TCRAP_Public/140605.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

            Thursday, June 5, 2014, Vol. 17, No. 110


                            Headlines


A U S T R A L I A

ASIAPAC COMMUNICATIONS: Assets and Business Up for Sale
CUSTOM COACHES: Placed in Administration; 100 Jobs at Risk
HEALTH SERVICE: S&P Affirms and Withdraws BB+ IFS Rating
PACIFIC SERVICES: Placed in Receivership
QANTAS AIRWAYS: Warns on Capacity Freeze


C H I N A

AGILE PROPERTY: S&P Affirms 'BB' CCR; Outlook Stable
CHINA METALLURGICAL: Stake Disposal Supports Moody's Baa3 CFR
HOPSON DEVELOPMENT: Moody's Affirms Caa1 Sr. Unsec. Bond Rating
RENHE COMMERCIAL: S&P Affirms 'CCC' Corporate Credit Rating


H O N G  K O N G

* HK: Liquidators Urge Speedy Action on Corporate Rescue Bill


I N D I A

AGARWAL PROPERTIES: ICRA Suspends B Rating on INR10cr Loan
ASG LEATHER: CRISIL Reaffirms 'B-' Rating on INR10MM Term Loan
BALAJI COTTON: CRISIL Reaffirms 'B' Rating on INR150MM Loan
BALDVA TEXTILES: ICRA Assigns 'B' Rating to INR8.90cr Loans
CHANDNA INFRAPROJECTS: CARE Reaffirms B Rating on INR20.20cr Loan

CLASSIC WEARS: CRISIL Reaffirms 'D' Rating on INR200MM Loans
CREATIVE AND CROFTS: CRISIL Puts 'B+' Rating on INR50MM Loans
DWARKADHISH COTSPIN: ICRA Reaffirms B+ Rating on INR36.5cr Loans
EPLUS PROJECTS: CRISIL Upgrades Rating on INR70MM Loans to 'B+'
GLOBAL TRADING: CRISIL Cuts Rating on INR80MM Loan to 'B+'

GREENWORTH INFRA: ICRA Suspends 'B' Rating on INR7cr Loans
HANS ISPAT: CARE Downgrades Rating on INR83.08cr Bank Loan to 'D'
INTECH SAFETY: CRISIL Assigns 'B+' Rating to INR68MM Loans
IUA TRUST: CRISIL Reaffirms 'B' Rating on INR75MM Term Loan
MAHARAJA COTSPIN: CRISIL Reaffirms B+ Rating on INR669MM Loans

MARUTI ENTERPRISE: ICRA Suspends B+ Rating on INR3cr Loan
MJR RICE: CRISIL Reaffirms 'D' Rating on INR85MM Loans
NAAD BUILDERS: CRISIL Assigns 'B+' Rating to INR71.5MM Term Loan
NAGPUR ASHOK: CRISIL Reaffirms 'B' Rating on INR100MM Loans
PALLA TEXTILES: ICRA Revises Rating on INR28cr Loans to 'D'

RATHNA STORES: CRISIL Lowers Rating on INR870MM Loan to 'D'
RRC INTERNATIONAL: ICRA Reaffirms 'D' Rating on INR27cr Loans
RTS POWER: CRISIL Reaffirms B+ Rating on INR262.9MM Loans
SHAJAHANS JEWELLERS: CRISIL Assigns 'B' Rating to INR200MM Loan
SHRI KARVIR: CRISIL Cuts Rating on INR131.8MM Loans to 'B+'

SRI KAILASANADHA: CRISIL Reaffirms 'B' Rating on INR80MM Loan
SRI SRINIVASA: ICRA Reaffirms 'B+' Rating on INR10cr Loans
SUNDERNAGAR INTEGRATED: ICRA Rates INR8.50cr Loan at 'B+'
SURAJ PULSES: CRISIL Reaffirms 'B' Rating on INR130MM Loans
SUSHILA INTERNATIONAL: ICRA Suspends D Rating on INR22.18cr Loans

T.M. PATEL: CRISIL Assigns 'B+' Rating to INR65.6MM Loans
TIRUPATI BALAJI: CRISIL Reaffirms 'B' Rating on INR80MM Loans
TRUBA ADVANCE: CARE Assigns 'B' Rating to INR12.18cr Bank Loan
VTC ENGINEERING: CRISIL Reaffirms 'B' Rating on INR130MM Loans


N E W  Z E A L A N D

FELTEX CARPETS: Knew of Sales Shortfall, Plaintiff Says
POSTIE PLUS: Administrators Strike Sale Deal With Foreign Buyer


                            - - - - -


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


ASIAPAC COMMUNICATIONS: Assets and Business Up for Sale
-------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that the assets and
business of AsiaPac Communications Group Pty Ltd are up for sale.
The sale includes the company's platform for supporting and
maintaining fixed as well as mobile telephony plans, the report
says.

According to the report, the service provider's platform is an
integrated operations, billing, support and sales platform for
telecommunication services that include data and mobile
communications and mobile virtual network operations. Other
services supported by the platform include brand expansion and
broadband services.

dissolve.com.au says the buyer of AsiaPac will be able to acquire
related assets of the company including associated hardware,
platform source code, intellectual property and workforce. The
company's key supplier agreements and customer contracts are also
part of the sale.

As reported in the Troubled Company Reporter-Asia Pacific on
May 6, 2014, CRN said Victorian-based telecommunications
wholesaler and billing platform provider iBoss has disconnected
thousands of customers after entering a court-ordered
administration on May 2.

In a notice to customers on May 3, the company's management
revealed that iBoss, its sister business One Telecom and the
pair's parent company, AsiaPac Communications -- a subsidiary of
telecommunications wholesaler Conec2 -- had entered administration
as a result of carrier service restrictions with their supplier,
according to CRN.

CRN said the Victorian Supreme Court on May 2 ordered iBoss,
AsiaPac and One Telecom into administration with Ferrier Hodgson,
the insolvency practitioner that oversaw the controversial ispONE
acquisition and sale to Conec2.


CUSTOM COACHES: Placed in Administration; 100 Jobs at Risk
----------------------------------------------------------
Tim Noonan at 7News Adelaide reports that Custom Coaches Pty Ltd,
the Adelaide-based firm that makes the city's buses, has gone into
administration, putting 100 jobs at risk.

Custom Coaches, based at Royal Park in the western suburbs, was
cut loose by its parent company on May 29, the report relates.

7News relates that Scottish-based ADL bought the company in 2012,
but it has been making substantial losses.

The future of 100 workers now rests on whether the company can
find a new buyer, 7News notes.

Timothy Bryce Norman -- tnorman@deloitte.com.au -- and Vaughan
Neil Strawbridge -- vastrawbridge@deloitte.com.au -- of Deloitte
were appointed as joint administrators of the company on May 30,
2014.

A meeting with creditors is set for June 11.

Custom Coaches Pty Ltd is an Adelaide-based bus manufacturer.


HEALTH SERVICE: S&P Affirms and Withdraws BB+ IFS Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed and
then withdrawn its 'BB+/Stable' insurer financial strength and
counterparty credit ratings on Health Service Welfare Society Ltd.
(trading as Accuro Health Insurance) following a request by the
insurer.


PACIFIC SERVICES: Placed in Receivership
----------------------------------------
Pacific Services Group Pty Ltd and six of its subsidiaries have
appointed Craig Crosbie -- ccrosbie@ppbadvisory.com -- Phil Carter
-- pcarter@ppbadvisory.com -- Daniel Walley --
dwalley@ppbadvisory.com -- and Martin Ford --
mford@ppbadvisory.com -- of PPB Advisory as Administrators,
effective June 2, 2014.

PPB Advisory's appointment preceded the appointment of
Scott Kershaw -- skershaw@kordamentha.com -- Michael Brereton --
mbrereton@kordamentha.com -- and Craig Shepherd --
cshepard@kordamentha.com -- of KordaMentha as Receivers and
Managers. The Receivers and Managers have control of PSG's assets.

The Administrators will make every effort to assist employees
while they investigate the affairs of PSG and will report their
findings to creditors towards the end of the month.

Commenting on the appointment, PPB Advisory partner, Craig Crosbie
said "PPB Advisory was appointed late yesterday [June 2] as
Administrator of Pacific Services Group and we are working quickly
to understand the financial position of the group.

"We are mindful of the impact on employees and are working with
the Electrical Trades Union, the Receivers and Managers and PSG
management to ensure entitlements are calculated as a matter of
urgency.

"We understand the Receivers and Managers have ceased to trade the
businesses. At this stage it is unlikely that funds will be
available to meet unsecured creditor claims. In the event the PSG
companies are wound up and there are insufficient funds to pay
employees, they will be entitled to lodge a claim under the
federal government's Fair Entitlement Guarantee (FEG) scheme. The
Administrators will facilitate this process.

"We have notified the Department of Employment that a Fair
Entitlements Guarantee (FEG) claim is being prepared and we will
do everything in our power to secure FEG funding and process
employee claims as quickly as possible."

Pacific Services Group (PSG) Pty Ltd companies for which PPB
Advisory is acting as Voluntary Administrator and KordaMentha is
acting as Receiver and Manager Craig Crosbie, Phil Carter and
Daniel Walley of PPB Advisory have been appointed as Joint and
Several Administrators to these companies:

Pacific Services Group Pty Ltd
KRS Electrical Services Pty Ltd
KRS Electrical Services SA Pty Ltd
KRS Communications Pty Ltd
KRS Electrical Services WA Pty Ltd

Craig Crosbie, Phil Carter and Martin Ford of PPB Advisory have
been appointed as Joint and Several Administrators to these
companies:

KRS Electrical Services Qld Pty Ltd
PM Switchboards Pty Ltd

Pacific Services Group Pty Ltd provides manufacturing,
construction and maintenance services to the electrical and
communications industry.  It has approximately 700 employees
across Australia.


QANTAS AIRWAYS: Warns on Capacity Freeze
----------------------------------------
Steve Creedy at The Australian reports that Qantas Airways chief
executive Alan Joyce has not ruled out extending a freeze on
domestic capacity growth to help the airline's bleeding bottom
line.

The Australian says Mr. Joyce announced last month that Qantas
would freeze capacity growth across Qantas Domestic, QantasLink
and Jetstar in the first three months of the coming financial
year, signalling an end to the so-called capacity wars that have
helped push the nation's two major carriers to an expected
combined loss of about AUD1 billion.

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

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2014, Moody's Investors Service said Qantas Airways
Limited's half year results to Dec. 30, 2013, are credit negative
though broadly within expectation and have no immediate impact on
its Ba1 corporate family rating, Ba2 senior unsecured long term
rating or non-prime (NP) short term rating. The outlook for
Qantas' ratings remains negative.

The TCR-AP reported on Jan. 27, 2014, that Standard & Poor's
Ratings Services affirmed its 'BB+' long-term issue rating on
Qantas Airways Ltd.'s senior unsecured debt, in line with the
corporate credit rating.  At the same time, S&P assigned a
recovery rating of '3', indicating its expectation of meaningful
(50%-70%) recovery for creditors in the event of a payment
default.  S&P has also removed the senior unsecured debt from
CreditWatch with negative implications, where it was placed on
Dec. 5, 2013.



