TCRAP_Public/140604.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, June 4, 2014, Vol. 17, No. 109


                            Headlines


A U S T R A L I A

KIA TOA: Placed Into Liquidation
PROACTIVE SERVICES: Goes Into Liquidation; Owes Creditors AUD1MM


I N D I A

ACCRETE PHARMACEUTICALS: CRISIL Puts B+ Rating on INR70MM Loans
AMBICA AGARBATHIES: CARE Assigns 'D' Rating to INR55.73cr Loans
AUGUSTAN KNITWEAR: CRISIL Ups Rating on INR1.8MM Loan to 'B+'
AVC MOTORS: CRISIL Reaffirms 'B' Rating on INR50MM Loan
BANSI MALL: CRISIL Reaffirms 'B-' Rating on INR2.06BB Loan

DNH PROJECTS: ICRA Lowers Rating on INR12cr Loan to 'C+'
EPITOME PLAST-O-PACK: CRISIL Puts B- Rating on INR155MM Loans
ER. UMAKANT: CRISIL Assigns 'C' Rating to INR60MM Term Loan
HARMONY LAMINATES: CRISIL Cuts Rating on INR88MM Loans to 'B+'
HI-TECH SATLUJ: CRISIL Assigns 'B+' Rating to INR200MM Loans

ICEWEAR CREATION: ICRA Reaffirms B+ Rating on INR0.63cr Loan
INDIAN CONCAST: ICRA Suspends B+/A4 Rating on INR9.5cr Loan
JAGDAMBA POLYFABES: CRISIL Reaffirms B- Rating on INR135MM Loans
KHOSLA INTERNATIONAL: ICRA Reaffirms 'B' Rating on INR29cr Loan
MAHIMA SHANKAR: ICRA Suspends B+ Rating on INR19.39cr Loan

NEW BHARAT: ICRA Reaffirms 'B' Rating on INR34cr Loan
OM SONS: ICRA Assigns 'D' Rating to INR65cr Loan
RAJAT ISPAT: ICRA Reaffirms 'B+' Rating on INR6cr Loan
RAKI INDUSTRIES: CRISIL Assigns 'D' Rating to INR120MM Loan
SACHIKA TRADING: CARE Assigns 'B+' Rating to INR9cr Bank Loan

SHREE RAJESHWAR: ICRA Upgrades Rating on INR9.0cr Loan to 'B+'
SHRI LAXMINARAYAN: CRISIL Rates INR100MM Term Loan at 'D'
SHIVAM OFFSET: CRISIL Assigns 'D' Rating to INR58.3MM Term Loan
TIKAMSA DULICHAND: CARE Assigns B+ Rating on INR8cr Bank Loan
TROIX CHEMICAL: ICRA Suspends 'B+' Rating on INR7cr Loan

V. K. POLYCHEM: ICRA Withdraws 'B/A4' Rating on INR60cr Loans
VAKIRAKAALIAMMAN SPINNING: CRISIL Cuts INR415MM Loan Rating to D
VIJETA BEVERAGES: ICRA Assigns 'D' Rating to INR35.25cr Loans
VIKAS CONSTRUCTION: CRISIL Places 'B+' Rating on INR106.7MM Loans
VINAYAKA MICRONS: CRISIL Assigns B+ Rating to INR155MM Loans

VIRESH TEXTILES: ICRA Suspends B+ Rating on INR7.03cr Loan


I N D O N E S I A

BAKRIE TELECOM: Fitch Lowers IDR to 'Restricted Default'


J A P A N

HUMMINGBIRD SECURITISATION: S&P Affirms B+ Rating on JPY3BB CDO


N E W  Z E A L A N D

CREDIT UNION: Fitch Affirms 'BB+' Insurer Financial Strength
POSTIE PLUS: Appoints PwC as Administrators
TABLE 7: Restaurant Closes Door Amid Drop in Patrons


S I N G A P O R E

FIRST SHIP: Fitch Lowers IDR to 'B-'; Outlook Stable


S O U T H  K O R E A

WOORI BANK: Fitch Affirms Hybrid Securities Rating at 'BB-'


                            - - - - -


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


KIA TOA: Placed Into Liquidation
--------------------------------
Cliff Sanderson at dissolve.com.au reports that Kia Toa Hotels Ltd
has been placed into liquidation. The company is estimated to have
debts of half a million dollars, the report says.

dissolve.com.au relates that Kia Toa Hotels was reportedly
established for running operations at Awapuni Hotel which they
purchased in 2001. But in 2013, the company sold it to Progressive
Enterprises.

Richard Bennett's Sinclair Richardson was appointed as liquidator
of Kia Toa Hotels, the report notes.


PROACTIVE SERVICES: Goes Into Liquidation; Owes Creditors AUD1MM
----------------------------------------------------------------
Kirsten Robb at SmartCompany reports that ProActive Services, a
Melbourne-based IT management consultancy with annual turnover of
AUD13 million, has collapsed after 25 years.

SmartCompany says the company has gone into liquidation, with its
first meeting of creditors held on May 22.  FTI Consulting's
Ross Blakeley -- ross.blakeley@fticonsulting.com -- has been
appointed liquidator.

Mr. Blakeley told SmartCompany a general downturn in business was
to blame for the collapse, with the company owing around
AUD1 million to creditors.

"There could be additional liabilities on top of that in terms of
employment entitlements relating to redundancy payments," the
report quotes Mr. Blakeley as saying.

All of ProActive Services' 14 staff have been made redundant and
the company has ceased trading, the report discloses.

SmartCompany notes that the company was established more than 25
years ago and operated as both an IT management consultancy and
training provider.

The company's intellectual property assets, including training
course material, customer databases and other associated
intellectual property are now being liquidated, according to the
report.

"We are currently advertising the assets," said Mr. Blakeley,
SmartCompany relates. "We will have to wait and see what value the
market finds appropriate."

He says he has already been approached in regards to acquisition
of ProActive Services' assets, SmartCompany adds.



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


ACCRETE PHARMACEUTICALS: CRISIL Puts B+ Rating on INR70MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Accrete Pharmaceuticals Private Limited.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------            --------      -------
   Proposed Long Term
   Bank Loan Facility       50        CRISIL B+/Stable

   Long Term Loan           20        CRISIL B+/Stable

   Letter of Credit          7.5      CRISIL A4

   Bill Discounting          2.5      CRISIL A4

The ratings reflect APPL's modest scale of operations, large
working capital requirements, and susceptibility of its operating
margins to volatility in raw material prices. These rating
weaknesses are partially mitigated by the extensive experience of
its promoters in the pharmaceutical industry and the company's
moderate financial risk profile albeit constrained by small net
worth.

Outlook: Stable

CRISIL believes that APPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
scale of operations and profitability on a sustainable basis while
maintaining its moderate capital structure. Conversely, the
outlook may be revised to 'Negative' if APPL's financial risk
profile weakens, most likely because of a significant increase in
its working capital requirements or pressure on its profitability
and revenues, or larger-than-expected debt-funded capital
expenditure programme.

Incorporated in 2004, APPL is engaged in the manufacturing of
oncology related pharmaceutical intermediates. Based out of
Hyderabad in Andhra Pradesh the company is promoted by Mr.A.Shyam
Sunder Reddy, Mr.D.N.Mohan Reddy, Mr.Srinivas Aita and
Mr.P.Maheshwar.

APPL reported a profit after tax (PAT) of INR4 million on net
sales of INR96 million for 2012-13 (refers to financial year,
April 1 to March 31), vis-a-vis a PAT of INR5 million on net sales
of INR27 million for 2011-12.


AMBICA AGARBATHIES: CARE Assigns 'D' Rating to INR55.73cr Loans
---------------------------------------------------------------
CARE assigns 'CARE D' ratings to the bank facilities of Ambica
Agarbathies Aroma & Industries Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long term Bank Facilities    54.73      CARE D Assigned
   Short term Bank Facilities    1.00      CARE D Assigned

Rating Rationale

The ratings take into account the ongoing delays in servicing of
debt obligation of Ambica Agarbathies Aroma & Industries Limited.

Ambica Agarbathies Aroma & Industries Limited, incorporated on
April 21, 1995, and promoted by Mr Alapati Ramachandra Rao of
Eluru, Andhra Pradesh (AP). AAAIL is engaged in the manufacturing
and trading of agarbathies at its plants located at Satrampadu and
Duggirala, Eluru, AP. Besides, the company also operates a hotel
at Vadapalani, Chennai, and is involved in wind power generation &
construction activities. The sale of agarbathies is the major
business activity contributing about 83% of the net sales for FY13
(refers to the period April 1 to March 31). The products are sold
under the brand name of "Ambica".

