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

                      A S I A   P A C I F I C

            Wednesday, June 25, 2014, Vol. 17, No. 124


                            Headlines


A U S T R A L I A

EUROPA SADDLERY: In Administration; First Meeting Set June 26
LISMORE FREIGHT: SV Partners Appointed as Administrators


C H I N A

CHINA OIL: Gas Field Acquisition No Impact on Moody's Ba1 Rating
CHINA OIL: S&P Puts 'BB+' LT CCR on CreditWatch Negative
CITIC RESOURCES: Failure to Sequester Alumina No Ratings Impact


I N D I A

ADMARK CERAMIC: CRISIL Assigns 'B' Rating to INR72.5MM Term Loan
ARHAM NON WOVEN: CARE Assigns 'B+' Rating to INR11.55cr Bank Loan
ASCENDUM SOLUTIONS: ICRA Revises Rating on INR30cr Loans to B+
ATHARVA EDUCATION: CARE Assigns B+ Rating to INR1.425cr Loan
BASU & CO: CRISIL Reaffirms 'B+' Rating on INR50MM Loans

BOULDER REALCON: CRISIL Assigns 'B' Rating to INR95MM Term Loan
CACATTE WINES: ICRA Suspends B+ Rating on INR5cr Loan
COREDELIA REALTY: CARE Assigns 'B' Rating to INR5cr Bank Loan
EASTERN SILK: CRISIL Reaffirms 'D' Rating on INR4.71MM Loans
EVERLAST COMPOSITES: ICRA Suspends B+ Rating on INR6cr Loan

G.CHIMANLAL & CO: ICRA Reaffirms 'B' Rating on INR20cr Loans
HANUMAN FOODS: ICRA Reaffirms 'B' Rating on INR8cr Loan
INEX INDUSTRIES: CRISIL Suspends 'B-' Rating on INR170MM Loans
J.S. BEDI: CRISIL Assigns 'B' Rating to INR120MM Loans
JALARAM COTTON: ICRA Assigns 'B+' Rating to INR7.00cr Loan

MBC INFRA: ICRA Reaffirms 'B+' Rating on INR3.25cr Loan
MOHAN CHARITABLE: ICRA Suspends B- Rating on INR55cr Loans
MOTIWALA AUTO: ICRA Revises Rating on INR10cr Loans to 'B+'
ORBIT AYAS: CRISIL Rates INR90 Million Cash Credit at 'B+'
PARAMOUNT SYNCOT: ICRA Suspends 'B' Rating on INR6cr Loans

R. L. STEELS: ICRA Assigns 'C' Rating to INR202.01cr Loans
RAGHUVIR OIL: ICRA Reaffirms B+ Rating on INR1cr Cash Credit
SAI SRINIVASA: CRISIL Reaffirms 'B+' Rating on INR102.6MM Loans
SALGUTI INDUSTRIES: ICRA Cuts Rating on INR55cr Loans to 'D'
SHREE GAJANAN: CRISIL Ups Rating on INR80MM Loans to 'B'

SHREE RANCHHOD: ICRA Reaffirms 'B+' Rating on INR0.50cr Loan
SIDDHI COTTON: CRISIL Assigns 'B' Rating to INR100MM Loans
SIDDIQUE TRADING: CRISIL Reaffirms B+ Rating on INR100MM Loan
SRI NAGA: CRISIL Assigns 'D' Rating to INR100MM Loans
SRI VAIBHAVA: CRISIL Assigns 'D' Rating to INR120MM Loans

SUPER LIFESTYLE: ICRA Reaffirms 'B+' Rating on INR11cr Loans
TEJASWI JEWELLERS: ICRA Cuts Rating on INR27.20cr Loan to 'D'
TRANSTECH GREEN: CRISIL Reaffirms 'D' Rating on INR500MM Loans
UJALA MINERALS: CRISIL Assigns 'B+' Rating to INR100MM Loan
VTC STEELS: CRISIL Assigns 'B' Rating to INR50MM Cash Credit


J A P A N

TOSHIBA CORP: Moody's Rates JPY180BB Subordinated Loans at 'Ba1'


N E W  Z E A L A N D

BIG SKY: Farm Founder Still Involved in Litigation
POSTIE PLUS: Workers Not Consulted, Employment Lawyer Says


S O U T H  K O R E A

CHONHAIJI CO: Files for Receivership


S R I  L A N K A

DFCC BANK: Fitch Affirms Issuer Default Ratings at 'B+'
NATIONAL DEVELOPMENT BANK: Fitch Affirms IDRs at 'B+'


                            - - - - -


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


EUROPA SADDLERY: In Administration; First Meeting Set June 26
-------------------------------------------------------------
Glenn Trinick of DCS Advisory was appointed as administrator of
Europa Saddlery Pty Ltd on June 17, 2014.

A first meeting of the creditors of the Company will be held at
DCS Advisory, Level 1, 22 Prowse Street, in West Perth, on
June 26, 2014, at 10:00 a.m.


LISMORE FREIGHT: SV Partners Appointed as Administrators
--------------------------------------------------------
David Michael Stimpson -- david.stimpson@svp.com.au -- and Terry
John Rose -- terry.rose@svp.com.au -- of SV Partners were
appointed as administrators of Lismore Freight Services Pty Ltd on

A first meeting of the creditors of the Company will be held at
the offices of SV Partners, 5 Hicks Street, in Southport,
Queensland, on June 30, 2014, at 11:30 a.m.



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


CHINA OIL: Gas Field Acquisition No Impact on Moody's Ba1 Rating
----------------------------------------------------------------
Moody's Investors Service says that China Oil and Gas Group
Limited's (COG) acquisition of oil and gas fields in Canada will
have no immediate impact on its Ba1 ratings and stable outlook.

On June 20, COG announced that it entered into an Arrangement
Agreement to acquire Baccalieu Energy Inc (unrated), which owns
and operates oil and gas fields in Canada for CDN235 million.

Baccalieu had an average daily production of 4,244 barrels of oil
equivalent -- of which 67% was light oil and natural gas liquids,
and 33% was natural gas -- for the first quarter of 2014.

The acquisition will close upon approval by the existing
shareholders of Baccalieu and by the regulators, who will examine
it in the light of Canada's Competition Act.

"The acquisition will have no material impact on COG's financial
profile, because the company will likely fund most of the costs
with its cash holdings," says Ivy Poon, a Moody's Analyst.

The acquisition is a part of COG's long-term initiatives to
improve its value chain from upstream to downstream. COG plans to
ship natural gas from Baccalieu's fields when infrastructure
facilities become available.

Its aim is to take advantage of cheaper gas prices in North
America when compared with other locations.

Moody's expects the acquisition to slightly improve COG's retained
cash flow to adjusted debt to 24%-27% -- over the next 12-18
months -- from 21% in 2013, owing to the consolidation of the
profits of its oil and gas fields.

Also, debt/capitalization will measure around 42-45%, which is
similar to 43% at end-2013.

Such a level would be consistent with COG's current Ba1 ratings.

The acquisition will increase COG's business risk, owing to the
high risk of exploration and production (E&P) operations and the
inherent volatility in oil and gas prices.

In addition, Moody's expects that COG will face integration risk
over at least the next 12-18 months, as the acquisition is its
first purchase of an overseas E&P asset.

"However, Moody's views such risks as manageable, given that the
asset size of Baccalieu is modest relative to COG's business scale
and the oil and gas fields in Canada will likely continue
producing operating cash flow," adds Poon.

The oil and gas fields produced cash flow from operations of CDN50
million in 2013.

The principal methodology used in this rating was the Regulated
Electric and Gas Utilities published in December 2013.

China Oil and Gas Group Limited engages in the piped city gas
business, as well as the transportation and distribution of
compressed natural gas, and liquefied natural gas in China. The
company was listed on the Hong Kong Exchange in 1993 and started
its natural gas distribution business in 2002. Mr Xu Tieliang, the
chairman, is the largest shareholder, with a 21.81% stake.


CHINA OIL: S&P Puts 'BB+' LT CCR on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BB+' long-term corporate credit rating and 'cnBBB+' long-term
Greater China regional scale rating on China Oil and Gas Group
Ltd. (COGG) on CreditWatch with negative implications.  S&P also
placed its 'BB+' long-term and 'cnBBB+' Greater China regional
scale issue ratings on the company's outstanding senior unsecured
notes on CreditWatch with negative implications.

"We placed the ratings on CreditWatch because we believe that COGG
is likely to face heightened industry risk and execution risk in
integrating its proposed acquisition of Canada-based oil and gas
upstream company Baccalieu Energy Inc.," said Standard & Poor's
credit analyst Johnson Ng.

"The acquisition will also likely increase the company's cash flow
volatility because its exposure to fluctuations in oil and gas
prices will increase.  COGG may require higher capital commitments
because of the new business.  We believe the reduction in cash at
the holding company following the acquisition will also weaken
COGG's liquidity."

COGG announced on June 19, 2014, that it will acquire Baccalieu
Energy for a total cash consideration of C$235 million.

COGG's entry into the upstream oil and gas business is a deviation
from its strategy and will expose the company to higher industry
risk than in its regulated gas distribution business.  Moreover,
the acquired company is very small.  The competitive advantage of
this new business is therefore weak.  S&P sees very limited
synergy for COGG's existing business in China.  In S&P's view,
COGG lacks experience for operating the upstream business.  The
company expects Baccalieu Energy's management to continue after
the acquisition.

"We aim to resolve the CreditWatch placement within three months,
after we discuss with the COGG management its strategy and
investment plan for the upstream business, and fully assess the
credit profile of the merged entity," said Mr. Ng.


CITIC RESOURCES: Failure to Sequester Alumina No Ratings Impact
---------------------------------------------------------------
Moody's Investors Service says that CITIC Resources Holding Ltd's
announcement that the Qingdao court has been unable to sequester
about 123,446 metric tons of alumina which the company had stored
in Qingdao port, has no immediate impact on its Ba3 corporate
family rating.

The ratings remain on review for upgrade, following the announced
restructuring of its parent, CITIC Group Corporation (Baa2 review
for upgrade).

CITIC Resources has stated that it holds documents evidencing its
ownership and title to the alumina that it has stored at Qingdao
port, which are pending payment and delivery to their purchasers.

According to media reports, the Chinese authorities have started
an investigation into the suspected fraud cases related to
commodity trades at Qingdao ports.

"The immediate impact on CITIC Resources' financials is limited,
as the company owns the title to these commodities and is not
itself the subject of the investigation," says Chenyi Lu, a
Moody's Vice President and Senior Analyst.