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


AGILE PROPERTY: S&P Affirms 'BB' CCR; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
corporate credit rating on China-based developer Agile Property
Holdings Ltd.  The outlook is stable.  At the same time, S&P
affirmed its 'cnBBB-' long-term Greater China regional scale
rating on the company.  S&P also affirmed its 'BB-' long term
issue rating and 'cnBB+' long-term Greater China regional scale
rating on Agile's outstanding senior unsecured notes.

"We affirmed the rating to reflect our view that Agile will
maintain its aggressive appetite for debt-funded growth and that
its profit margin will come under pressure this year," said
Standard & Poor's credit analyst Dennis Lee.  "At the same time,
we expect Agile to continue to benefit from its good market
position in Guangdong, sizable low-cost land reserves, and good
operating record."

Agile's profitability is likely to become weaker in 2014 as the
company continues to transition towards a fast-turnover model,
which is so far untested and involves raising debt levels.  In
view of these risks, S&P has revised its assessment of the
company's financial risk profile to "aggressive" from
"significant."

Agile's profitability will come under pressure as government
restrictions will continue to suppress sales and margins from
high-end tourism projects.  Rising construction costs and higher
operating expenses stemming from expansion into new cities eroded
margins in 2013.

Agile's contract sales target for 2014 appears somewhat
aggressive, given that the company has been relatively less
exposed to the mass market than peers and competition is
particularly fierce in this segment.  In addition, about 38% of
the company's salable resources are in eastern China and other
regions where its brand recognition is either weak or untested.

"We expect Agile to maintain its good market position in cities
such as Zhongshan, Guangzhou, and Foshan in Guangdong, where it
has good brand recognition.  The company's stable revenue growth
over the past few years reflects its good sales and execution.
The company's profitability has been stronger than the industry
average in the past few years due to high-end developments and a
large-scale tourism project in Hainan province.  In our view,
Agile has strong market knowledge in its home base, particularly
in the high-end segment, which has driven profit for the past few
years.  Agile's low land costs should continue to support its
profitability.  The company acquired its large land bank of 42
million square meters at a low average cost of Chinese renminbi
(RMB) 1,180 per square meter, which represents only about 12% of
its average selling price of RMB10,000-RMB11,000 per square meter.
Together, these strengths will continue to support its
"satisfactory" business risk profile," S&P said.

"We expect total borrowing to remain high as Agile accelerates the
development of its large land bank. Leverage increased
significantly in 2013 because of the company's aggressive land
acquisitions to support its transition process.  Its debt-to-
EBITDA ratio increased to 3.7x from 2.5x in 2012.  We expect
Agile's land acquisitions to be somewhat controlled in 2014 and
2015, given that it already has a sizable land bank.  For example,
in the first five months of 2014, the company incurred about RMB2
billion in land premiums, compared with RMB16 billion in 2013.
However, Agile's capital requirements are likely to remain high as
we anticipate that the company will ramp up construction to
develop its newly acquired land bank for its fast-turnover
strategy," S&P added.

In S&P's base case, Agile's debt level will further rise to
support growth.  Increased cash flow from contract sales will not
entirely offset the company's higher capital requirements, which
stem from increased construction activities and higher selling,
general, and administrative (SG&A) expenses for expansion into new
markets.  As such, S&P expects debt to increase to RMB50 billion-
RMB55 billion in 2014-2015, compared with RMB42.3 billion in 2013.

S&P also expects Agile's increased revenue to partly offset the
negative impact of its declined profit margin and debt increase.
As such, S&P estimates that its debt-to-EBITDA ratio will increase
to 4.0x-4.5x in both 2014 and 2015, commensurate with its
assessment of an "aggressive" financial risk profile.

The issue rating is one notch lower than the corporate credit
rating on Agile because S&P expects the company to continue to
rely on onshore borrowing, in particular project loans, to finance
construction stemming from its aggressive expansion, such that its
ratio of priority debt to total assets will remain above S&P's
issue rating notching threshold of 15% for speculative-grade debt.

Many of Agile's similarly rated peers are also aggressively
increasing debt to fund the transition toward a fast-turnover
strategy.  S&P has therefore revised its comparative rating
analysis assessment to "neutral" from "negative."

"The stable outlook reflects our expectation that Agile's property
sales will increase moderately and further enlarge its revenue
over the next 12 months," said Mr. Lee.

S&P also expects rising construction activities and costs to
weaken the company's profitability and increase its debt level,
such that its debt-to-EBITDA ratio will increase to 4.0x-4.5x by
the end of 2014.

S&P could lower the rating if Agile's property sales or profit
margin are materially below its expectations or the company adopts
more aggressive plans for construction and land acquisitions over
the next 12 months.  A sign of this could be its debt-to-EBITDA
ratio exceeding 5x.

Rating upside is limited over the next 12 months.  S&P could raise
the rating if: (1) Agile's financial risk profile improves due to
strong sales, good profitability, and well-managed leverage, such
that its ratio of total debt to EBITDA is less than 3.5x on a
sustained basis; and (2) the company materially improves its
operating scale, and geographic and project concentration.


CHINA METALLURGICAL: Stake Disposal Supports Moody's Baa3 CFR
-------------------------------------------------------------
Moody's Investors Service says that China Metallurgical Group
Corporation's (CMGC) disposal of its equity interest in
Jinmingcheng Real Estate in Nanjing is credit positive for CMGC
and supports its Baa3 corporate family rating, as well as the Ba1
guaranteed bond rating for its subsidiary, MCC Holding (Hong Kong)
Corporation Limited.

The ratings outlook remains stable.

On 30 May 2014, Metallurgical Corporation of China Ltd (MCC,
unrated), a key subsidiary of CMGC, announced that it would
dispose its 100% equity interest in Jinmingcheng Real Estate for a
consideration of RMB2.54 billion.

MCC will record an investment return of RMB82 million out of the
transaction.

"The transaction demonstrates CMGC's commitment to strengthening
its balance sheet. Moody's expect the proceeds from the disposal
will be used for debt reduction, replenishment of working capital,
and the development of other real estate projects," says Chenyi
Lu, a Moody's Vice President and Senior Analyst.

Assuming that the entire proceeds will be used to pay down the
company's debt, CMGC's reported debt of RMB150 billion at end-2013
will decline by 1.7%, and its adjusted debt/EBITDA will lower by
0.13x.

Moody's also expects CMGC's adjusted EBITDA margin to improve
further to about 10% in 2014, given its continued profit-oriented
operations and cost controls.

Given the expected improvement in earnings and lower levels of
debt owing to asset sales, Moody's expects CMCG's adjusted
debt/EBITDA to fall to about 7.0x over the next 12-18 months from
7.4x in 2013.

This level of leverage is consistent with its Baa3 corporate
family rating and baseline credit assessment of ba3.

The principal methodology used in this rating was the Global
Construction Methodology published in November 2010. Other
methodologies used include the Government-Related Issuers:
Methodology Update published in July 2010.

China Metallurgical Group Corporation is engaged in the
engineering and construction, equipment manufacturing, property
development and resources development businesses. Headquartered in
Beijing, it is a central state-owned enterprise that is wholly
owned by the State Council of China and supervised by the State-
owned Assets Supervision and Administration Commission.


HOPSON DEVELOPMENT: Moody's Affirms Caa1 Sr. Unsec. Bond Rating
----------------------------------------------------------------
Moody's Investors Service has changed Hopson Development Holdings
Ltd's ratings outlook to negative from stable.

At the same time, Moody's has affirmed the company's B3 corporate
family and Caa1 senior unsecured bond ratings.

Ratings Rationale

"The negative outlook reflects Moody's concern over increased
liquidity pressures for Hopson as a result of weak sales execution
which is likely to continue in the next 12 months as the slowdown
in the Chinese property market persists," says Jiming Zou, a
Moody's Analyst.

In the first four months of 2014, Hopson achieved RMB1.2 billion
in contracted sales, representing a year-on-year decline of 65.2%.
Such a weak performance was due to weaker demand for its deluxe
residential properties in first-tier cities and a tight credit
environment.

Moody's expects the company's cash flow will further weaken and
will in turn reduce cash to short-term debt coverage to around
40%-50% from 70% at end-2013, if sales continue to be sluggish in
the next 12 months. Moreover, its ability to refinance debt could
be adversely affected by its low level of interest coverage which
is expected to fall below 1x.

"Moreover, its debt level will not improve due to its high
inventory position," says Zou, who is the Lead Analyst for Hopson.

Hopson's completed properties and properties under construction
totaled about RMB60 billion at end-2013, accounting for about 5.3x
contracted sales in 2013. Although the company is striving to
improve its product structure by offering more small- and medium-
sized units this year, it will take time to reduce inventory in a
weak property market.

Moody's will continue to monitor the company's efforts to improve
its liquidity position, including project monetization activities
and its ability to raise new debt in the next few months. The
absence of any favorable development to improve liquidity could
further pressure the ratings.

Hopson's B3 rating reflects its established brand in Guangdong
Province and Beijing, and its track record in large-scale
residential developments.

The ratings could be downgraded if (1) Hopson's liquidity
deteriorates, as evidenced by declining cash, or rising short-term
debt levels; or (2) the company continues to experience declines
in its sales and profit margins.

A rating upgrade is unlikely, given the negative outlook. However,
the rating outlook would return to stable if Hopson (1) improves
its liquidity position, such that its unrestricted cash will
adequately cover its short-term debt; (2) achieves its contracted
sales targets; and (3) improve its interest coverage with
EBITDA/interest at 1x.

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

Hopson Development Company Holdings Limited is one of the largest
property developers in China with a land bank of 33.45 million
square meters in gross floor area as of December 2013. Its
principal business interests are residential developments in four
major cities -- Guangzhou, Beijing, Shanghai, and Tianjin -- and
their surrounding areas.


RENHE COMMERCIAL: S&P Affirms 'CCC' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'CCC' long-term corporate credit rating on China-based underground
shopping mall developer and operator Renhe Commercial Holdings Co.
Ltd.  The outlook is negative.  At the same time, S&P affirmed its
'CCC' long-term issue rating on the company's senior unsecured
notes.  S&P also affirmed its 'cnCCC' long-term Greater China
regional scale ratings on Renhe and the notes.

"The rating on Renhe reflects the company's ongoing repayment and
refinancing risk," said Standard & Poor's credit analyst
Christopher Lee.  "Renhe's liquidity remains vulnerable to revenue
from property sales, which are unlikely to improve materially.  We
therefore believe the company may not have sufficient funds to
meet its interest expenses or principal repayments over the next
12 months."

Renhe has large interest expenses of about Chinese renminbi (RMB)
900 million each year and senior unsecured notes of US$300 million
due in May 2015.

S&P anticipates that Renhe's property sales will recover only
slightly in 2014 because of sales from expected project
completions.  Also, while the collection of receivables improved
modestly in early 2014, visibility on further improvement is
limited.  As a result, S&P expects the company's property sales
and collection of receivables to remain low and be insufficient to
repay its debt.  In S&P's opinion, Renhe may have limited avenues
to raise fresh funding from the market because it has limited
land-use rights for its underground malls.

The rating on Renhe also reflects the company's vulnerable
business model because of its limited access to bank financing and
high regulatory risk.  The prime location of Renhe's projects and
the company's low land costs due to its unusual business model
temper the above weaknesses.

