TCRAP_Public/140611.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, June 11, 2014, Vol. 17, No. 114


                            Headlines


A U S T R A L I A

BOLD GEM: In Administration; First Meeting Set For June 17
CONEDGE PROJECTS: Court Appoints Clifton Hall as Liquidator
NEXUS ENERGY: Take Offer or Group Faces Collapse, Seven Warns
UNIT TECHNOLOGIES: Sarroff Buys Apparel Chain's Assets


H O N G  K O N G

LAI FUNG: Fitch Affirms LT Foreign Currency IDR at 'BB-'


I N D I A

ADITYA CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR100MM Loans
AMIT METALIKS: CRISIL Reaffirms 'B-' Rating on INR845MM Loans
ANANYA HOSPITAL: ICRA Reaffirms 'B+' Rating on INR4.23cr Loan
ARC LAMICRAFT: ICRA Suspends 'D' Rating on INR7.97cr Loans
ATLAS ALLOY: ICRA Upgrades Rating on INR2.84cr Loan to 'B-'

AUTO SHELL: CRISIL Reaffirms 'B+' Rating on INR120MM Loans
B.BUCHA REDDY: CRISIL Reaffirms 'D' Rating on INR140MM Loans
BIAX ELECTRIC: CRISIL Places 'B+' Rating on INR65MM Loans
ECO RRB: ICRA Reaffirms 'B+' Rating on INR21cr Bank Loan
JAY KISHAN: ICRA Reaffirms 'B+' Rating on INR12cr Loan

JE PROPERTIES: ICRA Withdraws 'B+' Rating on INR15cr Loan
KEERTHI RICE: CRISIL Reaffirms 'B+' Rating on INR110MM Loans
KENERSYS INDIA: ICRA Reaffirms B- Rating on INR172.5cr Loans
KONARK POLYTUBES: CRISIL Reaffirms B Rating on INR80.5MM Loans
MAGMA INDUSTRIES: CARE Lowers Rating on INR25.90cr Loans to 'D'

MOR TECHFAB: CARE Assigns 'B+' Rating to INR14cr Bank Loan
MSR DWELLING: CRISIL Assigns 'B' Rating to INR300MM Term Loan
NEEMRANA FOODS: ICRA Suspends 'D' Rating on INR4.16cr Loan
OMICRON POWER: ICRA Suspends 'B+' Rating on INR22cr Loans
ORIENTAL SALES: ICRA Reaffirms B+ Rating on INR2cr Cash Credit

OSWAL FASHION: CRISIL Reaffirms 'B-' Rating on INR280MM Loans
PATEL TIMBER: CARE Assigns 'B-' Rating to INR1.70cr Bank Loan
PRAKASH INDUSTRIAL: ICRA Suspends 'B-' Rating on INR24cr Loan
RAGHUKUL COTTEX: CRISIL Reaffirms 'B+' Rating on INR133.4MM Loans
RIBO INDUSTRIES: CARE Ups Rating on INR24cr Bank Loan to 'B'

SAHARA GROUP: Accounts De-Frozen; Chief Remains in Jail
SELLIAMMAN CONSTRUCTIONS: CRISIL Ups Rating on INR80MM Loan to B
SENBO ENGINEERING: CRISIL Reaffirms B- Rating on INR1.35BB Loans
SHREE SADHK: CRISIL Reaffirms 'B-' Rating on INR140MM Loans
SHREE SAI: CRISIL Lowers Rating on INR280MM Loans to 'B+'

SHREE SAI SMELTERS: CRISIL Cuts Rating on INR157.5M Loans to 'B+'
SHIVAM COTTON: CRISIL Assigns 'B' Rating to INR119MM Loans
SOHAN INDUSTRIES: CARE Reaffirms B+ Rating on INR6.50cr Bank Loan
SPEED LOGISTICS: CRISIL Raises Rating on INR43MM Loans to 'B'
SREE ANDAL: CRISIL Reaffirms B+ Rating on INR180MM Cash Credit

SVARN TELECOM: ICRA Reaffirms 'B' Rating on INR23.50cr Loans
SVARN TELECOM LTD: ICRA Reaffirms 'B' Rating on INR21.5cr Loans
SVARN TEX: ICRA Upgrades Rating on INR19cr Loans to 'B'
TAMIL NADU: ICRA Assigns 'D' Rating to INR1,521.56cr Loan
VAIGAI LEATHER: CRISIL Reaffirms 'B' Rating on INR17.5MM Loan

VARADHARAJA FOODS: CRISIL Reaffirms B- Rating on INR56.3MM Loans
VERACIOUS BUILDERS: ICRA Suspends B+ Rating on INR25cr Loan
ZIPPY EDIBLE: ICRA Assigns 'B-' Rating to INR11.70cr Loans


J A P A N

MT. GOX: CoinLab Agrees to Support Firm's U.S. Bankruptcy Efforts


N E W  Z E A L A N D

FELTEX CARPETS: Defendants Pour Scorn on Expert Witnesses


                            - - - - -


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


BOLD GEM: In Administration; First Meeting Set For June 17
----------------------------------------------------------
Ross Thomson of Red 2 Black Accounting Solutions was appointed as
administrator of Bold Gem Pty Ltd, Girpol Pty Ltd And Sunriver
Holdings Pty Ltd on June 9, 2014.

A first meeting for each of the Companies will be held at
Red 2 Black Accounting Solutions, Office 3, Level 1, 1 Hobsons
Gate, in Currambine, on June 17, 2014, at 11:00 a.m.


CONEDGE PROJECTS: Court Appoints Clifton Hall as Liquidator
-----------------------------------------------------------
Timothy Clifton of Clifton Hall was appointed Liquidator of
Conedge Projects Pty Ltd on June 4, 2014, by Order of the Federal
Court of Australia.


NEXUS ENERGY: Take Offer or Group Faces Collapse, Seven Warns
-------------------------------------------------------------
Brian Robins at The Sydney Morning Herald reports that Seven Group
Holdings has warned dissident shareholders in the troubled Nexus
Group that the group will probably collapse if its offer to take
control fails.

SMH relates that the Seven offer values Nexus, an oil and gas
explorer, at AUD27 million, which has sparked opposition from some
Nexus shareholders, who argue the offer is too low. Seven entered
into a scheme of arrangement in late March to take control of
Nexus Group, offering shareholders just 2 cents a share.

This has been criticised by some shareholders as a bargain
basement price, the report notes.  A shareholder meeting is to be
held on June 12 to vote on the proposal, SMH discloses.

"If shareholders do not approve the scheme in the absence of an
alternative proposal . . . that provides adequate and immediately
available funding, the Nexus board would be required to appoint
administrators to the company," Seven Group, as cited by SMH,
warned.

If that occurred, Seven said it would seek to gain control of
Nexus assets "through the administration process or via the
enforcement of its rights as secured creditor," SMH relates.

According to SMH, when Seven Group entered into the scheme of
arrangement to take control of Nexus, it said it would provide as
much as AUD400 million in funding to Nexus to finance commitments
such as AUD120 million needed for the Longtom development,
AUD60 million for Echuca Shoals drilling and AUD55 million for
Crux obligations that include exploration drilling commitments. A
further AUD33 million would be provided to settle litigation with
Sedco deepwater drilling.

To succeed, the scheme needs the approval of shareholders
controlling 75 per cent of the capital, the report says.

This week a group of shareholders representing 11 per cent of the
capital of Nexus said they intended to vote against the proposal,
SMH reports.

Nexus Energy Limited (ASX:NXS) is a Melbourne-based, Australian
Stock Exchange listed oil and gas company.  In 2009 Nexus
transitioned from explorer to producer with the start up of the
Longtom gas project.  The company holds interests in eight permits
located offshore Australia.  Operations are focused on the
Gippsland Basin, offshore Victoria and the Browse Basin, offshore
Western Australia.


UNIT TECHNOLOGIES: Sarroff Buys Apparel Chain's Assets
------------------------------------------------------
The Receivers and Managers of Unit Technologies Pty Ltd have
announced the sale of Unit's assets to Sarroff Industries Pty Ltd.

Ferrier Hodgson partners Tim Michael, Will Colwell and
James Stewart were appointed Receivers and Managers on March 25,
2014, and ran a national sale campaign, which received extensive
national and international interest.

While the retail stores did not form part of the sale, the
wholesale and online operations and Intellectual Property form the
nucleus of the sale to Sarroff.

The sale price remains confidential.

Mr. Michael said that in a difficult retail environment,
concluding a sale where most employees will continue with the
purchaser was a pleasing outcome.

He praised the commitment of Unit's employees and their loyalty to
the Unit brand and vision.

Mr. Michael said the Unit brand was a major factor in the
purchaser's decision to buy Unit.

Sarroff is a Gold Coast-based wholesaler, specialising in fashion
accessories.

Unit Technologies Pty Ltd manufactured and sold streetwear apparel
and accessories via a chain of 7 retail outlets, online and a
wholesale distribution network of over 400 individual retailers.



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


LAI FUNG: Fitch Affirms LT Foreign Currency IDR at 'BB-'
--------------------------------------------------------
Fitch Ratings has affirmed Lai Fung Holdings Limited's Long-Term
Foreign Currency Issuer Default Rating (IDR) at 'BB-' and its
foreign currency senior unsecured rating at 'BB-'. The agency has
also affirmed Lai Fung's Long-Term Local Currency IDR at 'BB-' and
its local currency senior unsecured rating at 'BB-'. The Outlooks
on the Long-Term IDRs are Stable.

The rating affirmation is based on Lai Fung maintaining a low
level of leverage and stable growth in rental income. It also
takes into consideration that there will be enough debt headroom
for Lai Fung to develop a project in Hengqin, a city in southern
China that is close to Macao. "We think the rentals to be
generated will help expand its recurring income base," Fitch said.

KEY RATING DRIVERS

Prudent Financial Management: Lai Fung's leverage remained low in
the past two years because it achieved positive operating cash
flows. Property leasing, rather than property development, is its
long-term focus. As a result, Lai Fung has not been active in
replenishing its land bank. It sells residential projects
progressively to support the expansion of its leasing portfolio.
The current low leverage provides enough debt headroom for Lai
Fung to develop its new project in Hengqin.

Long-Term Positive Contribution from Hengqin: The Hengqin Creative
Culture City project will be a sizeable investment for Lai Fung.
It may raise Lai Fung's leverage noticeably in the short to medium
term, but will become another key source of recurring income in
the long run.  "We estimate Lai Fung's leverage (total
debt/property assets) will increase to 34% in FY16 from 28.6% in
FY14, though that will still be below the threshold where Fitch
would consider negative rating action. We expect leverage to fall
gradually in FY17-18 once the peak of investment period has
passed. The project will generate rental income once it is
completed in FY18," Fitch said.

Potential Risks in Hengqin Project: The biggest risk for Lai Fung
associated with the Hengqin project is a delay in the project
completion, which may drive the company's leverage higher on a
sustained basis. Another potential risk is Lai Fung acquiring
Phase 2 of the project prematurely, for example, before evidence
of satisfactory performance in Phase 1.

Rental Income Sources Concentrated: Lai Fung's rental income is
dependent on Shanghai Hong Kong Plaza, which contributed 69% of
its gross rental revenue in FY13. Fitch expects the Chinese
government's anti-graft campaign and economic slowdown on the
mainland to continue to limit rental growth from the mall. As more
investment properties are completed in the next few years,
however, Fitch expects Shanghai Hong Kong Plaza's share of Lai
Fung's gross rental revenue to fall to about 50% in FY16-FY17.

Temporary Interest Coverage Drop: We expect Lai Fung's investment
property EBITDA coverage to fall in FY14 and touch 1.0x, the floor
at which Fitch could consider negative rating action. This is
because the company had to pay the interest on two bonds due April
2014 and April 2018. The latter was issued in April 2013 to pay
off the bond that matured in April 2014, after which Fitch expects
interest coverage to rebound and stay at 1.5x in FY15.

