ltd
continue to reflect HFL's weak, though improving, financial risk
profile, marked by high gearing and weak debt protection metrics.
The ratings also factor in the customer concentration risk in its
revenue profile, and its susceptibility to any slowdown in the
commercial vehicle (CV) segment. These rating weaknesses are
partially offset by the company's established position in the
forged & machined components market. Despite moderate improvement
in its liquidity post restructuring of debt in February 2013,
liquidity continues to be under stress as reflected in the near-
full utilisation of its bank lines and highly working-capital-
intensive operations.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          10       CRISIL A4 (Reaffirmed)
   Cash Credit            651.1     CRISIL B+/Stable (Reaffirmed)
   Corporate Loan         385.4     CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       200.0     CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      15.5     CRISIL B+/Stable (Reaffirmed)
   Term Loan            1,142.8     CRISIL B+/Stable (Reaffirmed)
   Working Capital
   Term Loan              295.2     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HFL will continue to benefit over the medium
term from its established client relationships and strong market
position, supported by its presence in the high-value-added
product segment. The outlook may be revised to 'Positive' if there
is substantial improvement in HFL's operating performance,
translating into more-than-expected cash accruals, or substantial
infusion of equity, leading to improvement in its overall
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the improvement in the company's business
performance is not as anticipated, if its working capital
requirements increase further, or if it undertakes a substantial
debt-funded capital expenditure programme, leading to additional
stress on its liquidity.

HFL was established in 1979 by Mr. Paritosh Kumar Garg (currently
the chief managing director) and his father, Mr. Channan Ram Garg.
The company manufactures forged automotive components (mainly used
by CV manufacturers) at its hammer-and-press units in Ludhiana
(Punjab). It currently has a forging capacity of 46,000 tonnes per
annum (tpa) and machining capacity of 11700 tpa.

HFL reported a net loss of INR96.1 million and net sales at
INR2.48 billion for 2012-13 (refers to financial year, April 1 to
March 31), as against a profit after tax of INR76.6 million and
net sales of INR2.52 billion for 2011-12.


INFRASTRUCTURE LOGISTIC: CRISIL Keeps B- Rating on INR152.5M Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Infrastructure Logistic Systems Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           10         CRISIL B-/Stable
   Term Loan            142.5       CRISIL B-/Stable

The rating reflects ILSL's modest scale of operations, customer
concentration in revenue profile and moderate financial risk
profile marked by modest networth, high gearing and subdued debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of ILSL's promoters.

Outlook: Stable

CRISIL believes that ILSL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case there is significant
and sustained improvement in the company's revenues and
profitability, while improving its capital structure. Conversely,
the outlook may be revised to 'Negative' in case of lower than
expected revenues or profitability or elongation of working
capital or larger-than-expected debt-funded capital expenditure,
resulting in a further weakening in its financial risk profile.

Update
ILSL commenced its commercial operations from February 2013. Its
operating performance in 2012-13 was lower than CRISIL's
expectations with revenues of around INR4.1 million mainly due to
lower-than-expected initial demand for ILSL's services. The
company has recorded revenues of around INR110 million for the
past nine months ended December 31, 2013. The management is
currently in negotiations with a couple of large players in the
edible oil and chemicals industry, for their logistical contracts
from 2014-15 onwards.

ILSL's business risk profile continues to be constrained on
account of its customer concentration risk. ILSL is currently
dealing only with Indo Rama Synthetics (I) Ltd. (IRSL) and as such
its business risk profile is strongly linked to the growth
prospects of IRSL. In the absence of a diversified customer base,
any pressures faced by the company or a change in their
procurement/logistics policy can translate to off take risks for
ILSL thereby affecting its credit profile.

ILSL's financial risk profile remains subdued with high gearing of
around 2.7 times as on March 31, 2013. ILSL is currently incurring
a capex of around INR40 million to set up a liquid tank and a
1.5km pipeline for transportation of edible oil from Butibori
railway station to Nagpur port. The facility is expected to be
complete by May 2014 and is funded by term loan of around INR30
million.

ILSL's liquidity is stretched with cash accruals being tightly
matched with term debt repayments and high bank limit utilization.
The company is expected to generate accruals of around INR30 - 40
million in 2014-15 as against repayments of around Rs40 million
during the year. Its bank lines of around INR10 million are also
fully utilized over the past 12 months ended December 2013. CRISIL
believes that ILSL's liquidity will be under pressure on account
of substantial upcoming term debt obligations.

ILSL, incorporated in 2001, is a third-party rail logistics
provider for liquid cargo movement and storage. ILSL owns liquid
tank containers and liquid storage terminals. The company's
storage tanks are located at Butibori (Nagpur, Maharashtra). The
company commenced commercial operations from February 2013.


JAI SHIV: CARE Reaffirms 'B+' Rating on INR11.60cr Loan
-------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Jai Shiv Suitings Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.60      CARE B+ Reaffirmed

Rating Rationale

The rating continues to remain constrained on account of the
modest scale of operations of Jai Shiv Suitings Private Limited
in the highly fragmented and competitive textile industry, its
financial risk profile marked by thin profitability margins,
moderate solvency position and stressed liquidity position and
vulnerability of margins to fluctuations in the raw material
prices.

The rating, however, continues to draw strength from the wide
experience of the promoters in the textile industry and location
advantage by way of proximity to the raw material as well as
customers.

The ability of the company to increase its scale of operations and
improvement in profitability as well as better management of the
working capital would be the key rating sensitivities.

JSSPL was incorporated in 1993 by Mr Shanti Lal Ajmera. However,
the company started its commercial production from 2002 onwards.
Mr Shanti Lal Ajmera was earlier managing Ajmera Textile [BHL]
Private Limited (ATBPL) which was engaged in the manufacturing of
grey fabrics. JSSPL is primarily engaged in the business of
manufacturing of grey fabrics and gets the processed work done
from other processors on a job-work basis. The company also
manufactures grey fabrics for others on a job-work basis and is
also engaged in the trading of grey and finished fabrics. The
plant of the company is located at Bhilwara (Rajasthan) with an
installed capacity of 72.25 Lakh Meters Per Annum (LMPA) of grey
fabrics having 65 sulzur looms. It markets its products through
agents and has 18 agents located all over India. It procures
Polyester Viscose (PV) yarn, key raw material, from the local
Bhilwara market and nearby areas.