Renhe's financial risk profile has further deteriorated,
increasing the pressure on the company's already "weak" liquidity,
as S&P's criteria define the term.  Revenues from property sales
continue to decline, falling to RMB92.7 million in 2013, from
RMB270 million in 2012 and more than RMB1.8 billion in 2011.

"In our base-case scenario, we estimate Renhe's primary liquidity
sources, including unrestricted cash, property sales, receivables
collection, and rental income, to fall 60%-70% short of its
financial obligations and other commitments in the next 12
months," said Mr. Lee.

The negative outlook reflects S&P's expectation that Renhe may
miss its interest or principal payments over the next 12 months.
This is because S&P expects the company's liquidity position to
remain weak due to insufficient property sales and receivables
collection, and substantial debt refinancing needs.

S&P may lower the rating if Renhe's cash balance depletes faster
than it expects.  This could happen if property sales and
receivables collection do not improve and the company does not
lower its operating expenses and capital expenditure.  A cash
balance of less than RMB500 million would indicate such a
deterioration.  S&P may also lower the rating if Renhe does not
refinance its senior unsecured notes due 2015 or roll over its
onshore borrowings within the next six months.

S&P may revise the outlook to stable or upgrade Renhe if the
company refinances its senior unsecured notes or raises new
funding from capital markets or asset sales.  Also, the company's
net cash flows should have improved significantly, with cash from
property sales increasing to well above RMB1,500 million,
receivables collection meeting expectations, and operating
expenses and capital expenditure remaining under control.



================
H O N G  K O N G
================


* HK: Liquidators Urge Speedy Action on Corporate Rescue Bill
-------------------------------------------------------------
Enoch Yiu at The South China Morning Post reports that liquidators
have urged the Hong Kong government to speed up the legislative
process for a proposed corporate rescue bill to allow troubled
companies more time to find white knights.

They say the city lags other markets in terms of a liquidation law
for firms, the report relates.

But they warned that the payment of outstanding wages and benefits
to employees would remain the key issue to determine if lawmakers
would back a government bill, according to the report.

SCMP reports that the government has announced that it will submit
a bill to the Legislative Council next year, so that
Hong Kong will have a law similar to Chapter 11 bankruptcy
legislation in the US.

This law gives US companies breathing space to reorganise and find
new investors so it can eventually repay its creditors and prevent
a single creditor from winding it up, the report notes.

Hong Kong currently has no bankruptcy protection law, so a single
creditor can wind up a company, SCMP says.

"Most countries, including mainland China, have bankruptcy laws.
This makes Hong Kong legislation very outdated," the report quotes
Alan Tang Chung-wah, a partner and head of specialist advisory
services in the Hong Kong office of mainland accounting firm
ShineWing, as saying.  He said Hong Kong very much needed a new
law.

According to SCMP, Johnson Kong Chi-how, chief executive of
accounting firm BDO Hong Kong, said the lack of a proper corporate
rescue law also meant a single creditor alone could apply to wind
up a company. "This is not ideal as this does not provide
sufficient time for a company to find a new buyer or try other
methods to rescue its business," Mr. Kong, as cited by SCMP, said.

Mr. Kong noted that in the US, many companies in financial trouble
escape liquidation as the Chapter 11 law gives them time to
organise a turnaround, a move that saves businesses and ultimately
jobs, the report relates.

SCMP says the proposed Hong Kong corporate rescue bill, if
approved by lawmakers, would give ailing companies six months to
restructure or find a buyer. During the grace period, the company
cannot be wound up by creditors.

The report notes that the major obstacle to a law being approved
is how to handle outstanding payments owed to employees, despite
three rounds of consultation and countless debate in Hong Kong
over the past two decades.

SCMP says the Law Reform Commission first proposed a corporate
rescue procedure in 1996.  According to the report, the government
submitted its first draft to the Legislative Council in 2000, but
it failed to win support from accountants, lawyers and the
business community, who opposed requiring firms to pay all
employees their unpaid wages and entitlements in full before they
could begin seeking a rescue plan. The professionals said
companies that could comply with this were not in trouble.

In 2003, the report says, the government added a cap on employee
payouts of HK$36,000 for a basic salary and HK$270,000 for all
other payments. It was rejected by employees and unionists, and
law reform was shelved.

The global financial crisis in 2008 and 2009 prompted the
government to revive the idea. A third consultation was undertaken
from late 2009 into 2010 with a proposed law that would allow a
corporate rescue to be started, with workers to be paid in phases
within a year of this process taking place, the report adds.



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


AGARWAL PROPERTIES: ICRA Suspends B Rating on INR10cr Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to the
INR10.00 crore fund based facilities of Agarwal Properties &
Developers. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Agarwal Properties and Developers is a partnership firm which was
incorporated in 2010 with Mr. Avnish Goel and Mr. Amit Singhal as
partners, having profit sharing of 50% each. During FY-13, Mr.
Avnish Geol and Mr. Amit Singhal retired from the firm and 3 new
partners joined Grip Developers India Pvt. Ltd, Mr. Piyush Gupta
and Mr. Sant Gopal Arora in the profit-sharing ratio of 98%, 1%
and 1%. The firm is developing its maiden housing project 'Defense
64' at Defense Enclave, Sardhana Road, Meerut Cantonment, Meerut
(Uttar Pradesh).


ASG LEATHER: CRISIL Reaffirms 'B-' Rating on INR10MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of ASG Leather Pvt Ltd
continue to reflect the company's weak financial risk profile,
marked by a small net worth, high gearing and weak debt protection
metrics, small scale of operations, and large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of ASG's promoters in the leather bags export
business and established relationship with customers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          --------     -------
   Export Packing Credit   55       CRISIL A4 (Reaffirmed)

   Foreign Bill
   Discounting              5       CRISIL A4 (Reaffirmed)

   Letter of Credit         5       CRISIL A4 (Reaffirmed)

   Term Loan               10       CRISIL B-/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility      45       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes ASG will benefit from its promoters' extensive
experience in the leather industry. The outlook may be revised to
'Positive' in case ASG registers a sustained improvement in its
cash accruals and debt protection metrics, resulting in an
improvement in its liquidity profile. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected cash
accruals, larger-than-expected working capital requirements or
large capital expenditure, adversely impacting its debt servicing
ability.

Update
For 2013-14 (refers to financial year, April 1 to March 31), ASG
is estimated to record revenue of INR170 million, broadly in line
with CRISIL's expectations and a growth of over 40 per cent over
the previous year. The strong growth in revenue is on the back of
better realisations as well as capacity expansion. ASG's revenue
is expected to grow annually at 10 to 14 per cent over the medium
term driven by its preference as a vendor among its customers as
well as its plans of foraying into the domestic market. The
company is expected to maintain its operating margin at 8.5 to 9.5
per cent.

ASG's operations are working-capital-intensive, with large
inventory and receivables holding of around four months and one
and a half months, respectively, against a credit of three months
from its suppliers. Consequently, ASG's liquidity is stretched
with bank limits being fully utilised over the 12 months through
December 2013 and tightly matched cash accruals against maturing
debt obligations. ASG is estimated to generate cash accruals of
INR5.1 million in 2013-14, which is expected to be tightly matched
to meet its debt obligations of INR5 million maturing during the
year. However, ASG's export packing credit limit has been enhanced
by INR10 million in January 2014 and the same is expected to
support the company's liquidity. ASG's financial risk profile is
marked by small net worth of INR38 million (estimated) and high
gearing of 1.7 times (estimated) as on March 31, 2014. The debt
protection metrics are weak, with interest coverage and net cash
accruals to total debt ratios estimated at 1.5 times and 0.08
times, respectively, for 2013-14. The financial risk profile will
remain constrained driven by working capital intensity of
operations, dependence on external debt, and nominal accretions to
reserves.

Set up in 2002 by Mr. Alok Kumar Sengupta, ASG manufactures and
exports leather bags and wallets. It has three manufacturing units
in Kolkata (West Bengal).

In 2012-13 (refers to financial year, April 1 to March 31), ASG
reported a profit after tax (PAT) of INR2.0 million on net income
of INR123.6 million; the company reported a PAT of INR1.5 million
on a net income of INR106.0 million in 2011-12.


BALAJI COTTON: CRISIL Reaffirms 'B' Rating on INR150MM Loan
-----------------------------------------------------------
CRISIL's rating on the bank facility of Balaji Cotton Trading
Company continues to reflect its below-average financial risk
profile marked by its small net-worth, high gearing and weak debt
protection metrics.

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

The ratings of the firm are also constrained on account of its
large working capital requirements, susceptibility of its
profitability margins to volatility in cotton prices, and its
exposure to regulatory changes and intense competition in the
cotton ginning industry. These rating weaknesses are partially
offset by the extensive industry experience of BCTC's promoters in
the cotton ginning industry.

Outlook: Stable

CRISIL believes that BCTC will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
ginning business. The outlook may be revised to 'Positive' if
there is a sustained improvement in the firm's revenues and
working capital cycle, or there is a substantial improvement in
its capital structure on the back of sizeable equity infusion by
its promoters. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the firm's revenues and
profitability margins, or significant deterioration in its capital
structure caused most likely because of a stretch in its working
capital cycle.

Established in 2002 and based in Adilabad (Andhra Pradesh), BCTC
is engaged in engaged in ginning and pressing of raw cotton. The
company's promoters - Mr. Ganesh Mukkawar and Mr. Girish Mukkawar
- have more than 15 years of experience in the cotton ginning
business.


BALDVA TEXTILES: ICRA Assigns 'B' Rating to INR8.90cr Loans
-----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to INR8.90 crore
fund based bank facilities of Baldva Textiles Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term: Fund
   Based/CC              8.00       [ICRA]B

   Long Term: Fund
   Based/TL              0.90       [ICRA]B

Rating Rationale

The assigned rating is constrained on account of BTPL's weak
financial profile as characterized by highly leveraged capital
structure and low profitability leading to weak debt coverage
indicators. The rating is also constrained on account of high
working capital intensity of operations owing to longer receivable
turnover period and high inventory level. This has resulted in
stretched liquidity profile of the company as reflected in
consistently high utilization of working capital limits. The
rating also takes note of the company's heavy reliance on high-
cost deposits from unrelated parties for its long term funding
requirement which depresses the net profitability margins despite
satisfactory operating profitability margins. Further the proposed
debt funded capex (gross block increment by more than 60%) to be
incurred will continue to result in leveraged capital structure
and hence weak debt coverage indicators.

The rating, however, favourably takes note of the promoters
experience in the textile business driving the operations of the
company as reflected in satisfactory utilization of its
manufacturing capacity.

Going forward, the satisfactory utilization of the proposed
capacity expansion, securing adequate working capital facility
commensurate with the expected increase in scale of the operations
shall be crucial for the company. Also, an improvement in
profitability leading to increase in cash accruals, reduced
reliance on borrowing through capital infusion leading to improved
capital structure and improvement in liquidity will be the key
rating sensitivities.

Baldva Textile Pvt Ltd was incorporated in 1985 by Mr. Anil
Baldva. BTPL is in the manufacturing of woven clothes and
manufactures cotton, blends, lycra and polyester fabrics. The
company has total of 54 looms and has an installed capacity of
producing 42 lac meters of woven clothes per annum. The company is
located in Bhilwara, Rajasthan.