As per the provisional results for FY14 (refers to the period
April 1 to March 31), AAAIL posted a PBILDT of INR12.79 crore
(audited FY13:  INR12.05 crore) and a PAT of INR1.70 (audited FY13
INR1.29 crore) on a total operating income of INR112.56 crore
(audited FY13 -- INR100.10 crore).


AUGUSTAN KNITWEAR: CRISIL Ups Rating on INR1.8MM Loan to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Augustan Knitwear Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable' and reaffirmed its rating on the company's short-term
bank facilities at 'CRISIL A4'.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            --------     -------
   Foreign Bill            110.9      CRISIL A4 (Reaffirmed)
   Discounting

   Long Term Loan            1.8      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Packing Credit          100        CRISIL A4 (Reaffirmed)

The upgrade reflects CRISIL's belief that AKPL will maintain its
improved liquidity over the medium term on the back of stable
revenue growth and operating profitability. The company is likely
to report moderate annual cash accruals of around INR14 million
against debt obligations of INR3 million per annum over the medium
term. The upgrade also reflects CRISIL's belief that AKPL will
prudently fund its capital expenditure (capex) and incremental
working capital requirements over the medium term.

The ratings reflect AKPL's weak financial risk profile marked by
high gearing and weak debt protection metrics, and small scale of
operations. These rating weaknesses are partially offset by the
benefits that AKPL derives from its promoter's extensive industry
experience.

Outlook: Stable

CRISIL believes that AKPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company registers
significant improvement in its financial risk profile, most likely
because of large cash accruals and efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
if AKPL's financial risk profile weakens, most likely because of
low cash accruals or large working capital requirements or debt-
funded capex.

AKPL, established in 1995, is part of the Augustan group, which
was formed by Mr. N Athimoolam Naidu. AKPL manufactures ready-made
garments and exports to customers in the US.


AVC MOTORS: CRISIL Reaffirms 'B' Rating on INR50MM Loan
-------------------------------------------------------
CRISIL's rating on bank facilities of AVC Motors (Nissan)
continues to reflect modest scale of operations in the auto-
dealership industry and below average financial risk profile.
These rating weaknesses are partially offset by extensive industry
experience of AVC's partners in the automotive dealership market
in Punjab and Haryana.

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

Outlook: Stable

CRISIL believes that AVC's credit profile would remain weak over
the medium term, on account of its small scale as well as weak
financial profile.  The outlook may be revised to 'Positive' in
case of significantly higher top-line or in case of improvement in
working capital requirements resulting in improvement in financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if AVC reports significant deterioration in its financial profile
due to larger-than-expected working capital requirements or in
case of significantly low top-line.

Update
AVC is estimated to report top-line of Rs 240 million for 2013-14
(refers to financial year, April 1 to March 31) registering a
growth of 22 per cent on a year-on-year basis. The firm has
sustained its profitability, which is in line with CRISIL's
estimates. Even though AVC has reported a significant growth in
its top-line the scale remains small in the auto-dealership
industry. CRISIL believes that increase in scale will be a
challenge for the firm over the medium term considering the
sluggish growth in the industry.

AVC's financial profile is marked by high gearing of over 2.5
times on account of reliance on debt to meet the working capital
requirements as well as small net worth of the firm. The firm's
working capital intensity is on account of its large inventory
holding requirements of over three months. The firm has a small
net worth, estimated at less than Rs 400 million as on March 31,
2014. CRISIL believes that over the medium term the financial
profile would remain weak constrained by small net worth and
reliance on bank limits.

Incorporated in 2011 in Bhatinda (Punjab), AVC is an authorized
dealer for Nissan Motors India Limited. The day to day operations
are managed by Mr. Makkar.


BANSI MALL: CRISIL Reaffirms 'B-' Rating on INR2.06BB Loan
----------------------------------------------------------
CRISIL's rating on the long-term loan facilities of Bansi Mall
Management Company Pvt Ltd continues to reflect its weak capital
structure and high debt obligations, as compared to its cash
flows, resulting in stretched debt protection metrics. These
rating weaknesses are partially offset by the promoters' extensive
track record in managing malls, and need-based financial support
from the promoters and group companies.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Long Term Loan       2063.9      CRISIL B-/Stable (Reaffirmed)
   Long Term Loan       2000        Withdrawal

Outlook: Stable

CRISIL believes that Bansi Mall, on a standalone basis, will be
unable to service its upcoming debt obligations through its
operating cash flows, and will therefore, depend on the promoters
or group companies for funding support for timely debt servicing.
The outlook may be revised to 'Positive' if the company
significantly improves it debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if Bansi Mall does not
receive prompt financial support from its promoters or group
companies.

Bansi Mall was incorporated in 2005 by the promoters of Future
group, to develop and manage SOBO Central Mall (formerly Crossroad
Mall) in Haji Ali (Mumbai). The company also acts as special
purpose vehicle for the Future group's subsidiaries and
affiliates. SOBO Mall has a total leasable area of 150,000 square
feet (sq ft), of which 127,485 sq ft has been leased out. The
mall's clientele comprises Future Retail (India) Ltd, Future
Lifestyle Fashion Ltd and Pan India Food Solutions Pvt Ltd.

For 2012-13 (refers to financial year, April 1 to March 31), Bansi
Mall reported a net loss of INR295 million (Rs.579 million in
2011-12) on an operating income of INR193 million (Rs.348 million
for 2011-12).


DNH PROJECTS: ICRA Lowers Rating on INR12cr Loan to 'C+'
--------------------------------------------------------
ICRA has revised downwards the long term rating from [ICRA]B to
[ICRA]C+ for the INR15.50 crore long term fund based facilities of
DNH Projects Limited. ICRA has also reaffirmed the short term
rating at [ICRA]A4 for the INR6.00 crore short term non fund based
facilities. ICRA has also assigned [ICRA]C+/[ICRA]A4 ratings to
the unallocated amount of INR6.50 crore.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                12.00        [ICRA]C+ downgraded

   Fund Based-WCTL        3.50        [ICRA]C+ assigned

   Non Fund Based-
   Bank Guarantee         6.00        [ICRA]A4 reaffirmed

   Unallocated            6.50        [ICRA]C+/[ICRA]A4 assigned

The rating revision takes into account DNH Projects Limited's
(DNH) deteriorating liquidity position on account of high
receivables and delays in order execution entailing dip in sales.
The rating further incorporates the deterioration in the financial
profile of the company as evident from the increasing reliance on
external borrowings to fund highly working capital intensive
operations and modest accruals resulting in weak debt coverage
indicators. Further, the ratings also take into account the high
competitive intensity in the construction space resulting in
pressure on margins, geographical concentration risk due to
concentration of most of the ongoing and future projects in
Gujarat and Chhattisgarh and vulnerability of profitability to raw
material price variations.

The ratings however, favourably factor in promoter's long-standing
experience of over two decades in the business and the company's
reputed customer base. ICRA further notes the healthy order book
position of the company, providing revenue visibility over the
medium term, although timely completion of the projects remains
critical.

DNH Projects Limited is engaged in executing work orders for
construction of industrial units, factories and corporate and
institutional buildings in Central Western parts of the country.
The company originally commenced its business as a Private Limited
Company in 1996 under the name of M/s. Nagar Haveli Real Estate
Pvt Ltd and later changed into a closely held public limited
company in March, 2009. As on 30th September, 2013 the company had
an order book position of INR45.82 crore to be executed by 31st
March 2015. M/s. Ajay Enterprises and M/s. Morai Infrastructure
Pvt Ltd are the associate companies of the company.

Recent Results

DNH Projects Limited recorded a net profit of INR0.51 crore on an
operating income of INR31.00 crore for the year ending March 31,
2013. The company recorded profit before tax of INR0.70 crore on
an operating income of INR11.71 crore in the first six months of
FY14 (provisional).


EPITOME PLAST-O-PACK: CRISIL Puts B- Rating on INR155MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Epitome Plast-O-Pack Pvt Ltd. The ratings
reflect EPPL's working capital intensive operations and weak
financial risk profile. These rating weaknesses are partially
offset by its promoters' extensive experience.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Working Capital
   Term Loan             30         CRISIL B-/Stable

   Term Loan             32.5       CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility    62.5       CRISIL B-/Stable

   Cash Credit           30         CRISIL B-/Stable

   Letter of Credit      45         CRISIL A4

Outlook: Stable

CRISIL believes that EPPL will maintain its business risk profile,
backed by its promoters' extensive entrepreneurial experience. The
outlook may be revised to 'Positive' if EPPL significantly
improves its operating margin, resulting in healthy debt
protection metrics; or it improves its working capital cycle
considerably, leading to lower reliance on debt. Conversely, the
outlook may be revised to 'Negative' if the company generates
lower-than-expected revenue or profitability or its liquidity
further deteriorates, most likely due to large capital expenditure
plans or stretch in the working capital cycle.