During FY13 (refers to the period April 1 to March 31), JSSPL
reported a total income of INR44.16 crore (FY12: INR39.02 crore),
with a PAT of INR0.16 crore (FY12: INR0.04 crore).


JUGAL KISHORE: CARE Reaffirms 'B+' Rating on INR9cr Bank Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Jugal Kishore Vanaspati Product Private Limited.

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

Rating Rationale

The rating continues to be constrained by the relatively small
scale of operations of Jugal Kishore Vanaspati Product Private
Limited (JKVL) and its weak financial risk profile characterized
by the highly leveraged capital structure, weak debt coverage
indicators and low profitability margins due to low value-added
activity, its presence in a fragmented and competitive edible oil
industry and exposure to volatility in groundnut prices.

The rating continues to derive strength from the experienced
management, strategic location of the plant and stable demand for
finished goods.

JKVL's ability to improve its scale of operation and profitability
along-with efficient management of working capital cycle are the
key rating sensitivities.

Bikaner-based (Rajasthan) JKVL was incorporated as a private
limited company in July 1987. JKVL is promoted by Mr Shreeram
Agarwal, Mr Satish Agarwal and Mr Dinesh Agarwal. The company
is mainly engaged in the business of manufacturing and supplying
refined groundnut oil and oil cakes. JKVL is also a ISO-9001-2008
certified company and has an installed capacity of 24 Metric
Tonnes Per Day (MTPD) for crushing of groundnut seeds and 30 MTPD
for refining groundnut oil as on March 31, 2013, with
manufacturing facility located at Bikaner. The company sells its
product under its registered brand name of "Chandi Sikka". JKVL
derives around 91% of the total sales from refined groundnut oil
during FY13 [approximately 85% in FY12 (refers to the period April
01 to March 31)] and the rest from groundnut oil cakes and other
by products. The company's key raw material, viz, groundnut seeds
are sourced from the local market of Bikaner.

The promoters of the company have promoted other group concern,
ie, JK Ceramics Private Limited (JKCPL; rated 'CARE B+') engaged
in the manufacturing of industrial guar gum powder and processing
of guar refined dall, churi korma, edible oil and oil cake of
mustard and groundnut.

In FY13, JKVL reported a total operating income of INR41.63 crore
and a PAT of INR0.36 crore as against a total operating income and
PAT of INR54.95 crore and INR0.21 crore respectively in FY12.


MAHAVEER GINNING: CARE Reaffirms 'B' Rating on INR7.78cr Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Mahaveer Ginning & Pressing Factory.

                                 Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities      7.78      CARE B Reaffirmed
   Short-term Bank Facilities     0.90      CARE A4 Assigned

The ratings assigned by CARE are based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The ratings may undergo 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 ratings continue to factor in the working capital intensive
nature of business operations of Mahaveer Ginning & Pressing
Factory (MGPF) in the competitive and fragmented cotton ginning
industry, fluctuation in prices, seasonality associated with
cotton availability, constitution as a proprietorship firm and
impact of government policies related to cotton. The ratings
further continue to be constrained on account of the financial
risk profile marked by the modest scale of operations with a low
net-worth base, thin profitability margins and weak solvency
position.

The ratings continue to derive strength from the experience of the
proprietor, proximity to the cotton-growing areas of Maharashtra,
geographically diversified customer base along with efficient
operations marked by healthy capacity utilisation.

Increase in the scale of operations while moving up in the cotton
value chain and improvement in the financial risk profile along
with managing the volatility in the raw material prices continues
to remain the key rating sensitivity.

Jalna-based (Maharashtra), Mahaveer Ginning and Pressing Factory
(MGPF) was set up by Mr Devendra Chhallani as a proprietorship
firm in the year 2008. The firm was set up to undertake the
business of cotton ginning and cotton seeds extraction. MGPF
operates from its sole manufacturing plant at Wadgaon (Jalna) with
an installed capacity of 13,651 Metric Tonnes Per Annum (MTPA) of
cotton bales as on March 31, 2013. Furthermore, the firm extracts
around 8,600 MTPA of cotton seeds in the ginning and pressing
process as a by-product.

During FY13 (refers to the period of April 1 to March 31), MGPF
earned a PAT of INR0.17 crore on a total income of INR29.43 crore
as against a PAT of INR0.10 crore on a total income of INR10.63
crore for FY12.


MARUTI PRODUCTS: CARE Rates INR12.55cr Bank Loan at 'B+'
--------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Maruti Products Private Limited.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities     12.55       CARE B+ Assigned
   Short-term Bank Facilities    10.00       CARE A4 Assigned

Rating Rationale

The ratings are primarily constrained on account of the financial
risk profile of Maruti Products Private Limited marked by thin
profitability margin and weak solvency position. The ratings are
further constrained on account of vulnerability of its margins to
fluctuation in raw material prices and foreign exchange and its
presence in a highly competitive and fragmented industry.

The ratings, however, derive strength from the qualified promoters
albeit limited experience in the steel industry, almost full
utilization of installed capacity and moderate liquidity position.

Improvement in the overall financial risk profile with improvement
in profitability and solvency position are the key rating
sensitivities.

MPPL, incorporated in April 2010, is promoted by Mr Varun Agrawal
to set up a green-field plant for manufacturing of steel billets.
MPPL has completed its project and started its commercial
operations from April 2011. The company has incurred INR10.70
crore towards the project which was funded through term loan of
INR7.80 crore and the balance through promoters' contribution.
The plant of the company is located at Jaipur and has total
installed capacity of 27,000 Metric TonnePer Annum (MTPA) as on
March 31, 2013. It procures its key raw material, sponge iron and
iron scrap, from the domestic market as well as imports it from
Africa, Europe and Middle East countries and supplies its product
to the rolling mills located in Rajasthan. During FY13 (refers to
the period April 1 to March 31), MPPL imported around 30% of its
total raw material requirement.

During FY13, MPPL reported a total income of INR89.96 crore (FY12:
INR69.54 crore) with a net profit of INR0.24 crore in FY13 as
against net losses of INR0.09 crore in FY12.


MARVEL AUTOMOBILES: CRISIL Puts 'B' Rating on INR87.3MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Marvel Automobiles India Pvt Ltd. The rating
reflects MAIPL's modest scale of operations in the intensely
competitive automobile dealership industry, and its below-average
financial risk profile marked by modest net worth and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of MAIPL's promoters in the automobile
dealership industry.