Recent Results
BTPL reported an Operating Income (OI) of INR39.42 Crore and net
profit of INR0.09 Crore in 9M FY2013 against OI of INR40.34 Crore
and net profit of INR0.08 Crore in FY2013.


CHANDNA INFRAPROJECTS: CARE Reaffirms B Rating on INR20.20cr Loan
-----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Chandna
Infraprojects (India) Private Limited.

                              Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    20.20       CARE B Reaffirmed
   Short term Bank Facilities    0.50       CARE A4 Reaffirmed

Rating Rational

The ratings remain constrained on account of modest scale of
operations of Chandna Infraprojects (India) Private Limited
in its first full year of operation (FY14, refers to the period
April 1 to March 31) with cash losses, weak solvency
position and stressed liquidity position. The ratings further
continue to remain constrained on account of its presence in a
highly competitive granite processing industry and direct linkage
with cyclical real estate sector.

The ratings, however, continue to favorably take into account the
vast experience of the management in the marble and granite
industry, continuous financial support provided by the promoters,
strong group support and location advantage with an easy access to
raw material and labour.

Improvement in the scale of operations along with improvement in
profitability and efficient working capital management are the key
rating sensitivities.

Jaipur (Rajasthan) based CIIPL, incorporated in 2010, is a part of
Chandna Group which is engaged primarily in the mining of marbles
and granites as well as cutting and processing of marbles since
2000. The group concern includes Chandna Marble Private Limited
(CMPL; incorporated in 2005) which is engaged in the mining and
processing of marbles, Chandna Granite Private Limited (CGPL;
incorporated in 2009) which is engaged in mining of granites,
Chandna Marbles (CHM; formed in 2000) which is engaged in mining
of marbles.

CIIPL was incorporated with an objective to set up a greenfield
plant at Kishangarh (Rajasthan) for processing of granites. The
company incurred total cost of INR28.63 crore towards the project
funded through term loan of INR18.00 crore, equity share capital
of INR10.12 crore and remaining from unsecured loans taken from
directors and their relatives and commenced the commercial
operations from November 2012. The plant of the company has an
installed capacity of 42.90 Lakh Square Feet Per Annum (LSPA). It
owns six cutters and one gangsaw machine.

As per provisional result of FY14 (refers to the period April 1 to
March 31), CIIPL reported a total operating income of INR6.49
crore and net loss of INR2.09 crore.


CLASSIC WEARS: CRISIL Reaffirms 'D' Rating on INR200MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Classic Wears Pvt Ltd
(CWL) continue to reflect instances of delay by CWL in servicing
its term debt obligations; the delays have been caused by the
company's weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         2         CRISIL D (Reaffirmed)
   Cash Credit           90         CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    15.8       CRISIL D (Reaffirmed)
   Term Loan             92.2       CRISIL D (Reaffirmed)

CWL also has an average financial risk profile, marked by small
networth and weak debt protection metrics. The rating also factors
in CWL's small scale of operations in the intensely competitive
and fragmented garments industry. The above rating weaknesses are
partly offset by benefit that the company derives from its
promoters' extensive industry experience.

Set up in 1984 by Mr. Raj Awasthy and his wife, CWL manufactures
ready-made woollen garments at its facility in Ludhiana (Punjab).
CWL mainly sells its products in retail through its own network of
7 showrooms, and through its associate company, Sobhagia Sales
Private Limited (SSPL), 52 showrooms.


CREATIVE AND CROFTS: CRISIL Puts 'B+' Rating on INR50MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Creative and Crofts Industries India Pvt
Ltd.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            --------      -------
   Proposed Long Term
   Bank Loan Facility       13         CRISIL B+/Stable

   Packing Credit           20         CRISIL A4

   Cash Credit               9.5       CRISIL B+/Stable

   Foreign Bill Purchase    27.5       CRISIL B+/Stable

The ratings reflect its modest scale of operations in the
intensely competitive furniture hardware industry along with
working capital intensity of operations, and average financial
risk profile marked by a modest net worth and subdued debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of its promoters and the
funding support it receives from them.

Outlook: Stable

CRISIL believes CCPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case the company reports higher than
expected cash accruals while it improves its working capital
cycle, and thus strengthens its liquidity and financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there is a significant decline in its revenues or operating
profitability or further elongation in the working capital cycle,
constraining its liquidity.

CCPL was established in 2006 by Mr. Harshvardhan Sharma in
partnership with Crofts & Assinder Ltd (United Kingdom). The
company is a 100 per cent export oriented unit that manufactures
hardware used in furniture. It is based in Aligarh (Uttar
Pradesh).


DWARKADHISH COTSPIN: ICRA Reaffirms B+ Rating on INR36.5cr Loans
----------------------------------------------------------------
Rating of [ICRA]B+ has been reaffirmed to the INR8.00 crore fund-
based cash credit facility and INR28.50 crore term loan facility
of Dwarkadhish Cotspin Private Limited. A rating of [ICRA]A4 has
also been reaffirmed to the INR1.50 crore short term non fund
based bank guarantee facility and INR0.44 crore of derivative
facility of DCPL.
                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loan            28.50        [ICRA]B+ reaffirmed
   Cash Credit           8.00        [ICRA]B+ reaffirmed
   Bank Guarantee        1.50        [ICRA]A4 reaffirmed
   Derivative            0.44        [ICRA]A4 reaffirmed

The reaffirmation in the ratings takes into account the highly
competitive business environment given the fragmented nature of
cotton industry thus, limiting the company's ability to fully pass
on the increase in raw material prices; and vulnerability of
profitability given the unexpected movements in cotton bales
prices which are subject to seasonality and crop harvest. ICRA
also takes notes of the debt funded capital expenditure undertaken
by the company and high working capital intensity of operations
which is expected to keep the capital structure and credit metrics
stretched in near term.

The ratings, however, favorably take into account the long
experience of management in the cotton and spinning industry;
close proximity to raw material sources as the company is located
in a major cotton growing belt of India; and operational support
from group concern ensuring steady supply of raw material (cotton
bales).Further the rating also takes into account the timely
execution of the project as well as stabilization of operations
achieved since commencement of operations.

Dwarkadhish Cotspin Private Limited was incorporated in May 2011
by Mr. Dipak Patel along with other directors. DCPL is engaged in
the business of spinning of cotton yarns with an installed
capacity to manufacture 4000 TPA of 30s combed hosiery cotton
yarn. The plant is located at Surendranagar, Gujarat. The company
commenced the commercial production from April 2013. The
management has an experience in cotton and spinning industry
through other group concerns.

Recent Results
For the year ended 31st March 2014, Dwarkadhish Cotspin Private
Limited achieved an operating income of INR44.95 crore and profit
after tax of INR2.23 crore.


EPLUS PROJECTS: CRISIL Upgrades Rating on INR70MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
EPlus Projects Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and has reaffirmed its rating on the company's short-
term bank facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         80        CRISIL A4 (Reaffirmed)

   Cash Credit            65        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Cash
   Credit Limit            5        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects the expected improvement in EPlus's
business risk profile, backed by its strong order book and
moderate operating profitability. The company is likely to clock
revenue of INR240 million to INR250 million during 2013-14 (refers
to financial year, April 1 to March 31) against INR89 million
during 2012-13. It had an order book of INR1.07 billion as on
March 31, 2014, which provides sufficient revenue visibility for
the medium term. CRISIL believes that EPlus will maintain
operating profitability at 11 to 13 per cent over the medium term.

The ratings reflect EPlus's moderate gearing and debt protection
metrics, support by low debt level. These rating strengths are
offset by the company's large working capital requirements, low
cash accruals and net worth because of small scale of operations,
modest liquidity, and exposure to intense competition in the civil
construction industry.

Outlook: Stable

CRISIL believes that EPlus will continue to benefit over the
medium term from its healthy order book and its promoters'
industry experience. The outlook may be revised to 'Positive' in
case of substantial and sustainable improvement in the company's
business performance, along with prudent working capital
management, resulting in improvement in credit risk profile and
liquidity. Conversely, the outlook may be revised to 'Negative' if
EPlus's liquidity weakens on account of stretch in working capital
cycle, or if its financial risk profile weakens, most likely
because of large debt-funded capital expenditure or decline in
business levels or profitability.

EPlus was established in 2005 by Mr. Ramanatha Reddy and Mr. S
Rama Krishna Raju. The company executes civil contracts and
provides consultancy services for infrastructure projects executed
by government bodies, urban development authorities, and corporate
organisations. EPlus is based in Andhra Pradesh, where it has
executed most of its projects.

For 2012-13, EPlus reported a profit after tax (PAT) of INR0.40
million on net sales of INR89.4 million, against a PAT of INR0.13
million on net sales of INR60.4 million for the previous year. For
the 11 months through February 2014, the company reported, on a
provisional basis, a PAT of INR10.9 million on net sales of
INR246.1 million.


GLOBAL TRADING: CRISIL Cuts Rating on INR80MM Loan to 'B+'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Global Trading Solutions Ltd to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

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

The rating downgrade reflects CRISIL's belief that GTSL's
liquidity will remain stretched over the medium term, driven by
large incremental working capital requirements. The company's bank
facilities of INR100 million have remained highly utilised over
the 12 months ended March 31, 2014, with ad hoc limits being
regularly availed. GTSL's revenue is estimated to have increased
by 15 per cent year-on-year to around INR600 million in 2013-14
(refers to financial year, April 1 to March 31); however, its bank
limits have remained at INR100 million and its cash accruals
stagnant. Additionally, the company's gross current assets, which
were already high at over 190 days historically, have increased to
an estimated 200 days as on March 31, 2014. CRISIL believes that
GTSL's liquidity will remain weak over the medium term due to its
working-capital-intensive operations.

The rating reflects GTSL's large working capital requirements and
the susceptibility of its operating margin to volatility in raw
material prices and to changes in government regulations. These
rating weaknesses are partially offset by the extensive experience
of the company's promoters in the iron ore fines trading business.

Outlook: Stable

CRISIL believes that GTSL will continue to benefit over the medium
term from its established relationships with its overseas
customers and the extensive experience of its promoters in the
iron ore fines trading business. The outlook may be revised to
'Positive' in case of a significant improvement in the company's
liquidity, most likely through better working capital management
coupled with increase in accruals. Conversely, the outlook may be
revised to 'Negative' if GTSL's liquidity deteriorates further,
due to a stretch in its working capital cycle or a significant
decline in its scale of operations and profitability.

GTSL was set up in August 2010 by Mr. Abinash Mohanty; in December
2010, the company acquired the business of Trading Solution, a
partnership firm set up by Mr. Abinash Mohanty and his cousin, Mr.
Satyajit Mohanty, in 2006. GTSL exports iron ore fines to overseas
traders, including its associate company Global Trading Solution
Overseas Pvt Ltd. The company also imports scrap and coal from
Singapore and sells in the local market.

GTSL reported a profit after tax (PAT) of INR19.0 million on net
sales of INR525 million for 2012-13, against a PAT of INR17.9
million on net sales of INR489 million for 2011-12.