EPPL, incorporated in 2008, manufactures polyethylene
terephthalate (PET) preforms, PET bottles. It is based in Kolkata
(West Bengal).


ER. UMAKANT: CRISIL Assigns 'C' Rating to INR60MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facilities of ER. Umakant Goel Memorial Education Society (EUGM).

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

The rating reflects EUGM's weak liquidity profile due to short-
term cash flow mismatches and stretch in receivables. The ratings
also factor in EUGM's exposure to risks relating to intense
competition, regulatory restrictions, and limited track record of
operations in the education industry. These rating weaknesses are
partially offset by the society's comfortable operating margins,
and healthy demand prospects in the education industry.

EUGM, a Bareilly (Uttar Pradesh) based society, promotes Lakshya
Institute of Mangement and Information Technology (LIMIT) and
Lakshya Technical Campus which offer management and engineering
courses.


HARMONY LAMINATES: CRISIL Cuts Rating on INR88MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Harmony Laminates Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           40         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term
   Bank Loan Facility     0.4       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Term Loan             47.6       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that HLPL's
liquidity will remain under pressure owing to delay in executing
the capital expenditure (capex) programme undertaken for doubling
its installed capacity, and lower than expected offtake. Due to
delay in ramping up of operations, HLPL's cash accruals are
expected to be tightly matched against its debt obligations over
the medium term. Also, due to working capital intensive
operations, its reliance on external debt will continues to remain
high. However, HLPL's promoters have supported its operation in
the past through timely infusion of unsecured loan and equity,
leading to timeliness in its repayment obligation. CRISIL believes
that HLPL's promoters will continue to support the firm through
fund infusion in case of exigencies over medium term.

The rating continues to reflect HLPL's small scale and working
capital intensive operations in the highly fragmented laminates
industry, and weak financial risk profile marked by small net
worth, high gearing and moderate debt protection metrics. These
rating weaknesses are partially offset by its promoters' extensive
experience in the laminates industry, its established
relationships with customers and suppliers, and financial support
from its promoters.

Outlook: Stable

CRISIL believes that HLPL will benefit from its promoters'
extensive experience over the medium term. The outlook may be
revised to 'Positive' in case HLPL substantially improves its
scale of operations while it maintains its profitability, and
strengthens its capital structure backed by equity infusion or
larger than expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile
deteriorates, either due to stretch in its working capital cycle
or larger-than-expected debt-funded capex, over medium term.

Incorporated in 2009, HLPL is promoted by Rajkot (Gujarat)-based
Mr. Mahesh Slavia and his family members. The company manufactures
decorative laminates used for furnishing.

HLPL reported, on a provisional basis, a profit after tax (PAT) of
INR0.8 million on net sales of INR121.9 million for 2013-14
(refers to financial year, April 1 to March 31), as compared to
PAT of INR3.8 million on net sales of INR102.4 million for 2012-
13.


HI-TECH SATLUJ: CRISIL Assigns 'B+' Rating to INR200MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Hi-Tech Satluj Motors Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          --------     -------
   Proposed Long Term
   Bank Loan Facility      5        CRISIL B+/Stable

   Cash Credit            95        CRISIL B+/Stable

   Inventory Funding
   Facility              100        CRISIL B+/Stable

The rating reflects HTSM's weak financial profile, marked by a
high total outside liabilities to tangible net worth ratio and
weak debt protection metrics, and its small scale of operations in
the intensely competitive automobile dealership market. These
rating weaknesses are partially offset by the extensive experience
of the company's promoter in the automobile dealership industry.

Outlook: Stable

CRISIL believes that HTSM will continue to benefit over the medium
term from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' if the company significantly
increases its scale of operations on a sustainable basis, while
improving its working capital management and sustaining its
operating margin, leading to higher-than-expected cash accruals
and to an improved capital structure. Conversely, the outlook may
be revised to 'Negative' in case of lower than expected accruals
or any debt-funded capital expenditure, resulting in further
weakening of HTSM's capital structure, or an increase in its
working capital requirements, leading to further stretch in its
liquidity.

HTSM is an authorised dealer for the passenger cars of Tata Motors
Ltd (rated 'CRISIL AA/Stable/CRISIL A1+') for the Mandi region
(Himachal Pradesh). It was originally set up as a partnership
firm, Satluj Motors, which was reconstituted as a private limited
company in 2012-13 (refers to financial year, April 1 to March
31). The company is promoted by Mr. Narinder Singh Gulleria. It
has three showrooms, one each in Mandi, Hamirpur, and Kullu (all
in Himachal Pradesh).

HTSM reported a net profit of INR1.75 million on net sales of
INR605.7 million for 2012-13, as against a net profit of INR2.34
million on net sales of INR556.34 million for 2011-12.


ICEWEAR CREATION: ICRA Reaffirms B+ Rating on INR0.63cr Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ outstanding
on the INR0.63 crore term loan facilities of Icewear Creation.
ICRA has withdrawn the [ICRA]B+ outstanding on the INR0.75 crore
long-term proposed facilities of the firm. ICRA has also re-
affirmed the short-term rating of [ICRA]A4 outstanding on the
INR15.80 crore fund based facilities and INR1.07 crore proposed
facilities of the firm.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans            0.63       [ICRA]B+/ reaffirmed

   Long term proposed
   facilities             Nil       Rating withdrawn

   Short term fund
   based facilities     15.80       [ICRA]A4/ reaffirmed

   Short term proposed
   facilities            1.07       [ICRA]A4/ reaffirmed

The rating reaffirmation factors in promoter's experience and
established presence in the ready-made garments industry and
Icewear Creation's long-standing business relationship with
Primark, which is expected to support the business volumes over
the medium term. Driven by healthy off-take from its principal
customer, IC has witnessed significant growth in scale of
operations over the last two fiscals (FY 2012-13 and 2013-14),
while the operating margin has remained modest due to high input
costs and other manufacturing overheads. The ratings are, however,
constrained by IC's leveraged capital structure and high working-
capital intensity (due to high inventory holding days and
receivable turnover period), resulting in fully utilized bank
lines. Further, the firm has modest scale of operations which
restrict scale economy benefits and limited bargaining power,
arising from its presence in the relatively low-margin kids wears
segment and stiff competition from low-cost countries. Besides, IC
has high customer concentration (Primark accounts for 67% of IC's
revenues in 11 month ended FY 2013-14) but the repeat orders from
its major customer mitigates the concentration risk and lends
stability to revenues. Going forward, the firm's ability to
diversify its product profile and customer base, thereby enhancing
its operational scale and margins, whilst improving its working
capital management, would remain as key rating monitorables.

Set-up as a partnership firm in 2004 by Mr. Chandrasamy and his
wife, Icewear Creation is engaged in manufacturing of knitted
garments (mainly kidswear and ladies wear). The firm has three
manufacturing units in Tirupur and has combined production
capacity of ~6 lakh pieces per month. The firm has been designated
as "one star export" house by Ministry of Commerce and Industry
and mainly caters to large international retailers, with Primark
being the largest customer. The Firm also has a windmill of 225 KW
capacity and the power produced is sold to TNEB.

Apart from Icewear Creations, the promoters have business interest
in two other firms: Knitcare and Ellora Fashions, which are
engaged in fabric processing (compacting, washing and packing) on
job work basis.

Recent Results

According to provisional financials, the firm's profit before
taxes (PBT) stood at INR3.44 crore on an operating income of
INR59.05 crore for the eleven month ended 2013-14. For the fiscal
2012 to 13, the company reported an operating income of INR37.40
crore (audited) with a net profit of INR0.61 crore.


INDIAN CONCAST: ICRA Suspends B+/A4 Rating on INR9.5cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the INR9.50 crore bank limits of Indian Concast Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


JAGDAMBA POLYFABES: CRISIL Reaffirms B- Rating on INR135MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jagdamba Polyfabes Pvt
Ltd continue to reflect the company's modest scale of operations
in the intensely competitive packaging industry and its weak
financial risk profile marked by small net worth, weak debt
protection metrics, and weak liquidity. These rating weaknesses
are partially offset by the company's established relationship
with customers and suppliers.