"However, in case of fraud or a dispute, CITIC Resources could
lose its access to the commodities for the period of
investigation, which could be prolonged. It could also be subject
to impairment if the party responsible for the custody of the
alumina is unable to honor its duties or compensate CITIC
Resources for its losses," continues Lu, also Moody's
International Lead Analyst for CITIC Resources.

"Based on our estimation, the value of the alumina in question is
approximately $50 million. In the worst case of total loss, which
Moody's expects unlikely at this stage, the amount can be
accommodated within the current rating level," says Kai Hu, a
Moody's Vice President and Senior Credit Officer.

"Furthermore, market concerns over the potential fraud are likely
to result in increased difficulties for CITIC Resources and its
clients in obtaining trade finance facilities, and this could
reduce the company's revenue and profit from trading businesses in
2014," continues Hu, also Moody's Local Market Analyst for CITIC
Resources.

CITIC Resources' import and export of commodities segment
contributed HKD 408.6 million EBIT and HKD37 billion of revenue in
FY2013. This represents around 60% of the company's total adjusted
EBIT and around 80% of its total adjusted revenue for FY2013.

The investigation is still at a preliminary stage and Moody's will
continue to monitor the developments.

Moody's placed CITIC Resource's ratings on review for upgrade on
27 March 2014, following CITIC Pacific's (Ba2 review for upgrade)
acquisition of CITIC Limited (unrated) and the corresponding
restructuring of CITIC Group.

The review will focus on CITIC Resources' position in the group
and the level of parental support available for CITIC Resources.

CITIC Resources' Ba3 rating continues to factor in a two-notch
parental uplift from CITIC Group Corporation.

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

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



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


ADMARK CERAMIC: CRISIL Assigns 'B' Rating to INR72.5MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Admark Ceramic Industries.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         21        CRISIL A4
   Term Loan              72.5      CRISIL B/Stable

The rating reflects its start-up nature and modest scale of
operations in the highly competitive ceramic industry, and large
working capital requirements. These rating weaknesses are
partially offset by the promoters' extensive experience in the
ceramics industry, and the proximity of the manufacturing
facilities to sources of raw material and labour.

Outlook: Stable

CRISIL believes that ADI will benefit from its promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if ADI timely stabilizes its
operations, leading to larger than expected cash accruals.
Conversely, the outlook maybe revised to 'Negative' if the
company's accruals are lower than expectations due to reduced
order flow or profitability, or if the company's financial risk
profile deteriorates due to stretch in working capital or larger-
than-expected debt-funded capital expenditure.

Established in 2013, ADI is a partnership firm promoted by the
Morbi-based Amrutia family and is engaged into manufacturing of
ceramic digital wall tiles. The firm has an installed capacity of
36600 metric tonnes per annum (MTPA), in Morbi (Gujarat).

ADI is likely to begin commercial operations in March 2014.


ARHAM NON WOVEN: CARE Assigns 'B+' Rating to INR11.55cr Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities of
Arham Non Woven Pvt Ltd.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities    11.55      CARE B+ Assigned
   Long-term/Short-term Bank     3.00      CARE B+/CARE A4
   Facilities                              Assigned

Rating Rationale

The ratings assigned to the bank facilities of Arham Non Woven Pvt
Ltd are primarily constrained on account of the project
implementation risk associated with the ongoing debt funded capex,
working capital intensive nature of operations and its presence in
a competitive and fragmented textile industry.

However, the ratings derive strength from the long experience of
the promoters in the textile industry, support derived from the
already established market by group companies and availability of
benefits under Technological Upgradation Fund (TUF) Scheme.

The ability of ANWPL to successfully complete the ongoing capex
within stipulated time period without any cost overrun will be the
key rating sensitivity.

Surat-based ANWPL was incorporated in January 2014 by its key
promoters, viz, Mr Dharmesh Jain and Mr Nishant Daga, primarily to
manufacture spun bond non-woven fabric. Currently, ANWPL is in the
process of setting up infrastructure facilities at its plant
located at Mangrol (Surat). The promoters proposes to install
imported machinery called 1.6 spun bonded melt-blown non-woven
line (SMS) with an installed capacity of 3,000 metric tonnes per
annum (MTPA) for manufacturing of non-woven fabric. This machinery
is proposed to be purchased on high seas basis from M/s Radiant
India, Surat for which order has been placed by ANWPL. The project
is currently at nascent stage of implementation.

ANWPL's group companies, viz, M/s Jill Mill Jari House, Jill Mill
Jari House Pvt Ltd, Jill Mill Non Woven Pvt Ltd and Rameshwari
Prints Pvt Ltd are also engaged in the manufacturing of various
textile products such as embroidery jari, non-woven fabric, dyeing
and printing and trading in cloth.

The total outlay of ongoing capex project is estimated at INR16.45
crore which is to be funded with a debt equity ratio of 3.66
times. The entity is expected to start commercial production from
November 2014.


ASCENDUM SOLUTIONS: ICRA Revises Rating on INR30cr Loans to B+
--------------------------------------------------------------
ICRA has upgraded the long-term rating outstanding on the INR25.00
crore term loan facilities and the INR5.00 crore fund based
facilities of Ascendum Solutions India Private Limited to [ICRA]B+
from [ICRA]B.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loans               25.00       [ICRA]B+/Revised from
                                        [ICRA]B

   Fund based facilities     5.00       [ICRA]B+/Revised from
                                        [ICRA]B

The upgrade in the long term rating takes into account the
improvement in ASIPL's financial profile for 2013-14 (provisional)
characterized by improved profit margins owing to better employee
utilization and cost reduction efforts undertaken by the Company
during 2013-14. The rating also considers the promoters'
experience in the ITeS industry, strong management team,
favourable demand outlook for IT / ITeS industry and the Company's
established relationships with renowned customer base spread well
across diverse verticals like retail, financial services, and
automobiles. The rating also derives comfort from the stable
rental income generated by the Company from its leased office
space which is likely to support its cash flows and debt repayment
obligations.

The rating however remains constrained by its modest scale of
operations, high customer and geographical concentration, weak
debt indicators (albeit improving), high working capital intensity
and advances to group companies. While the high customer
concentration (with the top three customers accounting for ~55% of
revenues over the last two years) accentuates the risk of order
volatility, the Company's long term association with such customer
and addition of new customers to its portfolio - also reflected by
steady business volumes over the years and healthy order
contribution from new customers partially insulates the risk. The
rating also factors in the high competitive intensity in the IT
industry amidst globally weak macro environment thereby limiting
pricing flexibility to an extent and susceptibility of the
earnings to fluctuating exchange rates and wage inflation. ASIPL's
revenue dependence on the US (accounting for about 85% of its
total revenues) remains high thereby heightening the risks of any
unfavourable policy measures in the region, however, the company
in order to reduce the risk has successfully added new customers
in Europe and is currently in final stages of discussion with new
customers. Going forward, the ability of the company to improve
its scale of operations, diversify its customer profile, reduce
its geographic concentration, sustain the operating margins and
improve the debt indicators will remain key rating sensitivities.

Promoted by Mr. Mahendra Vora in February 2008, Ascendum is a
small sized Information Technology (IT) solutions company
primarily engaged into Application Development and Maintenance
(ADM) services. Headquartered in Cincinati, USA, the Company is
part of Vora Ventures Group which is a privately held technology
holding group comprising of 14 IT companies broadly classified
under three categories - IT infrastructure, IT Products and IT
services. Ascendum was established with an amalgamation of
Cincinati based Professional Data Resources (Data processing
services), Bangalore based Ascendum Systems (10 years of
experience in development of offshore, onshore and dual shore
projects) and Garnet Infosolutions (Microsoft Dynamics platform
partner and implementer focused on delivering IT solutions).
Ascendum primarily engaged into IT services offers key services
like software application development, application maintenance,
and consulting services (staffing) to small, medium as well as
large firms mainly in USA and Europe across diverse verticals like
retail, financial services, automobile, energy & utilities and
manufacturing.


ATHARVA EDUCATION: CARE Assigns B+ Rating to INR1.425cr Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Atharva
Education Society.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long term Bank Facilities   1.425       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facility of Atharva Education
Society was primarily constrained on account of its very short
track record of operations, low net-worth base, small scale of
operations and moderate liquidity position. The rating is further
constrained due to its presence in the highly regulated education
industry with regard to approvals and accreditions and high
competition from other schools in the vicinity of AES in Indore.

However, the rating derives support from the long experience of
the promoters in the education industry, healthy surplus
margin and solvency position and benefits to be derived from the
brand name created by its group entity in the education sector.

The ability of AES to increase its scale of operations by adding
more number of classes in future while sustaining its healthy
surplus and solvency position will be the key rating sensitivity.

Indore-based AES was established in April 2012 by Mr Vishal Rai
and Mr Anil Rai, key promoters and founders of its
associate group concern; Lifecare Education Society (LCES). AES is
an education society and is duly registered under Madhya Pradesh
Society Registration Act, 1973. AES is affiliated with the MP
board for running pre-primary and primary school under the name
"The Advanced School (TAS)". TAS is spread across area of 3 acres
of land with strength of 275 students and 16 teachers. Presently,
AES runs school for nursery till Standard-II. LCES, registered in
April 2002 under MP Society Registration Act, 1973, is running
secondary and higher secondary school under the name "Advanced
Academy (AA)" which is spread across 10 acres of land with
strength of around 3,000 students and 200 teachers.

During FY14 (provisional; refers to the period April 1 to
March 31), AES earned total operating income (TOI) of INR0.65
crore with a net surplus of INR0.30 crore as compared with TOI of
INR0.49 crore with net surplus of INR0.29 crore during FY13.


BASU & CO: CRISIL Reaffirms 'B+' Rating on INR50MM Loans
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Basu & Co Road
Contractors Pvt Ltd continue to reflect the company's small scale
of operations in the highly fragmented civil construction industry
and customer and geographical concentration in its revenue
profile. These rating weaknesses are partially offset by the
extensive experience of BCRCPL's promoters in the road
construction business, its moderate order book providing revenue
visibility over the medium term, and its above-average financial
risk profile, marked by low gearing and comfortable debt
protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         40        CRISIL A4 (Reaffirmed)

   Cash Credit            45        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      5        CRISIL B+/Stable (Reaffirmed)

On May 13, 2014, CRISIL had downgraded its ratings on the bank
facilities of BCRCPL to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+' owing to the deterioration in the company's
financial risk profile, particularly its liquidity, because of its
large incremental working capital requirements.

Outlook: Stable

CRISIL believes that BCRCPL will continue to benefit over the
medium term from its promoters' extensive experience in the road
construction business and its moderate order book. The outlook may
be revised to 'Positive' if it significantly improves its scale of
operations and the customer and geographical diversity in its
revenue profile, or in case of sustained improvement in its
liquidity through better-than-expected accruals or improved
working capital management. Conversely, lower-than-expected
accruals, stretch in its working capital cycle, or substantial
capital expenditure, leading to deterioration in BCRCPL's
liquidity, may lead to a revision in the outlook to 'Negative'.