GREENWORTH INFRA: ICRA Suspends 'B' Rating on INR7cr Loans
----------------------------------------------------------
ICRA has suspended '[ICRA]B' ratings assigned to the INR7.00 crore
long term fund based facilities and the [ICRA]A4 ratings assigned
to the INR10.00 crore short-term, non-fund based facilities of
Greenworth Infrastructures Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the entity.


HANS ISPAT: CARE Downgrades Rating on INR83.08cr Bank Loan to 'D'
-----------------------------------------------------------------
CARE revises rating assigned to bank facilities of Hans Ispat
Limited.

                               Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long term Bank Facilities      83.08      CARE D Revised
                                             from CARE C

Rating Rationale

The revision in the rating of bank facilities of Hans Ispat Ltd.
is due to ongoing delays in servicing of its debt obligations on
the back of cash losses incurred by it.

HIL was originally incorporated as Hans Ispat Pvt. Ltd. in 1991
and was promoted by Mr. Hans Raj Kumar and Late Mr. Vijay Kant
Kumar. Subsequently on June 27, 2005, it was converted into a
public limited company and its name was changed to present one. In
June 2010, HIL was acquired by Electrotherm (India) Ltd. (ETIL)
and with this it became 100% subsidiary of ETIL.

HIL is engaged in manufacturing of billets through induction
furnace and rolled products through rolling mill. As on March
31, 2014, HIL had manufacturing facilities for billets of 1,00,800
Ton Per Annum (TPA), TMT rolling mill of 92,400 TPA, round
products of 27,000 TPA and flat products of 27,000 TPA in Kutch
district of Gujarat.

During FY14 (Provisional; refers to period April 1 to March 31),
HIL reported a total operating income of INR388.93 crore
[FY13 (A); refers to the period October 1 to March 31: INR132.81
crore] and a net loss of INR9.29 crore [FY13 (A): net loss
of INR4.58 crore].


INTECH SAFETY: CRISIL Assigns 'B+' Rating to INR68MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Intech Safety Pvt Ltd. The ratings reflect
ISPL's small scale of operations in the competitive safety
equipment's industry and its below-average financial risk profile.
These rating weaknesses are partially offset by its promoters'
extensive experience in the safety equipment's industry.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            --------    -------
   Term Loan                 3       CRISIL B+/Stable
   SME Credit                0.5     CRISIL B+/Stable
   Cash Credit & Working
   Capital demand loan      56.5     CRISIL B+/Stable
   Bank Guarantee           31       CRISIL A4
   Cash Credit               8       CRISIL B+/Stable

Outlook: Stable

CRISIL believes that ISPL will continue to benefit over the medium
term backed by its promoters' extensive experience in the
industry. The outlook may be revised to 'Positive' in case of
higher-than-expected sales growth at better than expected
profitability resulting in an improvement in financial risk
profile, along with better working capital management. Conversely,
the outlook may be revised to 'Negative' in case of significant
delays in recovery of receivables adversely impacting its
liquidity or larger-than-expected debt-funded capital expenditure
resulting in deterioration in ISPL's financial risk profile.

Incorporated in 2003 as a private limited company, ISPL is
promoted by Mr. Gautam Gupta and his family members. It
manufactures personal protection equipment, such as respiratory
masks, protective suits, vests, industrial safety helmets, and
masks. The company also supplies self-rescuing equipment mainly
for entities engaged in the mining industry.


IUA TRUST: CRISIL Reaffirms 'B' Rating on INR75MM Term Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of IUA Trust (IUA)
continues to reflect IUA's exposure to risk related to the
implementation and commercialisation of its ongoing project, and
its below-average financial risk profile, marked by modest net
worth. These rating weaknesses are partially offset by the funding
support IUA receives from its trustees, and the favourable
location of the club.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan              75        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that IUA will continue to benefit over the medium
term from its trustees' funding support and the favourable
location of the club. The outlook may be revised to 'Positive' in
case of timely completion of the project within the budgeted cost
along with higher-than-expected cash accruals, or further equity
infusion, resulting in significant improvement in liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
further pressure on its liquidity, most-likely because of cost or
time overrun in the project, or lower-than-expected enrolment of
members, or lack of timely support from the trustee's in the
initial years of operations.

Update
The implementation risk for IUA remains high as it is presently
setting up a recreational club and sports centre in Rohini
(Delhi), under the name of DD Club which is yet to commence
operations. Majority of the project has been completed and it is
expected to commence operations by end of June 2014. The club was
to commence operations from November 2013; however, delay in the
electrification and furnishing has delayed the project, leading to
a cost escalation of about INR70 million, which has been funded
entirely through trustees' contribution. This has supported the
liquidity to an extent, reflected in the project gearing estimated
at 1.5 times. The term loan for the project has been entirely
disbursed and the repayment of the same has commenced from April
2013. The servicing of term debt obligations is primarily
supported by promoters' funding and the retention of the same will
be the key rating sensitivity factor over the medium term.

IUA was established in 2009 by members of the Dhingra and
Maheshwari families to set up DD Club, a recreational club and
sports centre at Rohini (Delhi). Its operations are expected to
commence by end of June 2014.


MAHARAJA COTSPIN: CRISIL Reaffirms B+ Rating on INR669MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Maharaja Cotspin Ltd
(MCL) continue to reflect MCL's modest scale of operations in an
intensely competitive industry, susceptibility to volatility in
raw material prices, and below-average financial risk profile
marked by high gearing and modest net worth. These rating
weaknesses are partially offset by the extensive experience of
MCL's promoters in the textiles industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         6         CRISIL A4 (Reaffirmed)
   Cash Credit           100        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       80        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    425        CRISIL B+/Stable (Reaffirmed)
   Term Loan             144        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MCL will continue to benefit over the medium
term from its promoters' extensive experience in the textiles
industry. The outlook may be revised to 'Positive' if the
company's capital structure improves significantly because of
equity infusion or significant improvement in accruals.
Conversely, the outlook may be revised to 'Negative' if MCL's
revenue and operating margin decline, or if its working capital
requirements increase, or if the company undertakes a large debt-
funded capital expenditure (capex) programme, weakening its
financial risk profile.

Update
MCL registered year-on-year growth of 128 per cent in revenue in
2012-13 (refers to financial year, April 1 to March 31) on account
of successful ramp-up of new capacities. In 2013-14, its revenue
is estimated to have grown by 45 per cent to INR974 million,
partly because of trading activity, which accounted for around
INR100 million of its revenue. MCL expanded capacity to 24,720
spindles from 12,960 spindles, which commencing operations in
April 2014. With increase in capacity, CRISIL believes that MCL's
revenue will improve to above INR1.0 billion over the near term.

The company's operating margin declined to 12.0 per cent in 2012-
13 from 13.0 per cent in 2011-12, and is estimated to have
declined to 10.2 per cent in 2013-14 on account of its limited
ability to pass on increases in raw material prices to customers.

Because of large debt-funded capex in 2013-14, MCL's financial
risk profile remains weak. As on March 31, 2014, its gearing is
estimated at 5.2 times; the gearing is expected to remain high
over the medium term. MCL's interest coverage ratio remained
average at 2.0 times, while net cash accruals to total debt ratio
was 13 per cent, for 2013-14.

MCL's net cash accruals are estimated at INR47 million for 2013-14
and are expected to be adequate to meet term loan obligations of
INR36 million in 2014-15. Absence of major capex plan for the near
term supports the company's liquidity. However, because of large
working capital requirements, its bank limits were utilised
extensively, at an average of 84 per cent through the 12 months
through March 2014. Its current ratio remains weak, at 0.8 times
as on March 31, 2014.

MCL, incorporated in 2010, is promoted by the Ludhiana (Punjab)-
based Makkar family. The company manufactures polyester yarn and
acrylic yarn.


MARUTI ENTERPRISE: ICRA Suspends B+ Rating on INR3cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR3.00 crore
long working capital facilities & [ICRA]A4 rating to the INR2.00
crore, short term non fund based letter of credit facilities of
Maruti Enterprise. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the firm.

Established in 2004, Maruti Enterprise is a partnership firm based
out of Mehsana, owned and managed by Mr. Mihir Patel and other
family members. The firm acts as authorized stockist of
International Tractors Limited (ITL), HMT Limited and Sonalika
Agro Industries Corporation for distribution of Sonalika Tractors,
HMT Tractors and Sonalika Rotavators in Gujarat. ME is the sole
stockist for all the three products in Gujarat region. The
partners of the firm are also associated with 'Jyoti Enterprise'
which acts an authorized distributor of tractors for Escorts
Limited in Gujarat.


MJR RICE: CRISIL Reaffirms 'D' Rating on INR85MM Loans
------------------------------------------------------
CRISIL rating on the long-term bank facilities of MJR Rice
Industries (MJR; part of the RRI group) continues to reflect
instances of overdrawls in RRI's cash credit facility; the
overdrawls have been caused by the group's weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           50         CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    35         CRISIL D (Reaffirmed)

The RRI group has a weak financial risk profile marked by its
small net-worth, high gearing, and weak debt protection metrics.
The group's scale of operations is modest in the intensely
competitive rice milling industry, and its profitability margins
are susceptible to changes in paddy prices and government
regulations. However, the group benefits from the extensive
experience of its partners in the rice business.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MJR, Rama Krishna Rice Industries
(RRI), and MSR Rice Industries (MSR). This is because these three
firms, together referred to as the RRI group, have common
promoters, are in the same line of business, and have operational
linkages and fungible cash flows.

RRI was set up as a proprietorship firm in 2005 by Mr. K Jagga
Rao; the entity was reconstituted as a partnership firm in 2011
with family members included as partners. Subsequently Mr. K Jagga
Rao, also set up two other partnership firms- MJR and MSR in 2007
and 2009, respectively.

All these three entities - RRI, MJR, and MSR - mills and processes
paddy into rice; they also generate by-products, such as broken
rice, bran, and husk. The milling unit of all the three entities
are located in Warangal district in Andhra Pradesh.


NAAD BUILDERS: CRISIL Assigns 'B+' Rating to INR71.5MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility Naad Builders and Developers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             71.5       CRISIL B+/Stable

The rating reflects NBD's exposure to significant risks associated
with its on-going residential real estate project and
susceptibility of its revenues to cyclicality inherent in real
estate industry. These rating weaknesses are partially offset by
the promoters' extensive experience in the real estate industry.

Outlook: Stable

CRISIL believes that NBD will continue to benefit over the medium
term on the back of extensive experience of the promoters in the
real estate sector. The outlook may be revised to 'Positive' if
NBD reports higher than expected cash flows because of earlier-
than-expected completion of the project or substantially higher
customer response to the project. Conversely, the outlook may be
revised to 'Negative' if NBD faces delays in project completion or
receipt of payments from customers or significant fall in
realizations, significantly affecting its debt servicing ability.

NBD was setup in 2012 as a partnership firm of Mr. Dwarkadish
Agarwal and his wife Mrs. Nisha Agarwal. NBD is undertaking
development of a residential complex in Nainod Village (Indore,
Madhya Pradesh).