                           Amount
   Facilities             (INR Mln)      Ratings
   ----------             ---------      -------
   Proposed Inventory
   Funding                   29.3        CRISIL B/Stable

   Inventory Funding
   Facility                  50.0        CRISIL B/Stable

   Long Term Loan             8.0        CRISIL B/Stable

Outlook: Stable

CRISIL believes that MAIPL will continue to benefit over the
medium term from its promoters' extensive experience in the
automobile dealership industry. The outlook may be revised to
'Positive' if the company reports a sustainable increase in its
revenue and profitability, strengthening its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
MAIPL generates lower-than-expected cash accruals or undertakes a
large debt-funded capital expenditure programme, weakening its
financial risk profile.

Setup in 2012, Salem based (MAIPL) is an authorized dealer for
passenger cars of Nissan Motors India Pvt. Ltd., Fiat India
Automobiles Limited and commercial vehicles of Man Trucks India
Pvt Ltd. The company is promoted by Mr. E.P. Satish Kumar and
family.

For 2012-13 (refers to financial year, April 1 to March 31), MAIPL
reported a net loss of INR1.6 million on net sales of INR94
million.


MAXHEAL LABORATORIES: CARE Assigns 'B' Rating to INR5.5cr Loan
--------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Maxheal Laboratories Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.5        CARE B Assigned
   Short-term Bank Facilities    7.5        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Maxheal
Laboratories Private Ltd are constrained by its modest scale of
operations, low capacity utilization, susceptibility of margins to
volatile raw material prices, intense competition in the
pharmaceutical industry, client concentration risk, counter party
risk, foreign exchange fluctuation risk and working capital
intensive nature of operations leading to a leveraged capital
structure and weak liquidity profile.

However, the ratings derive strength from the experience of the
promoters with a long track record and established relationship
with customers, satisfactory growth in the business and
satisfactory order book position.

The ability of the company to improve its overall financial risk
profile with improvement in the capital structure and its ability
to manage working capital effectively shall be the key rating
sensitivities.

MLPL was incorporated in December 2004 as "Maxheal Pharmaceuticals
Private Limited" and in July 2008, the name was changed to the
current one. The company was promoted by the Sakhala family with
Mr Madan Sakhala, a first-generation entrepreneur, managing the
operations of the company. MLPL is a part of the Gujarat-based
"Maxheal" group. The construction of the plant of the company
started in 2006 and commenced commercial operations since November
2009.

MLPL is a 100% export oriented unit engaged in the manufacturing
and exports of pharmaceutical formulations like tablets, capsule,
dry syrup and oral rehydration salts, with its manufacturing
facility located at Special Economic Zone at Surat, Gujarat,
spread over an area of 14,400 square meters with an aggregate
installed capacity of 23,976 lakh tablets and capsules per annum.
It has major focus on unregulated/semi-regulated markets of Africa
in countries like Nigeria, Ghana, etc.

The other group companies of the Maxheal group are Maxheal
Pharmaceuticals (India) Limited (MPL) and Ally Pharma Options Pvt
Ltd (a wholly owned subsidiary of MPL), engaged in
manufacturing and exports of pharmaceutical formulations.

As per the audited results for FY13 (refers to the period April 1
to March 31), MLPL reported PBILDT & PAT of INR6.35 crore (INR6.61
crore in FY12) and INR2.48 crore (net loss of INR0.68 crore  in
FY12), respectively, on a total income of INR31.40 crore (INR27
crore in FY12). As per the provisional results for 10MFY14, MLPL
has reported a PBT of INR1.5 crore on total income of INR25.73
crore.


NARAYAN SOLVEX: CARE Reaffirms 'B+' Rating on INR5cr Bank Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Narayan Solvex.

                             Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Long-term Bank Facilities     5       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 ratings may undergo change in case of the withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Narayan Solvex
continues to remain constrained on account of its financial risk
profile marked by thin profit margins, moderately leveraged
capital structure and weak debt coverage indicator. The rating is
further constrained on account of its presence in the highly
fragmented edible oil industry, vulnerability of profits to
fluctuation in raw material prices and seasonality associated with
the agro-commodity industry. The rating also factors in the
decline in total operating income during FY13 (refers to the
period April 1 to March 31).

The rating, however, favorably takes into account the vast
experience of the partners in the agro commodity business along-
with strategic location of the plant with proximity to raw
material sources.

NRS's ability to increase its scale of operation and profitability
while managing the raw material fluctuation risk amongst high
competition prevailing in the edible oil industry are the key
rating sensitivities.

Amreli-based (Gujarat) NRS was established as partnership firm in
2001. NRS is engaged in the manufacturing of refined cotton seed
oil, refined groundnut oil and groundnut de-oiled cake. NRS
is founded by Mr Kuldeep Patel and Mr Mahesh Kavthiya along-with
other family members. NRS derives majority of income (around 99%
in FY13) from refined cotton seed oil. The firm is also involved
in the trading of cotton seeds, cotton bales and other agro
commodities. NRS's plant is located at Amreli, Gujarat, with a
refining capacity of 50 Metric Tonnes Per Day (MTPD) as on
March 31, 2013. NRS's operations are concentrated in the
Saurashtra region of Gujarat only and markets its products under
the brand name "Narayan".

During FY13, NRS reported a TOI of INR35.27 crore and PAT of
INR0.11 crore as against a TOI of INR40.16 crore and PAT of
INR0.07 crore during FY12. During 10MFY14, NRS has reported a TOI
of INR25.78 crore.


NATIONAL MINING: CRISIL Lowers Rating on INR85MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
National Mining Company Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

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

   Cash Credit           80         CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The rating downgrade reflects deterioration in NMCL's business
risk profile, following the suspension of its operations in the
Namphuk-Namchik Block. The subsequent non-realisation of payment
from Arunachal Pradesh Mineral Development Corporation Ltd
(APMDCL) resulted in continuously overdrawn cash credit limits.
The company had successfully bid for an open tender to extract
coal in the Namchik-Namphuk Coal Block in 2007. NMCL did not
record any revenues in 2013-14 (refer to financial year, April 1
to March 31) due to deferment of its operations, resulting in
stretched liquidity.