RATING SENSITIVITIES

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

- EBITDA for investment properties/interest expenses falling below
1.0x (FY13: 1.5x) on a sustained basis

- Total debt/property assets exceeding 40% (37% at end-1HFY14, 27%
if excluding the 2007 bond) on a sustained basis

- Increase of development assets to above 25% (15% at end-1HFY14)
of total property assets

Positive: Positive rating action is not expected in the next 18-24
months due to Lai Fung's small operational scale and high capex
resulting in negative free cash flow. However, future developments
that may, individually or collectively, lead to positive rating
action include:

- EBITDA from investment properties rising above HKD600m (FY13:
HKD358 million) and EBITDA for investment properties/interest
expenses


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


ADITYA CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR100MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Aditya Construction
Company continue to reflect ACC's working-capital-intensive
operations, segmental and geographic concentration in its revenue
profile, and its susceptibility to intense competition in the
civil construction industry. These rating weaknesses are partially
offset by the firm's above-average financial risk profile, marked
by a healthy capital structure, and the extensive industry
experience of its promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         40        CRISIL A4 (Reaffirmed)
   Overdraft Facility     55        CRISIL B+/Stable (Reaffirmed)
   Term Loan              45        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ACC will continue to benefit over the medium
term from the extensive experience of its promoters in the civil
construction industry and its healthy order book. The outlook may
be revised to 'Positive' if the firm improves its working capital
management alongwith diversification in its customer base.
Conversely, the outlook may be revised to 'Negative' if ACC's
revenue and margins decline, or its capital structure weakens
because of larger-than-expected debt-funded capital expenditure,
or in case of delays in receivables from various principal
contractors.

ACC was established in 1989 as a partnership firm by Mr. H S
Shivshankar, Mr. Laxmesh Hundekar, and Mr. B S Purandhar. The firm
undertakes civil construction.


AMIT METALIKS: CRISIL Reaffirms 'B-' Rating on INR845MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Amit Metaliks Ltd
continue to reflect AML's working-capital-intensive operations
leading to weak liquidity, and its low operating profitability.
These rating weaknesses are partially offset by the gradual
improvement in the company's operating efficiencies.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         25        CRISIL A4 (Reaffirmed)
   Cash Credit           599        CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       50        CRISIL A4 (Reaffirmed)
   Term Loan             246        CRISIL B-/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has treated the unsecured
loans extended by AML's promoters and group entities to the
company as neither debt nor equity. This is because these loans
are interest-free and cannot be withdrawn during the currency of
the existing bank debt. If the promoters want to withdraw even a
part of these loans, they need to bring in the equivalent amount
of equity capital into the company.

Outlook: Stable

CRISIL believes that AML will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers
more-than-expected improvement in its cash accruals or working
capital management, or benefits from capital infusion by its
promoters, leading to improvement in its liquidity. Conversely,
the outlook may be revised to 'Negative' if AML's liquidity
weakens further, most likely on account of lower-than-expected
accruals, deterioration in its working capital management, or
significant debt-funded capital expenditure.

AML manufactures billets and thermo-mechanically treated bars. The
company markets its products under the brand name Trishakti in
West Bengal, Bihar, and Uttar Pradesh. Its day-to-day operations
are looked after by its promoter-director Mr. Amit Singh.


ANANYA HOSPITAL: ICRA Reaffirms 'B+' Rating on INR4.23cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' assigned to
the INR4.23 crore term loan of Ananya Hospital Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             4.23         [ICRA]B+ reaffirmed

The assigned rating takes into account the established presence of
AHPL's hospitals (operational track record of over 24 years for
Shanbhag Hospital and 14 years for Ananya Hospital), that has
helped in building a loyal customer base which coupled with AHPL's
ability to attract and retain consultants has facilitated in
maintaining a stable revenue base for both the hospitals. The
rating also draws comfort from the diversification of revenues for
AHPL, with inpatient revenues derived from different procedures
and segments.

The rating is however constrained due to the decline in IPD cases
and OPD consultations in FY14 on account of high competition and
increased rates, resulting in a modest 6% top-line growth during
the year. The rating also takes in to consideration the modest
scale of operations of the company, with FY14 turnover of INR16.69
crore. The rating is further constrained by the moderate debt
protection metrics of AHPL as profitability, despite marginal
improvement in FY14, remains weak as compared to debt servicing
obligations.

Going forward, the company's ability to improve upon the occupancy
levels across both hospitals and to attract more OPD clients,
thereby translating into better top line and profitability for the
entity would be the key sensitivity factors.

Ananya Hospital was set up in 2000 as a partnership firm by Dr. M
J Rajashekar along with his friends and was reconstituted as a
private limited company in 2005. The company operates a multi
specialty hospital in Bangalore under the brand name Ananya
Hospital which is a 53 bed facility including 3 operation theatres
and 6 ICUs and offers services across specialties such as general
medicine, orthopedic, pediatric, urology, ear-nose-throat (ENT)
and gynecology amongst others. In 2008, AHPL took over Shanbhag
Hospital, which currently operates with a capacity of 52 beds (2
operation theatres and 8 ICUs). This hospital has been operational
since 1990 and is located at Basaveshwara Nagar, Bangalore. This
hospital generates majority of its revenue from gynecology and
pediatrics. Both the hospitals have in-house pharmacy.

Recent Results
For FY2014 (Provisional), AHPL's net profit stood at INR1.05 crore
on an operating income of INR16.69 crore, against a net profit of
INR0.74crore on operating income of INR15.78 crore for FY2013.


ARC LAMICRAFT: ICRA Suspends 'D' Rating on INR7.97cr Loans
----------------------------------------------------------
ICRA has suspended the '[ICRA]D' rating assigned to the INR4.60
crore fund based cash credit facility, INR2.37 crore term loan
facilities and 1.00 crore corporate loan facility of Arc Lamicraft
Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               2.37        [ICRA]D suspended
   Cash Credit             4.60        [ICRA]D suspended
   CSLPS Corporate Loan    1.00        [ICRA]D suspended

The suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise. ICRA will withdraw the rating in case it remains under
suspension for a period of three years.

Arc Lamicraft Private Limited was incorporated in the year 2007 by
Mr. Mahesh Vadaliya and other family members. ALPL operates from
its plant located at Morbi to manufacture 8" X 4" (with thickness
of 1 mm, 0.9 mm, 0.8 mm and 0.7 mm) size high pressure decorative
laminate sheets with annual capacity to manufacture 8.28 lakh
laminate sheets.


ATLAS ALLOY: ICRA Upgrades Rating on INR2.84cr Loan to 'B-'
-----------------------------------------------------------
ICRA has upgraded the long term rating from '[ICRA]C+' to
'[ICRA]B-' for the INR2.846 crore fund based bank facilities of
Atlas Alloy (India) Private Limited. ICRA has also reaffirmed the
short term rating of [ICRA]A4 for the INR9.00 crore fund based and
INR3.05 crore non fund based bank facilities of AAIPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limit-     2.846      [ICRA]B- upgraded from
   Term Loan                        [ICRA]C+

   Fund Based Limit-
   OBD against LC        5.00       [ICRA]A4 reaffirmed

   Fund Based Limit-
   Cash Credit           4.00       [ICRA]A4 reaffirmed

   Non Fund Based Limit-
   Letter of Credit       3.05      [ICRA]A4 reaffirmed

The rating revision takes into account the growth in AAIPL's
business of manufacturing various kinds of batteries resulting in
increase in operating income in FY 2014 over FY 2013 by 27%. ICRA
notes that capital expenditure incurred during the year has led to
improvement in capacity utilization leading to an increase in
production which has helped the company in achieving higher sales.
Also, AAIPL's policy towards better inventory management has led
to an improvement in the working capital intensity of operation in
FY 2014 over FY 2013. The ratings continue to derive comfort from
the experience of the promoters of AAIPL in battery business, its
diversified product profile across multiple user industries
including industrial and automotive and healthy demand outlook for
the inverter and UPS batteries given the power shortage scenario
in India. The rating, however, is constrained by AAIPL's weak
financial profile characterized by low net margin, high gearing
and weak coverage indicators and its exposure to volatility in
lead prices for the inventory maintained. The ratings also take
into consideration high competitive intensity in the business on
account of presence of large number of players in the organized
and unorganized sector and seasonality of operation of players
including AAIPL as demand for inverter batteries peaks in summer
season. Going forward, the ability to improve its scale of
operations while managing its working capital requirement will
remain key rating drivers for the company.

Incorporated in 1990, AAIPL is involved in manufacturing of
batteries like automotive, tubular, valve-regulated lead-acid
(VRLA) and batteries for electric two wheelers having a capacity
to manufacture around 2,60,000 batteries per annum. The
manufacturing facility is located at Beawar, Rajasthan. The
company sells its products under the brand names of Grand, Trend
Setter, Sukui and Misko.

Recent Results
The company has reported a net profit of INR0.05 crore
(provisional) on an operating income of INR19.17 crore
(provisional) during 2013-14; as compared to a net profit of
INR0.03 crore on an operating income of INR15.12 crore during
2012-13.


AUTO SHELL: CRISIL Reaffirms 'B+' Rating on INR120MM Loans
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Auto Shell Perfect
Moulder Ltd continue to reflect ASPML's below-average financial
risk profile marked by average gearing and weak debt protection
metrics, and its modest scale of operations in the highly
fragmented castings industry. These rating weaknesses are
partially offset by the extensive experience of ASPML's promoter
in the shell-moulded grey cast iron and ductile iron castings
industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            68        CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         22        CRISIL B+/Stable (Reaffirmed)
   Proposed Working
   Capital Facility       30        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ASPML will continue to benefit over the
medium term from its promoter's extensive industry experience and
its established relationship with customers. The outlook may be
revised to 'Positive' if ASPML significantly increases its scale
of operations and operating profitability, resulting in
improvement in its cash accruals and capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company's relationship with its key customers weakens, leading to
decline in sales or profitability, or if it undertakes a large
debt-funded capital expenditure programme, weakening its financial
risk profile.

Update
ASPML is likely to report revenue of around INR426 million for
2013-14 (refers to financial year, April 1 to March 31), up year-
on-year by about 5 per cent and in line with CRISIL's expectation.
The company's operating profitability is estimated in the range of
7 to 8 per cent for 2013-14, marginally higher than previous years
because of execution of more profitable orders and operational
efficiency measures undertaken during the year; CRISIL expects the
operating margin to range from 6 to 8 per cent over the medium
term.

ASPML's operations remain working-capital-intensive, marked by
large inventory (45 to 60 days) and debtors (60 to 70 days).
ASPML's liquidity remains comfortable, marked by sufficient cash
accruals to meet debt obligations and funding support from
promoter, but is constrained by high bank limit utilisation.

ASPML was established in 1979 by Mr. Krishnasamy Jeyabal. ASPML
manufactures shell-moulded grey cast iron and ductile iron
castings.

ASPML, on a provisional basis, reported a profit after tax (PAT)
of INR6 million on total revenue of INR426 million for 2013-14,
against a loss of INR7.3 million on total revenue of INR403.8
million for 2012-13.


B.BUCHA REDDY: CRISIL Reaffirms 'D' Rating on INR140MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of B.Bucha Reddy & Co
continues to reflect the weak liquidity profile of the firm marked
by delays in servicing of debt  for more than 30 days due to
stretched debtors.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         80        CRISIL D (Reaffirmed)
   Overdraft Facility     55        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      5        CRISIL D (Reaffirmed)

BBRC's business profile is constrained by exposure to high
customer concentration risk and working-capital-intensive
operations. The above weaknesses are partially offset by the
extensive experience of BBRC's partners in the civil construction
industry and moderate financial risk profile, marked by low
gearing.

Update:
The firm has registered revenues of INR32 million for 2012-13 and
is estimated to register modest revenue growth for 2013-14. The
liquidity of the firm continues to remain weak, with its overdraft
facility of INR55 million being fully utilised for the twelve
months through 2013-14. The interest obligation for the working
capital debt availed for the past two months as on May 31, 2014 is
yet to be serviced.