NAGPUR ASHOK: CRISIL Reaffirms 'B' Rating on INR100MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of The Nagpur
Ashok (TNA) continues to reflect TNA's small scale of operations
and single-site concentration, and its below-average financial
risk profile, marked by a leveraged capital structure and weak
debt protection metrics. The ratings also factor in the
vulnerability of TNA's operating performance to cyclicality in the
hospitality industry. These rating weaknesses are partially offset
by the extensive industry experience of TNA's promoter and the
funding support that it receives from him.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           3          CRISIL B/Stable (Reaffirmed)
   Term Loan            97          CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TNA will, over the medium term, continue to
benefit from its promoter's extensive industry experience and the
moderate occupancy level in Phase 1 of its hotel, along with the
expected improvement in its operating performance with the
commencement of operations in Phase 2. The outlook may be revised
to 'Positive' in case of increase in the firm's scale of
operations, backed by sustained increase in occupancy and average
room rates (ARRs), resulting in higher-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
TNA's financial risk profile deteriorates, most likely because of
low cash accruals, driven by low occupancy or ARRs, or large debt-
funded capital expenditure.

Update
For 2013-14 (refers to financial year, April 1 to March 31), TNA's
operating income is estimated at INR50 million to INR60 million,
as against INR38.7 million in 2012-13. The significant increase in
revenue is on account of improvement in occupancy levels of Phase
1 of its hotel. With expected increase in occupancy levels and
commencement of operation under Phase 2 against similar fixed
costs, the firm's operating profitability also likely to improve
significantly going forward.

TNA has a modest financial risk profile, marked by a leveraged
capital structure and below-average debt protection metrics. The
firm had a small net worth of INR49.8 million as on March 31,
2013; however, the net worth has improved during 2013-14, owing to
infusion of funds by the promoters to fund their expansion plan.
Though the firm's net worth increased, the same is expected to
remain small over the medium term. With improvement in net worth,
the firm's gearing also improved during 2013-14, and is expected
to remain around 2 times over the medium term. TNA's debt
protection metrics remained weak because of low cash accruals from
operations against large debt. Though its financial risk profile
is expected to be supported by the equity infusion and improved
cash accruals, the profile will be constrained due to large debt
repayments.

TNA was set up in 2010 as a proprietorship concern by Mr. Sanjay
Gupta. The firm currently runs a 29-room three-star hotel in
Nagpur (Maharashtra). The hotel commenced commercial operations in
March 2011.

TNA is constructing Phase 2 of the hotel; construction commenced
in December 2011 and this phase will commence operations in July
2014.


PALLA TEXTILES: ICRA Revises Rating on INR28cr Loans to 'D'
-----------------------------------------------------------
ICRA has revised the rating outstanding on the INR11.0 crore term
loan facilities and the INR16.0 crore long term fund based limits
of Palla Textiles Private Limited to [ICRA]D from [ICRA]B+. ICRA
has also revised the short term rating outstanding on the INR1.0
crore short term fund based (sub-limit) limits of PTPL to [ICRA]D
from [ICRA]A4.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term loan facilities     11.0       [ICRA]D (Revised from
                                       [ICRA]B+)

   Long term fund based     16.0       [ICRA]D (Revised from
                                       [ICRA]B+)

   Short term fund based    (1.0)      [ICRA]D (Revised from
                                       [ICRA]A4)

The revision in ratings reflects instances of delays in debt
servicing by the Company in the recent past. These delays were
primarily attributed to business re-organization within the group.
ICRA however takes note of the extensive knowledge of the
promoters and established relationship with the customers thereby
providing stability to PTPL's revenues. However, the margins
remain susceptible to intense competition in the silk industry and
high geographical concentration. Going forward, the Company's
ability to service its debt obligations in a timely manner,
improve its capital structure and maintain margins would remain
key rating sensitivities.

Incorporated in 2009, Palla Textiles Private Limited is promoted
by Sri Palla Lakshmi Narayana and his family members. Currently
the day to day operations are run by second generation of the
family whereas strategic decisions are taken by Sri Palla Lakshmi
Narayana. The Company is primarily engaged in the business of
trading and manufacturing pure and mixed silk sarees. The trading
activity constituted about 85% of the turnover in 2011-12 while
the rest was contributed from the manufacturing activity. The
Company procures trading material from small scale weavers whereas
the manufacturing activity is undertaken in its manufacturing unit
located at Hindupur district of Andhra Pradesh. Currently the
Company has 200 power looms and about 200 handlooms to manufacture
silk and mixed sarees. The Company primarily sells sarees to large
retailers located in he states like Tamilnadu, Karnataka,
Andhrapradesh and Kerala.

Recent results
The Company posted a Profit after Tax (PAT) of INR1.5 crore on
operating income of INR101.7 crore during 2011-12 as against
profit after tax of INR1.4 crore on operating income of INR101.6
crore during 2010-11.


RATHNA STORES: CRISIL Lowers Rating on INR870MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Rathna Stores Pvt Ltd to 'CRISIL D' from 'CRISIL B+/Stable'.
The rating downgrade reflects RSPL's overdrawn cash credit
facility for more than 30 consecutive days, because of weak
liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           870        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

RSPL has a below-average financial risk profile and is exposed to
intense competition in the retail industry. However, it benefits
from its established market position in the consumer durables and
home appliances retail segment in Tamil Nadu.

Established in 2004, RSPL is engaged in retailing of gold,
consumer durables, and kitchenware.


RRC INTERNATIONAL: ICRA Reaffirms 'D' Rating on INR27cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D  assigned to
the INR7.00 crore (revised from INR22.33 crore) term loan,
INR10.00 crore fund based limits and the short-term rating of
[ICRA]D assigned to the INR10.00 crore (revised from INR15.00
crore) non-fund based limits of RRC International Freight Services
Limited. The rating was earlier suspended in April 2014, and the
suspension has been revoked.
                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loan                7.00       [ICRA]D reaffirmed
   Fund Based Limits       10.00       [ICRA]D reaffirmed
   Non-Fund Based Limits   10.00       [ICRA]D reaffirmed

The reaffirmation of rating factors in the regular delays by the
company in servicing of its bank debt obligations on account of
delays in collection of receivables, which has led to a tight
liquidity position. The rating is further constrained by the weak
financial profile of the company as reflected by the significant
de-growth in the scale of operations owing to low demand for
movement of project cargo due to stalling of infrastructure
projects, high gearing levels, high working capital intensive
nature of operations, and competitive business environment.
ICRA however positively factors in the longstanding experience of
the company's promoter in the transportation business, and the
steady build up of heavy vehicle fleet by the company improving
its competitiveness in the industry.

RRC International Freight Services Limited, earlier known as RR
Logistics Private Limited, was incorporated in 2003, though the
actual operations commenced in 2007. The company is engaged in the
transportation of capital goods for core sectors which includes
providing logistics services with special focus on movement of
project and over-dimensional cargo. The company offers total
logistics solution starting from marine operations (barging for
unloading the cargo from vessel to barge and bringing it to port),
getting custom clearance and finally transporting it to the site.
The promoter, Mr. Ramesh Agarwal, initially started a
transportation business in 1988 in partnership with his elder
brother and subsequently in 2007 started his own transportation
business through RRC.

During FY 2013, the company reported Profit after Tax (PAT) of
INR1.13 crore on an operating income of INR38.98 crore.


RTS POWER: CRISIL Reaffirms B+ Rating on INR262.9MM Loans
---------------------------------------------------------
CRISIL's ratings on the bank facilities of RTS Power Corporation
Ltd continue to reflect RTS's large working capital requirements
with high debtor risk, modest scale of operations, susceptibility
to intense competition in the transformer industry, and weak debt
protection metrics. These rating weaknesses are partially offset
by the company' diversified product and customer mix, and moderate
capital structure.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee       411.5       CRISIL A4 (Reaffirmed)

   Cash Credit          217.4       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit     356.6       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    10.5       CRISIL B+/Stable (Reaffirmed)

   Term Loan             35         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RTS will continue to benefit over the medium
term from its diversified product and customer mix and its
moderate capital structure. The outlook may be revised to
'Positive' if the company reports a significant and sustained
improvement in its revenue and profitability, coupled with an
improvement in its working capital management driven by quicker
debtor realisation. Conversely, the outlook may be changed to
'Negative' if there is a steep decline in RTS's profitability
margins or significant deterioration in its capital structure,
most likely on account of larger-than-expected working capital
requirements led by persistent delays in debtor collection or
large debt-funded capital expenditure (capex).

Update
RTS registered a 50 per cent year-on-year growth in its revenue to
around INR1.5 billion in 2013-14 (refers to financial year, April
1 to March 31); the growth was mainly driven by healthy order
flows from state electricity boards (SEBs) and the company's
successful bidding for tenders. Its operating margin remained
stable in 2013-14, and is expected to remain at 7.0 to 7.5 per
cent over the medium term on account of price revision clauses in
most of the orders it receives; this allows it to pass on any
increase in raw material prices to customers.

RTS's operations are highly working-capital-intensive as reflected
in its estimated gross current assets (GCAs) of around 300 days as
on March 31, 2014; the GCAs have been at similar levels in the
past, and are driven by inventory of around 100 days and a
receivables cycle of around 170 days. The long debtor cycle is
partially due to large receivables of INR180 million to INR200
million outstanding for over six months from Uttar Pradesh SEB. As
a result of its working-capital-intensive operations, the
company's average bank limit utilisation for its Jaipur unit has
been high at around 93 per cent during the 11 months through
February 2014.

RTS' net worth remains comfortable, estimated at around INR445
million as on March 31, 2014. The company has high debt levels
towards funding its working capital requirements, but with a
comfortable net worth, its gearing is estimated to have been
moderate at 1.08 times as on March 31, 2014.

Set up by the Bhutoria family in 1947, RTS manufactures
transformers, cables, and conductors, and produces wind energy.


SHAJAHANS JEWELLERS: CRISIL Assigns 'B' Rating to INR200MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shajahans Jewellers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           200        CRISIL B/Stable

The rating reflects SJ's below average financial risk profile,
marked by highly leveraged capital structure, and its modest scale
of operations in the intensely competitive gold jewellery
industry. These rating weaknesses are partially offset by the
extensive experience of SJ's proprietor in the gold jewellery
business.

Outlook: Stable

CRISIL believes that SJ will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained improvement in the firm's scale of operations and
profitability, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SJ records
lower than expected cash accruals or undertakes aggressive debt-
funded expansions, weakening its financial risk profile.

Established by Mr. H.Shahjahan, as a proprietary concern in 1998,
SJ operates a gold jewellery retail showroom in Chennai (Tamil
Nadu).

For 2012-13 (refers to financial year, April 1 to March 31), SJ
reported a profit after tax (PAT) of INR2.9 million on net sales
of INR1.8 billion, against a PAT of INR22.9 million on net sales
of INR1.3 billion for 2011-12.


SHRI KARVIR: CRISIL Cuts Rating on INR131.8MM Loans to 'B+'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Shri
Karvir Nivasini Mahalaxmi Ispat Pvt Ltd (SKPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           120        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

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

   Proposed Long Term      9.5      CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

   Term Loan               2.3      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The rating downgrade reflects the weakening of SKPL's liquidity
due to cash losses from operations along with a stretch in its
working capital cycle. Due to subdued demand and fierce
competition, the company's turnover declined by 24 per cent year-
on-year, and it generated a cash loss of about INR3 million, in
2013-14 (refers to financial year, April 1 to March 31), Moreover,
a pile-up of inventory amid stagnant demand and slow realisation
of bills from counterparties resulted in a stretched working
capital cycle, reflected in gross current assets of over 110 days
as on March 31, 2014, vis-a-vis less than 90 days previously. A
ramp-up in demand and consequent correction in SKPL's
profitability and liquidity will remain key rating sensitivity
factors.