                        Amount
   Facilities           (INR Mln)   Ratings
   ----------           --------    -------
   Bank Guarantee          5        CRISIL A4 (Reaffirmed)

   Letter of Credit       25        CRISIL A4 (Reaffirmed)

   Standby Line of
   Credit                  5        CRISIL A4 (Reaffirmed)

   Cash Credit            50        CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     20.2      CRISIL B-/Stable (Reaffirmed)

   Term Loan              64.8      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JPPL will continue to benefit over the medium
term from ramp-up in revenue and profits. However, its financial
risk profile will remain weak because of low accruals against
large debt obligations and incremental working capital
requirements. The outlook may be revised to 'Positive' if the
company reports significant improvement in its scale of operations
and net cash accruals. Conversely, the outlook may be revised to
'Negative' if JPPL reports low cash accruals or has significantly
large working capital requirements, leading to weakening of its
financial risk profile.

Update
JPPL's revenue is estimated to have increased by 27 per cent year-
on-year to around INR208 million in 2013-14 (refers to financial
year, April 1 to March 31); however, the company remains a
marginal player and is yet to establish its presence in the highly
fragmented packaging industry. JPPL's operating margin is
estimated at around 14.5 per cent for 2013-14 and is expected to
remain at a similar level over the medium term.

The company's operations are working-capital-intensive, marked by
estimated gross current assets (GCAs) of around 380 days as on
March 31, 2014; the GCA days increased in 2013-14 on account of
large receivables and inventory of 222 days and 133 days,
respectively. As a result, the company's bank limit utilisation
was high, averaging 100 per cent over the 12 months through March
2014.

JPPLL's net worth is small, estimated at INR62.7 million as on
March 31, 2014. The company has large debt, contracted to fund
working capital requirements; the large debt and small net worth
resulted in high gearing, estimated at 2.44 times as on March 31,
2014.

JPPL, part of the Jagdamba group, was set up in 2010 as a private
limited company by Mr. Krishna Murari Choudhary. The company
manufactures plastic bags for various industries, such as cement,
iron and steel, and rice.


KHOSLA INTERNATIONAL: ICRA Reaffirms 'B' Rating on INR29cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B for INR29.0
crore fund based facilities of Khosla International.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       29.00       [ICRA]B Reaffirmed

The rating reaffirmation factors in moderate scale of operations
of the firm in rice milling business which coupled with high
intensity of competition in the industry has resulted in low
profitability and stretched debt coverage indicators. Funding of
working capital requirements majorly through bank borrowings has
led to a highly leveraged capital structure. The rating also takes
into account the working capital intensive nature of rice milling
business arising out of the need to maintain substantial
inventories (paddy which is procured seasonally and rice is
stocked for aging purposes) in line with the industry trends. The
rating also takes into account agro climatic risks, which can
affect the availability of paddy in adverse conditions. ICRA
however draws comfort from long experience of promoters in rice
industry, proximity of the mill to major rice growing area which
results in easy availability of paddy and stable demand outlook of
rice in both Indian and foreign markets.

Incorporated in the year 2002, Khosla International is a
partnership firm engaged milling and export of basmati and non
basmati rice. The firm has its plant located in Batala, Punjab
with milling capacity of 6 tons/hour. The firm has been promoted
by Ms. Chanchal Khosla, Mr. Munish Khosla, Mr. Rajiv Khosla and
Mr. Sanjiv Khosla. KI sells its products under its registered
brand name "Gold Coin".

Recent Results

The firm reported a net profit after tax of INR0.27 crore on an
operating income of INR42.89 crore in FY2013 as against net profit
of INR0.25 crore on an operating income of INR20.93 crore in
FY2012.


MAHIMA SHANKAR: ICRA Suspends B+ Rating on INR19.39cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR19.39
crore fund based and non fund based facilities of Mahima Shankar
Processed Foods Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

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


NEW BHARAT: ICRA Reaffirms 'B' Rating on INR34cr Loan
-----------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B for INR34.0
crore fund based facilities of New Bharat Rice Mills.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund Based Limits      34.00       [ICRA]B Reaffirmed

The rating reaffirmation factors in moderate scale of operations
of the firm in rice milling business which coupled with high
intensity of competition in the industry has resulted in low
profitability and stretched debt coverage indicators. Funding of
working capital requirements majorly through bank borrowings has
led to a highly leveraged capital structure. The rating also takes
into account the working capital intensive nature of rice milling
business arising out of the need to maintain substantial
inventories (paddy which is procured seasonally and rice is
stocked for aging purposes) in line with the industry trends. The
rating also takes into account agro climatic risks, which can
affect the availability of paddy in adverse conditions. ICRA
however draws comfort from long experience of promoters in rice
industry, proximity of the mill to major rice growing area which
results in easy availability of paddy and stable demand outlook of
rice in both Indian and foreign markets.

Incorporated in the year 1958, New Bharat Rice Mill is a
partnership firm engaged in milling and export of basmati and non
basmati rice. The firm has its plant located in Batala, Punjab
with milling capacity of 8 tons/hour. The firm has been promoted
by Mr. Om Prakash Khosla, Ms. Pooja Khosla, Mr. Rashim Khosla and
Ms. Sonia Khosla. The firm sells its products under its registered
brand name "Taj Mahal", "Do Teer" and "Gagan".

Recent Results
The firm reported a net profit after tax of INR0.35 crore on an
operating income of INR78.32 crore in FY2013 as against net profit
of INR0.22 crore on an operating income of INR56.78 crore in
FY2012.


OM SONS: ICRA Assigns 'D' Rating to INR65cr Loan
------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR65 crore
fund based limits of Om Sons Marketing Pvt Ltd.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits     65.00       [ICRA]D assigned

The rating assigned takes into account delays in servicing of debt
obligations by OSMPPL and the company's modest financial profile
as reflected by low profitability, high gearing and weak coverage
indicators. The rating is also constrained by the the high
competitive intensity in the liquour industry and business risks
inherent in this industry owing to high taxes, stringent
government control and risk of non-renewal of licenses by the
government. ICRA however favorably takes note of the long
experience of the promoters in the liquour business, healthy
operating income of the company in its first year of operations
and its established relationship with key suppliers. Going
forward, ability of the company to service its debt obligations in
a timely manner, and renew its licenses for retailing business and
achieve optimal capacity utilisation for its recently set-up
distillery unit will be the key rating sensitivities.

OSMPPL is engaged in retailing of country liquor and Indian made
foreign liquor through 135 shops in Punjab. The company also has a
distillery unit at Bhatinda in Punjab with a capacity of 80 kilo
litres per day (KLPD). The company is promoted by Malhotra family
who has been in the liquor trading business for more than 40
years.

Recent Results
The company reported a net profit of INR1.79 crores on an
operating income of INR180.36 crores in 8 months period ended
November 2013 (provisional results).


RAJAT ISPAT: ICRA Reaffirms 'B+' Rating on INR6cr Loan
------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR6.00 crore cash
credit facility of Rajat Ispat Private Limited. ICRA has also
reaffirmed the [ICRA]A4 rating to the INR0.50 crore non-fund based
bank facility of RIPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limit-       6.00        [ICRA]B+ reaffirmed
   Cash Credit

   Non Fund Based Limit    0.50        [ICRA]A4 reaffirmed
   Letter of Credit

The reaffirmation of the ratings take into consideration RIPL's
weak financial profile characterised by low net profitability,
nominal cash accruals and depressed debt coverage indicators, and
limited financial flexibility as reflected by the high utilisation
of bank limits. The ratings are also constrained by the company's
relatively small scale of current operations with top-line
witnessing a de-growth since the past two fiscals due to decline
in trading operations, and limited value addition in the existing
stand-alone ingot manufacturing business, which keeps the
operating margin at a low level. ICRA also takes note of the
ongoing weakness and inherent cyclicality in the steel industry,
which is likely to keep the company's cash flows and margins
volatile. The ratings, however, take note of the experience of the
promoters in the steel industry, locational advantage of RIPL's
manufacturing unit in close proximity to raw material sources, and
the company's established relationship with suppliers, which
ensures regular supply of raw materials. ICRA also takes note of
the steady improvement in the gearing over the years, which stood
at a comfortable level of 1.02 time as on 31st March, 2014.

RIPL was incorporated in 1996, as Mahendra Ispat Private Limited
by Mr. Subhash Agarwal. Later on the name of the company was
changed to Rajat Ispat Private Limited and started its operation
in 2005. RIPL is engaged in manufacturing of ingots and cast iron
moulds with an installed capacity of 18,000 metric tonne per
annum. The manufacturing facility of the company is located at
O.P. Jindal Industrial Park, Raigarh in Chhattisgarh. The company
is also involved in trading of steel products like ingots, sponge
iron, pig iron and scrap.

Recent Results
During 2013-14 the company reported a net profit of INR0.23 crore
(provisional) on an operating income of INR41.85 crore
(provisional), as compared to a net profit of INR0.25 crore on an
operating income of INR46.81 crore during 2012-13.