BCRCPL was set up in 1985 as a proprietorship firm, Basu & Co. The
firm was reconstituted as a private limited company with the
current name in 2002. BCRCPL undertakes road construction,
including strengthening and widening of roads, for the Public
Works Department in West Bengal. The company's day-to-day
operations are looked after by its promoter-director, Mr. Pradip
Basu.


BOULDER REALCON: CRISIL Assigns 'B' Rating to INR95MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Boulder Realcon Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              95         CRISIL B/Stable

The rating reflects BRPL's small scale of operations with high
geographical concentration in revenues. The rating also reflects
the company's below-average financial risk profile, marked by weak
capital structure, and the modest cushion between lease rentals
and debt obligations. These rating weaknesses are partially offset
by the benefits that BRPL derives from the industry experience of
its promoters, and assured revenue from long-term lease contracts.

Outlook: Stable

CRISIL believes that BRPL will continue to benefit from the
assured lease rentals on from its long-term lease contracts. The
outlook may be revised to 'Positive' if higher-than-expected cash
accruals or substantial equity infusions lead to a stronger
financial risk profile. Conversely the outlook may be revised to
'Negative' if any unexpected termination of lease contracts or
delays in rental receipts constrain cash flows, or any large debt-
funded investments in properties weaken the liquidity for BRPL.

Set up in 2011, BRPL is based out of Delhi and derives its
revenues from leasing out properties in Rishikesh, Uttarakhand.


CACATTE WINES: ICRA Suspends B+ Rating on INR5cr Loan
-----------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR5.00 crore long-term fund based facilities of Cacatte
Wines. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the entity.

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.


COREDELIA REALTY: CARE Assigns 'B' Rating to INR5cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Coredelia
Realty Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Coredelia Realty
Private Limited is constrained by funding and project execution
risk due to high dependence on customer advances along with
marketing risk. The rating is further constrained by the cyclical
nature of the real estate industry.  These factors far offset the
benefits derived from the experience of the management and tie-up
with Keys Hotel.

The ability of CRPL for timely receipt of customer advances and
further successful monetization and thereby subsequently
timely completion of the project within envisaged time and cost
are the key rating sensitivities.

Incorporated in the year 2009, Coredelia Realty Private Limited is
engaged in developing real estate. CRPL is currently developing
premium resort cum residential complex under the name "Alberts
Ville Universe" with 140 sea facing suits at Murud Janjira,
Alibaug, Maharashtra. Moreover, herewith, the company is adopting
a sale and leaseback model for the hotel, wherein rooms will be
sold to investors and subsequently leased to Keys Hotel.

The total cost of the project is estimated to be at INR33.99 crore
which is proposed to be funded through equity of INR5.01 crore,
debt of INR5 crore and balance INR23.98 crore from customer
advances & sales. As on May 29, 2014, the company has incurred
cost amounting to INR16.35 crore funded by the promoters of
INR4.94 crore, debt of INR4.23 crore and the balance INR7.18 crore
from customer advances & sales. The proposed resort is expected to
commence operation from December, 2015.


EASTERN SILK: CRISIL Reaffirms 'D' Rating on INR4.71MM Loans
------------------------------------------------------------
CRISIL's rating on long-term bank loan facilities of Eastern Silk
Industries Ltd continues to reflect delays by ESIL in servicing
its debt; the delays have been caused by the company's weak
liquidity driven by continued operating losses. Net losses in the
past four years have resulted in a complete erosion of ESIL's net
worth, leading to its weak financial risk profile.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Funded Interest        545.7        CRISIL D (Reaffirmed)
   Term Loan

   Proposed Long Term      45          CRISIL D (Reaffirmed)
   Bank Loan Facility

   Term Loan              535.7        CRISIL D (Reaffirmed)

   Working Capital
   Facility               628.7        CRISIL D (Reaffirmed)

   Working Capital
   Term Loan             2959.9        CRISIL D (Reaffirmed)

Set up in 1946, ESIL manufactures silk yarn, made-ups, home
furnishings, fashion fabrics, handloom fabrics, double-width
fabrics, and embroidered fabrics. The company's manufacturing
facilities are at Anekal and Hobli in Bengaluru, and Nanjangud
(all in Karnataka), and Falta Special Economic Zone (West Bengal).
The company is managed by Mr. S S Shah and other promoters.

ESIL reported a net loss of INR1.36 billion on net sales of INR780
million for 2013-14 (refers to financial year, April 1 to March
31), as against a net loss of INR1.21 billion on net sales of
INR733 million for 2012-13.


EVERLAST COMPOSITES: ICRA Suspends B+ Rating on INR6cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR6.00
crore facilities of Everlast Composites Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
firm.


G.CHIMANLAL & CO: ICRA Reaffirms 'B' Rating on INR20cr Loans
------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]B to the INR11.00 crore
long term fund based bank facilities of G.Chimanlal & Co. ICRA has
also reaffirmed the rating of [ICRA]B to the INR9.00 crore
proposed limit of the firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits          11.00        [ICRA]B Reaffirmed

   Proposed Limit         9.00        [ICRA]B Reaffirmed

ICRA has revoked the suspended rating of G.Chimanlal & Co.
The rating reaffirmation by ICRA for G.Chimanlal & Co. (GC&Co)
reflects its weak financial risk profile characterized by low
profitability margins given the absence of value addition and
highly leveraged capital structure due to weak net worth and high
working capital borrowings. The reaffirmed rating also factors in
the competition from unorganized players, exposure to price
volatility, though mitigated to an extent by order backed
purchases and exposure to risk of capital withdrawals given that
the firm is a proprietorship concern.

The rating however, favourably factors in the promoter's
experience in the trading business and the firm's moderately
diversified customer base.

Incorporated in 1967, G. Chimanlal & Co is engaged in the trading
of various flat steel products TMT bars, channels, steel sheets
and beams. The firm is engaged in the business of trading of
ferrous and non ferrous metals. The firm has its registered office
in Mumbai.

Recent Results
In FY13, the firm reported a net profit of INR0.40 crore on an
operating income of INR47.67 crore. As for the twelve months
ending March 31, 2014 (Provisional numbers), the firm reported a
profit after tax of INR0.59 crore on an operating income of
INR52.19 crore.


HANUMAN FOODS: ICRA Reaffirms 'B' Rating on INR8cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR8.00
crore long term fund based limits and short term rating of [ICRA]
A4 to the INR1.00 crore of short term fund based limits of Hanuman
Foods.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Limits          8.00        [ICRA]B (reaffirmed)

   Short Term Fund
   Based Limits          1.00        [ICRA]A4 (reaffirmed)

The assigned rating is constrained by low value add nature of
operations and intensely competitive nature of the rice milling
industry which has led to low profitability margins. In addition
the company has high gearing arising out of large working capital
requirements which have primarily been funded by working capital
borrowings. Low profitability margins coupled with high gearing
has led to weak coverage indictors as reflected by low interest
coverage of 1.31 times during March 2014. Nevertheless the ratings
favourably take into account the long standing experience of
promoters with strong relationships with several customers and
suppliers coupled with proximity of the mill to major rice growing
area which results in easy availability of paddy.

Hanuman Foods was established in the year 1998 as a partnership
firm with Mr. Sanjeev Kumar & Mr. Surender Kumar as partners.
Hanuman Foods is engaged in the business of processing and trading
of rice in domestic as well as overseas market to countries in
Middle East, Saudi Arabia, Dubai, Europe and Kuwait. The firm has
a milling capacity of 6 tonnes/hr for paddy at its manufacturing
unit at Nadana Road, Taraori, Karnal. HF sells its product under
the brand name of "Good luck".

Recent Results
HF has reported a net profit (PAT) of INR0.07 crore on an
operating income of INR37.96 crore in FY 2013-14 as compared to
net profit (PAT) of INR0.05 crore on an operating income of
INR26.00 crore in FY 2012-13.


INEX INDUSTRIES: CRISIL Suspends 'B-' Rating on INR170MM Loans
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long term
bank facilities of Inex Industries Limited and has assigned its
'CRISIL B-/Stable' rating to the bank facilities of Inex. The
rating were previously 'Suspended' by CRISIL vide the Rating
Rationale dated May 28, 2013, since Inex had not provided
necessary information required for taking a rating view. Inex has
now shared the requisite information, thereby enabling CRISIL to
assign ratings to the bank facilities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           12.9       CRISIL B-/Stable (Assigned;
                                    Suspension revoked)

   Funded Interest       30.7       CRISIL B-/Stable (Assigned;
   Term Loan                        Suspension revoked)

   Proposed Long Term    40.0       CRISIL B-/Stable (Assigned;
   Bank Loan Facility               Suspension revoked)

   Term Loan             54.4       CRISIL B-/Stable(Assigned;
                                    Suspension revoked)

   Working Capital       32.0       CRISIL B-/Stable (Assigned;
   Term Loan                        Suspension revoked)

The rating reflects Inex's weak financial risk profile, marked by
modest net worth, high gearing, and weak debt protection metrics,
and working capital intensive nature and small scale of
operations. These rating strengths are partially offset by
promoter's extensive experience in home furnishing industry.

Outlook: Stable

CRISIL believes that Inex will continue to benefit from its
promoters long standing industry experience. The outlook may be
revised to 'Positive' in case of significant improvement in Inex's
scale of operations and operating margins, accompanied by
efficient working capital management, resulting in higher than
expected net cash accruals. The outlook may be revised to
'Negative' in case of larger than expected debt-funded capital
expenditure, or higher than expected working capital requirements,
or decline in company's operating margins leading to deterioration
in financial risk profile.

Inex, based out of Nagpur, manufactures glass basins, tiles, and
mosaics, as well as stainless steel mosaics. The company is
promoted by Mr. Sachin Palsokar, who is a first generation
Entrepreneur.


J.S. BEDI: CRISIL Assigns 'B' Rating to INR120MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of J.S. Bedi Agro Industries.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             10.8        CRISIL B/Stable

   Cash Credit           40          CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility    69.2        CRISIL B/Stable

The rating reflects JBAI's below-average financial risk profile
marked by stretched liquidity, leveraged capital structure, and
average interest coverage ratio. The rating also factors in the
firm's modest scale of operations in the intensely competitive
rice industry, and the susceptibility of its operating margin to
changes in government regulations and to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive industry experience of JBAI's partners and their
financial support.