Established in 1991 by Mr. B Bucha Reddy, BBRC is a partnership
firm engaged in civil construction work, mainly related to
irrigation projects in Andhra Pradesh (AP). The firm is also a
registered special class contractor with the irrigation department
of AP. BBRC mainly undertakes subcontract work for other
government contractors, such as BVSR Constructions Pvt Ltd. The
firm is based in Hyderabad (AP).

BBRC reported a profit before tax (PBT) of INR1.7 million on net
sales of INR34.1 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PBT of INR6.7 million on net
sales of INR112.8 million for 2009-10. The firm reported a net
sales of INR32 million for 2012-13.


BIAX ELECTRIC: CRISIL Places 'B+' Rating on INR65MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facility of Biax Electric and Controls Pvt Ltd.  The ratings
reflect Biax's modest net worth and debt protection metrics, small
scale of operations and working capital intensity.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Export Packing Credit     65        CRISIL B+/Stable

These rating weaknesses are partially offset by company's
established presence in the electrical and precision equipment
export market.

Outlook: Stable

CRISIL believes that Biax will maintain its business risk profile
over the medium term backed by company's established presence in
the electrical and precision equipment export market. The outlook
may be revised to 'Positive' in case of significant improvement in
scale of operations and cash accruals. Conversely, the outlook may
be revised to 'Negative', if the company's working capital cycle
is stretched or if it undertakes any large debt-funded capital
expenditure constraining its financial risk profile.

Incorporated in 2001, Biax manufactures electrical accessories and
precision accessories in its manufacturing facility in Silvassa
(Dadra Nagar Haveli). Biax realizes 100 per cent of its revenue
from export to USA, Europe and Middle East. The company is managed
by Mr. Malay Shah.

Biax has reported profit after tax (PAT) of INR1.1 million on net
sales of INR166.8 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR0.8 million on net sales
of INR182.7 million for 2011-12. The company is estimated to
report sales of INR180.0 million for 2013-14.


ECO RRB: ICRA Reaffirms 'B+' Rating on INR21cr Bank Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR21 crore
fund based facilities of Eco RRB Infra Private Limited at
[ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term: Fund
   Based Limits          21.00        [ICRA]B+/ reaffirmed

The rating reaffirmation continues to take into account the
insufficient cover of the monthly lease rentals against the debt
repayments which would continue to result in dependence on funding
support. While the lease rental loan has been recently refinanced
in May 2015, due to induction of new tenant at reduced monthly
rentals, the monthly lease rentals will still continue to remain
insufficient. Besides the funding support for the debt servicing
of the lease rental loan, the funding support will also required
to meet the operating expense of the company and for servicing of
other debt obligations, as the income from the company's wind
power business remains modest. The rating also takes into account
the commercial dispute with the customer who had given advance to
the company towards setting up of wind power projects in India,
and any unfavourable outcome of the litigation against the
company, may result in significant funding requirement as these
advance have already been utilized towards purchase of the FCDs
(Compulsorily Convertible Debentures) of a associate company, RRB
Energy Limited (RRBEL). The proceeds from the lease rental loan
and another mortgage loan had also been utilized towards the
purchase of the FCDs of associate company. As a substantial
portion of the company's net worth has been used to purchase these
FCDs, with no return on the investment on the cash basis, the
liquidity of the company had remained stretched. The rating
however continues to take into account the attractive location of
the leased property in Jasola District Center (New Delhi), which
is a developed commercial area with presence of a number of
leading companies in the vicinity, satisfactory tenant profile
which provides comfort on timely rent payments, long term lease
agreement with the tenant with lock in period till FY 2016 and the
demonstrated track record of the promoters of extending timely
funding support to meet the shortfall. The rating continues to
remain constrained by the concentration risk as the entire
leasable area has been leased to a single tenant, which could
adversely impact the debt servicing capacity of the company in
case of any disruption in the rental payments as witnessed in FY
2013. The rating is also constrained by the sizeable contingent
liabilities of the company arising out of the corporate guarantee
extended by ERIPL to its associate company, RRBEL, whose financial
profile is weak and continues to under the CDR. Going forward,
improvement in the debt service cover and continued timely funding
support from the promoters would be the key rating sensitivities.

ERIPL was incorporated in 1984, initially as RRB Consultants and
Engineers Pvt. Ltd. and was primarily engaged in providing
consultancy services in the field of wind energy. With a change in
the focus from providing consultancy services to undertaking
infrastructure projects such as setting up of wind power plants
and undertaking EPC projects in the field of wind energy , the
name of the company was changed in May 2010 from RRB Consultants
and Engineers Pvt. Ltd. to ERIPL. The company is presently
primarily an Independent Power Producer with operating units in
Tamil Nadu and Rajasthan. In addition, the company has also leased
out a commercial office space and the lease rentals from this
property have been securitized to partly fund the purchase of FCDs
of an associate company, RRB Energy Limited.

In FY2014, ERIPL reported an Operating Income (OI) of INR4.79
Crore and net profit of INR2.23 Crore against OI of INR7.24 Crore
and net profit of INR10.67 Crore in FY2013.


JAY KISHAN: ICRA Reaffirms 'B+' Rating on INR12cr Loan
------------------------------------------------------
A rating of '[ICRA]B+' has been reaffirmed to INR12.00 crore fund
based cash credit facility of Jay Kishan Fibre Private Limited. A
rating of '[ICRA]A4' has also been reaffirmed to INR10.00 crore
fund based warehousing facility of JKFPL.  ICRA has also withdrawn
long term rating of [ICRA]B+ assigned to INR0.15 crore term loan
facility of JKFPL since there is no amount outstanding against the
rated instrument.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Cash Credit              12.00       [ICRA]B+ Reaffirmed
   Warehousing facility     10.00       [ICRA]A4 Reaffirmed

The ratings continues to remain constrained by the weak financial
profile of the company as reflected by moderate scale of
operations, thin profit margin, leveraged capital structure and
weak coverage indicators. The ratings also consider the low
operating margin on account of limited value addition and highly
competitive and fragmented industry structure due to low entry
barriers. The ratings are further constrained by vulnerability of
profitability to raw material prices, which are subject to
seasonality and crop harvest and regulatory risks with regard to
minimum support price (MSP) of raw cotton and export of cotton
bales.

The ratings, however, continues to favorably consider the
extensive experience of the promoters in the cotton industry,
strategic location of the plant in the cotton producing belt of
India giving it easy access to raw cotton as well as presence in
crushing business which provides diversification and additional
revenues.

Kutch Ginning and Spinning Private Limited (KGSPL) was set up in
the year 2005 as a private limited company by family members and
relatives having a long experience in cotton industry. However in
July 2013 two directors i.e. Mr. Bharat Thacker and Mr. Karsukh
Galara resigned from directorship and Mr. Vithal Sapatia was
admitted as new director. Further the name of the company was also
changed from Kutch Ginning & Spinning Private Limited to Jay
Kishan Fibre Private Limited. The manufacturing facility of the
company is located at Bhuj (Dudhai) Kutch. The company is
currently engage in cotton ginning, pressing and crushing
business. At present, the plant is equipped with 36 ginning
machines, 1 fully automatic pressing machine and 10 expellers.

Recent Results
During FY14 (unaudited provisional financials), the company
reported an operating income of INR42.68 crore and profit before
tax of INR0.12 crore as against operating income of INR23.26 crore
and net profit of INR0.03 crore in FY13.


JE PROPERTIES: ICRA Withdraws 'B+' Rating on INR15cr Loan
---------------------------------------------------------
ICRA has withdrawn the '[ICRA]B+' rating assigned to the INR15.00
line of credit for JE Properties Private Limited, as there is no
amount outstanding against the rated bank limits.


KEERTHI RICE: CRISIL Reaffirms 'B+' Rating on INR110MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of Keerthi Rice Industries
continues to reflect KRI's below-average financial risk profile,
marked by high gearing and moderate debt protection metrics, and
susceptibility of its operating profitability to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive industry experience of KRI's promoter in the rice
milling industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           70         CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        32.5       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     7.5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KRI will benefit over the medium term from
the extensive industry experience of its promoter in the rice
milling industry. The outlook may be revised to 'Positive' in case
of a significant and sustained increase in the firm's revenues and
profitability, or a substantial infusion of capital by its
promoter, resulting in an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
KRI's revenues and profitability decline substantially, or it
undertakes a larger-than-expected, debt-funded capital expenditure
programme, or its promoter withdraws capital from the firm,
leading to weakening in its financial risk profile.

Set up in 2009, KRI is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. The company is
promoted by Mr.R.Anthaiah and his family members.

For 2012-13 (refers to financial year, April 1 to March 31), KRI
reported a profit after tax (PAT) of INR2.7 million on net sales
of INR225.6 million, as against a PAT of  INR1.1 million on net
sales ofINR256.4million for 2011-12.


KENERSYS INDIA: ICRA Reaffirms B- Rating on INR172.5cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long term rating Kenersys India Private
Limited at [ICRA]B- for the INR147.5 crore (enhanced from INR105.0
crore) cash credit facilities. ICRA has assigned [ICRA]B- rating
for bank facilities INR25.0 crore long term loan. ICRA has also
reaffirmed the short term rating of [ICRA] A4 to INR25.0 crore
fund based (sub-limit to the cash credit facility) and INR215.0
crore (enhanced from INR85.0 crore) non-fund based bank facilities
of KIPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Bank lines
   (cash-credit)         147.5      [ICRA]B- reaffirmed

   Bank lines
   (term loan)            25.0      [ICRA]B- assigned

   Bank lines
   (fund-based)           25.0      [ICRA]A4 reaffirmed

   Bank lines
   (non-fund-based)      215.0      [ICRA]A4 reaffirmed

The ratings continue to reflect KILP's weak financial profile
characterized by operating losses, tight liquidity condition and
adverse coverage indicators against the backdrop of eroded net
worth. Given high working capital intensity in the business, KIPL
will require additional funds to finance its working capital
requirement. The ratings however favorably factors in the strong
financial and technical support that the company derives from its
promoters, as evident from the regular fund infusion in the form
of preference shares (Rs 69 crore in FY14), which has enabled it
to sustain operations despite large losses. Despite localization
efforts by management, the share of imported content remains
fairly high thereby exposing its profitability to forex
volatility. ICRA notes that the company's ability to step-up the
volumes given the increasing competitive pressures as well as
execute the orders in a timely manner within the budgeted costs
remains critical to improve its financials. ICRA also expects
promoters to provide timely financial assistance in case of any
adversity.

Kenersys India Pvt. Ltd. is promoted by the Kalyani Group and was
incorporated in October 2007 for the manufacture/assembly of wind
turbine generators (WTGs). In FY07 Kalyani group acquired a
controlling stake in RSBconsult GmbH (later named as Kenersys
GmbH), an established German design and consulting house in the
wind energy business, through a holding company Kalyani Renewable
Energies Holding BV (KREH). KREH is jointly promoted by Kalyani
Group and First Reserve, USA, an experienced, global energy
focused Private equity firm. The holding company has floated three
entities viz. Kenersys GmbH, Kenersys Europe GmbH and KIPL. KIPL
is the group's operating entity for India with the responsibility
of manufacturing/assembly of 2 MW (K-82) wind turbines for the
Asian market, and it will also be responsible for handling sales
and marketing of turbines in India and Asia. In FY12, IFCI
acquired 11% stake in KIPL by acquiring shares from promoters and
fresh issuance of shares by the company.

KIPL has setup an assembly unit for the manufacture/assembly of 2
MW and 2.4 MW WTG hubs at MIDC Industrial Area, near Pune
(Baramati) which has been funded largely by equity. The Baramati
production facility currently manufactures the K-82 (2 MW)
nacelles and K82 and K 100 hubs, however the assembly for K100
nacelles will be carried out at Kenersys Europe GmbH.

Recent Result

As per provisional FY14 financials, KIPL reported net loss of
INR86.47 crore on an operating income of INR273.26 crore.