The ratings reflect the susceptibility of SKPL's operating margin
to volatility in raw material prices and its dependence on the
fortunes of end-user industries. The ratings also factor in its
weakened debt protection metrics. These rating weaknesses are
partially offset by the company's moderate net worth and gearing,
the extensive experience of its promoters in the steel industry,
its established relationships with customers and suppliers, and
its moderate working capital requirements.

Outlook: Stable

CRISIL believes that SKPL's business risk profile will remain
dependent over the medium term on the increase in demand from the
end-user industry. The outlook may be revised to 'Positive' if the
company achieves a significant improvement in its revenue and
margins while maintaining its capital structure and improvement in
working capital cycle. Conversely, the outlook may be revised to
'Negative' in case of a continued decline in SKPL's profitability,
leading to lower cash accruals, or a further stretch in its
working capital cycle, resulting in deterioration in its
liquidity.

Incorporated in 1994 and promoted by the Gandhi family and Mr.
Malani, SKPL primarily manufactures thermo-mechanically-treated
(TMT) bars. The company's manufacturing facility is in Kolhapur
(Maharashtra). Its day-to-day operations are managed by Mr.
Malani.

SKPL reported a net loss of INR4.6 million on net sales of INR
907 million for 2013-14, as against a profit after tax of INR1.7
million on net sales of INR1189 million for 2012-13.


SRI KAILASANADHA: CRISIL Reaffirms 'B' Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Sri Kailasanadha Cotton
Syndicate (P) Limited (SKS) continues to reflect SKS's below-
average financial risk profile marked by its small net worth, high
gearing, and below-average debt protection metrics. The ratings of
the company are also constrained on account of the susceptibility
of its profitability margins to volatility in raw cotton prices,
and its exposure to regulatory changes and intense competition in
the cotton ginning industry. These rating weaknesses are partially
offset by the extensive industry experience of SKS's promoters,
and the company's efficient working capital management.

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

Outlook: Stable

CRISIL believes that SKS will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
ginning business. The outlook may be revised to 'Positive' if
there is a substantial and sustained improvement in the company's
scale of operations, while maintaining its profitability margins,
or there is a substantial improvement in its capital structure on
the back of equity infusion from its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
SKS's profitability margins, or significant deterioration in its
capital structure caused most likely because of large debt-funded
capex or a stretch in its working capital cycle.

SKS was established in 2004 Mr. T Ramkalyan, Mrs. Vijaylakshmi,
and Mr. T Surya Raghvendra. The company is engaged in ginning and
pressing of raw cotton. The company's ginning unit in based in
Guntur, Andhra Pradesh.


SRI SRINIVASA: ICRA Reaffirms 'B+' Rating on INR10cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR6.25 crore (enhanced from INR5.25 crore) fund based limits and
INR3.75 crore (revised from INR3.43 crore) unallocated limits of
Sri Srinivasa Rice Mill (Mahendrawada).

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits     6.25       [ICRA]B+ reaffirmed
   Unallocated           3.75       [ICRA]B+ reaffirmed

The reaffirmation of rating factors in the intensely competitive
nature of rice industry in Andhra Pradesh with presence of several
small-scale players which increases pressure on the operating
margins ; and government policy restrictions in the segment which
limit sales and realizations in the open market. Further, the
rating continues to be constrained by the financial profile of the
firm characterized by small scale of operations and low
profitability .This apart, the rating is also constrained by the
susceptibility of profitability & revenues to agro-climatic risks
which impact the availability of paddy in adverse weather
conditions. The rating, however, takes comfort from the long track
record of the promoters in the rice mill business, presence of the
firm in a major rice growing area which eases procurement of raw
material and favorable demand prospects for rice with India being
the second largest producer and consumer of rice internationally.

Going forward, the ability of the firm to strengthen its financial
profile by sustaining revenue growth and improving profitability
levels remain the key rating sensitivities.

Founded in the year 1978 as a partnership firm, Sri Srinivasa Rice
Mill (SSRM) is engaged in milling of paddy and produces raw rice
and boiled rice. The rice mill is located at Mahendrawada village
in East Godavari district, Andhra Pradesh. The installed
production capacity of the rice mill is 55800 metric tons per
annum.

Recent Results

For FY2014 (Unaudited & Provisional), the firm reported profit
after tax of INR0.30 crore on operating income of INR32.49 crore
as against profit after tax of INR0.28 crore on operating income
of INR29.99 crore in FY2013(audited).


SUNDERNAGAR INTEGRATED: ICRA Rates INR8.50cr Loan at 'B+'
---------------------------------------------------------
ICRA has assigned [ICRA]B+ rating to the INR8.50 crore fund based
facility of Sundernagar Integrated Rural Development Association.
                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based Limits      8.50       [ICRA]B+ assigned

The assigned rating factors in the strong infrastructure and
facilities that SIRDA has built for both its engineering and
polytechnic colleges, the locational advantage of being present in
Mandi, which is a big education hub in Himachal Pradesh and its
affiliation to established state universities such as Himachal
Pradesh Technical University (HPTU) and Himachal Pradesh Takniki
Shiksha Board (HPTSB).

However, the ratings are constrained by the slowdown in enrolments
which could impact the accruals in the current fiscal year. New
admissions for SIRDA declined to 39% of total seats offered
(excluding IT) in AY2013-14 as compared to 54% in AY2012-13. This
was despite closing down of an engineering college in the vicinity
in late 2012 and thus indicates an overall weakness in demand. The
ratings also factor in the limited flexibility available with
private institutes, the relatively new brand name of SIRDA and the
overall modest scale of operations of the Society. ICRA has taken
into account the substantial debt funded capex incurred by the
company in the recent years, which has resulted into increased
debt repayment obligations scheduled in the near term.

The key rating sensitivity going forward would be the enrolments
at both the colleges which would determine the accruals and the
ability of the Society to service its debt in a timely manner.
Company Profile Sundernagar Integrated Rural Development
Association (SIRDA) was established in 1985 with the prime
objective of spreading awareness, development of rural areas,
providing employment and general welfare of backward people.
Earlier, SIRDA ran a brick kiln and a khadi manufacturing
business. In 2009, SIRDA decided to amend its objective for
setting up educational institutions. Currently, the Society runs
an engineering and a polytechnic college and has a campus in
Mandi, Himachal Pradesh.

Financial Results As per provisional accounts of the Society, it
has recorded gross receipts and operating surplus of INR5.99 crore
and INR1.28 crore respectively for 9mFY2014 (April 2013-Dec 2013)
as against the gross receipts and operating surplus of INR6.19
crore and INR1.55 crore respectively for FY2013.


SURAJ PULSES: CRISIL Reaffirms 'B' Rating on INR130MM Loans
-----------------------------------------------------------
CRISIL ratings on the bank facilities of Suraj Pulses continue to
reflect the firm's weak financial risk profile marked by high
gearing and weak debt protection metrics, and its exposure to
intense competition in the agricultural commodities industry.
These rating weaknesses are partially offset by the extensive
industry experience of the firm's promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         30        CRISIL A4 (Reaffirmed)
   Cash Credit           120        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     10        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Suraj Pulses will continue to benefit over
the medium term from its promoters' experience in the agricultural
commodities industry. The outlook may be revised to 'Positive' if
Suraj Pulses reports significant cash accruals, driven by
improvement in profitability, or if its promoters infuse
significant capital leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the firm's financial risk profile,
particularly its liquidity, driven by low cash accruals, or
lengthening in working capital cycle, or capital withdrawal by
promoters.

Update
Suraj Pulses' revenue increased to an estimated INR1.8 billion in
2013-14 (refers to financial year, April 1 to March 31) from
INR536.2 million in 2011-12, registering an estimated compound
annual growth rate of about 80 per cent. The robust revenue growth
was on account of increased tenders from government, particularly
under the Public Distribution System (PDS). Currently, the firm is
operating at full capacity and is likely to register a modest
revenue growth of 10 per cent in 2014-15. Its operating
profitability remains constrained and is expected at 2.0 to 2.2
per cent over the medium term.

The firm's financial risk profile remains weak, marked by high
gearing and weak debt protection metrics. The gearing was at 10.34
times as on March 31, 2013. Its net cash accruals to total debt
(NCATD) ratio was 0.01 time and interest coverage ratio was 1.1
time for 2012-13. Despite high revenue growth, the NCATD ratio
remains weak because of low cash accruals as the promoters
withdrew 75 per cent of the firm's net profits during the year. In
the absence of any significant capital infusion, CRISIL believes
that Suraj Pulses' financial risk profile will remain weak,
constrained by large working capital borrowings. The firm's
liquidity remains stretched, but is supported by nil term debt
obligations and no debt-funded capital expenditure plan.

Formed in 2002 as a partnership concern, Suraj Pulses is promoted
by Raipur (Chhattisgarh)-based Mr. Rohit Goyal and six other
partners. It processes various agricultural commodities such as
moong dal, chana dal, rahar dal, urad dal, mutter dal, and masoor
dal.

For 2012-13, the firm reported a book profit of INR2.15 million on
net sales of INR1310 million, against a book profit of INR2.7
million on net sales of INR536.2 million for 2011-12. The firm, on
a provisional basis, registered turnover of INR1.8 billion for
2013-14.


SUSHILA INTERNATIONAL: ICRA Suspends D Rating on INR22.18cr Loans
-----------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR6.68crore
long-term loans and INR1.00 crore long-term, fund based facilities
& [ICRA]D rating to the INR11.00 crore, short-term, fund based
facilities and INR3.50 crore, short-term non-fund based facilities
of Sushila International. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.


T.M. PATEL: CRISIL Assigns 'B+' Rating to INR65.6MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of T.M. Patel Processing Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           45         CRISIL B+/Stable
   Term Loan             20.6       CRISIL B+/Stable

The rating reflects company's large working capital requirements,
its modest scale of operations in an intensely competitive fabric
processing industry and its average capital structure.These rating
weaknesses are partially offset by the extensive industry
experience of the TM's promoters.

Outlook: Stable

CRISIL believes that TM will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationship with customers. The outlook may be
revised to 'Positive' if the company generates substantially high
cash accruals or benefits from significant equity infusion by its
promoters, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is a
significant decline in TM's cash accruals or weakening of its
working capital management, or if it undertakes a considerably
large debt-funded capital expenditure programme, further weakening
its financial risk profile, particularly its liquidity.

Incorporated in 1996, TM undertakes the job work of dyeing of grey
fabrics. The company is promoted by Mr. Harish Patel and is based
out of Surat (Gujarat).

For 2012-13 (refers to financial year, April 1 to March 31), the
company has registered a net loss of INR3.0 million on net sales
of INR165.4 million as against a net loss of INR4.0 million on net
sales of INR160.1 million for 2011-12. The company, on a
provisional basis, reported a turnover of INR254.7 million for
2013-14.