Outlook: Stable

CRISIL believes that JBAI will continue to benefit over the medium
term from its partners' extensive experience in the rice industry.
The outlook may be revised to 'Positive' in case of significant
improvement in the firm's financial risk profile on account of
better than expected accruals led by improvement in scale and
operating profitability or capital infusion by partners.
Conversely, the outlook may be revised to 'Negative' if JBAI
undertakes aggressive debt-funded expansions, or reports a
substantial decline in revenue and profitability, or if its
working capital cycle lengthens, weakening its financial risk
profile.

JBAI is a partnership firm set up in 2009 by Mr. Ajay Bedi and his
wife. The firm processes non-basmati rice for sale in the domestic
market. Its plant is in Gurdaspur (Punjab).


JALARAM COTTON: ICRA Assigns 'B+' Rating to INR7.00cr Loan
----------------------------------------------------------
ICRA has assigned the rating of [ICRA]B+ to the INR7.00 crore long
term fund based facility of Jalaram Cotton Ginning and Pressing
Factory.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.00        [ICRA]B+ assigned

The rating factors in JCGPF's modest scale of operation and weak
financial profile characterized by thin profit margins, leveraged
capital structure and consequently weak debt protection metrics.
The rating also factors in the intense competition and low value
addition nature of business leading to low pricing flexibility and
regulatory risks associated with cotton exports. ICRA further
notes that the firm is exposed to risk of capital withdrawal
inherent in the partnership nature of the business.

The rating, however, positively factors in the long experience of
the promoters in cotton industry as well as favorable location of
the plant giving it easy access to high quality raw cotton and
strong demand for cotton seed oil in Gujarat.

Established in 1993, Jalaram Ginning and Pressing Factory is
engaged in cotton ginning and pressing business. The business is
owned and managed by Mr. Hitesh Thakkar and Mr Nilesh Patel. The
firm's manufacturing facility is located in Baroda, Gujarat. The
firm has twenty five ginning machines and one pressing machine
with the manufacturing capacity of 120 bales per day.

Recent Results

For the year ended 31st March 2014(provisional unaudited
financials), Jalaram Cotton Ginning and Pressing Factory reported
an operating income of INR40.62 crore and profit after tax of
INR0.15 crore as against an operating income of INR41.98 crore and
profit after tax of INR0.19 crore for the year ending 31st March
2013.


MBC INFRA: ICRA Reaffirms 'B+' Rating on INR3.25cr Loan
-------------------------------------------------------
ICRA has reaffirmed its [ICRA]B+ rating for the INR3.25 crore cash
credit facility of MBC Infra Space Private Limited. Rating of
[ICRA]A4 has also been reaffirmed to INR5.00 crore short term non
fund based limits of MBC.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           3.25       [ICRA]B+ reaffirmed
   Bank Guarantee        5.00       [ICRA]A4 reaffirmed

The ratings continues to remain constrained by MBC's modest size
of operations; high competitive intensity in the construction
space resulting in pressure on margins; and sectoral concentration
risk arising with focus on industrial civil construction. Given
the working capital intensive nature of operations, the liquidity
has remained stretched along with a leveraged capital structure.
The ratings are further constrained by the vulnerability of
profitability to fluctuations in cement and steel prices in the
absence of price escalation clause. The ability of the company to
maintain execution timelines and performance parameters remains
critical because of presence of Liquidated Damages (LD) clauses in
the contracts with the clients.

The ratings, however, favorably factor in the long track record of
promoters in the construction sector; MBC's moderate order book
position and stable demand outlook for the construction sector
given the government focus on infrastructure development and
increased public spending. The ratings also factor in the presence
of a reputed client base both in public and as well as private
sector leading to relatively lower counter party credit risks.

MBC Infra Space Private Limited was incorporated on 13th April,
2012 .The promoters of the firm have also been involved in the
same business through another proprietorship concern namely MB
Corporation established in 1999 and based at Vapi. The company is
primarily engaged in Industrial and Civil construction.

Recent Results

For the year ended 31st March 2014 (provisional unaudited
financials), MBC Infra Space Private Limited reported an operating
income of INR9.22 crore and profit after tax of INR0.67 crore .


MOHAN CHARITABLE: ICRA Suspends B- Rating on INR55cr Loans
----------------------------------------------------------
ICRA has suspended [ICRA]B- ratings assigned to the INR55.0 Crore
long term loans of Mohan Charitable Educational Trust. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MOTIWALA AUTO: ICRA Revises Rating on INR10cr Loans to 'B+'
-----------------------------------------------------------
ICRA has upgraded the long term rating of the INR8.00 crore cash
credit facility (enhanced from INR7.50 crore) and INR2.00 crore
term loan facility (enhanced from INR1.00 crore) of Motiwala Auto
Private Limited to [ICRA]B+ from [ICRA]B.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long term, fund based    8.00       Revised to [ICRA]B+
   Limits-Cash Credit                  from [ICRA]B

   Long term, fund based    2.00       Revised to [ICRA]B+
   Limits-Term Loan                    from [ICRA]B

The rating revision takes into consideration steady and timely
financial support from promoters in the form of equity infusion
and unsecured loans. The rating continues to derive comfort from
the diversified revenue stream from dealerships across automobile
segments and healthy growth in off take of ALL's LCV - 'Dost' with
company being exclusive dealer for same in Aurangabad, Beed and
Jalna in Maharashtra as of now. The rating however is constrained
by weak financial risk profile as evident from stretched capital
structure though the same has improved over last two fiscals on
back of equity infusion by promoters, thin margins and high
working capital intensity on back of high inventory levels and
modest scale of operations with intense competition from other
dealers of same OEMs along with dealers of other OEMs. The revenue
growth of MAPL was impacted in FY14 owing to slowdown in the
industry and subdued performance of the OEMs and going forward
growth prospects of MAPL will remain closely linked to performance
of its principals in the dealership region. Scaling up operations
and working capital management will remain key rating
sensitivities going forward.

Established in 2006 and head quartered in Aurangabad, MAPL is
involved in dealership of Hyundai, ALL-LCV and Suzuki.
Additionally, the company also provides auxiliary services like
sale of spare parts, accessories, insurance services, financing of
vehicles among others. MAPL started its commercial operations with
launch of Hyundai Showroom in Aurangabad in 2009 followed by
Suzuki and ALL-LCV dealership in 2011. Currently, MAPL has
exclusive dealership for ALL's LCVs in Aurangabad, Beed and Jalna
in Maharashtra June 2014.


ORBIT AYAS: CRISIL Rates INR90 Million Cash Credit at 'B+'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Orbit Ayas Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           90          CRISIL B+/Stable

The rating reflects OAPL's below-average financial risk profile,
marked by a modest net worth, a high total outside liabilities to
tangible net worth ratio, and subdued debt protection metrics. The
ratings also factor in the company's working capital intensive
operations driven by a long receivables cycle and its modest scale
of operations in an intensely competitive steel products trading
industry. These rating weaknesses are partially offset by the
extensive experience of OAPL's promoters in the industry and
funding support extended by them and its established and diverse
clientele.

For arriving at the ratings, CRISIL has treated INR46 million of
interest-bearing unsecured loans from promoters as neither debt
nor equity (NDNE) as the same is expected to be retained in the
business.

Outlook: Stable

CRISIL believes that OAPL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' in case of significant improvement in
the company's capital structure most likely caused by higher-than-
expected cash accruals, significant infusion of fresh funds by the
promoters or improvement in receivables cycle. Conversely, the
outlook may be revised to 'Negative' if OAPL reports lower-than-
expected cash accruals, or if its working capital cycle lengthens,
leading to further deterioration in its financial risk profile,
especially liquidity.

OAPL, based at Mumbai, was incorporated as a private limited
company in 2012 and is engaged in trading in steel long and flat
products. The company is owned and managed by. Mr Rajendra Choksi
and his sons Mr. Ritesh Choksi and Mr, Dharmesh Choksi. OAPL has
taken over the business of its promoters firm Raju Steel
Corporation which was in the business since 1968.


PARAMOUNT SYNCOT: ICRA Suspends 'B' Rating on INR6cr Loans
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR6.0 crore bank facilities of Paramount Syncot Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term, Fund
   Based Limits         3.0         [ICRA]B Suspended

   Long-term, Term
   Loan                 3.0         [ICRA]B Suspended

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.

The company was originally incorporated as Shree Bhagwan Textile
Industries Limited in 1986. The present owners acquired the
company in 2009 and the name was changed to Paramount Syncot
Private Limited. The company is a job worker wherein it undertakes
printing and dyeing of cloth materials in its factory located at
Boisar, Maharashtra. The company is closely held by the Agarwal
family and Mr. Shamim Chaudhury. The Agarwal family has two
decades of experience in the textiles
business.


R. L. STEELS: ICRA Assigns 'C' Rating to INR202.01cr Loans
----------------------------------------------------------
ICRA has assigned the [ICRA]C rating to INR202.01 crore long term
fund based limits of R. L. Steels & Energy Ltd. ICRA has also
assigned the [ICRA]A4 rating to INR41.99 crore short term fund
based and INR56.00 crore short term non fund based limits of RLSL.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long term, Fund based
   limits - Term Loan      117.00       [ICRA]C assigned

   Long term, Fund based
   limits - Cash Credit     85.01       [ICRA]C assigned

   Short term, Fund based   41.99       [ICRA]A4 assigned

   Short term, Non fund
   based                    56.00       [ICRA]A4 assigned

The ratings assigned take into account the weak financial profile
of the company which is characterized by stretched capital
structure and tight liquidity position with company has reported
cash losses in FY13 and in 9M FY14. However, the management is
expecting Q4 FY14 to be better than last three quarters on back of
strengthening steel prices while scrape prices are softening,
resulting in overall improvement in contribution and expecting to
report cash profits in Q4 FY14. The capacity utilization has
remained moderate due to general slowdown in economy and stretched
liquidity profile of the company which is limiting access to
funds. The company has high cost structure due to limited raw
material and power linkages and remains vulnerable to exchange
rate movements due to sizeable share of import purchases. However,
the management is taking measures to improve cost structure of the
company by implementing productivity enhancement measures. The
effect of the same is remains to be seen. The ratings also
constrained by the moderate scale of operations in intensely
competitive steel industry and inherent cyclicality associated
with the steel business. The company is currently under CDR scheme
and the repayments are starting from April 2014, hence the ability
to meet the same in a timely manner remains key concern. However,
the ICRA takes note of long standing experience of the promoters
in the industry and a diversified client base.

RLSL was incorporated in 1985 as the flagship company of the
Aurangabad based group promoted by Mr. R L Gupta. RLSL is engaged
in manufacturing alloy steel products in rounds, squares, flats
and special profiles, through Induction Furnace-LD Convertor-
Continuous casting rolling route. RLSL has a steel melting
capacity of 1,44,000 MTPA and a rolling mill with capacity of
1,47,000 MTPA at Waluj, Aurangabad.