KONARK POLYTUBES: CRISIL Reaffirms B Rating on INR80.5MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Konark Polytubes Pvt Ltd
continue to reflect KPPL's below-average financial risk profile
marked by aggressive capital structure and modest debt protection
metrics, its large working capital requirements, and exposure to
intense industry competition. These rating weaknesses are
partially offset by the benefits derived from steady demand
because of the company's increasing penetration in the irrigation
sector and its promoters' experience in polyvinyl chloride (PVC)
pipes manufacturing.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           75.1       CRISIL B/Stable (Reaffirmed)
   Term Loan              5.4       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KPPL will benefit from its promoters'
experience in the PVC pipes industry over the medium term. The
outlook may be revised to 'Positive' if the company significantly
improves its scale of operations and profitability, leading to
more-than-expected cash accruals, or witnesses sizable equity
infusion, easing liquidity pressures. Conversely, the outlook may
be revised to 'Negative' if KPPL's financial risk profile,
especially liquidity, weakens because of stretch in working
capital requirements or large debt-funded capital expenditure.

KPPL was incorporated by Mr. Anmol Ratan and his family members in
1996. The company set up a PVC pipes manufacturing facility in
Aligarh (Uttar Pradesh) and commenced commercial operations in
2007-08 (refers to financial year, April 1 to March 31). It sells
its products under the Konark and Kisan Agro brands, mainly in
Uttar Pradesh.

For 2012-13, KPPL reported a profit after tax (PAT) of INR0.5
million on net sales of INR271 million, against a PAT of INR0.3
million on net sales of INR195 million for 2011-12.


MAGMA INDUSTRIES: CARE Lowers Rating on INR25.90cr Loans to 'D'
---------------------------------------------------------------
CARE revises rating assigned to the bank facilities of Magma
Industries Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     20.90      CARE D Revised from
                                            CARE B

   Short-term Bank Facilities     5.00      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in rating assigned to the bank facilities of Magma
Industries Limited takes into account the ongoing delays in debt
servicing by the company.

Magma Industries Limited, based in Muzzaffarnagar, Uttar Pradesh,
was incorporated in February 1999. The company is promoted by Mr
Dinesh Kumar Garg and Ms Poonam Garg. The company is engaged in
the manufacturing of Active Pharmaceutical Ingredients (API),
solvents and chemicals. The company also does job work for Ranbaxy
Laboratories Limited. The company manufactures and sells its
solvent products such as Diclofenac Sodium, Ofloxacin, Tetra Hydro
Furan, Aceclofenac and other mixed solvents to pharma industries
based out of Roorkee, Delhi and Bhiwandi.

These products are also sold to the companies for the
manufacturing of thinners and finishes. The main raw materials for
these products are acids and chemicals, which are majorly procured
domestically.

For FY13 (refers to the period April 1 to March 31), MIL achieved
a total operating income of INR36.75 crore with net loss of
INR0.40 crore.

Recent developments

The company is engaged in the manufacturing of API intermediate,
ie, Acidified sodium chlorite (ASC4), Diacylglycerol (DAG) and
Orlistat for Ranbaxy Laboratories Limited. MIL derives significant
revenue from Ranbaxy Laboratories Limited (RLL). In FY14, RLL has
discontinued the business with MIL resultant into decline in
business operations leading to stress liquidity.


MOR TECHFAB: CARE Assigns 'B+' Rating to INR14cr Bank Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities of
MOR Techfab Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      14        CARE B+ Assigned
   Short term Bank Facilities      1        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Mor Techfab Private
Limited (MTPL) are primarily constrained on account of the
implementation and stabilization risk pertaining to the ongoing
debt-funded green-field project. The ratings are further
constrained on account of its presence in a highly competitive and
fragmented woven sack industry and susceptibility of its margins
to volatile raw material prices coupled with high bargaining power
of suppliers.

The aforementioned constraints far offset the benefits derived
from the promoters' experience of over two decades in the plastic
packaging industry, access to established customer base and
marketing network of the group entities which are operating in
similar business, positive demand outlook for plastic woven sacks
and availability of various fiscal benefits provided by the state
and central governments to the woven sack industry.

The ability of MTPL to complete the project within the envisaged
cost and time along with timely stabilization of operations and
achievement of projected sales and profit margins are the key
rating sensitivities.

Incorporated in the year 2012, Ahmedabad-based (Gujarat) MTPL is
promoted by two promoters, namely, Mr Rajiv Bansal and Mr Amardeep
Gupta. MTPL is undertaking a green-field project to manufacture
High-density Polyethylene /Poly propylene (HDPE/PP) fabric and
woven sacks which find applications in various industries such as
sugar, fertilizers, agro commodities, etc, as a packaging material
with proposed installed capacity of 4,200 Metric Tonnes per Annum
(MTPA) at its plant located at Kheda (Gujarat).

The total cost of the project is estimated at INR15.20 crore which
would be funded through equity contribution of INR6.05 crore,
unsecured loan of INR1.15 crore and term loan of INR8 crore. MTPL
has achieved financial closure for the project.

The commercial production is expected to commence by the end of
June 2014. As on March 31, 2014, the management had incurred a
total cost of INR7.92 crore and have availed term debt of INR5.56
crore, infused INR4.79 crore as equity capital and INR1.17 crore
by unsecured loans from the promoters.


MSR DWELLING: CRISIL Assigns 'B' Rating to INR300MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of MSR Dwelling Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan      300       CRISIL B/Stable

The rating reflects risks related to the implementation of its
upcoming projects and exposure to intense competition, and to the
risks inherent in the Indian real estate industry. These
weaknesses are partially offset by the extensive experience of
MSR's promoters in the real estate segment.

Outlook: Stable

CRISIL believes that MSR will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
higher-than-expected cash flows, supported by earlier-than-
expected completion of, or significantly higher realisations for,
its upcoming projects. Conversely, the outlook may be revised to
'Negative' if MSR faces delays in project completion or in receipt
of payments from customers, or if it undertakes larger-than-
expected, debt-funded projects.

Set up in 2011 by Mr. Madhusudhan Reddy, MSR is engaged in the
development of residential real estate projects in Bengaluru
(Karnataka).

MSR reported a profit after tax (PAT) of INR1.1 million on
revenues of INR23.5 million for 2012-13 (refers to financial year,
April 1 to March 31).


NEEMRANA FOODS: ICRA Suspends 'D' Rating on INR4.16cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR4.16
crore bank facilities of Neemrana Foods Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


OMICRON POWER: ICRA Suspends 'B+' Rating on INR22cr Loans
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR22.0 crore,
long term loans & working capital facilities & [ICRA]A4 rating to
the INR18.0 crore, short term, non fund based letter of credit and
bank guarantee facilities of Omicron Power Engineers Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance due to non cooperation from the company.


ORIENTAL SALES: ICRA Reaffirms B+ Rating on INR2cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for INR2.0
Crore fund based facilities and a short term rating of [ICRA]A4
for INR24.0 Crores non fund based facilities of Oriental Sales
Corporation.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           2.0         [ICRA]B+ Reaffirmed
   Bank Guarantee       24.0         [ICRA]A4 Reaffirmed

The reaffirmation of rating takes into account the long standing
experience of the partners in contract business and healthy order
book position of the firm providing revenue visibility for the
near term. However, the rating is constrained by the lumpiness in
execution cycle on account of dependence on customer clearances
that can adversely impact the revenues of the company.

Additionally, delays in project implementation, which could lead
to cost and time overruns can impact profitability, especially in
case of fixed price nature of contracts. Moreover, piling up of
work in progress as well as delays in recovery of receivables
adversely impacts liquidity position of the firm. Going forward,
timely execution of projects to maintain profitability and
managing collections for improving liquidity would be the key
rating sensitivities.

Oriental Sales Corporation is a partnership firm established in
1992 and started its operation in 1996 under the leadership of Mr.
B.L. Gupta, who is having long experience in the relevant line of
business. The firm is having its registered office at Jaipur, and
is managed by Mrs. Neelu Gupta, Mr. B.L Gupta and other partners.
The firm is involved in the turnkey projects of laying of power
transmission lines. The major customers for the firm are Jaipur
Vidyut Vitran Nigam Limited and Jodhpur Vidyut Vitran Nigam
Limited. Project activities include site survey, soil
investigation, development of access roads and accompanying
infrastructure, foundation work, design manufacturing and testing
of towers, mobilization of manpower and equipment, and testing and
commissioning of transmission line.

Recent Results
In 2012-13, OSC reported an Operating Income of INR4.4 Crore,
Operating profit of INR0.4 Crore and Net profit of INR0.1 Crore.
In 2013-14 (Provisional) OSC reported an Operating Income of
INR17.3 Crore, Operating profit of INR1.4 Crore and Net profit of
INR0.7 Crore.


OSWAL FASHION: CRISIL Reaffirms 'B-' Rating on INR280MM Loans
-------------------------------------------------------------
CRISIL's rating on long-term bank facilities of Oswal Fashion Pvt
Ltd continues to reflect OFPL's weak financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics, its large working capital requirements, and
its small scale of operations. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the textile industry and funding support received
from them, and its established relationships with customers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           275        CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.6      CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Term Loan               3.4      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that OFPL's financial risk profile will remain
weak over the medium term due to large working capital
requirements and depressed profitability. The outlook may be
revised to 'Positive' in case of more-than-expected increase in
the company's scale of operations or profitability, leading to a
substantial increase in its cash accruals. Conversely, the outlook
may be revised to 'Negative' in case of low profitability or large
working capital requirements, leading to further deterioration in
OFPL's financial risk profile, particularly its liquidity.

Update
OFPL's scale of operations remains small, reflected in its
operating income of INR1189.8 million in 2012-13 (refers to
financial year, April 1 to March 31), which was broadly in line
with CRISIL's expectation. The company recorded a negative
operating margin of 4.6 per cent and a net loss of INR67.1 million
in 2012-13, which was significantly worse than CRISIL's
expectation.

Continued large working capital requirements and unanticipated
losses during 2012-13 have led to considerable weakening in OFPL's
financial risk profile. The company's liquidity has deteriorated,
marked by fully utilised bank lines and depressed accruals amid
large working capital requirements. The enhancement in bank lines
in 2013-14, along with sanctioning of a working capital term loan
has temporarily supported its liquidity. However, improvement in
profitability and cash accruals, along with better working capital
management would remain critical for OFPL to manage its liquidity
over the medium term.

OFPL reported a net loss of INR67.1 million on net sales of
INR1189.8 million for 2012-13, against a profit after tax of
INR3.0 million on net sales of INR860.3 million for 2011-12.

OFPL was incorporated in 1997, promoted by Mr. Khmti Lal Jain. The
company manufactures T-shirts, pullovers, and jackets.


PATEL TIMBER: CARE Assigns 'B-' Rating to INR1.70cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' rating to the bank facilities
of Patel Timber Corporation.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long term Bank Facilities      1.70       CARE B- Assigned
   Short term Bank Facilities     6.00       CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Patel Timber
Corporation (PTC) are constrained by the relatively small scale
of operations, small net-worth base, fluctuating operating
profitability and stretched working capital cycle resulting into
leveraged capital structure and weak debt coverage indicators. The
ratings are further constrained by the partnership nature of the
constitution, vulnerability to fluctuation in the price of timber
and currency rates and intense competition and inherent
environmental risk in the timber industry.  These factors far
offset the benefits derived from the vast experience of the
partner in the timber trading.

Ability of PTC to increase the scale of operations while
maintaining the profitability margins amidst intense competition
and efficient management of the operating cycle thereby improve
its capital structure and debt coverage indicators are the key
rating sensitivities.

Established in 1996, Patel Timber Corporation (PTC) is engaged
into trading of timber. PTC procures teakwood and hardwood via
imports (90% in FY13, refers to the period April 1 to March 31)
from Burma through traders in Singapore and Hong Kong and sells to
domestic retailers. The entity has a showroom-cum-warehouse and a
saw mill at Bengaluru with sawing capacity of 200 cubic feet per
day.

During FY13, PTC reported a total operating income of INR4.83
crore as against INR3.31 crore in FY12 and incurred a net loss of
INR0.01 crore. Furthermore, during 11MFY14 (provisional), PTC
posted a total operating income of INR6 crore.