RAKI INDUSTRIES: CRISIL Assigns 'D' Rating to INR120MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Raki Industries. The rating reflects overdrawn cash
credit limits for more than 30 days, driven by RI's weak
liquidity, arising out of long working capital cycle.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           120        CRISIL D

RI also has a modest scale of operations in an intensely
competitive industry, and a below- average financial risk profile
marked by subdued debt protection metrics. These rating weaknesses
are partially offset by its promoters' extensive experience in the
pesticide sprayers business.

RI, set up in 1969 and based in Peddapuram (Andhra Pradesh),
manufactures pesticide sprayers and agricultural implements. The
day-to-day operations of the firm are managed by Mr. Radha Krishna
and Mr. Narendra Krishna.

RI reported a net profit of INR1 million on sales of INR380.1
million in 2012-13 (refers to financial year, April 1 to
March 31) against a net profit of INR0.4 million on sales of
INR223.2 in 2011-12.


SACHIKA TRADING: CARE Assigns 'B+' Rating to INR9cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the long-term bank facilities of
Sachika Trading Private Limited.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities     9.00      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sachika Trading
Private Limited is constrained by the nascent stage of operations,
thin profitability margins, working capital intensive nature of
operations, leveraged capital structure and stressed debt coverage
indicators. The rating is further constrained by customer
concentration risk and susceptibility of the margin to volatile
material prices coupled with its presence in a highly fragmented
industry.

The rating derives strength from the experienced management and
established relationship with its customers.

STPL's ability to achieve the envisaged sales and profitability
and effectively manage its working capital cycle are the key
rating sensitivities.

Incorporated in February 2011, Sachika Trading Private Limited is
engaged in the business of trading of fabric. The company procures
yarn from the local suppliers and outsources the same for
processing. Furthermore, the revenue is generated majorly from the
domestic market with majority of sales (95% in FY13; refers to the
period April 01 to March 31) to Bombay Rayon Fashions Limited.
Furthermore, the company has its warehouse at Bhiwandi.

During FY13 (refers to the period April 1 to March 31), the
company reported total income and PAT of INR46.20 crore and
INR0.03 crore respectively. Furthermore as per the provisional
results for FY14, the company reported total income and PAT of
INR223.95 crore and INR0.77 crore respectively. Furthermore, it
has an order book position of INR10.03 crore as on April 11, 2014.


SHREE RAJESHWAR: ICRA Upgrades Rating on INR9.0cr Loan to 'B+'
--------------------------------------------------------------
ICRA has upgraded the rating of long term fund based facilities of
INR9.00 crore (enhanced from INR5.93 crore) to [ICRA]B+ from
[ICRA]B. ICRA has also assigned a short term rating of [ICRA]A4
to INR3.00 crore non-fund based bank facilities of the Shree
Rajeshwar Weaving Mills Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term fund-       9.00        [ICRA]B+; Upgraded
   based facility

   Short-term non-       3.00        [ICRA]A4; Assigned
   fund based facility

The ratings revision takes into consideration the significant
growth in scale of operations post the merger since FY12 led by
increase in trading and manufacturing activities with stability in
operating profitability and capital structure. Further, the
assigned ratings continue to factor in the promoters' experience
in the textile industry, moderately diversified client base of the
company and the benefits arising from the favorable location of
the manufacturing facility as is evident in easy availability of
key raw materials and its proximity to customers.

However, the ratings continue to remain constrained by the low
profitability in absolute terms and tight liquidity position
resulting in almost full utilization of bank sanctioned limits.
The ratings are further constrained by susceptibility of
profitability to volatility in raw material prices and increasing
competitive pressures due to the presence of a large number of
players in the organized and unorganized segments in domestic as
well as international markets.

Shree Rajeshwar Weaving Mills Pvt. Ltd. located at Bhiwandi
district, Thane, was incorporated by merging M/s. Pooja Textiles
and M/s. Shree Rajeshwar Textiles in October 2011 with an
objective to engage in manufacturing and trading activities of
grey fabrics. Mr. Punaram Patel and Mr. Goparam Patel are the key
directors of the company handling the operations of the company.

Recent updates
As per the FY14 Audited financials, the company has achieved a net
profit of INR0.34 crore on an operating income of ~Rs. 104.60
crore in FY14 against net profit of INR0.28 crore on an operating
income of INR78.72 crore during FY13.


SHRI LAXMINARAYAN: CRISIL Rates INR100MM Term Loan at 'D'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Shri Laxminarayan Industrial Co-operative Service Society Ltd
(SLICSSL). The rating reflects instances of delay by SLICSSL in
servicing its debt; the delays have been caused by SLICSSL's cash
flow mismatch.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             100        CRISIL D

SLICSSL has weak liquidity with dependence on timely receipt of
the members' contribution and maintenance income. However, SLICSSL
benefits from healthy offtake of its plots and advanced stage of
completion of the project.

SLICSSL, formed in 2004, has been promoted by the Patel family in
Surat (Gujarat). The society was formed for setting up a textile
park in Surat. The society has 2655 plots and has land area of
more than 500,000 square feet.


SHIVAM OFFSET: CRISIL Assigns 'D' Rating to INR58.3MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Shivam Offset. The rating reflects instances of delay by SO in
servicing its debt; the delays have been caused by company's weak
liquidity driven by its modest cash accruals tightly matched with
scheduled debt obligations and working-capital-intensive
operations.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan            58.3        CRISIL D

SO also has a weak financial risk profile, marked by a small net
worth and a high gearing, modest scale of operations in a highly
fragmented industry. The firm, however, benefits from the
extensive industry experience of SO's promoters in the offset
printing industry along with their funding support and its
recently enhanced capacities.

SO was set up in 2000, as a proprietary firm by Mr. Sanjay
Thorwat. The firm is engaged in textbook printing for government
and also undertakes commercial printing on files, calendars,
pamphlets, etc. The firm has its printing unit in Kolhapur
(Maharashtra).


TIKAMSA DULICHAND: CARE Assigns B+ Rating on INR8cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Tikamsa
Dulichand Natural Fibres Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Tikamsa Dulichand
Natural Fibres Limited is primarily constrained on account of its
moderate financial risk profile characterized by low profitability
and weak debt coverage indicators. The rating is further
constrained on account of its presence in a highly competitive and
fragmented cotton-ginning business with limited value addition,
volatility associated with the raw material prices, working
capital intensive operations and susceptibility to the changes in
the government policy for cotton.

The above constraints far offset the benefits derived from the
experience of the promoters in the cotton ginning business
coupled with established track record of the entity, comfortable
capital structure and proximity to the cotton-producing region of
Madhya Pradesh.

The ability of TDNFL to improve its financial risk profile through
increase in the scale of operations with an improvement in the
profitability and better working capital management are the key
rating sensitivities.

TDNFL was established by Mr Laxminarayan Gupta on August 09, 1996.
TDNFL is based out of Kukshi (Dhar) district, Madhya Pradesh and
is engaged in the cotton ginning and pressing business with a
total installed capacity of 260 metric tonnes per day (MTPD) of
cotton bales and 140 MTPD of cotton seeds as on March 31, 2014.
The company procures raw material i e raw cotton from the mandi
(regional market) on a spot purchase basis and then sells the
final products i e cotton bales to the customers in Madhya Pradesh
and Maharashtra.

The company has also set up an oil mill unit in the name of M/s
Tikamsa Dulichand Oil Products in 1998 with an installed capacity
of 80 MTPD as on March 31, 2014. The seeds left in the
manufacturing process of bales are used in this mill to
manufacture cotton oil and the left residue i e cotton oil cake is
also sold by the company. The company is also engaged in the
trading of cotton and blended yarns which formed 32% of TOI during
FY13 (refers to the period April 1 to March 31).


TROIX CHEMICAL: ICRA Suspends 'B+' Rating on INR7cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the fund-based
limits of INR7.00 crore of Troix Chemical Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Troix Chemical Private Ltd. is an authorised distributor of Andhra
Petrochemicals Limited for its three main products viz. 2 Ethyl
Hexanol (2-EH), Iso-Butanol and n-Butanol, which mainly find
application in the plastics and as solvents in the paints/coatings
and pharmaceutical industries. TCPL is managed by four Directors
viz. Mr. Rajesh Punamiya, Mr. Vijaykumar Punamiya, Mr. Rohit Jain
and Mr. Vinit Jain, each holding ~25% of the shareholding in the
company. The company was established in 1996-97 by the earlier
management and was later acquired by the present management in
1999, and commenced operations in the trading of petrochemicals in
2001.