CRISIL believes that NMCL's liquidity will remain stretched over
the medium term, until the company resumes operations and realises
its receivables.

Moreover, NMCL has a weak financial risk profile, marked by its
high gearing and modest debt protection metrics, and a low scale
of operations. However, the company benefits from the extensive
industry experience of its promoters.

NMCL undertakes coal mining for APMDCL. Mr. Sanjay Agarwal, Mr.
Bajarang Lal Agarwal, Mr. Ratan Sharma, Mr. Suresh Sharma, and Mr.
Vijay Vyas are NMCL's promoters.


NATIONAL MOTORS: CRISIL Assigns 'B' Rating to INR80MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of National Motors.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long Term
   Bank Loan Facility        60        CRISIL B/Stable

   Inventory Funding
   Facility                  15        CRISIL B/Stable

   Bank Guarantee            10        CRISIL A4

   Cash Credit                5        CRISIL B/Stable

The ratings reflect National's below-average financial risk
profile, marked by a high gearing and small net worth, and modest
scale of operations. These rating weaknesses are partially offset
by the healthy ramp-up in National's operations and strong
relationship with its principal, Mahindra and Mahindra (M&M).

Outlook: Stable

CRISIL believes that National will benefit over the medium term
from its established relationship with its principal, over the
medium term. The outlook may be revised to 'Positive' in case the
firm improves its financial risk profile considerably due to
significant improvement in profitability, or if there is
significant equity infusion by the promoters. Conversely, the
outlook may be revised to 'Negative' in case the firm's financial
risk profile deteriorates because of lower-than-expected cash
accruals, leading to deterioration in its financial risk profile.

National, based in Alwar (Rajasthan), was established in August
16, 2010, as a partnership firm by Mr. Mukesh Gupta and his wife,
Mrs. Shashi Gupta. The firm is an authorised dealer of M&M's
tractors in Alwar. The firm has presence in eight other tehsils in
Rajasthan. The company is the only authorised dealer for M&M
tractors in these regions.


NAVEEN FILTERS: CRISIL Reaffirms 'B+' Rating on INR58.1MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Naveen Filters Pvt Ltd
continue to reflect the extensive industry experience of NFPL's
promoters. This rating strength is partially offset by NFPL's
small scale of operations, high customer and end-user industry
concentration, large working capital requirements, and below-
average financial risk profile.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee        7.5        CRISIL A4 (Reaffirmed)
   Cash Credit          45.0        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      2.5        CRISIL A4 (Reaffirmed)
   Term Loan            13.1        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NFPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established customer base. The outlook may be revised to
'Positive' if the company increases its scale of operations,
thereby improving its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if its financial risk profile
and liquidity deteriorate significantly because of large
borrowings for capital expenditure or working capital requirements
or due to decline in operating margin.

Update
NFPL's revenue registered healthy growth of 38 per cent to INR187
million in 2012-13 (refers to financial year, April 1 to
March 31) from INR139 million in 2011-12, largely supported by
sustained demand from existing customers and addition of a new
customer during the year. NFPL registered revenue of INR188
million during the first nine months of 2013-14 and is expected to
generate revenue of around INR240 million in 2013-14. CRISIL
believes that NFPL's scale of operations will continue to grow at
a healthy pace of 25 per cent over the medium term, supported by
healthy demand for its products.

NFPL's operating profitability, though low at 5.9 per cent in
2012-13, continues to remain in line with past trends. The
company's operations continued to remain working capital intensive
with Gross Current Assets of 180 days in 2012-13. The operations
are working capital intensive on account of large inventory and
debtors. The debtor level is high as the company offers 90 to 100
days of credit to its customers owing to its restricted bargaining
power with large customers. Though the company maintains very low
raw material inventory (15 to 20 days of its requirement), it
maintains high finished goods inventory of 55 to 60 days owing to
a wide range of product offering. Moreover, the company has to
provide an earnest money deposit and performance guarantee to
state transport corporations leading to blockage of a considerable
amount of funds, which, in turn, results in high working capital
requirement. However, NFPL's working capital requirements are
partially offset by a high credit period of 70 to 90 days received
from its suppliers. CRISIL believes that NFPL's working capital
requirement will remain high over the medium term on account of
high inventory and debtors.

NFPL's financial risk profile remains below average, marked by
small net worth of INR338 million, high gearing of 1.6 times,
moderate interest coverage ratio of 2.3 times, and low Net Cash
Accruals to Total Debt ratio of 0.09 times in 2012-13. CRISIL
believes that NFPL's financial risk profile will remain below
average over the medium term on account of high incremental
working capital requirements.

NFPL, incorporated in 2005, manufactures oil, gas, and air
filters, which are used in automobiles. It was originally formed
as a proprietary concern named Naveen Filter Industries in 1979,
with Mr. BD Kataria as the sole proprietor. The proprietorship
concern was later reconstituted as a partnership firm in 1985;
subsequently, the same was reconstituted as a private limited
company under its current name in 1996. NFPL has three
manufacturing units at Baddi (Himachal Pradesh), Saroop Nagar (New
Delhi), and Rai (Haryana).

NFPL reported profit after tax (PAT) of INR2.7 million on net
sales of INR187.3 million for 2012-13 as against PAT of INR2.7
million on net sales of INR187.3 million for 2011-12.


NIRUPAMA COLD: CRISIL Raises Rating on INR90.5MM Loans to 'B-'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Nirupama Cold Storage Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL
C'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           57.7       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL C')

   Proposed Long Term     6.8       CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL C')

   Working Capital       10.0       CRISIL B-/Stable (Upgraded
   Facility                         from 'CRISIL C')

   Term Loan             16.0       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL C')

The rating upgrade reflects moderate improvement in NCSPL's
liquidity driven by infusion of INR4 million of equity in 2013-14
(refers to financial year, April 1 to March 31), and improvement
in cash accruals to INR3.7 million in 2012-13, from INR2.1 million
in 2011-12. Furthermore, the company has a track record of timely
debt servicing for the 12 months ended January 31, 2014.

The rating continues to reflect NCSPL's weak financial risk
profile marked by small net worth, high gearing and weak debt
protection metrics and exposure to the highly regulated and
fragmented nature of the cold storage industry in West Bengal.
These rating weaknesses are partially offset by the extensive
experience of NCSPL's promoters in the cold storage business.