PRAKASH INDUSTRIAL: ICRA Suspends 'B-' Rating on INR24cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR24.00 Crore
fund based/non fund based bank facilities of Prakash Industrial
Infrastructure Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


RAGHUKUL COTTEX: CRISIL Reaffirms 'B+' Rating on INR133.4MM Loans
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Raghukul Cottex and
Processing Pvt Ltd continues to reflect RCPPL's below-average
financial risk profile, marked by a small net worth and below-
average debt protection metrics, and modest scale of operations in
the highly fragmented cotton ginning industry. The rating also
factors in the vulnerability of the company's operations to
changes in government policies. These rating weaknesses are
partially offset by the extensive industry experience of RCPPL's
promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           110        CRISIL B+/Stable (Reaffirmed)
   Rupee Term Loan        23.4      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RCPPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company's scale of operations and
operating margin improve significantly, along with improvement in
its financial risk profile, backed by capital infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' if
RCPPL's profitability declines or a debt-funded capital
expenditure plan causes its financial risk profile to weaken.

RCPPL was incorporated on December 14, 2009. The company is
promoted by Mr. Govindbhai Pansuriya and his son, Mr. Kamleshbhai
Pansuriya. RCPPL is engaged in ginning and pressing of raw cotton
to make cotton bales. The unit is located in Jasdan (Gujarat). The
company is also under process to set up a cotton seed crushing
unit, which is expected to be operational by 2013-14.

RCPPL reported a net profit of INR1.3 million on net sales of
INR637.6 million for 2012-13, as against a net profit of INR0.8
million on net sales of INR412.1 million for 2011-12.


RIBO INDUSTRIES: CARE Ups Rating on INR24cr Bank Loan to 'B'
------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Ribo
Industries Private Limited.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long term Bank Facilities      24.00      CARE B Revised from
                                             CARE D

   Short term Bank Facilities      0.50      CARE A4 Revised from
                                             CARE D
Rating Rationale

The revision in the ratings follows satisfactory debt servicing by
Ribo Industries Private Limited (RIPL) and the receipt of approval
for reschedulement of its term loans from the bank. The ratings
continue to be constrained by the short track record of operation
with relatively small size of the business, decline in revenue in
FY13 (refers to the period April 1 to March 31) due to low orders
from the clients, highly leveraged capital structure due to
significant capex and customer concentration risk.

The ratings, however, do factor in the experienced promoters with
funding support from associate companies, association with reputed
client and growing demand for the boiler pressure parts from power
generation equipment manufacturers.

Going forward, improvement in the liquidity position and ability
of RIPL to scale up operations would be the key rating
sensitivity.

Ribo Industries Private Limited (RIPL), incorporated in 2009 is
promoted by Mr S Ramanathan (Chairman), Mr R Senthilnathan
(Managing Director) and Mrs R Sudha. The company commenced
commercial production of boiler pressure parts from February 2011
at their plant in Trichy, Tamil Nadu. The installed capacity is
1,480 MTPA (metric tonnes per annum) as of December 31, 2013. The
product portfolio comprises panels, coils, pipings, tube bends and
headers for power & process steam boilers. Besides, RIPL also
undertakes job work of assembling the components based on customer
specifications. RIPL is a certified manufacturer under the Indian
Boiler Regulations Act.

RIPL's products find application in the manufacture of boiler
equipment by Original Equipment Manufacturers (OEMs). These
boilers in turn are erected in the power plant and process
industries such as paper manufacturing industries. The major raw
materials include carbon steel and allied steel in the form of
plates, pipes and tubes which are procured from the local market.

RIPL has achieved a PAT of INR0.02 crore on a total operating
income of INR4.05 crore in FY13 as compared with a PAT of
INR0.31 crore on a total operating income of INR7.84 crore in
FY12.


SAHARA GROUP: Accounts De-Frozen; Chief Remains in Jail
-------------------------------------------------------
The Times of India reports that the Supreme Court reiterated its
"no money, no release" order for Sahara group chief Subrata Roy,
who has been detained since March 4, but in a relief relaxed
orders freezing bank accounts and properties to provide Saharas
with the means to raise the money needed for meeting bail
condition.

According to the report, the court allowed Saharas to operate bank
accounts, sell FDRs, securities and government bonds, which is
estimated to fetch nearly INR2,500 crore. It also lifted
attachment orders on nine properties for sale, which would fetch
another INR4,500 crore,  TOI says.

However, the court said Saharas could not sell the properties to
relatives or below the circle rate or the estimated price.
Moreover, if there was excess cash from these transactions after
depositing INR5,000 crore in Sebi's designated account, then
Saharas would have to put it in a separate account, TOI relates.

TOI says the bench referred the Sahara case to a three-judge bench
and said this proposal would now be considered by the new bench.
It also appointed senior advocate Fali S Nariman as amicus curiae.
But Saharas' counsel Gaurav Kejriwal and Keshav Mohan fairly
informed the court that Nariman had appeared for Saharas in this
case before. The bench said if Nariman declined the assignment,
then it would consider other names, the report relates.

On the proposal to sell Grosvenor House hotel in London and two
other hotels in New York, the Saharas could furnish the consent
letter from Bank of China, which had advanced loans for the
purchase of these properties, according to the report.

"The fact that valuation reports regarding the three assets were
prepared at the instance of Bank of China, shall also have to be
verified and confirmed by Bank of China, especially because no
sale of the assets in question can be permitted at a price lesser
than the price at which the said assets have been valued by the
valuers, who are said to be valuers of repute. Directions
regarding sale of properties outside the country can, therefore,
await the furnishing of information and verification of the
facts," the bench said, TOI relays.

Refusing to release Roy and two directors from prison on assurance
that INR5,000 crore in cash and INR5,000 crore in bank guarantee
would be deposited within a specified time frame, a bench of
Justices T S Thakur and A K Sikri noted that the total outstanding
against two Sahara companies -- Sahara Real Estate and Sahara
Housing -- have by now touched an enormous figure of INR33,000 to
INR35,000 crore with interest, the report says.

Writing the judgment for the bench, Justice Thakur said even if
the contemnors were released on interim bail after they met the
release condition, "they will have to arrange the deposit of the
balance amount, which again is very substantial," TOI adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2013, The Economic Times said the Securities & Exchange
Board of India (Sebi) on Feb. 13, 2013, seized bank accounts and
properties of two Sahara Group companies and its promoter, Subrata
Roy.  The move comes following the group's failure to refund
INR24,000 crore to investors as directed by the Supreme Court.

Sahara Group operates businesses ranging from finance, housing,
manufacturing and the media.  Sahara also sponsors the Indian
hockey team and owns a stake in Formula One racing team, Force
India.


SELLIAMMAN CONSTRUCTIONS: CRISIL Ups Rating on INR80MM Loan to B
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Selliamman Constructions Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
C', while assigning its 'CRISIL A4' rating to the company's short-
term facilities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         10        CRISIL A4 (Assigned)
   Cash Credit            80        CRISIL B/Stable (Upgraded
                                    from 'CRISIL C')

The rating upgrade reflects CRISIL's belief that SCPL will
maintain its improved liquidity over the medium term. The company
is expected to generate cash accruals of around INR20 million per
annum over this period, which will remain adequate to meet its
debt repayment obligations. However, despite the improvement,
SCPL's liquidity is expected to remain weak, marked by high bank
limit utilisation because of its large working capital
requirements.

The rating reflects SCPL's small scale of operations in the
intensely competitive construction business, its large working
capital requirements, and the susceptibility of its operating
margin to volatility in input prices. These rating weaknesses are
partially offset by the company's moderate financial risk profile,
marked by moderate gearing and debt protection metrics, and the
extensive industry experience of its promoter.

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of a sustained
improvement in the company's liquidity, supported by a better
working capital cycle or by generation of higher-than-expected
cash accruals. Conversely, the outlook may be revised to
'Negative' if SCPL's financial risk profile deteriorates, most
likely because of large debt-funded capital expenditure or a
decline in its cash accruals.

SCPL was set up in 2007 in Bhavani (Tamil Nadu) by Mr. K
Sreerangan. It undertakes civil construction works, mainly
concreting activities related to road construction and maintenance
such as formation, widening, rehabilitation, and strengthening,
and construction of small bridges, for the governments of
Karnataka and Tamil Nadu.


SENBO ENGINEERING: CRISIL Reaffirms B- Rating on INR1.35BB Loans
----------------------------------------------------------------
CRISIL ratings on the bank facilities of Senbo Engineering Limited
continue to reflect the stretched liquidity position of SEL and
working capital intensive nature of operations. These rating
weakness are partially offset by extensive experience of SEL's
promoters in the construction industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        946.8      CRISIL A4 (Reaffirmed)

   Cash Credit           987.5      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    365.7      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SEL will benefit from its promoters'
extensive industry experience and strong revenue visibility, over
the medium term. The outlook may be revised to 'Positive' if there
is a significant and sustainable increase in revenues of the
company while maintain its margins, or if SEL's liquidity position
improves driven by faster than expected realisations from
receivables and an improvement in working capital management.
Conversely, the outlook may be revised to 'Negative' if SEL faces
a further stretch in its working capital cycle due to further
build up in receivables, or its sharp decline in revenues or
margins weakening its financial risk profile.

Started as a partnership firm in 1960's by Mr. Kajal Sengupta, the
firm was reconstituted as a private limited company in 1990 and
subsequently incorporated as public limited company in 2005. SEL
undertakes designing, engineering, consultancy work for civil,
structural and foundation engineering with specialisation in heavy
construction, piling and underground tunnelling construction of
metro work. Mr. Kajal Sengupta is the chairman and managing
director of SEL.

SEL reported a profit after tax (PAT) of INR21.2 million on net
sales of INR723.8 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR95.6 million on net
sales of INR975.0 million for 2011-12.


SHREE SADHK: CRISIL Reaffirms 'B-' Rating on INR140MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Shree Sadhk Stockage
continues to reflect the firm's start-up phase of operations in
the highly fragmented cold storage industry. This rating weakness
is partially offset by SSS's strategic location close to an
Agricultural Produce Market Committee (APMC) market.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan       127.3       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    12.7       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSS will benefit from its strategic location.
The outlook may be revised to 'Positive' if the firm reports
higher-than-expected revenue and profitability. Conversely, the
outlook may be revised to 'Negative' if SSS faces significant time
or cost overrun in its project, adversely affecting its financial
risk profile, or registers significantly low revenue and
profitability.

Update
On account of cost escalation, SSS's project completion has been
delayed. The warehouse commenced operations in January 2014
against planned commencement in September 2013; the cold storage
is expected to commence operations in July 2014 against planned
commencement in December 2013. On account of delays in
commencement of operations, the firm did not generate any revenue
till January 2014. Its scale of operations and profitability have
been low on account of nascent stage of operations. Successful
ramp-up of operations of the cold storage facility will be a key
rating sensitivity factor.

SSS's project cost increased to INR300 million from INR238
million. It is funded in a debt-to-equity ratio of 1.5:1. With
funding tied up and additional funds already infused by the
promoters, CRISIL believes that SSS's project implementation risk
has reduced significantly. However, the firm's ability to improve
offtake remains a key rating sensitivity factor.

SSS's liquidity is supported by infusion of capital in the past
year. The firm's cash accruals are expected to be tightly matched
with term debt obligations over the near term, constraining its
liquidity.

SSS, established in 2011, is setting up a cold storage and
warehouse facility in Navi Mumbai (Maharashtra). The firm is
promoted by four brothers: Mr. Chandulal Senghani, Mr. Mohanlal
Senghani, Mr. Narshi Senghani, and Mr. Purshottam Senghani.