V. K. POLYCHEM: ICRA Withdraws 'B/A4' Rating on INR60cr Loans
-------------------------------------------------------------
ICRA has withdrawn the ratings outstanding of [ICRA]B and [ICRA]A4
for the INR60 crore bank facilities and unallocated limits of V.
K. Polychem Private Limited. The ratings have been withdrawn at
the request of the company as the facilities have been fully
redeemed and there is no amount pending against the facilities.

V. K. Polychem Private Limited was incorporated in August 2012.
The company was formed by the brothers Mr S. K. Agarwal, Mr. A. K.
Agarwal and Mr R. K. Agarwal as a new business for the next
generation of the family. The company traded in chemicals such as
Melamine, Toluene, Phenol, Methanol etc. The company also owns a
godown in Delhi. The promoters are also involved in the business
of plywood manufacturing and own two such units at Shahjahanpur in
the state of Uttar Pradesh through group companies


VAKIRAKAALIAMMAN SPINNING: CRISIL Cuts INR415MM Loan Rating to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sri
Vakirakaaliamman Spinning Mills Pvt Ltd to 'CRISIL D/CRISIL D'
from 'CRISIL B+/Stable/CRISIL A4'. The rating downgrade reflects
instances of delay by SVS in servicing its debt; the delays have
been caused by the company's weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           300        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Letter Of Guarantee     6.5      CRISIL D (Downgraded from
                                    'CRISIL A4')

   Proposed Long Term
   Bank Loan Facility     19.5      CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Term Loan              89        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The rating also reflects SVS's below-average financial risk
profile, marked by high gearing and weak debt protection metrics,
and large working capital requirements. These weaknesses are
partially offset by SVS's promoters' experience in the textile
industry.

SVS manufactures and sells hosiery yarn. The manufacturing
operations are being carried out at its unit at Dindigul (Tamil
Nadu); its administrative office is in Tirupur (Tamil Nadu).


VIJETA BEVERAGES: ICRA Assigns 'D' Rating to INR35.25cr Loans
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR35 crore
fund based limits of Vijeta Beverages Pvt Ltd. ICRA has also
assigned a short-term rating of [ICRA]D to the INR0.25 crore non-
fund based facilities of VBPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits       35.00      [ICRA] D assigned
   Non Fund Based Limits    0.25      [ICRA] D assigned

The rating assigned takes into account delays in servicing of debt
obligations by VBPL and the company's modest financial profile as
reflected by low profitability, high gearing and weak coverage
indicators. The rating is also constrained by the the high
competitive intensity in the liquour industry and business risks
inherent in this industry owing to high taxes, stringent
government control and risk of non-renewal of licenses by the
government. ICRA however favorably takes note of the long
experience of the promoters in the liquor business, healthy
operating income of the company in its first year of operations
and its established relationship with key suppliers. Going
forward, ability of the company to service its debt obligations in
a timely manner and renew its licenses in future will be the key
rating sensitivities.

VBPL is engaged in retailing of country liquor and Indian made
foreign liquor through 247 shops in Punjab. The company was bought
in 2010 by Malhotra family who has been in the liquor trading
business for the last four to five decades.

Recent Results
The company reported a net profit of INR1.73 crores on an
operating income of INR212.60 crores in 8 months ending November
2013(provisional results) as against net profit of INR0.30 crores
on an operating income of INR23.04 crores in FY13.


VIKAS CONSTRUCTION: CRISIL Places 'B+' Rating on INR106.7MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vikas Construction.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------             --------      -------
   Term Loan                86.7       CRISIL B+/Stable
   Bank Guarantee           13.3       CRISIL A4
   Cash Credit/Overdraft
   facility                 20         CRISIL B+/Stable

The ratings reflect VC's modest scale of operations,
susceptibility to risks related to the tender-based nature of its
operations, and its weak capital structure. These rating
weaknesses are partially offset by the firm's established
clientele in the godown construction segment, and the extensive
experience of its partners in the construction segment.

Outlook: Stable

CRISIL believes that VC will continue to benefit over the medium
term from its partners' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' if VC reports significantly higher-than-
expected revenue and profitability, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a stretch in the firm's working capital
cycle, or substantial debt-funded expansions, or lower-than-
anticipated margins, leading to weakening of its financial risk
profile.

VC, incorporated in 2007, is engaged in civil works contracts as
well as godown construction in Uttar Pradesh.  Its day-to-day
operations are managed by Mr. Atif Raza.


VINAYAKA MICRONS: CRISIL Assigns B+ Rating to INR155MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Vinayaka Microns (India) Pvt Ltd. The rating
reflects VMIPL's small scale of operations leading to small cash
accruals and its susceptibility to funding and implementation
risks associated with its ongoing expansion project. These rating
weaknesses are partially offset by its promoters' extensive
experience in the minerals processing industry and above average
financial risk profile.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan               8        CRISIL B+/Stable
   Proposed Term Loan     82        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      5        CRISIL B+/Stable
   Cash Credit             8.1      CRISIL B+/Stable
   Proposed Cash Credit
   Limit                  51.9      CRISIL B+/Stable

Outlook: Stable

CRISIL believes that VMIPL will continue to benefit over the
medium term from its promoters' extensive experience in the
minerals processing industry. The outlook may be revised to
'Positive' in case of timely stabilisation of the ongoing project
leading to higher than expected sales and operating profitability.
Conversely, the outlook may be revised to 'Negative' in case of
delays in completion of the project or lower-than-expected revenue
or profitability, resulting in deterioration of the company's
financial risk profile, particularly its debt servicing metrics.

VMIPL processes industrial minerals, primarily quartz, feldspar,
and mica. The company is promoted by Rajasthan-based Kachhawaha
family. It has processing capacities for quartz powder and quartz
grit at Beawar in Ajmer (Rajasthan). VMIPL is expanding its quartz
grit facility by setting up an industrial minerals processing and
beneficiation plant at the same location. Its day-to-day
operations are managed by key promoter Mr. Jayveer Singh
Kachhawaha.

VMIPL reported a profit after tax (PAT) of INR0.09 million on net
sales of INR77.1 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR0.07 million on net
sales of INR50.4 million for 2011-12.


VIRESH TEXTILES: ICRA Suspends B+ Rating on INR7.03cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR7.03
crore long term fund based facilities of Viresh Textiles Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Viresh Textiles Pvt. Ltd. was incorporated in the year 1986 with
the main objective of manufacturing texturised and twisted
polyester yarns. The company is a part of Fairdeal group based out
of Surat, Gujarat and is promoted by Mr. Dhiraj Shah and Mr.
Jayantilal Shah. The group has been involved in the textile
business for over two decades and in engaged in manufacturing and
processing of polyester yarns as well as fabrics. Apart from the
manufacturing activities, the group is also engaged in marketing
of polyester yarns manufactured by Reliance Industries Limited
(RIL) and also acts as a domestic Clearing and Forwarding agent
for RIL. VTPL remained non operational from the year 2006 to 2011;
however the operations were recommenced in FY 2012 by setting up a
twisting unit in Surat. The installed manufacturing capacity of
the unit is 773 TPA.



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


BAKRIE TELECOM: Fitch Lowers IDR to 'Restricted Default'
--------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based PT Bakrie Telecom
Tbk's (BTEL) Long-Term Foreign- and Local-Currency Issuer Default
Ratings to 'Restricted Default' (RD) from 'C'.  The USD380m May
2015 bond fully guaranteed by BTEL has also been affirmed at 'C'
while the Recovery Rating on the bond has been downgraded to 'RR5'
from 'RR4'.

KEY RATING DRIVERS

Restricted Default: The downgrade to 'RD' follows the uncured
default on a coupon payment in November 2013 and no subsequent
coupon payment or public announcement about the progress of debt
restructuring discussions with its creditors.

DDE Inevitable: Fitch believes that a distressed debt exchange
(DDE) is inevitable, which is likely to lead to a significant loss
for holders of the USD380m bond.  This bond is currently trading
at 11 cents to the dollar, indicating high probability of a
material reduction in economic value.

Recovery Rating Lowered: A lower recovery rating of 'RR5' on the
bond reflects a decline in the enterprise value of the business as
2014 EBITDA is likely to fall to around IDR600bn-700bn (2013:
IDR911bn).  BTEL will struggle to add subscribers and improve its
blended average revenue per user (ARPU) in 2014.  During 1Q2014,
BTEL drove its ARPU down by 19% yoy to IDR13,000/month as it
strove to increase its subscriber base to 12 million (1Q2013: 11.6
million).  Fitch believes that BTEL would generate minimal funds
flow from operations in 2014 because EBITDA will fall short of its
interest and tax payments.