Outlook: Stable

CRISIL believes NCSPL will continue to benefit over the medium
term from its promoters' extensive experience in the cold storage
business. The outlook may be revised to 'Positive' in case the
company reports efficient management of farmer credit financing,
and significantly scales up its operations and profitability.
Conversely, the outlook may be revised to 'Negative' in case
NCSPL's liquidity come under pressure because of delays in
repayments by farmers, lower-than-expected cash accruals, or any
large, debt-funded capital expenditure.

NCSPL was set up in 1997 by Mr. Sunil Kumar Mal and his family
members. The company has a cold storage facility for potatos, with
capacity of 214,000 tonnes, in Bankura (West Bengal).


NS PAPERS: CARE Revises Rating on INR155.10cr Loan to 'B'
---------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of NS Papers Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   ----------                  -----------   -------
   Long-term Bank Facilities      155.10     CARE B Revised from
                                             CARE BB-

   Short-term Bank Facilities      15.00      CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings of the bank facilities of NS Papers
Limited takes into account the delay in commissioning of the new
duplex paper plant leading to cost overrun, subdued operating
performance led by declining capacity utilization, high repayment
in the medium term and working capital intensive operations. The
ratings, further, take into account the highly fragmented nature
of the industry in which NSPL operates leading to pricing
pressures and susceptibility of profitability margins to
volatility in raw material prices & foreign currency fluctuation.
The ratings, however, continue to derive strength from the long
track record of operations and an established customer base.

Going forward, the ability of NSPL to derive the envisaged
benefits from the recently concluded capital expenditure, improve
its profitability amidst the raw material price volatility and
effectively manage its working capital requirements would be the
key rating sensitivities.

NS Papers Limited earlier known as Rana Papers Limited is promoted
by Mr Noor Saleem Rana and his family members. NSPL is engaged in
the manufacturing of kraft paper (waste paper based) & kraft
liner, duplex paper, MS ingots and trading of kraft paper. NSPL's
manufacturing facilities are located at Muzaffarnagar with an
installed capacity of 49,500 TPA for kraft paper and 52,500
TPA of MS ingots with a captive power plant of 14 MW as on
March 31, 2013. The company has completed a capital expenditure
project of 90,000 TPA duplex plant in October 2013.

During FY13 (refers to the period April 1 to March 31), NSPL
reported a total operating income of INR119.61 crore and PAT of
INR3.32 crore.


P N PAPER: CRISIL Upgrades Rating on INR156.9MM Loans to 'B-'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
P N Paper Mills Pvt Ltd (PNPM; part of the PN group) to 'CRISIL B-
/Stable' from 'CRISIL D'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         86.0       CRISIL B-/Stable (Upgraded from
                                  'CRISIL D')

   Term Loan           70.9       CRISIL B-/Stable (Upgraded from
                                  'CRISIL D')

The rating upgrade reflects CRISIL's belief that the PN group's
liquidity will marginally improve over the near term mainly
because of absence of any debt repayment obligations till October
2014, which otherwise remains weak on account of large working
capital requirements. Its bankers have restructured the group's
debt, principal as well as the interest payment schedule, and
provided a moratorium of one year up to September 2014 in line
with a government notification, supporting the group's liquidity.
Moreover, the improvement in the group's liquidity will be
supported by expected improvement in its working capital cycle
following the changes in the group's customer profile leading to
improvement in debtor cycle over the medium term. Any significant
funding support from the promoters in the form of capital infusion
or unsecured loans may also have a positive impact on its
liquidity. However, the extent and timeliness of such support
shall remain key rating sensitivity factors.

The rating reflects the PN group's below-average financial risk
profile, as it has large working capital requirements arising out
of stretched debtors. Also, it has small scale of operations in
the fragmented paper industry. These rating weaknesses are
partially offset by its promoters' extensive experience in the
paper industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of PNPM and P N Pulp & Paper Industries
(PNPPI), together referred to as the PN group. This is because
both the entities are in the same line of business, are managed by
the same promoters, and have inter-company stake holdings.

Outlook: Stable

CRISIL believes the PN group's financial risk profile, especially
liquidity, will remain below average over the medium term driven
by the group's large working capital requirements. The outlook may
be revised to 'Positive' in case the group's receivable days
improve significantly, leading to better than expected liquidity
or there is a significant and sustained improvement in its revenue
and profitability, strengthening its capital structure.
Conversely, the outlook may be revised to 'Negative' in case the
group undertakes any large debt-funded capital expenditure
programme, constraining its financial risk profile, or it reports
lower than expected cash accruals, further constraining its
liquidity.

PNPM, incorporated in 2004 by Mr. Ajay Aggarwal, manufactures
duplex card boards. PNPPI, established in 2008, manufactures
writing and printing paper. Both the plants of the group are
situated in Uttarakhand.

The PN group reported a profit after tax (PAT) of INR3.2 million
on net sales of INR428 million in 2012-13 (refers to financial
year, April 1 to March 31), against a PAT of INR13.6 million on
net sales of INR444.2 million in 2011-12.


PAARTH INFRATECH: CRISIL Assigns 'B' Rating to INR360MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Paarth Infratech Pvt Ltd. The rating reflects
PIPL's exposure to demand, implementation, and funding risks
relating to its ongoing project, and its weak financial risk
profile. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the real estate
industry and the financial support it receives from them.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             360        CRISIL B/Stable

Outlook: Stable

CRISIL believes that PIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company receives
higher-than-expected customer advances and implements its ongoing
project in time, leading to healthy cash accruals and hence to an
improvement in its business and financial risk profiles.
Conversely, the outlook may be revised to 'Negative' if there are
delays in receiving customer advances, leading to pressure on
PIPL's revenues and profitability and hence on its liquidity.

PIPL is part of the M2K group promoted by Mr. Mahesh Kumar
Bhagchandak. The company, formed in 2008, is developing a
commercial complex in Gurgaon (Haryana).


SADAN REALTECH: CRISIL Assigns 'B' Rating to INR202.8MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sadan Realtech Pvt Ltd (Sadan; part of M2K
group).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee       102.2       CRISIL A4
   Term Loan            202.8       CRISIL B/Stable

The ratings reflect Sadan's exposure to implementation and demand
risks associated with its ongoing project, geographical
concentration in its revenue profile, and its vulnerability to the
cyclicality and risks inherent in the Indian real estate industry.
These rating weaknesses are partially offset by the benefits that
the company derives from the M2K group's established regional
market position and its promoters' experience in executing
residential real estate projects through associate companies.