TIRUPATI BALAJI: CRISIL Reaffirms 'B' Rating on INR80MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tirupati Balaji
Extrusions Pvt Ltd continue to reflect TBEPL's exposure to risks
related to the intensely competitive secondary aluminium industry,
to volatility in raw material prices, and to the fortunes of end-
user industries. The ratings also factor in the company's below
average financial risk profile, marked by a small net worth, high
gearing, and average debt protection metrics. These rating
weaknesses are partially offset by TBEPL's location advantage due
to its proximity to the end-user market.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           35         CRISIL B/Stable (Reaffirmed)

   Letter of Credit      10         CRISIL A4 (Reaffirmed)

   Term Loan             45         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TBEPL will continue to benefit over the
medium term from its location advantage and support from its
promoters. The outlook may be revised to 'Positive' in case of
higher than expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if TBEPL undertakes a large, debt-funded
capital expenditure (capex) programme or if further elongation of
working capital cycle affects its liquidity.

Update
TBEPL reported a turnover of around INR220 million estimated for
2013-14 (refers to financial year, April 1 to March 31) as against
INR 127 million in the previous year. The revenues have increased
significantly, driven by stabilisation of its aluminium extrusion
unit. The company's operating profitability is also estimated to
improve to about 7 per cent in 2013-14 marked by improved
realisation of its extrusion products. Over the medium term, the
operating profitability is expected to remain under similar
levels.

TBEPL's working capital requirements are expected to be moderate,
with gross current assets estimated at 80 to 85 days over the
medium term. The company has a stretched liquidity position. The
company funds its working capital requirements through cash credit
facilities of INR35 million, which have been fully utilised over
the twelve months ended February-2014. TBEPL is estimated to
generate annual cash accruals of around INR5 million for 2013-14
against which it has term debt obligations of INR4 million in
2013-14 and INR7 million in 2014-15. TBEPL does not have any major
capex plan for the medium term. However its financial risk profile
remains below average, with a modest net worth of INR28 million as
on Mar 31, 2013 and high gearing of above 3 times, estimated as on
March 31, 2014. Moreover, the company's debt-protection metrics is
estimated to be average with its interest coverage and net cash
accruals to debt ratios estimated to be at 1.5 times and 0.05
times respectively for 2013-14.

TBEPL was incorporated on July 2, 2009, for manufacturing
aluminium cross sections. The company is promoted by Mr. Vineet
Sethia, Mr. Kapil Mittal, and Mr. Shashank Gupta.


TRUBA ADVANCE: CARE Assigns 'B' Rating to INR12.18cr Bank Loan
--------------------------------------------------------------
CARE assigned 'CARE B' and 'CARE A4' ratings to bank facilities of
Truba Advance Sciences Kombine.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.18      CARE B Assigned
   Short-term Bank Facilities     5         CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Truba Advance
Sciences Kombine are primarily constrained on account of its
modest scale of operations and financial risk profile marked by
fluctuating profitability and stressed liquidity position. The
ratings are also constrained on account of the increasing
competition from numerous educational institutes in the private
education sector coupled with its presence in a highly regulated
education industry with regard to approvals and accreditations.

The ratings, however, draw strength from the promoters' experience
and established operational track record of Truba in the education
sector, moderate enrolment ratio and moderate solvency position as
reflected by its moderate capital structure and debt coverage
indicators.

Truba's ability to increase its scale of operations by sustaining
the strong enrolment ratio and improvement in liquidity position
are the key rating sensitivities.

Bhopal-based (Madhya Pradesh), Truba was formed in August 2000 as
a society under the Madhya Pradesh Registrar Firm and Society,
1973, by Mr Shyam Rathor, Mr Dharmendra Singh Raghuvanshi and Mr
Sunil Dandir with the objective of setting up professional
education institutions. Presently, Truba offers various graduation
and post-graduation courses in Engineering and Pharmacy through
three educational institutions named Truba Institute of
Engineering and Information Technology (TIEIT; started in 2000),
Truba College of Science and Technology (TCST; started in 2009),
Truba Institute of Pharmacy (TIP; started in 2005).

Truba started offering post-graduation courses of engineering in
TIEIT in the Academic Year (AY) 2007 and in TCST in AY12. Truba
has also started post graduation courses in pharmacy in AY08.
Engineering colleges of Truba are affiliated to Rajiv Gandhi
Prodhoyogic Vishva Vidhyalaya, Bhopal and Pharmacy College is
recognized by Council of Pharmacy.

As per the audited results for FY13 (refers to the period April 1
to March 31), Truba reported a total operating income (TOI) of
INR24.24 crore (FY12: INR18.65 crore) and surplus of INR0.57 crore
(FY12: INR1.81 crore). During FY14 (provisional), Truba reported a
TOI of INR25.24 crore and surplus of INR2 crore.


VTC ENGINEERING: CRISIL Reaffirms 'B' Rating on INR130MM Loans
--------------------------------------------------------------
CRISIL ratings on the bank loan facilities of VTC Engineering Pvt
Ltd continues to reflect VTC's below-average financial risk
profile marked by its small networth, high gearing and weak debt
protection metrics. The ratings of the company are also
constrained on account of its small scale of operations in the
intensely competitive construction industry, high degree of
project concentration in the company's order-book, and its large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the civil construction industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------      -------
   Bank Guarantee          70        CRISIL A4 (Reaffirmed)

   Cash Credit             70        CRISIL B/Stable (Reaffirmed)

   Cash Credit/Overdraft
   facility                25        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      35        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VTC will continue to benefit over the medium
term from its promoters' extensive experience in the civil
construction industry. The outlook may be revised to 'Positive' if
there is a substantial and sustained in the company's scale of
operations, while maintaining its profitability margins, or there
is a substantial improvement in its capital structure on the back
of equity infusion from its promoters. Conversely, the outlook may
be revised to 'Negative' in case of a steep decline in the
company's profitability margins, or significant deterioration in
its capital structure caused most likely because of a stretch in
its working capital cycle.

Set up in 1987, VTC is based at Visakhapatnam (Andhra Pradesh).
The company provides turnkey solutions that include civil,
electrical and structural works. VTC is managed by Mr. V Nageshwar
Rao, along with his brothers.



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


FELTEX CARPETS: Knew of Sales Shortfall, Plaintiff Says
-------------------------------------------------------
Jonathan Underhill at BusinessDesk reports that defendants in the
Feltex Carpets case knew sales were behind prospectus forecasts
and should have halted the sale before shares were allotted in the
failed company's 2004 initial public offering, the lawyer for
plaintiff Eric Houghton said in closing submissions.

BusinessDesk relates that Austin Forbes QC told the High Court at
Wellington that defendants who attended Feltex's so-called due
diligence "bring down", or final, meeting in early June, 2004,
knew or had the information available that sales were behind year-
earlier levels in four of the first five months of the year, with
March the only strong month. But the meeting chose instead to
assess the shortfall against a 12-month period which included a
predicted rebound in June, the report says.

Because 2004 forecasts were unlikely to be met, the projections
for 2005 were also in doubt, Mr. Forbes said, the report relays.

"The decision not to notify the shortfall to the market was
misplaced," the report quotes Mr. Forbes as saying. "The sales
shortfall was a material adverse circumstance which meant that the
prospectus was now misleading. Allotment should have been
deferred."

According to the report, Mr. Houghton is suing the former Feltex
directors, owners and sale managers in a representative action on
behalf of 3,639 former shareholders who said they were misled by
the prospectus. He bought 11,755 Feltex shares at NZ$1.70 apiece,
or NZ$20,000, in the IPO, drawn to an investment that offered a
gross annual dividend yield of 9.6 percent. All up, vendor Credit
Suisse First Boston Asian Merchant Partners raised NZ$193 million,
selling 113.5 million shares, and Feltex raised a further NZ$50
million to repay bondholders.

Within a year the stock was virtually worthless, thanks to a
series of warnings that the company would miss its prospectus
forecasts, and receivers were appointed in September 2006, recalls
BusinessDesk. Australian carpet maker Godfrey Hirst ended up
buying the assets.

"The downgrade and collapse contrast starkly with the picture
painted in the combined prospectus and investment statement of 5
May 2004," Mr. Forbes told the court. He outlined nine
circumstances or risks that were known, or ought to have been
known, by the defendants before the IPO but weren't disclosed or
were inadequately disclosed in the prospectus, BusinessDesk
relates.

BusinessDesk adds they included declining sales revenue and
volumes, 2004 forecasts and 2005 projections that weren't
achievable, use of forward dating to meet revenue targets,
increased competition from Godfrey Hirst and the prospect of
increased rivalry from imported product as tariffs fell.

Despite Feltex having lost market share for six straight years,
the prospectus projected a volume increase for 2005 of 5.1
percent, which Mr. Forbes said was "an extraordinary contrast,"
and a 1 percent increase in market share, relays BusinessDesk. The
board and due diligence committee "should have held especial
concern about the ability of Feltex to grow market share, given
its sixth consecutive loss in that regard," he said in his closing
submissions, BusinessDesk relays.

BusinessDesk states that the long-running case has seen lawyers
for both sides bring in expert witnesses, with the plaintiff's
including Greg Meredith, head of Ferrier Hodgson Forensics in
Melbourne, while Rob Cameron, the founder of Wellington investment
bank Cameron Partners and former chairman of the politically bi-
partisan Capital Markets Development Taskforce was an expert
witness for Feltex's former directors, Credit Suisse Private
Equity and Credit Suisse First Boston Asian Merchant Partners, the
first three defendants.

First NZ Capital and Forsyth Barr, which managed the IPO, are
fourth and fifth defendants in the suit, the report notes.

The case before Justice Robert Dobson is continuing, adds
BusinessDesk.

                       About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
is a manufacturer of superior-quality carpet.  The Feltex
operation included a wool scouring plant, six spinning mills,
three tufted carpet mills, a woven carpet mill and offices in New
Zealand, Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
Application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.


POSTIE PLUS: Administrators Strike Sale Deal With Foreign Buyer
---------------------------------------------------------------
David Bridgman -- david.bridgman@nz.pwc.com -- and Colin McCloy
-- colin.mccloy@nz.pwc.com -- as the Administrators of Postie Plus
Group Limited on June 4 announced a conditional agreement to sell
the assets and business of the Company as a going concern to an
international retail group.

The administrators said the intended purchaser is conducting due
diligence over the next three weeks and subject to this due
diligence and finalisation of formal documentation, the sale is
expected to be completed within the next four weeks.

In the meantime, the Administrators, with the support of the
Company's management and staff, intend to continue trading the
business whilst they work through the sale process. The
Administrators believe that this "going concern sale" of the
Postie Plus business is in the best interests of the Company's
stakeholders, including its secured creditors, trade suppliers and
other creditors, landlords as well as the Company's more than 600
staff.

The Administrators recognise that this is a difficult and
uncertain period for all stakeholders and appreciate their
patience whilst they work with the prospective purchaser to
satisfy the conditions so that the sale of the Postie Plus
business can proceed in an orderly manner.

Postie Plus Group Limited (NZE:PPG) -- http://www.ppgl.co.nz/--
comprises the retail businesses of Postie+, Baby City and
Arbuckles.  The company offers a range of products for all age
groups.  Postie+ sells casual family clothing through a chain of
79 stores.

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.



                             *********

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 ***