Significant Liquidity Pressures: At end-March 2014, BTEL's
liquidity was very tight with a quarterly EBITDA run rate of
IDR160bn and cash balance of IDR30bn falling significantly short
of its short-term debt maturities of IDR1.3trn and current
liabilities of IDR3.9trn.  BTEL has a low ability to refinance its
bank loans and bond.

M&A Unlikely: Fitch believes that a stronger operator or investor
is unlikely to acquire BTEL given its Code Division Multiple
Access (CDMA) technology is gradually falling out of favour with
users.  Other CDMA operators, including PT Smartfren Telecom Tbk
(CC(idn)), continue to struggle to gain market share and face
liquidity problems.  The country's three biggest telcos, which use
GSM technology, have sufficient spectrum assets.  Market leader PT
Telekomunikasi Indonesia Tbk (BBB-/Stable) and second-largest
operator PT Indosat Tbk (BBB/Stable) also intend to shut their
CDMA segments and reallocate the spectrum for GSM use.

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:

- completion of a DDE by BTEL followed by a re-rating based on a
new capital structure.

- an equity injection, or a M&A transaction with a larger
operator or stronger investor, although both are very unlikely in
the short term.

Negative: Future developments that may, individually or
collectively, lead to a downgrade to 'D' include:

- if BTEL enters into a bankruptcy filings, administration,
receivership, liquidation or other formal winding-up procedure, or
which has otherwise ceased business.



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


HUMMINGBIRD SECURITISATION: S&P Affirms B+ Rating on JPY3BB CDO
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on two
Hummingbird Securitisation Ltd. synthetic collateralized debt
obligation (CDO) transactions and removed the ratings from
CreditWatch with negative implications, where they were placed on
Feb. 21, 2014.

The affirmations and CreditWatch resolutions reflect the
affirmations and CreditWatch resolutions on S&P's ratings on the
collateral assets for these CDOs.  S&P also considered the
creditworthiness of a swap counterparty and referenced portfolios.

These transactions are synthetic CDOs.  The credit quality of the
tranches relies on the creditworthiness of a swap counterparty and
collateral assets, in addition to the creditworthiness of the
referenced portfolios.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS AFFIRMED, REMOVED FROM CREDITWATCH NEGATIVE

Hummingbird Securitisation Ltd.
Series 1 loan
To              From                      Amount
BBB (sf)        BBB (sf)/Watch Neg        JPY4.0 bil.

Series 2 loan
To              From                      Amount
B+ (sf)         B+ (sf)/Watch Neg         JPY3.0 bil.



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


CREDIT UNION: Fitch Affirms 'BB+' Insurer Financial Strength
------------------------------------------------------------
Fitch Ratings has affirmed New Zealand-based Credit Union
Insurance Ltd (CUIL) at Insurer Financial Strength (IFS) rating of
'BB+'.  The Outlook is Stable.

KEY RATING DRIVERS

CUIL's rating reflects a solid business profile and conservative
risk management settings.  Offering simple, short tail insurance
products tailored to the needs of its credit union members, CUIL
has a strong technical 'risk-based' level of capitalisation,
offsets insurance exposure through prudent reinsurance
arrangements and has a low-risk approach in its investment
portfolio.  Constraining the rating is its small size and market
position, and limited financial flexibility.

CUIL has strong distribution channels through its credit union
owners and access to a large membership base of around 186,000.
Its motor and life insurance products are relatively easy to sell
and exhibit good growth prospects.

CUIL's capital adequacy is very strong based on a technical risk-
based calculation with current risk exposures being modest
relative to minimum regulatory capital requirements.  With total
equity of NZD5.6m at end-December 2013, capital is low on an
absolute basis, and this leaves CUIL more exposed to larger
operational risks, or changes in the external operating
environment.  Operational risks appear to be well managed, and
CUIL's high degree of integration with the NZACU is positive in
mitigating these risks.

Reinsurance cover is purchased to protect the motor portfolio
against large single losses or from an accumulation of losses, and
limits CUIL's maximum retention to NZD100,000.  A conservative
investment approach is reflected in a 100% allocation to on-call
cash or short term deposits.  The company has a large related
party exposure in the form of its on-call cash deposits with the
NZACU whose low risk approach to investments, used to manage
member credit unions' liquidity, helps mitigate this counterparty
risk.

RATING SENSITIVITIES

Triggers for a downgrade: The unexpected withdrawal of support
from CUIL's ultimate shareholders would result in a downgrade.
CUIL could also be downgraded should it fail to maintain solid
solvency margins above the regulatory requirement of NZD5m.  A
prudential failure to comply with solvency requirements would have
serious implications and could result in the withdrawal of the
company's license.

Triggers for an upgrade: Fitch considers this unlikely over the
rating horizon given the company's small size and limited market
position.  In addition, CUIL would need to significantly improve
its standalone financial flexibility while maintaining strong
capital ratios and its conservative risk appetite.


POSTIE PLUS: Appoints PwC as Administrators
-------------------------------------------
Colin McCloy and David Bridgman, Partners from
PricewaterhouseCoopers, were appointed Administrators to Postie
Plus Group Limited on June 3. The business is now in voluntary
administration.

PPGL's 82 stores will continue to trade, while the Administrators
will work with the retailer's management, store managers, and
staff.

Administrator Colin McCloy says, "We are committed to doing the
best we can for all parties to determine the best way forward in a
short timeframe."

"Postie Plus appoints Administrators to facilitate a sale of the
company's assets and pursue compensation for losses," the company
said in a statement.

"Previous announcements have described the issues which have
affected Postie Plus Group Limited since December 2012. The
company has suffered a loss of market share and has incurred
trading losses. In addition to these losses further substantial
consequential losses have been suffered. The company has
commissioned expert legal advice as to its ability to recover
compensation and, has been advised that it has proper grounds to
pursue a damages claim. The board believes this should be
vigorously pursued on behalf of all stakeholders.

"Despite restructuring, optimising of the existing DC and recent
improvements to gross margin and market share, the company has
continued to make ongoing trading losses. The company's bank has
been supportive through this period, but has decided it cannot
extend its facilities further to cover ongoing losses.
The board has made considerable efforts to recapitalise the
company, attract a new major cornerstone shareholder, or to sell
the company outright.

"The board has not been able to find a party to immediately inject
a substantial amount of new capital. The board has therefore
determined that the company cannot continue to carry on its
business.

"The board has therefore decided that the best results for
stakeholders can be achieved by appointing administrators under
part 15A of the Companies Act. This will enable the business to
continue trading during the sale period so negotiations can
continue for it to be sold as a going concern," the company added.


TABLE 7: Restaurant Closes Door Amid Drop in Patrons
----------------------------------------------------
Simon Hartley at Otago Daily Times reports that Dunedin-based
restaurant Table 7 Ltd has closed and been forced into liquidation
in the face of declining patronage.

Sole director and shareholder of Table 7 Ltd, Stephen Richardson,
ceased trading on May 17 and he voluntarily placed the company in
liquidators' hands on May 29, Otago Daily Times relates.

According to the report, Insolvency Management liquidator
Don Millis -- don@insolvency.co.nz -- said in his first report,
Mr. Richardson had cited "a sustained downturn in patronage" as
being behind the insolvency.

Otago Daily Times relates that Mr. Millis said total assets and
total debts had not yet been determined and it was not yet known
if a dividend would be available to pay creditors.

The report notes that Mr. Millis understood there were so far
seven unsecured creditors, owed almost NZ$50,000, but it was not
yet known how much was owed to six preferential creditors,
including five staff, or four secured creditors, the latter
including the ANZ bank and local food and beverage suppliers.

He said plant and equipment owned by Table 7, some of which is
subject to security registration interests, was being valued, and
was likely be auctioned on site, the report adds.



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


FIRST SHIP: Fitch Lowers IDR to 'B-'; Outlook Stable
----------------------------------------------------
Fitch Ratings has downgraded Singapore-based First Ship Lease
Trust's (FSLT) Long-Term Issuer Default Rating (IDR) to 'B-' from
'B'.  The Outlook is Stable.

The downgrade reflects weakness in FSLT's portfolio asset quality
following defaults by two lessees, Geden Holdings and OMNI Ships,
in 2013, which resulted in a decline in FSLT's revenue and EBITDA.
FSLT had been in discussion with its lenders since September 2013
to negotiate a further set of covenant relaxation terms.
Immediate liquidity concerns have eased following an extension of
relaxed loan covenants until December 2014, and recent vessel
sales have further improved the liquidity position.  FSLT's
current bareboat lessees are of adequate credit quality, and Fitch
expects FSLT to generate adequate operating cash flows to meet its
debt servicing commitments and other operational expenses.  Fitch
does not expect FSLT's credit metrics to improve significantly in
the medium term.