RAGHUVIR OIL: ICRA Reaffirms B+ Rating on INR1cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ to the
INR1.00 crore cash credit sub limit facility of Raghuvir Oil Mill.
ICRA has also reaffirmed the short term rating at [ICRA]A4 to the
INR9.75 crore (increased from INR3.00 crore) export packing
facility and INR0.20 crore credit exposure limit of ROM.


                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Cash Credit              (1.00)      [ICRA]B+ reaffirmed
   Export Packing Credit     9.75       [ICRA]A4 reaffirmed
   Credit Exposure Limit     0.20       [ICRA]A4 reaffirmed

The ratings continue to reflect the firm's weak financial profile
characterized by high gearing due to huge working capital
borrowings, weak debt protection metrics and low profitability on
account of limited value addition and highly competitive &
fragmented industry structure. The ratings also continues to be
constrained by vulnerability of the firm's profitability to
movements in raw material prices, which are subject to seasonality
& crop harvest and foreign exchange rates as the firm is primarily
involved in exports.

The ratings, however continues to positively factors in the
promoters' extensive experience in the edible oil industry,
favorable location of the plant with its proximity to raw material
sources and stable demand outlook for edible oil considering the
rising domestic consumption in India.

Raghuvir Oil Mill is primarily engaged in the business of crushing
of groundnut seeds to produce groundnut oil and groundnut cake
with a capacity to manufacture 100 MT of groundnut oil per day.
The firm is also engaged in trading of groundnuts, groundnut seeds
and groundnut oil. The business was taken over by the current
partners in 2010 and is currently managed by Mr. Bharat Gami and
Mr. Mehul Thumber.

Recent Results

During FY2014 based on unaudited provisional result, the firm
reported profit before tax of INR0.63 crore on an operating income
of INR95.84 crore.


SAI SRINIVASA: CRISIL Reaffirms 'B+' Rating on INR102.6MM Loans
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sai Srinivasa
Cotton Industries continues to reflect SSCI's below-average
financial risk profile, marked by a small net worth and high
gearing. The rating also factors in the susceptibility of the
firm's margins to regulatory changes and to volatility in cotton
prices. These rating weaknesses are partially offset by the
extensive industry experience of SSCI's partners and the
locational advantage of its plant.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           82.6       CRISIL B+/Stable (Reaffirmed)
   Term Loan             20         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSCI will continue to benefit over the medium
term from its partners' extensive industry experience and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the firm significantly
expands its scale of operations and improves its operating
profitability, resulting in higher-than-expected cash accruals,
and further improves its liquidity by effectively managing its
working capital needs. Conversely, the outlook may be revised to
'Negative' if SSCI registers a significant decline in its scale of
operations, thereby negatively impacting its cash accruals, or
faces further pressure on its liquidity on account of larger-than-
expected working capital requirements or substantial debt-funded
capital expenditure.

SSCI, a partnership firm, was set up in 2010. It undertakes cotton
ginning, and pressing of raw cotton into cotton bales. The firm is
based in Mahabubabad in Warangal district (Andhra Pradesh).


SALGUTI INDUSTRIES: ICRA Cuts Rating on INR55cr Loans to 'D'
------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR50.37 crore
(increased from INR45.07 crore) fund based limits, INR0.15 crore
non-fund based limits and INR0.72 crore unallocated limits
(reduced from INR4.02 crore) of Salguti Industries Limited from
[ICRA]B to [ICRA]D. ICRA has also revised the short term rating
assigned to INR3.76 crore non-fund based limits of SIL from
[ICRA]A4 to [ICRA]D.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based Limits      50.37       [ICRA]D revised from
                                      [ICRA]B

   Non-fund based
   Limits, LT scale        0.15       [ICRA]D revised from
                                      [ICRA]B

   Non-fund based
   Limits, ST scale        3.76       [ICRA]D revised from
                                      [ICRA]A4

   Unallocated Limits      0.72       [ICRA]D revised from
                                      [ICRA]B

The revision in rating primarily factors in the recent delays in
debt servicing on account of stretched liquidity position of the
company due to delayed receivables and continued weak financial
profile on account of high gearing owing to debt funded capex
coupled with low profitability. Further, working capital intensive
nature of the poly woven sacks and textiles businesses has led to
stretched liquidity of the company as reflected by high working
capital utilization in the past 10 months. The ratings continue to
be constrained by significant customer concentration risk with top
two customers accounting for 47% of revenues in FY2013 and high
competitive intensity in the poly woven sacks & spinning industry
exerting pressure on the profitability. The ratings however take
comfort from the long track record of operations & promoters'
experience in the packaging industry; established relationship
with major customers such as Coromandel International Limited &
Venkat Polymers Private Limited and favourable demand prospects
for cement and fertilizer industry in the medium term. Timely debt
servicing would however be the key rating driver over the near
term from the credit perspective.

Salguti Industries Limited was incorporated in 1984 and is engaged
in the manufacturing of poly woven sacks for packaging of
fertilizers, cement, food grains etc. In year 2005, SIL
diversified into textiles segments and is engaged in the
manufacturing of cotton grey fabric for garments, bed linen and
furnishings. The manufacturing facilities for packaging division
are located at Bollaram, Medak District and Rajapur, Mahaboobnagar
District of Andhra Pradesh and for textile division at Jadcherla,
Andhra Pradesh. Currently, the installed capacity of poly woven
sacks is 10400 MT/annum and of textile unit is at 2600 MT/annum.

Recent Results

The company reported an operating income and profit of INR122.73
crore and 0.30 crore respectively in FY2014 (unaudited and
provisional) as against an operating income and loss of INR110.05
crore and INR0.95 crore respectively in FY2013.


SHREE GAJANAN: CRISIL Ups Rating on INR80MM Loans to 'B'
--------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Shree Gajanan Prasad Workshop to 'CRISIL B/Stable' from 'CRISIL B-
/Stable', while reaffirming the short-term rating at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         10         CRISIL A4 (Reaffirmed)

   Cash Credit            30         CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term     30         CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

    Rupee Term Loan       20         CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects sustained improvement in SGPW's
liquidity, driven by infusion of unsecured loans of INR15 million
by its promoters in 2013-14 (refers to financial year, April 1 to
March 31), increase in bank limits, improvement in cash generation
from business and a shortened working capital cycle. The
improvement in the firms' working capital management is reflected
in the reduction in its gross current assets to about 8 months as
on March 31, 2014, from over 14 months, as on March 31, 2013.
Furthermore, with the stabilisation of its business operations and
healthy orders in hand, SGPW's cash accruals are expected to
double in 2014-15 over the previous year, ensuring sustainability
of its improved liquidity. CRISIL believes that SGPW's ability to
efficiently manage its working capital cycle will be important to
maintain its improved liquidity over the medium term.

The rating reflects SGPW's small net worth and scale of
operations, and large working capital requirements. These rating
weaknesses are partially offset by SGPW's adequate order book, and
moderate debt protection metrics.

Outlook: Stable

CRISIL believes that SGPW will maintain its business risk profile
over the medium term, backed by stable relationships with its key
customers and moderate cash accruals. The outlook may be revised
to 'Positive' if the firm substantially enhances its scale of
operations, while it sustains its profitability, and significantly
improves its financial risk profile, led by equity infusion.
Conversely, the outlook may be revised to 'Negative' if SGPW's
operating profitability declines materially, or the firm
undertakes any larger-than-expected debt-funded capital
expenditure, thereby adversely affecting its financial risk
profile.

SGPW, a proprietorship firm, was set up by Mr. Chandrakant Patil
in 1979; he is now supported by his son, Mr. Rahul Patil. SGPW
manufactures propeller units that include propeller engine, shaft,
gear box, steering gear, rudder, and others. These are used in
boats and large vessels. The firm has two units in Karanja and
Dronagiri (Maharashtra) for the manufacturing of various items.


SHREE RANCHHOD: ICRA Reaffirms 'B+' Rating on INR0.50cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR0.50 crore1 cash credit facility (sublimit of export packing
credit) of Shree Ranchhod Oil Mill Co. ICRA has also reaffirmed
short term rating of [ICRA]A4 to the INR9.50 crore export packing
credit and INR0.80 crore credit exposure limit of SROMC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit         (0.50)        [ICRA]B+ reaffirmed

   Export Packing
   Credit               9.50         [ICRA]A4 reaffirmed

   Credit Exposure
   Limit                0.80         [ICRA]A4 reaffirmed

The reaffirmation of rating continues to reflect the firm's weak
financial profile characterized by stretched liquidity, high
gearing, weak debt protection metrics and low profitability on
account of limited value addition and highly competitive &
fragmented industry structure. The ratings continues to be further
constrained by vulnerability of the firm's profitability to
movements in raw material prices, which are subject to seasonality
& crop harvest and foreign exchange rates, with the firm primarily
involved in exports.

The ratings, however continue to positively factors in the
promoters' extensive experience in the edible oil industry and
favorable location of the plant with its proximity to raw material
sources. The ratings also further positively factor in the
diversified product portfolio of the firm consisting of various
seeds like groundnut, sesame, cumin, coriander, etc.

Established in 1998, Shree Ranchhod Oil Mill Co. (SROMC) is
primarily engaged in processing of various types of seeds (cumin,
fenugreek, coriander, sesame, groundnut, etc) and trading of seeds
& groundnut oil. The firm has a capacity to process ~500MT of
seeds per day. The bulk of the income is from exports, with the
firm exporting to Europe, Far East and China. The business is
managed by industry veterans Mr. Bharat Gami and and Mr. Mehul
Thumber.

Recent Results

During FY2014 based on unaudited provisional results, the firm
reported profit before tax of INR0.41 crore on an operating income
of INR87.61 crore as against profit after tax of INR0.29 crore on
an operating income of INR86.38 crore in FY 2013.


SIDDHI COTTON: CRISIL Assigns 'B' Rating to INR100MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Siddhi Cotton Industries.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            80         CRISIL B/Stable
   Term Loan              20         CRISIL B/Stable

The rating reflects its initial stage of, and modest scale of
operations in the highly competitive cotton industry. The rating
also factors in SCI's large working capital requirements, and
average financial risk profile commensurate with its gearing and
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of the promoters in the cotton
industry, and the proximity of the firm's production unit to the
cotton-growing belt in Gujarat.

Outlook: Stable

CRISIL believes that SCI will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
financial risk profile with sizeable cash accruals and an enhanced
capital structure. Conversely, the outlook may be revised to
'Negative' if SCI's financial risk profile and liquidity weaken
with low cash accruals, or stretched working capital requirements,
or substantial capital withdrawals by the promoters, or
substantial debt-funded expansion.