SHREE SAI: CRISIL Lowers Rating on INR280MM Loans to 'B+'
---------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Shree
Sai Rolling Mills (India) Limited (SSR; part of the Sai group) to
'CRISIL B+/Stable' from 'CRISIL BB/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            256       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Rupee Term Loan         24       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

The downgrade reflects continued pressure on the Sai group's
financial risk profile, marked by a decline in sales and
profitability, substantially low net cash accruals and large debt
obligations. The group's revenue declined by an estimated 20 per
cent in 2013-14, driven by a slowdown in its end-user industry,
the real estate sector. The group's net cash accruals could remain
significantly low in the near term, and hence will be closely
matched to its annual debt obligations of around INR48 million.
Furthermore, the Sai group has large working capital requirements,
marked by gross current assets (GCAs) of over 300 days, thus
constraining its liquidity, resulting in full utilisation of its
bank lines. CRISIL believes that weak demand will continue to
impact the Sai group's operating performance, and consequently,
its liquidity over the medium term.

The ratings continue to reflect the Sai group's exposure to risks
related to cyclical demand inherent to the steel industry and to
the weak business environment in Meghalaya. The rating also
factors in the group's below-average financial risk profile,
because of its large working capital requirements. These rating
weaknesses are partially offset by the Sai group's integrated
operations and its promoters' extensive industry experience.

For arriving at the ratings, CRISIL continues to combine the
business and financial risk profiles of SSR, Shree Sai Prakash
Alloys Pvt Ltd (SSP), and Shree Sai Smelters (India) Ltd (SSS).
This is because the companies, together referred to as the Sai
group have significant operational and functional linkages, given
their operations in the same industry.

Outlook: Stable

CRISIL believes that the Sai group will continue to benefit from
its integrated operations and its established market position in
the steel segment over the medium term. The outlook may be revised
to 'Positive' if the group improves its working capital cycle, and
reports sizeable net cash accruals, thereby improving its
liquidity. Conversely, the outlook may be revised to 'Negative' if
the Sai group's financial risk profile deteriorates with a large,
debt-funded capital expenditure (capex) programme, or if the
working capital intensity of its operations increases.
About the Group

SSR, based in Byrnihat (Meghalaya), is part of the Saiji group,
which is promoted by Mr. J P Jaiswal and Mr. Sandeep Bhagat. The
group has a manufacturing presence in Assam, Meghalaya, West
Bengal, and Arunachal Pradesh. Group is engaged in manufacturing
of MS Ingots, billets, bars/flats/angles and Ferro alloy products.

For 2012-13, SSR reported a PAT of INR0.8 million on net sales of
INR1.03 billion, as against a PAT of INR7 million on net sales of
INR1.04 billion for the previous year.

For 2012-13 (refers to financial year, April 1 to March 31), SSP
reported a profit after tax (PAT) of INR3.6 million on net sales
of INR1.4 billion, as against a PAT of INR14 million on net sales
of INR1.03 billion for the previous year.

For 2012-13, SSS reported a PAT of INR0.6 million on net sales of
INR450 Million, as against a PAT of INR5.6 million on net sales of
INR352 million for the previous year.


SHREE SAI SMELTERS: CRISIL Cuts Rating on INR157.5M Loans to 'B+'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Shree
Sai Smelters India Limited (SSS; part of the Sai group) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        20         CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Cash Credit           76.5       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Long Term Loan        27.5       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Proposed Long Term    53.5       CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB/Stable')

The downgrade reflects continued pressure on the Sai group's
financial risk profile, marked by a decline in sales and
profitability, substantially low net cash accruals and large debt
obligations. The group's revenue declined by an estimated 20 per
cent in 2013-14, driven by a slowdown in its end-user industry,
the real estate sector. The group's net cash accruals could remain
significantly low in the near term, and hence will be closely
matched to its annual debt obligations of around INR48 million.
Furthermore, the Sai group has large working capital requirements,
marked by gross current assets (GCAs) of over 300 days, thus
constraining its liquidity, resulting in full utilisation of its
bank lines. CRISIL believes that weak demand will continue to
impact the Sai group's operating performance, and consequently,
its liquidity over the medium term.

The ratings continue to reflect the Sai group's exposure to risks
related to cyclical demand inherent to the steel industry and to
the weak business environment in Meghalaya. The rating also
factors in the group's below-average financial risk profile,
because of its large working capital requirements. These rating
weaknesses are partially offset by the Sai group's integrated
operations and its promoters' extensive industry experience.

For arriving at the ratings, CRISIL continues to combine the
business and financial risk profiles of SSS, Shree Sai Rolling
Mills (India) Ltd (SSR), and Shree Sai Prakash Alloys Private
Limited (SSP). This is because the companies, together referred to
as the Sai group have significant operational and functional
linkages, given their operations in the same industry.
Outlook: Stable

CRISIL believes that the Sai group will continue to benefit from
its integrated operations and its established market position in
the steel segment over the medium term. The outlook may be revised
to 'Positive' if the group improves its working capital cycle, and
reports sizeable net cash accruals, thereby improving its
liquidity. Conversely, the outlook may be revised to 'Negative' if
the Sai group's financial risk profile deteriorates with a large,
debt-funded capital expenditure (capex) programme, or if the
working capital intensity of its operations increases.

SSS, based in Byrnihat (Meghalaya), is part of the Saiji group,
which is promoted by Mr. J P Jaiswal and Mr. Sandeep Bhagat. The
group has a manufacturing presence in Assam, Meghalaya, West
Bengal, and Arunachal Pradesh. Group is engaged in manufacturing
of MS Ingots, billets, bars/flats/angles and Ferro alloy products.

For 2012-13, SSS reported a PAT of INR0.6 million on net sales of
INR450 Million, as against a PAT of INR5.6 million on net sales of
INR352 million for the previous year.

For 2012-13 (refers to financial year, April 1 to March 31), SSP
reported a profit after tax (PAT) of INR3.6 million on net sales
of INR1.4 billion, as against a PAT of INR14 million on net sales
of INR1.03 billion for the previous year.

For 2012-13, SSR reported a PAT of INR0.8 million on net sales of
INR1.03 billion, as against a PAT of INR7 million on net sales of
INR1.04 billion for the previous year.


SHIVAM COTTON: CRISIL Assigns 'B' Rating to INR119MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shivam Cotton Industries (Junagadh).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            70        CRISIL B/Stable
   Term Loan              49        CRISIL B/Stable

The rating reflects SCI's nascent stage of operations in the
highly competitive cotton industry, working-capital-intensive
operations, and expected average financial risk profile, marked by
high gearing and average debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of the firm's promoters, and the proximity of its unit
to the cotton-growing belt in Gujarat.

Outlook: Stable

CRISIL believes that SCI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm stabilises its
operations earlier than expected while improving its capital
structure, leading to a better financial risk profile. Conversely,
the outlook may be revised to 'Negative' if SCI's operating margin
is considerably low, or if it undertakes a substantial debt-funded
expansion programme, or if its working capital management
deteriorates, significantly weakening its financial risk profile.

Incorporated in 2013, SCI is a partnership firm located at
Visavadar, in the Junagadh district of Gujarat. The firm is
promoted by the Ribidiya family, which has more than a decade of
experience in the cotton industry. It has recently commenced
operations, from April 2014.


SOHAN INDUSTRIES: CARE Reaffirms B+ Rating on INR6.50cr Bank Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of Sohan
Industries.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities       6.50      CARE B+ Reaffirmed

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

Rating Rationale

The rating assigned to the bank facilities of Sohan Industries
continues to remain constrained by its weak financial risk profile
characterized by its small scale of operations, thin profitability
margins, leveraged capital structure, weak debt protection metrics
and working capital intensive nature of its operations. The rating
is also constrained by the partnership nature of its constitution,
its presence in a highly competitive and fragmented agro-
processing business with a high level of government control and
susceptibility of its margins to fluctuation in the raw material
prices.

The rating, however, continues to favourably take into account the
experience of the partners in the agro processing industry and
proximity of its processing unit to the paddy-growing areas.
SOI's ability to scale up its operations while improving its
profitability margins and capital structure along with effective
working-capital management shall be the key rating sensitivities.

Sohan Industries was established as a partnership firm in the year
1995. The firm is currently managed by present partners Mr Sohan
Lal, Ms Shakuntla and Mr Amit Garg who share profit in the ratio
of 20%, 40% and 40% respectively.

Mr Sohan Lal and Mr Amit Garg look after the overall operations of
the firm. SOI is engaged in the processing of Basmati and Non-
Basmati rice. The firm has its processing facility located at
Hansi Road in Karnal with an annual installed capacity of 36,000
metric ton per annum (MTPA) of rice. The firm procures paddy in
bulk from nearby grain markets located in Kaithal and Karnal
districts. SOI sells its product through commission agents in
Delhi, Haryana and U.P and extends a credit period of 7 days. The
group associate Sohan Lal Aggarwal & Sons (CARE B+/A4) is also in
the same line of business and is located in Karnal.

Recent Development

The firm has undertaken a capex of INR0.67 crore in April 2014 for
installation of a boiler. The same has been funded by term loan
from bank aggregating to INR0.50 crore and remaining through
partner's contribution. The same has been put to use by May 2014
and is expected to improve the overall efficiency of the firm.
SOI has reported a net profit of INR0.03 crore on a total
operating income of INR19.65 crore during FY14 (refers to the
period April 1 to March 31) based on unaudited results.


SPEED LOGISTICS: CRISIL Raises Rating on INR43MM Loans to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Speed
Logistics to 'CRISIL B/Stable/CRISIL A4' from CRISIL D/CRISIL D.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Bank Guarantee         40       CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit            20       CRISIL B/Stable (Upgraded from
                                   'CRISIL D')

   Long Term Loan         23       CRISIL B/Stable (Upgraded from
                                   'CRISIL D')

The upgrade reflects sustainable improvement in the firm's
liquidity profile backed by stronger net cash accrual generation,
leading to timely debt servicing since January 2014. The company's
profitability is estimated to have improved to around 9.5% in
2013-14 from 5.7% in 2011-12 backed by focus on higher value added
contracts, along with a marginal reduction in working capital
requirements stemming from a somewhat reduced topline and
estimated release of security deposits from its customer Food
Corporation Of India ( rated CRISIL AAA(SO)/Stable) has led to
improvement in the firm's liquidity profile. As profitability is
expected to improve further to about 10% in 2014-15, the firm is
expected to generate cash accruals of aroundINR20 million, which
would be more than sufficient to service its debt obligations of
INR7.8 million. The firm has limited capex plans of INR10 million
over the medium term, which is not expected to impact the
liquidity of the firm significantly. Going forward, revenue growth
is also expected to remain muted thereby limiting any major
increase in working capital requirements. Liquidity, though
improved, still remained stretched as depicted by full utilization
of its bank limits of INR20 million over the last 12 months
through March 2014.

The rating also reflects firm's below-average financial risk
profile, marked by a small net worth and modest scale of
operations in the intensely competitive logistics industry.
However, the firm benefits from its promoter's extensive
experience in the logistics industry.

Outlook: Stable

CRISIL believes that Speed will benefit over the medium term from
the extensive industry experience of its promoter. The outlook may
be revised to 'Positive' in case of substantial improvement in
accruals, thus easing the pressure on the company's liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
lower than expected accruals or  stretch in its working capital
cycle, which can have an adverse bearing on Esskay's financial
risk profile especially liquidity.

Setup in 2009 by Mr. Anurag Jain, Speed Logistics is a third party
logistics provider, engaged in providing services such as
transportation, warehouse management, custom clearance and freight
forwarding to its clients.

Speed Logistics has posted a provisional profit after tax (PAT) of
INR9.8 million on net sales of INR342  million for 2012-13 (refers
to financial year, April 1 to March 31), against a PAT of INR5.7
million on net sales of INR304 million for 2011-12.


SREE ANDAL: CRISIL Reaffirms B+ Rating on INR180MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the bank facility of Sree Andal and Company
continues to reflect SAC's below-average financial risk profile
marked by weak debt protection metrics, the firm's modest scale of
operations, and exposure to intense competition in the steel
trading industry. These rating weaknesses are partially offset by
the benefits that SAC derives from its promoters' extensive
experience in the steel products trading business and its
established relationship with its principals.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           180        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SAC will continue to benefit over the medium
term from its promoters' extensive experience in the steel
products trading business. The outlook may be revised to
'Positive' if the firm's financial risk profile improves, driven
by better-than-expected cash accruals and efficient working
capital management. Conversely, the outlook may be revised to
'Negative' in the event of increased pressure on the firm's
financial risk profile, most likely because of lower-than-expected
cash accruals or larger-than-expected working capital requirements
or significant capital withdrawal by promoters.