Outlook: Stable

CRISIL believes that Sadan will continue to benefit over the
medium term from its group's established regional market position
and its promoters' experience in executing residential real estate
projects. The outlook may be revised to 'Positive' if there is a
significant improvement in the company's business and financial
risk profiles, backed by timely implementation of its ongoing
project and higher-than-expected demand, leading to healthy cash
accruals. Conversely, the outlook may be revised to 'Negative' if
there are time and cost overruns in project implementation or
delays in receiving customer advances, leading to pressure on
Sadan's revenues and profitability, and hence on its liquidity.

Sadan, incorporated in 2010, is constructing a residential group-
housing project Beau Monde, in Gurgaon (Haryana). The company is a
part of the M2K group of New Delhi and is promoted by Mr. Mahesh
Kumar Bhagchandka.


SALASAR COTSPINS: CRISIL Reaffirms B+ Rating on INR157.5MM Loans
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Salasar
Cotspins Pvt Ltd continues to reflect SCPL's weak financial risk
profile, marked by its small net worth, high gearing, and
inadequate debt protection metrics. The rating also factors in the
company's small scale of operations, susceptibility to intense
industry competition, and the vulnerability of its business risk
profile and profitability to changes in government  policy. These
rating weaknesses are partially offset by the extensive industry
experience of SCPL's promoters and the company's proximity to the
cotton growing region, ensuring regular supply of raw cotton.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           150        CRISIL B+/Stable (Reaffirmed)
  Term Loan                7.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Salasar Cotspin Pvt Ltd will continue to
benefit over the medium term from its promoters' experience in the
cotton industry. The outlook may be revised to 'Positive' in case
of infusion of capital by the promoters, leading to improvement in
the company's capital structure, or in case of significant
improvement in its scale of operations and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' in
case of larger-than-expected debt to fund incremental working
capital requirements or more-than-expected debt-funded capex,
leading to deterioration in its financial risk profile.

SCPL was incorporated in Nanded (Maharashtra). The company is
promoted by Mr. Naresh Goenka, Mr. Alibhai Panjawani, Mr. Shriram
Medewar, and Mr. Santosh Kolawar. SCPL is engaged in ginning and
pressing of raw cotton (kapas) to manufacture cotton bales.

SCPL reported a profit after tax (PAT) of INR3.8 million on net
sales of INR326.2 million for 2012-13 (refers to financial year,
April 1 to March 31), vis-a-vis a PAT of INR2.7 million on net
sales of INR360.4 million for 2011-12.


SCAN STEELS: CARE Revises Rating on INR207.88cr Loan to 'B+'
------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Scan Steels Ltd.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities    207.88     CARE B+ Revised from
                                           CARE BB

   Short-term Bank Facilities    32.50     CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating of Scan Steels Ltd takes into
account the significant cash loss incurred by SSL in FY13 (refers
to the period April 1 to March 31), corporate guarantee extended
to a group company for bank loans availed by it, and stretched
liquidity position. The above ratings continue to be constrained
by the company's continual low capacity utilisation, lack of
backward integration for primary raw materials, volatility in the
prices of raw material and finished goods, and almost full
utilisation of the working capital limits.

The above constraints are partially offset by the satisfactory
business experience of the promoters and continuous support by
way of regular equity infusion by them.

Ability of the company to manage its working capital effectively,
improve its liquidity position and generate profitability through
optimum capacity utilisation are the key rating sensitivities.

Scan Steels Ltd belonging to Gadodia family of Orissa, is engaged
in the manufacturing of sponge iron (210,000 MTPA), ingots
(116,000 MTPA) & MS rod (58,000 MTPA). SSL also has a captive
power plant of 12 MW, which partially meets its power
requirement.The plants are located in Orissa and Karnataka.

The promoters, Mr Rajesh Gadodia and his brother Mr Nimish
Gadodia, are at the helm of the affairs of the company.

In FY13, SSL incurred a net loss of INR51.7 crore on a total
operating income of INR529.6 crore. As per the unaudited working
results for the nine months ended December 31, 2013, SSL has
achieved a PBT of INR1.2 crore on a total income of INR397.8
crore.


SILVER JUBILEE: CARE Reaffirms 'B-' Rating on INR65.09cr Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Silver Jubilee Motors Limited.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities     65.09       CARE B- Reaffirmed
   Short-term Bank Facilities    16.00       CARE A4 Reaffirmed

Rating Rationale

The ratings continue to be constrained by the weak financial risk
profile of Silver Jubilee Motors Limited marked by high overall
gearing, weak debt coverage indicators, working capital
intensive nature of operations and dependence on the performance
of Mahindra and Mahindra Limited (MML; rated 'CARE AA+'; 'CARE
A1+'). The ratings further take into account the project
execution risk associated with the establishment of a new vehicle
showroom in Bhosari (Pune).

The ratings, however, continue to derive strength from the long
track record and experience of the promoters and further take note
of the improvement in profitability margins of SJML during FY13
(refers to the period April 1 to March 31).

Going forward, the ability of SJML to improve its capital
structure and effectively manage its working capital requirements
shall remain the key rating sensitivities.

Silver Jubilee Motors Limited (SJML) was incorporated in 1935 as a
private limited company by Mr Saivash Z Kothavala. In 2003, the
company was reconstituted into a public limited company and
was taken over by Mr Sanjay Jagtap and Mr Kiranpal Singh
Ahluwalia.

SJML is engaged in the business of trading and servicing the
vehicles of Mahindra & Mahindra Limited (MML; rated 'CARE AA+';
'CARE A1+') along-with the related sale of spare parts and
accessories. SJML is based out of Pune with established facilities
comprising of 15 showrooms, three workshops and two stockyards.
The company is also an authorized dealer of Indian Oil Corporation
Limited (IOCL; rated 'CARE AAA') engaged in the sale of petrol
with a daily capacity of vending 9,000 liters. The company has an
average of 3,400 customers per day at its petrol pump.