SCI, founded in 2013, is a partnership firm based in Mehsana
(Gujarat). The promoters have more than 10 years of experience in
the cotton industry. The firm recently set up a unit to carry out
cotton ginning and pressing activities, and commenced operations
in February 2014.


SIDDIQUE TRADING: CRISIL Reaffirms B+ Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Siddique Trading
Company Pvt Ltd continue to reflect STC's modest scale of
operations, with a limited track record in its current business
and customer concentration in its revenue profile. These rating
weaknesses are partially offset by the experience of the company's
promoter in commodities trading, and its above-average financial
risk profile, driven by lack of external borrowings.

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

   Proposed Letter
   of Credit             450        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that STC will continue to benefit over the medium
term from its promoter's experience in commodities trading. The
outlook may be revised to 'Positive' if the company diversifies
its customer base and registers significant improvement in its
scale of operations, while maintaining its comfortable financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if STC's business risk profile is adversely impacted by any
unrelated diversification, or in case of a stretch in the working
capital cycle, leading to deterioration in its liquidity.

Incorporated in 2009, STC, part of the Siddique group, commenced
commercial operations in 2010-11 (refers to financial year, April
1 to March 31). The company mainly trades in steel and
agricultural products, and plans to venture into the coal trading
business this year.

STC reported a profit after tax (PAT) of INR3.6 million on an
operating income of INR520 million for 2012-13, as against a PAT
of INR2.8 million on an operating income of INR470 million for
2011-12.


SRI NAGA: CRISIL Assigns 'D' Rating to INR100MM Loans
-----------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Sri Naga Nanthana Mills Ltd. The ratings reflect
instances of delay by the company in servicing its term debt; the
delays are caused by the company's weak liquidity.

                          Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Term Loan                9.4         CRISIL D

   Proposed Long Term
   Bank Loan Facility      32.3         CRISIL D

   Bank Guarantee           1.5         CRISIL D

   Cash Credit             56.8         CRISIL D

SNNML also has a below-average financial risk profile, marked by
highly leveraged capital structure, and weak debt protection
metrics. However, the company benefits from the extensive
experience of its promoters in the textile industry.

SNNML was set up in 1983 as a private limited company in
Virudhanagar (Tamil Nadu). Subsequently, the company was
reconstituted as a closely held limited company in 1997.  The
company manufactures cotton yarn and polyester yarn and its day-
to-day operations are managed by its director, Mr. Veerachamy.

SNNML reported a profit after tax (PAT) of INR1.8 million on a
total revenue of INR311.4 million for 2012-13 (refers to financial
year, April 1 to March 31), against a loss of INR2.7 million on a
total revenue of INR204.9 million for 2011-12.


SRI VAIBHAVA: CRISIL Assigns 'D' Rating to INR120MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Sri Vaibhava Lakshmi Enterprises Private Limited. The rating
reflects instances of delay by SVLEPL in servicing its term loan
obligations; the delays have been caused by the company's weak
liquidity.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Proposed Long Term
   Bank Loan Facility     45         CRISIL D

   Long Term Loan         52.5       CRISIL D

   Proposed Cash Credit
   Limit                  22.5       CRISIL D

The rating also reflects SVLEPL's weak financial risk profile
marked by high gearing and exposure to inherent risks in poultry
industry. The above mentioned weaknesses are partially offset by
the extensive entrepreneurial experience of its promoters.

Set up in 2013, Sri Vaibhava Lakshmi Enterprises Pvt Ltd (SVLEPL)
is engaged in the poultry industry and produces eggs from layer
chicken. The company has farms in Nandigama village, Krishna
district (Andhra Pradesh). The company is promoted by Mr. Venkata
Narayan and his family members, and commenced commercial
operations from September 2013.


SUPER LIFESTYLE: ICRA Reaffirms 'B+' Rating on INR11cr Loans
------------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed for the INR11 crore
bank limits of Super Lifestyle Diamonds Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.50        [ICRA]B+ reaffirmed
   Unallocated Limits    2.50        [ICRA]B+ reaffirmed

The rating reaffirmation factors in the highly fragmented nature
of the wholesale jewellery business; vulnerability of the sector
to the regulatory measures taken by the government of India (GoI)
and the Reserves Bank of India (RBI) for controlling the current
account deficit; vulnerability of profitability to fluctuations in
global prices of gold and diamond and high financial risk profile
of the company characterised by high gearing, subdued debt
protection metrics and high working capital intensity resulting in
tight liquidity position.

However, the rating favourably factors in the long track record of
SLDPL's promoters in diamond and gold jewellery wholesale
business; steady demand prospects for diamond & gold jewellery
particularly in Punjab which is a relatively prosperous state and
the company's established customer base.

Super Lifestyle Diamonds Pvt Ltd was initially set up as a
partnership firm known as "Super Jewellers" in 2002 and was
subsequently converted into private limited company (in its
present form) on 1st April 2011. SLDPL is engaged in the wholesale
trading of diamond & gold jewellery primarily in Punjab and also
in surrounding states through retailers. While earlier the company
used to gets its jewellery manufactured from third party
manufacturers it has moved the manufacturing to its group entity
Zaaci Diamonds Pvt. Ltd. which commenced operations in Aug 2012.

Recent Results:

Based on provisional accounts, the company reported a net profit
of INR0.06 crore on an operating income of INR35.94 crore in FY14
against net profit of INR0.24 crore on an operating income of
INR50.91 crore in FY13.


TEJASWI JEWELLERS: ICRA Cuts Rating on INR27.20cr Loan to 'D'
-------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR27.20 crore
fund based limits to [ICRA]D from [ICRA]B+ of Tejaswi Jewellers
Private Limited. ICRA has also assigned rating of [ICRA]D to
INR1.00 crore fund based limits and INR11.80 crore unallocated
limits of TJPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based Limits     27.20      [ICRA]D revised from
                                    [ICRA]B+

   Fund based Limits      1.00      [ICRA]D assigned

   Unallocated Limits    11.80      [ICRA]D assigned

The revision in rating primarily factors in the recent delays in
debt servicing on account of stretched cashflows and high working
capital intensity as reflected in NWC/OI of 59% in FY2013 due to
high debtor days. Moreover with repayment of INR10 crore falling
due in FY2015, generation of adequate cash accruals remains
critical for timely servicing of debt obligations. The assigned
ratings are also constrained by the high competitive intensity in
the business of branded retail (primarily jewellery) and limited
profitability margin on sales as the commission is fixed by the
principal -- Titan Industries Limited (Franchisee business model
wherein TIL has a control of the inventory). The competition risk
is however mitigated to a considerable extent by the brand loyalty
enjoyed by Tanishq in the Indian Jewellery market.The assigned
rating however, factors in the experienced management in branded
retail and a diverse product offering comprising jewellery,
eyewear and watches with dealerships spread across more than one
principal (Tanishq, Swarovski and Titan eye+ are the brands sold
by TJPL). TJPL's mix of having both dealership and franchisee
business models is seen as a positive as there is a definite
profitability which can be expected from the franchisee business
(Average commission @ 5% to 6% of turnover generated).

Timely debt servicing would however be the key rating driver over
the near term.

Tejaswi Jewellers Private Limited (TJPL) was incorporated in the
year 1997 to engage in the business of branded retail in
Hyderabad. TJPL acts as a franchisee of Tanishq, Titan Eye+ and
Swarovski crystals. Apart from these, the company also engages in
retail of watches of reputed international brands (Tag Heuer, Rado
and Omega to name a few) through its showroom - Time in Style.
TJPL operates through six showrooms in the Hyderabad market (3
Tanishq showrooms, 2 Titan Eye+ showrooms and 1 Time in Style
showroom).

The Company is promoted by Mr. Butta S Neelakanta and his wife
Mrs. Butta Renuka and is part of the BUTTA group of companies
based out of Andhra Pradesh. The group has presence in the
Hospitality, Education, Branded Retail and Automobile space in
Hyderabad.

Recent Results

The company reported an operating income and profit of INR48.93
crore and 1.88 crore respectively in FY2013 as against an
operating income and net profit of INR84.93 crore and INR1.31
crore respectively in FY2012.


TRANSTECH GREEN: CRISIL Reaffirms 'D' Rating on INR500MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Transtech Green Power
Pvt Ltd continue to reflect instances of delay by TGPPL in
servicing its debt; the delays have been caused by the company's
weak liquidity on account of low plant load factor (PLF).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           10        CRISIL D (Reaffirmed)
   Cash Credit              75        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       32.6      CRISIL D (Reaffirmed)
   Term Loan               382.4      CRISIL D (Reaffirmed)

TGPPL also has a weak financial risk profile, marked by small net
worth, high gearing, and weak debt protection metrics, small scale
of operations, and geographic concentration in revenue. However,
the company benefits from expected improvement in PLF over the
medium term and from limited exposure to volatility in raw
material prices.

Update
TGPPL's liquidity remains undermined by instances of delay in debt
servicing. TGPPL's performance in 2013-14 (refers to financial
year, April 1 to March 31) remained subdued on account of low PLF
during the year. Though the company had tied up with Hanjer Agro
and Fertilizer Pvt Ltd (MHAFPL) for operation and maintenance
(O&M) and also for raw material, PLF did not improve on account of
limited raw material availability. Low PLF led to cash loss of
around INR2 million in 2013-14. TGPPL has tied with Laxyo Energy
Ltd for O&M in 2014-15 and has a one-year fuel agreement, which is
expected to help it improve its PLF. Moreover, biomass sector has
been facing regulatory challenges particularly with respect to
fuel price mechanism. However, the industry is expected to see
better prospects with removal of fuel price fixation from
regulations and this will also help TGPPL improve its performance.

TGPPL's financial risk profile remains constrained, marked by high
estimated gearing of more than 40 times as on March 31, 2014,
because of large debt contracted for setting up power plant and
for funding erosion of net worth. The company's accruals are
expected to improve with improvement in PLF.

TGPPL reported, on a provisional basis, a net loss of INR57.2
million on net sales of INR44.8 million for 2013-14; the company
reported a net loss of INR109.2 million on net sales of INR120.7
million for 2012-13.

TGPPL, incorporated in 2007, started commercial operations by
setting up a 12-megawatt power plant in Sanchore (Rajasthan) in
July 2010. The company is a subsidiary of Teletech Finsec India
(P) Ltd (TFIPL). TFIPL holds 99.48 per cent stake in TGPPL, while
the promoters/directors hold the remaining 0.52 per cent.