SAC, set up in 1992 and based in Chennai (Tamil Nadu), is a
partnership concern promoted by Mr. M Subbiah and his family. The
firm trades in thermo-mechanically treated bars, channels, angles,
joints, and beams.


SVARN TELECOM: ICRA Reaffirms 'B' Rating on INR23.50cr Loans
------------------------------------------------------------
ICRA has reaffirmed a long term rating of [ICRA]B for the INR6.50
crore fund based limits and INR17.0 crore unallocated limits of
Svarn Telecom. ICRA has also reaffirmed a short term rating of
[ICRA]A4 for the INR1.50 crore non fund based limits of the firm.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Cash Credit                6.50       [ICRA]B (Reaffirmed)
   Non fund based Limits      1.50       [ICRA]A4 (Reaffirmed)
   Unallocated Limits        17.00       [ICRA]B (Reaffirmed)

While arriving at the ratings, ICRA has also taken cognizance of
the business and financial risk profiles of Svarn Telecom (ST),
Svarn Telecom Limited (STL), Svarn Infratel Private Limited (SIPL)
and Svarn Tex Prints Private Limited (STPPL), together referred to
as Svarn Group. The entities have a common management and have
intra group linkages. Three of the four entities mentioned above
namely, ST, STL and SIPL have similar business profile and share
the same brand name.

The ratings reaffirmation takes into consideration Svarn Telecom's
decline in scale of operations in the business of manufacturing of
passive telecom infrastructure components and increase in its
working capital intensity in FY14 due to increase in inventory
holding period. The ratings also take into account the firm's high
working capital intensity, translating into consistently high
utilization of working capital limits and hence high gearing
level. The ratings also take into consideration the improvement in
firm's profitability in FY2014, though the same continues to
remain moderate. The ratings also factor in the high working
capital intensity, moderate profitability and average debt
protection metrics of the group taken together. The ratings are
however supported by the overall increase in the group's scale of
operations, improvement in group's profitability and improvement
in group's coverage indicators. The ratings continue to take into
consideration the reputed client profile of the group which
includes original equipment manufacturers like Nokia Solutions &
Networks India Pvt Ltd, Erricson India Pvt Ltd etc. Moreover the
Svarn Telecom benefits from the promoters' experience in the
telecom sector and diversification of the customer base to auto
ancillaries for its sheet metal components.

Svarn Telecom (ST) is a partnership firm, which was established in
2005. The firm is engaged in manufacturing of BTS Installation
materials, Radio Frequency Components like couplers, antennae and
other related accessories in its manufacturing plant based out of
Haridwar. The firm is a part of the Svarn Group, which is promoted
by Mr. Sadhu Ram Gupta, Mr. Vijay Gupta, Mr. Ajay Gupta and Mr.
Suresh Singhal, and has a presence in the manufacturing of passive
telecom infrastructure components as well as fabric processing.

As per provisional numbers for FY2014, the firm reported a Profit
after tax of INR0.22 crore on an operating income of INR12.87
crore vis-…-vis a loss of INR1.50 crore on an operating income of
INR18.52 crore during FY2013.


SVARN TELECOM LTD: ICRA Reaffirms 'B' Rating on INR21.5cr Loans
---------------------------------------------------------------
ICRA has reaffirmed a long term rating of [ICRA]B for the INR5.00
crore fund based limits, INR0.94 crore term loans and INR15.56
crore unallocated limits of Svarn Telecom Limited. ICRA has also
reaffirmed a short term rating of [ICRA]A4 for the INR3.50 crore
non fund based limits of the company.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit              5.00       [ICRA]B (Reaffirmed)
   Term Loans               0.94       [ICRA]B (Reaffirmed)
   Non fund based Limits    3.50       [ICRA]A4 (Reaffirmed)
   Unallocated Limits      15.56       [ICRA]B (Reaffirmed)

While arriving at the ratings, ICRA has also taken cognizance of
the business and financial risk profiles of Svarn Telecom (ST),
Svarn Telecom Limited (STL), Svarn Infratel Private Limited (SIPL)
and Svarn Tex Prints Private Limited (STPPL), together referred to
as Svarn Group. The entities have a common management and have
intra group linkages. Three of the four entities mentioned above
namely, ST, STL and SIPL have similar business profile and share
the same brand name.

The ratings reaffirmation reflects Svarn Telecom Limited's decline
in scale of operations in the business of manufacturing of passive
telecom infrastructure components and the deterioration in
operating profitability of STL. The net margins are although
supported by non operating income (profit on sale of assets). The
ratings also take into account the significant increase in working
capital intensity of the company, driven by increase in inventory
holding period of the company, and translating into consistently
high utilization of working capital limits. The ratings also
factor in the high working capital intensity, moderate
profitability and average debt protection metrics of the group
taken together. The ratings are however supported by the overall
increase in the group's scale of operations, improvement in
group's profitability and improvement in group's coverage
indicators. The ratings continue to take into consideration the
reputed client profile of the group which includes Reliance Jio
Infocomm Ltd, ZTE Telecom India Pvt Ltd etc as well as telecom
service providers like Vodafone, Idea Cellular, etc. Moreover the
Svarn group benefits from the promoters' experience in the telecom
sector and diversification of the company's product profile to
cold rooms & Pre-Fab shelters.

Svarn Telecom Limited (STL) was incorporated in 2008 and is
managed by Mr. Sadhu Ram Gupta, Mr. Vijay Gupta and Mr. Ajay
Gupta. The company is engaged in manufacturing of shelters,
panels, cages, radio frequency components, etc in its
manufacturing plant based out of Haridwar. The company is a part
of the Svarn Group, which is promoted by Mr. Sadhu Ram Gupta, Mr.
Vijay Gupta, Mr. Ajay Gupta and Mr. Suresh Singhal, which has a
presence in the manufacturing of passive telecom infrastructure
components as well as processing of fabric.
As per provisional numbers, for FY2014, the company reported a
profit after tax of INR0.97 crore on an operating income of
INR22.65 crore vis-…-vis a PAT of INR1.28 crore on an operating
income of INR33.00 crore during FY2013.


SVARN TEX: ICRA Upgrades Rating on INR19cr Loans to 'B'
-------------------------------------------------------
ICRA has upgraded the long the ratings assigned to INR7.75 crore
fund based limits, INR3.14 crore term loans, and INR8.11 crore
unallocated limits of Svarn Tex Prints Private Limited from
[ICRA]D to [ICRA]B. ICRA has also upgraded the short term rating
for the INR6.00 crore non fund based limits of the company from
[ICRA]D to [ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           7.75         [ICRA]B (Upgraded)
   Term Loans            3.14         [ICRA]B (Upgraded)
   Non fund based
   Limits                6.00         [ICRA]A4 (Upgraded)
   Unallocated Limits    8.11         [ICRA]B (Upgraded)

While arriving at the ratings, ICRA has also taken congnizance of
the business and financial risk profiles of Svarn Telecom (ST),
Svarn Telecom Limited (STL), Svarn Infratel Private Limited (SIPL)
and Svarn Tex Prints Private Limited (STPPL), together referred to
as Svarn Group. The entities have a common management and have
intra group linkages. Three of the four entities mentioned above
namely, ST, STL and SIPL have similar business profile and share
the same brand name.

The rating revision takes into account the regularization of the
debt servicing by the company in FY2014; the steady growth in its
turnover and the improvement in its profitability. The ratings
also derive comfort from the decline in its gearing level and
consequent improvement in its coverage indicators. The ratings
however are constrained by the company's moderate scale of
operations, high working capital intensity resulting in high
utilization of working capital limits and moderate debt protection
indicators, though improved from previous level. The rating also
takes into consideration the highly competitive & low margin
nature of the fabric processing industry. The ratings also factor
in the high working capital intensity, moderate profitability and
average debt protection metrics of the group taken together.

Svarn Tex Prints Private Limited (STPPL) was incorporated in 2008
and is managed by Mr. Sadhu Ram Gupta, Mr. Vijay Gupta, Mr. Ajay
Gupta and Mr. Suresh Singhal. The company is engaged in processing
of fabric in its facility based out of Kosi, Uttar Pradesh. The
company is a part of the Svarn Group, which is promoted by Mr.
Sadhu Ram Gupta, Mr. Vijay Gupta, Mr. Ajay Gupta and Mr. Suresh
Singhal, which has a presence in the manufacturing of passive
telecom infrastructure components as well as processing of fabric.

As per provisional numbers, for FY2014, the company reported a
profit after tax of INR1.46 crore on an operating income of
INR56.17 crore vis-…-vis loss of INR1.55 crore on an operating
income of INR49.46 crore during FY2013.


TAMIL NADU: ICRA Assigns 'D' Rating to INR1,521.56cr Loan
---------------------------------------------------------
ICRA has assigned the [ICRA]D rating to the INR1521.56 crore bank
facilities of Tamil Nadu Co-operative Housing Federation Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Bank      1,521.56       [ICRA]D; assigned
   facilities

The ratings of [ICRA]B+(SO), [ICRA]B(SO) and, [ICRA]C previously
assigned to the bank facilities of the Federation were "Suspended"
vide the Rating Rationale dated January 27, 2011, owing to lack of
necessary information.

The rating reflects current delays in the debt servicing by the
Federation. The rating further takes note of the sharp decline in
business volumes due to non-availability of fresh funding lines
since 2009, poor collection track record resulting in weak asset
quality and, TNCHF's weak financial and liquidity position. ICRA
takes cognisance of the funding support for some of the State
Government sponsored programmes and, the guarantees extended to
some of the bank lines of the Federation by the Government of
Tamil Nadu (GoTN). ICRA however notes that continuity of financial
support is uncertain due to the availability of alternative
institutions in Tamil Nadu for promoting similar objectives of
low-cost and rural housing and, the federation's currently weak
operational performance, which is expected to limit its ability to
secure incremental funding for refinancing requirements and future
business growth.

TNCHF was set up as a cooperative society in 1959 as the Apex body
in Tamil Nadu for cooperative housing. The primary objective of
the Federation was to provide finance to Primary Housing
Societies, which in turn are responsible for credit appraisal and
sanctioning of loans to ultimate borrowers. The share capital of
TNCHF, which stood at INR74.9 crore as in September 2013, is
largely subscribed by the primary housing societies. The GoTN held
a minor stake of about 1.0% in TNCHF. The Federation remained
quite active till the late 1990s, but due to non-availability of
funding, disbursements declined sharply over the last few years.
The relevance of the entity to the State Government is also
uncertain due to the availability of other institutions such as
Tamil Nadu Housing Board. The Federation has a dismal collection
efficiency record of about 20-30%, which has severely impacted the
assert quality and profitability of the Federation. As on
September 30, 2013, the Federation has a portfolio of INR1082
crore as compared to INR1712 crore as on March 31, 2009.

During the half year ended September 30, 2013, TNCHF reported a
provisional net profit of INR43.65 crore on a total asset base of
INR3732.02 crore. During 2012-13, the Federation reported a net
profit of INR166.29 crore, aided by the provision reversal of
INR205.91 crore, on a total base of INR3866.57 crore.


VAIGAI LEATHER: CRISIL Reaffirms 'B' Rating on INR17.5MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vaigai Leather
Corporation continue to reflect its small scale of operations in
the intensely competitive leather industry and it's below-average
financial risk profile marked by small net worth, weak liquidity
and moderate debt protection metrics. These rating weaknesses are
partially offset by its promoters' extensive experience in the
leather industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bill Discounting     12.5        CRISIL A4 (Reaffirmed)
   Long Term Loan       17.5        CRISIL B/Stable (Reaffirmed)
   Packing Credit       30          CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that VLC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports higher
than expected sales and profitability or its net worth improves
substantially backed by equity infusion from promoters or higher
than expected cash accruals. Conversely, the outlook may be
revised to 'Negative' in case the firm's working capital cycle
gets elongated resulting in stretched liquidity or VLC undertakes
any large debt-funded capital expenditure programme impacting its
financial risk profile.