During FY13, the company reported a total operating income of
INR376.35 crore, PBILDT of INR15.90 crore and PAT of INR0.76 crore
as against a total operating income of INR374.03 crore, PBILDT of
INR12.65 crore and PAT of INR0.78 crore in FY12.


SRI VENKATA: CARE Revises Rating on INR7.77cr Loan to 'B+'
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Sri Venkata Padmavathi Raw & Boiled Rice Mill.

                                 Amount
   Facilities                  (INR crore)   Ratings
   ----------                  -----------   -------
   Long-term Bank Facilities      7.77       CARE B+ Revised from
                                             CARE B

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 a 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 revision in the rating takes into account Sri Venkata
Padmavathi Raw & Boiled Rice Mill's stabilization of operations.
The rating also factors in the experience of the partners and
the presence of the firm in major paddy cultivation area resulting
in easy access to raw material procurement. The rating, however,
continues to be constrained by its short track record with small
scale of operations, its presence in a highly fragmented and
competitive industry with seasonal availability of paddy resulting
into working capital intensive nature of the business.

The ability of the firm to scale up its operations and improve its
profitability margins while managing the working capital cycle
will remain as the key rating sensitivities.

SVPRM was established on April 2012 as a partnership firm and
promoted by Mr M Ramesh and Ms M Padmaja. The firm commenced its
business operations from September 2012 with FY13 (refers to the
period April 01 to March 31) being the first year of operations.
The firm is engaged in the milling and processing of rice with a
paddy de-husking capacity of 27,000 MTPA (Metric Tonnes per
Annum). The firm sells the final product rice under the brand name
'OM' to rice dealers through agents in Tamil Nadu and Kerala; the
main raw material being paddy is procured from the local farmers
directly on cash basis.

During FY13, SVPRM reported a net profit of INR0.17 crore on a
total operating income of INR11.66 crore. Furthermore, the firm
achieved a total operating income of INR27.72 crore in 11MFY14.


SRM SPINNERS: CARE Assigns 'B+' Rating to INR29.65cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of SRM
Spinners Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    29.65       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of SRM Spinners Limited
is primarily constrained on account of the predominantly debt-
funded green-field project for the manufacturing of synthetic yarn
and presence in the highly competitive and fragmented industry
with fortunes linked to the textile industry.

The rating, however, favorably takes into account the vast
experience of the promoters in the textile industry and benefits
from group entities and location advantage due to its presence in
the textile hub with easy access to customer and labour.

Timely completion of project within the envisaged cost parameters
and consequent stabilization of operations would remain the key
rating sensitivities.

Incorporated in November 2012, Bhilwara-based (Rajasthan) SSL is
promoted by seven promoters, including Mr Shyam Sunder Somani, Mr
Vishal Agarwal and Mr Rajendra Prasad Agarwal who are the key
promoters of the company. SSL is setting up a green-field project
at Bhilwara for the manufacturing of synthetic blended yarn which
will have 10 spinning machines with 1,200 spindles each. The
company will manufactures synthetic blended yarn from 15 to 30
counts. The total cost of the project was envisaged at INR37 crore
to be financed through equity capital (including share premium) of
INR9 crore, term loan of INR25.15 crore and the remaining through
unsecured loans from the promoters which are treated as debt,
translating in project debt-equity ratio of almost 3.11 times. .

The project is expected to be completed by May 2014 and commercial
production is expected to start from June 2014. Till January 15,
2014, SSL has incurred a total expenditure of INR9.18 crore
towards the project which was financed through a term loan of
INR2.26 crore, equity capital (including share premium) of INR4
crore and unsecured loans/creditors of INR2.92 crore.


STEELSMITH CONTINENTAL: CARE Cuts Rating on INR32.06cr Loans to D
-----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Steelsmith Continental Manufacturing Private Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   ----------                  -----------   -------
   Long-term Bank Facilities     22.06       CARE D Revised from
                                             CARE BB-

   Short-term Bank Facilities    10.00       CARE D Revised from
                                             CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Steelsmith Continental Manufacturing Private Limited was on
account of the frequent instances of delay in debt repayment due
to the weak liquidity position.

Establishing a clear debt servicing track record with an
improvement in the liquidity position is the key rating
sensitivity.

SCMPL was established in 2005 post merger of the proprietorship
concern M/s Steel smith (established in 1995) and M/s Continental
Manufacturing Company (a group firm). Mr Krishnakant Popat is the
Chairman & Managing Director of SCMPL. He is a qualified Bachelor
in Engineering (B.E.) and has a total experience of more than
three decades. Present activities of SCMPL include manufacturing
of pre-engineered building (PEB) systems, sheet metal works &
engineering components. Sankalp Preformed Systems Pvt Ltd (SPPL)
is a group company of SCMPL which handles marketing, erection and
commissioning of the PEB business segment of SCMPL. The existing
capacity for business segments is 6,000 Metric Tonnes per Annum
(MTPA) in PEB, 5,400 MTPA in sheet metal works and 1,800MTPA in
engineering components as on March 31, 2013.

As per the audited results for FY13 (refers to the period April 1
to March 31), SCMPL reported a net profit of INR1.58 crore on a
total operating income of INR44.28 crore as compared with a net
profit of INR2.12 crore on a total operating income of INR41.97
crore in FY12.


UMESH EDUCATION: CARE Assigns 'B' Rating to INR16.30cr Loan
-----------------------------------------------------------
CARE assigns 'CARE B' ratings to the bank facilities of Umesh
Education Trust.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities     16.30     CARE B Assigned

Rating Rationale

The rating is constrained by the tight liquidity position
resulting from financing the infrastructure investment
predominately with internal accruals, high level of competition
and high level of regulations with strict norms in the industry.
However, the rating draws strength from the trustees' experience
in running educational institutes, long track record of the
existences of the trust & stable growth in operating income with
consistent surplus margin during the last three years.

Going forward, the ability of the trust to sustain good
operational performance and manage its liquidity position will
remain the key rating sensitivity.

Umesh Education Trust is a non-profit making organization
established in 1964 by Mr. Umesh. The trust operates two
educational institutions under the name Cambridge Institution of
Technology (CIT) & Cambridge School. The trust established
Cambridge school in 1964 & later in 2002 established Cambridge
Institution of Technology which started the first batch during the
academic year 2007-08 with 240 students. Under Cambridge School,
PU College was established in 2005. Mr D.K.Mohan took over the
trust in 1992 and is the current Chairman & Managing Trustee
and looks after the day-to-day operations of the trust and is well
supported by other trustee Ms Nagarathna and Ms Shanthamma. All
the trustees and most of the members of UET belong to the same
family. CIT offers graduation & post-graduation courses in
engineering, technology and management, both CIT and Cambridge
School is located at K.R.Puram, Bangalore spread over 15 acres.