UJALA MINERALS: CRISIL Assigns 'B+' Rating to INR100MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Ujala Minerals.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit            100.0       CRISIL B+/Stable
   Letter of Credit         5.3       CRISIL A4

The rating reflects UM's working capital intensive operations,
modest scale of operations in the competitive iron-ore industry
and susceptibility of its operating performance to adverse
regulatory changes in the iron ore industry. These rating
weaknesses are partially offset by the extensive experience of the
promoters in trading of iron ore and its moderate financial risk
profile, marked by low total outside liability to tangible
networth.

Outlook: Stable

CRISIL believes that UM will continue to benefit over the medium
term from the extensive experience of the promoters in the trading
of iron ore. The outlook may be revised to 'Positive' in case of
significant improvement in the scale of operations, along with
diversification in customer profile, or efficient working capital
management, leading to improvement in its business risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected revenue and profitability, lengthening of its
working capital cycle or debt-funded capital expenditure plans
leading to weakening of its financial risk profile, especially
liquidity.

UM established as a partnership firm in 2004 by friends, Mr. Anil
Jaiswal and Mr. Ramesh Chandra Maharana. The firm is engaged in
domestic trading of iron ore lumps and fines. The firm has its
operations in Bhubaneswar (Odisha).


VTC STEELS: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of VTC Steels.

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

The rating reflects VTCS's small scale of operations and exposure
to intense competition, weak financial risk profile, and
constrained liquidity on account of loans and advances to group
companies. These rating weaknesses are partially offset by the
proprietor's extensive experience in the steel industry and
diversified supplier base and moderate risk management policies.

Outlook: Stable

CRISIL believes that VTCS will continue to benefit from its
proprietor's extensive experience in the steel industry over the
medium term. The outlook may be revised to 'Positive' if the
firm's scale of operations or capital structure improves
significantly mainly due to capital infusion by the proprietor.
Conversely, the outlook may be revised to 'Negative' in case of
higher-than-expected increase in working capital requirements,
lower-than-expected revenue and profitability or increase in
exposure to group entities.

VTCS, a proprietorship firm, was set up in 2009. It is engaged in
trading of Thermo mechanically treated (TMT) bars and wire rods.
The firm is a part of the VTC group, which has diversified
interests in the logistics, warehousing, hospitality, and
education sectors. VTCS is managed by Mr. Akshay Verma.

VTCS reported book profit and net sales of INR0.9 million and
INR143.8 million, respectively, for 2012-13 (refers to financial
year, April 1 to March 31); the firm reported book profit of INR1
million on net sales of INR118.4 million for 2011-12. Its net
sales are estimated at INR93.5 million for 2013-14.



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


TOSHIBA CORP: Moody's Rates JPY180BB Subordinated Loans at 'Ba1'
----------------------------------------------------------------
Moody's Japan K.K. has assigned a rating of Ba1 to the JPY180
billion in subordinated loans issued by Toshiba Corporation.

At the same time, Moody's has affirmed all of Toshiba's ratings.

Senior Unsecured Baa2

Senior Unsecured Shelf (P)Baa2

Subordinate Ba1

Commercial Paper P-2

The ratings outlook is stable.

Ratings Rationale

The rating for the subordinated loans takes into consideration the
Baa2 rating of Toshiba's senior unsecured bonds and the
subordinated priority of claim that these loans have within
Toshiba's capital structure.

The loans (1) are subordinated instrument that would rank equal to
preferred stocks if the issuer ever includes the latter in its
capital structure, (2) have a maturity of 60 years, and (3) show
an optional deferral, and any interest deferred will accumulate.

The proceeds from the subordinated loans will be used to refinance
Toshiba's existing JPY180 billion in 1st Series Unsecured Interest
Deferrable and Early Redeemable Subordinated Bonds -- which are
solely for qualified institutional investors (Tekikaku Kikan
Toshika Gentei) -- issued May 2009.

Upward rating pressure could emerge if Toshiba is able to increase
and stabilize its overall profitability by further enhancing each
of its business segment's competitiveness, and the company's
reported operating profit margin exceeds 4.0%, and/or adjusted
debt/EBITDA falls to around 3.5x, both at sustained levels.

Downward rating pressure could emerge if earnings weaken,
evidenced by adjusted debt/EBITDA over 4.5x, and/or reported
operating profit margin below 3%. Moreover, the aggressive use of
financial leverage for acquisitions, or any drastic changes in
financial policy, would put downward pressure on the rating.

The principal methodology used in this rating was the Global
Manufacturing Industry published in December 2010.

Toshiba Corporation, headquartered in Tokyo, is one of Japan's
leading integrated electronics companies.



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


BIG SKY: Farm Founder Still Involved in Litigation
--------------------------------------------------
Simon Hartley at Otago Daily Times reports that seven years after
the spectacular multimillion-dollar collapse of the controversial
Big Sky dairy farm project in the Maniototo, farm founder and
former shareholder Ewan Carr is still seeking redress through the
courts.

Otago Daily Times relates that in the latest round of litigation,
Mr. Carr and his former legal firm Gallaway Cook Allan, of
Dunedin, were recently before the Supreme Court, with the result
that Mr. Carr could be back off to the High Court.

According to the report, Mr. Carr alleged the law firm was "liable
for damages for professional negligence in relation to a failed
commercial transaction."

His purchase of farm and hotel assets failed after the settlement
deadline was missed, the report notes.

The report says farm founder Mr. Carr and Auckland-based Rodney
Humphries respectively held one-third and two-thirds shares in
five companies in the wider Big Sky group, but fell out when the
project was placed in receivership and disputes arose over asset
claims.

Multiple hearings and appeals on complex matters in a variety of
courts followed, with the relationship between Mr. Carr and
Mr. Humphries labelled in various courts as acrimonious, and
"dysfunctional," according to the report.

Otago Daily Times says the latest judgment, released last week by
the Supreme Court, follows a hearing in Wellington on
November 28.

According to the report, the latest litigation stems from
Mr. Carr and his Brookside Farm Trust Ltd.

The report relates that the Supreme Court background notes said he
wanted to purchase "farming [Big Sky] and hotel [Danseys Pass]
assets" from Mr. Humphries, by 4pm on May 31, 2007.

Mr. Carr was unable to complete the deal in the stipulated time
and Mr. Humphries terminated the contract, a move upheld by the
courts, the report states.

Otago Daily Times relates that Mr. Carr then contended Gallaway
Cook Allan was "negligent in handling settlement" of the
transaction, causing a delay that "ultimately enabled Humphries to
cancel the agreement."

The report says Mr. Carr and Gallaway Cook Allan agreed to
arbitration, which dismissed Mr. Carr's claim, and he sought to
challenge that finding in the High Court.

The arbitration agreement included a clause allowing either party
to appeal the result on "questions of law and fact", while the
Arbitration Act provides for appeals only on points of law, the
report relates.

The effect of the inclusion of this clause was the subject of the
Supreme Court's November hearing, the report notes. It ruled that
the clause made the arbitration process void, which meant
Mr. Carr could start proceedings all over again in the High Court,
according to Otago Daily Times.

The report adds that the Supreme Court also ordered that Gallaway
Cook Allan pay NZ$25,000 court costs, and yet-to-be-determined
disbursements.

Mr. Carr's and Mr. Humphries' legal battles have continued for
several years about asset ownership relating to Big Sky, Otago
Daily Times says.


POSTIE PLUS: Workers Not Consulted, Employment Lawyer Says
----------------------------------------------------------
Cecile Meier at The Press reports that an employment specialist
said 64 employees of clothing chain Postie Plus should have been
consulted before their jobs were axed.

The Press says the administrators of the troubled national
clothing chain have announced 12 stores are closing next month and
64 employees are being made redundant, including 16 in Canterbury.

Postie is now in the hands of administrators appointed by the
company on June 3 to try to save the company from liquidation, the
report relates.

According to the Press, Taylor Shaw employment lawyer James Pullar
-- jpullar@sblawyers.co.nz -- said it was highly likely the
workers should have been informed and consulted about the
redundancies before Postie's management put the company into
voluntary administration.

However, notifying staff of financial difficulties would have put
the company into receivership or liquidation by a creditor, he
said.

"Voluntary administration is about keeping the creditors on-side
while determining if the company can be kept alive," the report
quotes Mr. Pullar as saying. Once in voluntary administration
though, there should have been consultation. "There are very
limited grounds to avoid consultation, which possibly could be to
avoid the employer going into receivership or liquidation, [that
is] withholding confidential information may save the company," he
said.

The workers who have lost their jobs could apply for an injunction
requiring consultation or they could raise a personal grievance
for unjustified dismissal/unjustified action of the employer.

The Press reports that the First Union on June 19 also raised the
issue, and said it was seeking legal advice on what it called a
"highly irregular" move to close 12 shops and sack 64 staff.

The Press relates that administrator Colin McCloy, of PwC, said
Postie Plus management had identified several stores that were no
longer viable before PwC was appointed.

The Birkenhead, Bishopdale Mens, Bishopdale Womens and Kids,
Dannevirke, Gore, Mt Roskill, Papatoetoe, Rangiora Kids, St Lukes,
Sydenham, Te Kuiti and Westgate stores will close in the first
week of July, the report discloses.

According to the report, Mr. McCloy said the "difficult decision"
to close the stores had been made in a bid to save the business.

The Press relates that First Union said it was shocked by the
announcement.

"What has happened is highly irregular," the Press quotes general
secretary Robert Reid as saying.

"Neither employees or the union were advised that there was a
review on the future of stores before Postie went under
administration. No indication was given at last Thursday's
creditors meeting that so many stores would be closed and
redundancies made.

"In fact, at the creditors meeting the administrator gave the
opposite impression -- that it would be business as usual for the
next few weeks.

"This action raises the question of whether the voluntary
administration that the company is under is simply a ruse to
implement pre-determined restructuring under the protection of
administration. The way this has been handled is unacceptable."

Mr. McCloy said only one of the affected 64 staff was a First
Union member, the report adds.

                        About Postie Plus

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

Colin McCloy and David Bridgman, Partners from
PricewaterhouseCoopers, were appointed Administrators to Postie
Plus Group Limited on June 3, 2014. The business is now in
voluntary administration.



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


CHONHAIJI CO: Files for Receivership
------------------------------------
Reuters reports that the major shareholder of the South Korean
operator of the ferry on which hundreds of high school students
drowned in April has applied for receivership, a court said on
June 23.

Chonhaiji Co Ltd, a ship block maker and the major shareholder of
ferry operator Chonghaejin Marine Company, lodged its application
at the Changwon District Court last week, Reuters relates citing a
court official.