KEY RATING DRIVERS:

Materially Weaker Credit Metrics: At end-2013, EBITDA debt service
coverage ratio was 0.91x, which was weaker than Fitch's
expectations and below the bank loan covenant threshold of 1.0x.
Two of FSLT's lessees, Geden Holdings and OMNI Ships, which
together accounted for 24% of FSLT's 12-month bareboat charter
revenues, defaulted in July and September 2013 respectively.  This
resulted in a 15% drop in 2013 revenue to USD89.99m and a 19% drop
in EBITDAR to USD62.56m.  In February 2014, FSLT secured an
extension of relaxation in its bank loan covenants to 31 December
2014, which alleviated immediate liquidity pressure.  Proceeds
from vessel sales have been directed to debt reduction, which has
enabled FSLT to comply with the relaxed bank loan covenant of an
EBITDA debt service coverage ratio of 0.90x for 1Q14.

Vessel Sales Fund Debt Reduction: FSLT sold two loss making
vessels, the Stella Fomalhaut and the FSL Durban, in 1Q14 for
USD23.55m cash.  This transaction resulted in FSLT recognising a
loss of USD1.41m.  The sale proceeds and its cash balance of
USD20.37m as at end-2013 were used to fund a USD22m loan
prepayment and an USD8.5m contractual loan repayment.  Gross term
debt as of March 31, 2014, was USD347.30m (end-2013: USD377.49m).
Contractual principal repayment after the prepayment has reduced
to USD39m per annum from USD44m in 2013.

FSLT's free cash generation and its unrestricted cash of USD10.64m
at end-1Q14 should enable the trust to comfortably cover its
contractual principal repayments.  In addition, debt repayment is
not overly onerous because Fitch expects FSLT to sustain positive
free cash flows (FCF).

Adequate Contracted Revenue Visibility: FSLT's remaining bareboat
charter lessees - Yang Ming, Evergreen, James Fisher and Schoeller
are of acceptable credit quality.  Contracted revenue in 2014 and
2015 is USD47m and USD40m respectively.  This and the time
charter, spot and pool revenues should enable the trust to meet
its debt servicing commitments till end-2015.

Unit Distribution to Limit Metric Improvement: While Fitch expects
cash flow from operations of USD45m-50m per annum for 2014-2016,
FSLT could be required to make unit distributions from 2015 and
therefore Fitch expects only modest improvement in FSLT's credit
metrics.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

- FSLT's cash available for debt service, that is, (Unrestricted
cash + FCF + interest expense + unit distributions) / (interest
expense + contractual principal repayment of USD39m + unit
distributions), falls below 1.2x on a sustained basis due to
further lease default (2013: 1.05x).

Positive rating action is not likely in the next 24 months. Fitch
may, however, consider positive rating action if FSLT's cash
available for debt service improves to above 1.6x on a sustained
basis.



====================
S O U T H  K O R E A
====================


WOORI BANK: Fitch Affirms Hybrid Securities Rating at 'BB-'
-----------------------------------------------------------
Fitch Ratings has affirmed Korea-based Woori Bank's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'A-'.  The Outlook
is Stable. Fitch has also affirmed Woori's Viability Rating (VR)
at 'bbb' and upgraded its Short-Term Foreign Currency IDR to 'F1'
from 'F2'.

Key Rating Drivers And Sensitivities - IDRs, Support Rating and
Support Rating Floor

Woori's IDRs, Support Rating (SR) and Support Rating Floor (SRF)
reflect Fitch's continued belief that the South Korean government
(AA-/Stable) has an extremely high propensity to support Woori, if
required. This view is based on Woori's systemic importance as the
second-largest bank in Korea, with 13% and 15% of the banking
system's total assets and deposits respectively, and the
government's majority ownership of the bank through Korea Deposit
Insurance Corporation (KDIC).

A change in the ability of the Korean authorities to provide
support may result in a change in these ratings. Global regulatory
initiatives aimed at reducing implicit government support
available to banks may cause downward pressure on the ratings.

Woori's 'A-' Long-Term Foreign Currency IDR may correspond to a
Short-Term Foreign Currency IDR of either 'F1' or 'F2'. The
upgrade of the Short-Term IDR to 'F1' is in line with Fitch
criteria and reflects Fitch's typical approach to take the higher
of the two possible IDRs, where the issuer (Woori) is rated lower
than the supporting entity (the South Korean government).

KEY RATING DRIVERS AND SENSITIVITIES - VR

Woori's 'bbb' VR reflects its strong local franchise, its adequate
capitalisation and margins, and the sound ordinary support and
supervision from Korea's authorities despite the challenging
operating environment. It also takes into account the bank's weak
management quality and risk control. Another key factor
determining Woori's VR is the bank's structural weakness in its
funding/liquidity profile, particularly in foreign currency.

Its precautionary-and-below loans ratio (4.5% at end-2013) is
significantly worse than the commercial bank average (about 2.9%).
Moreover, the share of loans that are not backed by either
collateral or guarantee (49%) was worse than the system average
(about 43%). Its loan book still carries large exposures to weak
property developers, shipbuilders and shipping companies.

Woori's long-term underlying profitability has weakened due to
various regulatory-driven costs and continued social and political
pressure on the margins and fees of Korean financial institutions.
Fitch expects Woori's ROA to be 0.3%-0.4% for the next few years,
assuming credit costs gradually improve. This compares with 0.2%
in 2013.

Fitch expects Woori's Fitch core capital (FCC) ratio to remain
adequate given that the bank is highly likely to be designated a
"domestic systemically important bank" (D-SIB) in Korea by the
regulator in 2016, which will require the bank to maintain a high
level of capital. Its merger with its parent Woori Financial
Holdings, scheduled in early 2015 under the government's plan to
sell its shares in Woori and its parent to form a new Woori Bank,
will likely result in a 210bp drop in Woori's FCC ratio (12.1% at
end-2013).

Although somewhat volatile, Woori's loans/customer deposits ratio
improved to 118% at end-2013, in part due to the spin-off its
credit card operation in 2Q13, compared with 126% at end-2011.
Woori's retail deposits/total deposits ratio rose to 37% at end-
2013 from 31% at end-2009. Like its local peers, Woori depends
highly on foreign-currency wholesale funding; however, it has
ensured that foreign-currency lending is funded by long-term debts
in accordance with regulatory guidance.

A noticeable improvement in its risk control or in management
quality may offer upside potential for Woori's VR.

A significant deterioration in loan quality resulting in
noticeable erosion in its capitalisation may cause a downgrade of
its VR.

KEY RATING DRIVERS AND SENSITIVITIES - Senior Unsecured Debt

The rating of senior unsecured debt is aligned with the bank's
Long-Term IDR. Any change in the IDR will be reflected in the
rating of the debt.

KEY RATING DRIVERS AND SENSITIVITIES - Subordinated Debt and
Hybrid Securities

The 'BBB-' rating for its legacy Lower Tier 2 subordinated debt is
one notch below Woori's VR, and reflects below-average loss
severity (one notch) and minimal non-performance risk. The
securities have gone-concern loss absorption features and no
coupon payment flexibility.

The 'BB-' rating for Woori's hybrid securities is four notches
below the bank's VR, in line with Fitch's criteria, to reflect
their high loss severity (two notches) and non-performance risk
(two notches). The legacy hybrid Tier 1 capital securities have
limited flexibility over coupon payments despite its going-concern
loss absorption features.

The ratings on the subordinated debt and hybrid securities are
likely to move in line with the VR of the bank.


KEY RATING DRIVERS AND SENSITIVITIES - National Rating

The 'AAA(tha)' rating on Woori's Thai baht-denominated senior
unsecured debt is at the highest end on Thailand's National rating
scale. Therefore, there is no upside. The debt rating could be
downgraded if Woori's Long-Term Foreign Currency IDR is downgraded
below Thailand's Long-Term Local Currency IDR. Alternatively, an
upgrade of Thailand's Long-Term Local Currency IDR may also lead
to Woori's debt being downgraded.

The full list of rating actions follows:

Woori

International ratings:
Long-Term Foreign Currency IDR affirmed at 'A-'; Stable Outlook
Short-Term Foreign Currency IDR upgraded to 'F1' from 'F2'
Viability Rating affirmed at 'bbb'
Support Rating affirmed at '1'
Support Rating Floor affirmed at 'A-'
Senior unsecured debt affirmed at 'A-'
Subordinated debt affirmed at 'BBB-'
Hybrid securities affirmed at 'BB-'

National ratings:
Senior unsecured THB-denominated debt affirmed at 'AAA(tha)'



                             *********

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
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Information contained herein is obtained from sources believed
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                 *** End of Transmission ***