UET reported a net profit of INR3.23 crore in FY13(PAT INR2.33
crore in FY12) against a total income of INR18.96 crore in
FY13(INR14.94 crore in FY12).



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


MT. GOX: Some Customers Want Founder out During Bankruptcy
----------------------------------------------------------
Katy Stech, writing for The Wall Street Journal, reported that Mt.
Gox customers with frozen bitcoin accounts are targeting founder
Mark Karpeles, arguing in court papers he is unfit to lead the
Japanese bitcoin exchange through its U.S. bankruptcy case.

According to the report, in papers filed in U.S. Bankruptcy Court
in Dallas, lawyers for several Mt. Gox customers pointed out Mr.
Karpeles has been accused of fraud and said he should no longer
have power over Mt. Gox's U.S. assets in his official role as Mt.
Gox Co.'s foreign representative.

"At minimum, he is guilty of gross mismanagement," the lawyers for
customers said in court papers, the report related.

Leaders who are in charge of a bankrupt company often have a
responsibility to act in a way that helps the reorganization
efforts, the report noted.  Often in Chapter 15 cases that are
filed in a U.S. court, an outside leader has already taken over
control.

A lawyer representing Mr. Karpeles in his capacity as the
company's administrator didn't return multiple phone calls for
comment, the Journal said.

                         About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange that halted trading in February
2014. It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at BAKER & MCCKENZIE LLP, in Dallas, Texas.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.


MT. GOX: Creditors Band Together to Recover Assets
--------------------------------------------------
Michael J. Casey, writing for The Wall Street Journal, reported
that bitcoin enthusiasts burned by the bankruptcy of the Mt. Gox
trading exchange are banding together to get their money back.

The Journal noted that getting back the missing bitcoins may be
difficult as bankruptcy courts don't have clear rules for virtual
currencies.  Digital currencies, according to The Journal, aren't
backed by governments or regulated nationally, thus investors can
end up with little protection if problems arise.

Olivier Janssens is one of the most prominent victims of the Mt.
Gox blowup, with $5 million worth of claims against the Tokyo
bitcoin exchange, The Journal related.  On Feb. 26, two days
before the first bankruptcy filing, the Monaco-based investor, who
made his money "mining" bitcoin via the complex algorithm through
which computer owners earn the digital currency, launched a
website for fellow creditors to submit information about their own
situation.

His goal, he said in an interview, was to create a court-
recognized creditor committee and pursue lawsuit options, the
report further related.

A month later, Mr. Janssens' mtgoxrecovery.com site boasted a list
of 3,150 people who claim to be owed money by the exchange, the
report said. With a total of 253,220 bitcoins lost and separate
claims for trapped dollars, euros, yen, Australian dollars and
British pounds, the list's total value of claimed liabilities runs
to $181.6 million at current exchange rates.

                         About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange that halted trading in February
2014. It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at BAKER & MCCKENZIE LLP, in Dallas, Texas.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.


MT. GOX: Cooperating With Police
--------------------------------
Takashi Mochizuki, writing for The Wall Street Journal, reported
that shuttered bitcoin exchange Mt. Gox said that it is working
with authorities looking into the disappearance of roughly 650,000
bitcoins from its vaults and vowed to recover from the damage
caused by the scandal.

According to The Journal, in a statement from Chief Executive Mark
Karpeles, the company, now in bankruptcy protection, said it has
been consulting with Tokyo's metropolitan police department over
the disappeared bitcoins.  Hiroko Tabuchi, writing for The New
York Times' DealBook, reported that it remains unclear whether the
Tokyo police will start a formal investigation into the purported
heist.  An official with the Tokyo police refused to confirm that
it had been contacted by Mt. Gox, or that an investigation was
underway, the DealBook said.

"Mt. Gox Co. Ltd hereby announces that it has submitted necessary
electronic records and other related documents," it said, adding
that the company "continues to make efforts to clarify facts as
quickly as possible and to recover from damages," the Journal
related.

A lawyer representing the collapsed exchange told the Journal that
although Mt. Gox is consulting with the authorities, no police
investigation is under way.

The DealBook noted that an administrator appointed by the Tokyo
District Court is expected to determine soon whether Mt. Gox still
has the means to rehabilitate its business, or whether it should
be liquidated.

                         About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange that halted trading in February
2014. It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at BAKER & MCCKENZIE LLP, in Dallas, Texas.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.



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


SHIVRAM: New Zealand Nando's Franchisee Placed in Liquidation
-------------------------------------------------------------
Matt Nippert at Fairfax NZ News reports that the master
New Zealand franchise for Portuguese-chicken restaurant chain
Nando's has been put in liquidation.

Fairfax NZ News relates that the move to appoint liquidators
Gary Whimp and Derek Ah Sam -- dahsam@rodgersreidy.co.nz -- of
Rogers Reedy, to Shivram, the company that had owned the master
franchise for New Zealand since 2006, is understood not to affect
31 individual Nandos stores across the country.

The report says Shivram, directed and owned by Shailen Ramjee, ran
into financial trouble in November last year when the business'
bankers, Heartland, appointed receivers, William Black and Kare
Johnstone, of McGrathNicol.

According to Black and Johnstone's first report published in
February, Shivram has been in breach of banking covenants and
Heartland Bank was owed more than NZ$1.58 million, Fairfax NZ News
relays.

Fairfax NZ News adds that the report also said Shivram had fallen
behind in royalty payments due to Nandos Australia, the operator
of the franchise across Australasia.

According to Fairfax NZ News, the receivers' report said they were
endeavouring to sell the business, and said a "number of offers to
acquire the business have been received".

A spokeswoman for McGrathNicol said an update on the sale of the
New Zealand master franchise would be provided today, March 27.

The appointment of liquidators had not affected the business,
which was continuing to trade as normal under the control of
receivers, she said.

Shivram Limited runs Nando's restaurant chain branch in
New Zealand.



                             *********

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 ***