Update
VLC registered (on a provisional basis) net sales of INR167.2
million in 2013-14 (refers to financial year, April 1 to March 31)
as compared to INR187 million a year ago; witnessing year-on-year
decline of 11 per cent. This was mainly on account of lower
exports to its customers in China during year end. However, with
exports sales now back on track, CRISIL expects VLC to register
sales growth of 15 to 20 per cent over the medium term. VLC's
operating margin has been at around 5.5 per cent in 2013-14 as
compared to 6.3 per cent a year ago and is expected to remain at
similar level over medium term. VLC's operation remains working
capital intensive with gross current assets (GCA) of 132 days as
on March 31, 2014 as compared to 137 days a year ago and is
expected to remain at similar level over medium term. VLC has
moderate gearing of 1.2 times as on March 31, 2014 as compared to
1.43 times a year ago. With no major debt-funded capital
expenditure plan and repayment of term debt, the gearing is
expected to remain around 1 time over medium term. VLC has
moderate debt protection metrics with interest coverage ratio of
2.1 times and net cash accruals to total debt (NCATD) ratio of
0.07 times in 2013-14. It has weak liquidity marked by high bank
limit utilisation at 96 per cent for the 12 months ended March 31,
2014. VLC is estimated to have generated cash accruals of INR2.6
million against its debt obligations of INR2.5 million in 2013-14.
The cash accruals are expected to remain tightly matched to its
repayment obligation over medium term. With operations continuing
to remain working capital intensive, VLC's liquidity is expected
to remain stretched over medium term.

VLC, on a provisional basis, reported a profit after tax (PAT) of
INR3.5 million on net sales of INR167.2 million in 2013-14, vis-a-
vis a PAT of INR4.4 million on net sales of INR187 million for
2012-13.

Established in 1986, VLC derives its revenues from processing of
finished leather. The day-to-day operations of the firm are
managed by Mr. P Mani.


VARADHARAJA FOODS: CRISIL Reaffirms B- Rating on INR56.3MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Varadharaja Foods Pvt
Ltd continue to reflect VFPL's weak liquidity primarily driven by
its working-capital-intensive operations. The ratings also factor
in VFPL's modest scale of operations with exposure to risks
related to variation in the fruit yield and volatility in fruit
prices and its constrained financial flexibility consequent to a
modest net worth. These rating weaknesses are partially offset by
the benefits that VFPL derives from its promoters' extensive
industry experience and its moderate capital structure and debt
protection metrics led by funding support from the promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           32.5       CRISIL B-/Stable (Reaffirmed)
   Letter of Credit      15         CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    10.7       CRISIL B-/Stable (Reaffirmed)
   Term Loan             13.1       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VFPL will benefit over the medium term by its
promoters' extensive industry experience and their funding
support. The outlook may be revised to 'Positive' if VFPL
registers a significant improvement in its liquidity led by more-
than-expected cash accruals or significant equity infusion along
with efficient working capital management. Conversely, the outlook
may be revised to 'Negative' in case of further deterioration in
the company's liquidity driven by more-than-expected working
capital requirements or lower-than-expected cash accruals or
higher-than-expected debt funded capital expenditure.

VFPL based in Salem (Tamil Nadu) was established in 2009 by Mr. N
E Kumar; it commenced operations in July 2010. VFPL is engaged in
processing of mango pulp and other fruits such as guava and
papaya.


VERACIOUS BUILDERS: ICRA Suspends B+ Rating on INR25cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR25.00 crore
line of credit of Veracious Builders and Developers Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Veracious Builders and Developers Pvt. Ltd (VBDPL) was
incorporated in 2010by the promoters Mr. Kaluvoy Sreenivasulu
Reddy and Mrs. Kaluvoy Madhavi. The promoter had previously
developed 18 real estate projects in Hyderabad under a
proprietorship concern, Sai Mitra Builders and Developers.


ZIPPY EDIBLE: ICRA Assigns 'B-' Rating to INR11.70cr Loans
----------------------------------------------------------
The rating of '[ICRA]B-' has been assigned to the INR11.70 crore
long-term, fund-based facilities of Zippy Edible Products Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund-       2.00         [ICRA]B- assigned
   Based Working
   Capital Limits

   Term Loans            9.70         [ICRA]B- assigned

The rating is constrained by start up nature of the company and
high reliance on debt for funding the initial project cost. The
company's debt servicing capability remains vulnerable to delays
in commencement of commercial production or slower than expected
ramp up of operations. The rating is also constrained by limited
size of present instant noodles segment with organized sector
dominating higher market share.

The rating however, favourably factors in the steady demand
prospects for instant noodles segment; locational advantages
available for the company in terms of proximity to raw materials
as well as various fiscal benefits available to the company for
being located in Uttarakhand. Going forward, the ability of the
company to execute the project in time without material cost
overrun and achieve modest capacity utilisation and profit levels
to meet its debt obligations in a timely manner would be the key
rating sensitivities.

Zippy Edible Products Private Limited (ZEPP) was incorporated in
August 2013. The company is setting up a manufacturing facility to
produce Pasta and Vermicelli. The plant is expected to commission
in January 2015. The proposed unit is located in Jaspur in
Uttarakhand and would have total production capacity of 7,920
Metric Tons Per Annum.

The company is projected to incur cost of INR14.87 crore.



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


MT. GOX: CoinLab Agrees to Support Firm's U.S. Bankruptcy Efforts
-----------------------------------------------------------------
Katy Stech at The Wall Street Journal reports that bitcoin company
CoinLab Inc. has thrown its support behind Japanese bitcoin
exchange Mt. Gox's U.S. bankruptcy case, a change of course for
CoinLab, which has sued Mt. Gox for $75 million.

The Journal relates that lawyers for CoinLab said in court papers
on June 6 that they wouldn't object to Mt. Gox's formal request
for U.S. bankruptcy protection, despite earlier hints that they
might challenge that request.  Court documents offered no
explanation for CoinLab's decision, the Journal notes.

According to the news agency, Japanese insolvency expert Nobuaki
Kobayashi, who is leading Mt. Gox's bankruptcy in Tokyo, said that
official recognition of Mt. Gox's U.S. bankruptcy case would give
him more authority over developments in the U.S., such as a
proposed settlement with angry Mt. Gox customers.

Mt. Gox's Chapter 15 bankruptcy case, filed in Dallas, hasn't yet
secured an official nod from Judge Stacey Jernigan, the Journal
states.

The Journal notes that in Chapter 15 bankruptcy cases, company
officials have to prove that a legitimate court proceeding is
taking place in a foreign country before a U.S. court can
recognize the case. U.S. court recognition provides foreign
companies with U.S. bankruptcy protections like the automatic
stay, which blocks creditors from seizing assets or pursuing
lawsuits against a debtor.

                          About Mt. Gox

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

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

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

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



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


FELTEX CARPETS: Defendants Pour Scorn on Expert Witnesses
---------------------------------------------------------
Jonathan Underhill at BusinessDesk reports that lawyers for
directors in the Feltex Carpets shareholder lawsuit said the
plaintiff has failed to draw a link between alleged misleading
statements in the carpet maker's 2004 initial public offering
prospectus and its eventual failure in 2006.

BusinessDesk says Alan Galbraith QC told the High Court in
Wellington that plaintiff Eric Houghton had presented a "res ipsa
loquitur" argument (Latin for" the thing speaks for itself") that
Feltex's performance "declined sharply in the second half of the
2005 financial year, and was placed in receivership in September
2006, and so there must therefore have been something badly wrong
at the time of the IPO in May 2004 which was not disclosed in the
prospectus."

According to the report, Mr. Galbraith was making closing
submissions for the directors, the first defendants in a case
brought by Eric Houghton, who is suing former directors, owners
and sale managers for NZ$185 million on behalf of 3,639 former
Feltex shareholders who said they were misled by the 2004
prospectus.

BusinessDesk relates that Mr. Houghton's lawyers said in their
closing submissions this week that the prospectus failed to
identify falling 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.

In reply, BusinessDesk says, Mr. Galbraith said Mr. Houghton's
team had cherry-picked bad news from individual months in the run-
up to the 2004 IPO and wrongly characterised Feltex's position as
weakening when it was actually performing strongly. "It is
impossible to compare the 2004 financial year result with the 2003
result without recognising the substantial improvement," the
report quotes Mr. Galbraith as saying.  He was referring to
figures that showed 2004 sales were about NZ$8.3 million ahead of
the previous year and earnings before interest, tax, depreciation
and amortisation were NZ$8.6 million ahead, the report notes.

"The real world of a large manufacturing and sales business will
always involve ups and downs and good and bad weeks and months and
the occasional setback," he told the court. "What matters is the
company's overall performance measured in a sensible way."

BusinessDesk states that Mr. Houghton bought 11,755 Feltex shares
at NZ$1.70 apiece, or NZ$20,000, via brokerage Forsyth Barr in the
IPO, drawn to an investment that offered a gross annual dividend
yield of 9.6 percent. Within a year the shares were virtually
worthless, the report notes.

But Mr. Galbraith argued that Feltex shares traded in a range of
NZ$1.50 to NZ$1.75 in the 10 months following the IPO, and paid
dividends of 6 cents apiece on October 2004 and April 2005,
suggesting nothing untoward about the company was revealed when
the market was able to set the share price, says BusinessDesk.

In claiming a loss, Mr. Houghton needed to prove not only an
untrue statement in the prospectus but also "prove the effect of
that untrue statement on the value of the shares he acquired,"
Mr. Galbraith, as cited by BusinessDesk, said.

He also rejected the description of participants in the IPO as
'Mum and Dad' investors, even though the high dividend yield on
offer meant it was likely to attract retail investors,
BusinessDesk says. In fact, only 1.3 percent of the shares on
offer were sold direct to the public, while about 64 percent was
sold via the firm allocation to brokerages, about 16 percent went
to institutions and about 19 percent to holders of the company's
bonds.

BusinessDesk relates that Mr. Galbraith argued that bullish
statements in the prospectus, including that Feltex had "excellent
investment features" were statements of opinion about the future
that the plaintiff would need to prove weren't honestly held at
the time they were made. He also said claims that the prospectus
was distorted by omissions of key information failed the test of
showing how it made the document untrue.

Mr. Galbraith also attacked Mr. Houghton's claim of having relied
on the prospectus in making his investment decision, given his
evidence to the court that he took an "impressionistic approach"
to it, reading "only limited pages."  Instead, he had been
encouraged by participation in six previous IPOs recommended by
Forsyth Barr that had performed well. His broker at the firm had
recommended Feltex and "was generally positive about the whole
Feltex story," his closing submission said.

According to the report, Mr. Galbraith was scornful of the
plaintiff's expert witnesses, including Sue Newberry, associate
professor of accounting at the University of Sydney, who penned a
2007 article for Foreign Control Watchdog entitled "The Feltex
Debacle: New Zealand's Enron?" That article "propounds a
conspiracy theory" and attacked those involved in the IPO "in
immoderate and sensationalist terms," Mr. Galbraith said. Her
testimony in the current court case had been prepared "under
extreme time pressure" and she "lacked expertise in relation to
the main issue covered in her brief," the report quotes Mr.
Galbraith as saying.

Mr. Galbraith said Greg Meredith, head of Ferrier Hodgson
Forensics in Melbourne, had produced a brief that was based on
documents "which appeared to have been selected for him to support
the plaintiff's case" and didn't include the evidence of the
defendant directors, BusinessDesk relates.

The report notes that Credit Suisse Private Equity and Credit
Suisse First Boston Asian Merchant Partners are the second and
third defendants and First NZ Capital and Forsyth Barr, which
managed the IPO, are fourth and fifth defendants in the suit.

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.



                             *********

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.



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