Chonghaejin Marine owned the Sewol, which sank on April 16 on a
routine journey between the mainland port of Incheon and the
holiday island of Jeju. Of 476 passengers and crew on board,
including 339 students and teachers from the same school, 172 were
rescued with the remainder presumed drowned, according to Reuters.

Chonhaiji had KRW34.8 billion (US$34.19 million) in outstanding
debt to main creditor Korea Development Bank as of last week, the
bank's spokesman said, Reuters relates.

The company, which owned 39.4 percent of the ferry operator as of
end-2013, reported a net profit of KRW1.01 billion last year. But
it missed some debt repayments due last month as its business
suffered in the aftermath of the disaster, Reuters notes.

The court has not yet decided whether to grant the company
protection from debtors or to order its liquidation, the official
said on condition of anonymity to avoid being associated with the
ferry accident, the report notes.


================
S R I  L A N K A
================


DFCC BANK: Fitch Affirms Issuer Default Ratings at 'B+'
-------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka-based DFCC Bank's (DFCC)
Long-Term Foreign-Currency and Local-Currency Issuer Default
Ratings (IDRs) at 'B+' with a Stable Outlook.  The agency has also
affirmed DFCC's Viability Rating (VR) at 'b+'. DFCC's National
Long-Term Rating has also been affirmed at 'AA-(lka)' with a
Stable Outlook. Fitch has assigned an expected rating of 'AA-
(lka)(EXP)' to DFCC's proposed senior debenture issue of up to
LKR5bn.
Fitch has also affirmed its 99.1% subsidiary, DFCC Vardhana Bank
PLC's (DVB) National Long-Term Rating at 'AA-(lka)' with a Stable
Outlook. A full list of rating actions is at the end of this
commentary.

KEY RATING DRIVERS - IDRS, VR, NATIONAL RATING AND DEBT

DFCC's IDRs, VR and National Rating reflect its intrinsic risk
profile, driven by its strong profitability and capitalisation,
counterbalanced by the group's expanding commercial banking
business conducted through its 99% subsidiary, DVB.

Fitch considers DVB to be a core subsidiary of DFCC, and as such
the credit profiles of the banks cannot be meaningfully
disentangled. Therefore the agency has equalised the ratings of
DFCC and DVB. This approach is outlined in greater detail in
Fitch's published criteria for "Rating FI Subsidiaries and Holding
Companies".

DFCC's USD notes are rated at the same level as DFCC's Long-Term
Foreign-Currency IDR as they constitute unsecured and
unsubordinated obligations of the issuer. Fitch has assigned a
Recovery Rating of 'RR4' to the notes to reflect average recovery
prospects of 31%-50% for holders of this debt, in case of default
under both a standalone and consolidated basis.

DFCC's proposed and outstanding LKR denominated senior debt is
rated at the same level as DFCC's National Long-Term Rating as
they constitute direct, unconditional, unsecured and
unsubordinated obligations of the issuer. The proposed debentures
are expected to have a tenor of three years with a bullet
principal payment at maturity. The final rating is contingent upon
the receipt of final documentation conforming to information
already received.

DFCC's and DVB's subordinated debt is rated one notch lower than
the respective issuer ratings to reflect its gone-concern loss-
absorption qualities in the event of liquidation, in line with
Fitch's criteria for rating such securities.

DFCC is engaged in merger discussions with National Development
Bank (B+/Stable). This is as a part of the Government of Sri
Lanka's "Master Plan" to consolidate the financial system, which
includes establishment of one large development bank to provide
impetus to policy-driven development banking activities in the
country. Fitch believes that the merged bank will primarily focus
on supporting economic development. Fitch is of the view that
synergies from such an amalgamation could be beneficial to the
credit profile of the merged entity in the long run although
credit neutral in the short to medium term. Fitch will further
comment on the matter once details and the time frame of this deal
become clearer.

DFCC's loan book grew faster than the banking sector and recorded
an increase of 15.4% in the financial year ended March 2014
(FYE14). More than 75% of this growth stemmed from DVB and as a
result, DVB's loan book accounted for about 45% of the group's
loans at end-Mar 2014 (end-Mar 2013: 40.9%). Although DFCC's asset
quality has historically remained weaker than its peers, the bank
has been able to control the slippage of asset quality better than
most peers in a challenging operating environment. DFCC's
provision coverage remained comparable with its rating peers.

Capitalisation declined over the year, but it remained strongest
among the peers both in terms of Fitch Core Capital (FCC) ratio
and Tier 1 Capital Adequacy Ratio (CAR) and stood at 28.4% and
18.8% respectively at FYE14, while the deviation among the two
ratios is mostly attributed to the significant unrealised gains in
DFCC's equity investments.

RATING SENSITIVITIES - IDRS,VR, NATIONAL RATING AND DEBT

The upgrade of DFCC's IDRs, VR and National Rating would be
contingent on DFCC consolidating its commercial banking franchise
alongside its ability to sustain strong credit metrics. The IDRs,
VR and National Rating could be downgraded if there is a sustained
and substantial increase in risk appetite that could materially
weaken its strong capital position.

Because Fitch views DVB as carrying the same risk as DFCC, DVB's
ratings will move in tandem with DFCC's ratings. DVB's ratings are
also sensitive to changes in its strategic importance to DFCC.

As the rating of the notes is linked to DFCC's IDR, any changes to
that rating would impact the issue's rating.

The rating of DFCC's LKR-denominated senior debt will move in
tandem with its National Long-Term Rating.

Any change in the issuer ratings would impact the ratings of
subordinated debt issued by DFCC and DVB.

A full list of ratings:

DFCC
Long-Term Foreign- and Local-Currency IDRs affirmed at 'B+';
Stable Outlook
Short-Term Foreign-Currency IDR: affirmed at 'B'
Viability Rating: affirmed at 'b+'
Support Rating: affirmed at '4'
Support Rating Floor: affirmed at 'B'
US dollar senior, unsecured notes: affirmed at 'B+'; Recovery
Rating: 'RR4'

National Long-Term Rating: affirmed at 'AA-(lka)'; Stable Outlook
Sri Lanka rupee-denominated senior unsecured debentures affirmed
at 'AA-(lka)'
Proposed Sri Lanka rupee-denominated senior unsecured debentures:
assigned 'AA-(lka)(EXP)
Sri Lanka rupee-denominated subordinated debentures: affirmed at
'A+(lka)'

DVB
National Long-Term Rating: affirmed at 'AA-(lka)', Outlook Stable
Sri Lanka rupee-denominated subordinated debentures: affirmed at
'A+(lka)'


NATIONAL DEVELOPMENT BANK: Fitch Affirms IDRs at 'B+'
-----------------------------------------------------
Fitch Ratings has affirmed Sri Lanka-based National Development
Bank PLC's (NDB) Long-Term Foreign-Currency and Local-Currency
Issuer Default Ratings (IDRs) at 'B+' with a Stable Outlook. The
agency has also affirmed NDB's Viability Rating (VR) at 'b+'. The
expected rating of 'B+(EXP)' assigned to NDB's proposed USD notes
issuance, has been withdrawn as the bank no longer expects to
proceed with the debt issue as previously envisaged. NDB's
National Long-Term Rating has also been affirmed at 'AA-(lka)'
with a Stable Outlook.

KEY RATING DRIVERS - IDRS, VR, NATIONAL RATING AND DEBT

NDB's IDRs, VR and National Rating reflect its intrinsic risk
profile driven by its long and relatively stable operating history
with better asset quality and capitalisation compared with rating
peers, counterbalanced by its developing franchise as a commercial
bank.

NDB's subordinated debt is rated one notch below the National
Long-Term Rating to reflect its relatively lower recovery
prospects in the event of liquidation.

NDB is engaged in merger discussions with DFCC Bank (B+/Stable).
This is as a part of the Government of Sri Lanka's "Master Plan"
to consolidate the financial system, which includes establishment
of one large development bank to provide impetus to policy-driven
development banking activities in the country. Fitch believes that
the merged bank will primarily focus on supporting economic
development. Fitch is of the view that synergies from such an
amalgamation could be beneficial to the credit profile in the long
run although credit neutral in the short to medium term. Fitch
will further comment on the matter once details and the time frame
of this deal become clearer.

NDB's continued to experience strong loan growth of 18.6% in 2013,
above the average of 8.8% for the banking sector. Its loan book
composition has remained stable - SME and retail lending accounted
for 36% and project finance accounted for a 14% at end-2013 with
the balance of 50% mostly stemming from the commercial banking
book. Unlike most of its peers, NDB was not significantly affected
by the sharp drop in global gold prices as its exposure to pawning
advances has been minimal and reduced to just 1% of loans at end-
2013. Its regulatory NPL ratio increased to 2.7% at 1Q14 and 2.5%
at end-2013 from 1.3% at end-2012, but remained better than that
of its peers. The deterioration reflected the seasoning of NDB's
loan book in the aftermath of strong loan expansion alongside a
challenging macroeconomic environment

Higher loan impairment charges affected NDB's profitability and
the sector in general. NDB's return on assets decreased to 1.43%
in 2013 from 2% in FY12 (after adjusting for the one-off capital
gain from the sale of its insurance subsidiary). NDB's Fitch Core
Capital (FCC) reduced to 15.2% at end-2013 from 18.7% at end-2012
(including the capital gain), but remained strong relative to most
peers. Fitch expects NDB's capitalisation to trend lower towards
that of its commercial bank peers, as NDB intends to sustain its
growth momentum but continue to remain healthy.

NDB's share of CASA remained relatively low at 26% at 1Q14,
reflecting its still developing deposit franchise. The bank also
benefits from funding lines from multilateral agencies and such
loans accounted for about 10% of NDB's loan book at end-2013.

RATING SENSITIVITIES - IDRS, NATIONAL RATING AND DEBT

The consolidation of NDB's franchise alongside its ability to
sustain strong credit metrics could result in an upgrade of NDB's
IDRs, VR and National Rating. The IDRs, VR and National Rating
could be downgraded if there is a sustained and substantial
increase in risk appetite that could materially weaken its capital
position.

The ratings of NDB's subordinated debt are primarily sensitive to
changes in its National Long-Term Rating.

A full list of NDB's ratings:

Long-Term Foreign- and Local-Currency IDRs: affirmed at 'B+';
Stable Outlook
Short-Term Foreign-Currency IDR: affirmed at 'B'
Viability Rating : affirmed at 'b+'
Support Rating : affirmed at '4'
Support Rating Floor: affirmed at 'B'
Expected rating on proposed USD senior unsecured notes: Withdrawn
National Long-Term Rating: affirmed at 'AA-(lka)'; Stable Outlook
Outstanding subordinated debentures: affirmed at 'A+(lka)'


                             *********


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,
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Information contained herein is obtained from sources believed
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