TCRAP_Public/140714.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, July 14, 2014, Vol. 17, No. 137


                            Headlines


A U S T R A L I A

ASTORIA FOOD: Placed in Administration
AURORA OIL: S&P Raises CCR to 'BB' & Withdraws Rating at Request
D.S.W. HOLDING: In Administration; First Meeting Set July 18
LAPTOP FACTORY: Goes Into Administration
RETAIL ADVENTURES: Receiver Closes 29 More Stores

SHERWIN IRON: Ferrier Hodgson Appointed Voluntary Administrators


C H I N A

CHINA BAK: Posts $9.26-Mil. Net Loss in Q1 Ended March 31
CHINA GINSENG: Has $674K Net Loss in March 31 Quarter
CHINA NATURAL: Bankruptcy Converted To Ch. 7
CHINA PEDIATRIC: Posts $1.53-Mil. Net Loss in Q1 Ended March 31
SHANGHAI ZENDAI: Moody's Withdraws B3 Corporate Family Rating


I N D I A

ADP GLOBAL: CRISIL Reaffirms 'B-' Rating on INR65MM Loans
ALAPATT JEWELS: ICRA Suspends 'B' Rating on INR5.50cr Loan
ASHAPURA INFRA: CRISIL Reaffirms B+ Rating on INR55MM Loans
BARASAT KRISHNAGAR: ICRA Reaffirms 'D' Rating on INR705.6cr Loan
BEN FOUNDATIONS: CRISIL Puts 'B+' Rating on INR150MM Bank Loan

BHAGWATI SPONGE: CRISIL Reaffirms B+ Rating on INR223MM Loans
BK THRESHERS: ICRA Revises Rating on INR234cr Loans to 'B+'
CHAMUNDA COTTON: CRISIL Reaffirms 'B' Rating on INR90MM Loan
CHEMI PACK: CRISIL Assigns 'B+' Rating to INR62.5MM Loans
DARP CONSTRUCTION: CRISIL Cuts Rating on INR170MM Loan to 'D'

EMPOWER GENSETS: CRISIL Ups Rating on INR5MM Cash Credit to 'B'
FALCON CONSULTANCY: CRISIL Suspends B Rating on INR200MM Loan
FLOKING PIPES: CRISIL Reaffirms 'B' Rating on INR430MM Loans
GLARE CERAMIC: ICRA Reaffirms B+ Rating on INR5.42cr Loans
GOALTORE COLD: CRISIL Reaffirms 'C' Rating on INR60.1MM Loans

GOPAL KAMATH: ICRA Revises Rating on INR11cr Loan to 'B+'
J D INDUSTRIES: ICRA Reaffirms B+ Rating on INR6.78cr Loans
KARNATAKA AROMAS: CRISIL Reaffirms B+ Rating on INR212.5MM Loans
KAUR SAIN: CRISIL Reaffirms 'B' Rating on INR100MM Loan
KOTSONS PVT: CRISIL Upgrades Rating on INR300MM Loan to 'B'

LEATHER TECH: CRISIL Reaffirms 'B-' Rating on INR1MM Loan
MAGADH PRECISION: CRISIL Reaffirms 'D' Rating on INR750MM Loans
MARTOPEARL ALLOYS: ICRA Reaffirms 'B+' Rating on INR6.75cr Loans
MUNEER ENTERPRISE: ICRA Reaffirms 'B+' Rating on INR7.25cr Loan
NARAYAN COTGIN: ICRA Reaffirms 'B' Rating on INR7.82cr Loans

ONE STOP: CRISIL Assigns 'B' Rating to INR80MM Term Loan
PRINCE CONTAINERS: CRISIL Cuts Rating on INR170MM Loans to 'B+'
PRINCE SPINNERS: CRISIL Suspends 'B' Rating on INR225MM Loans
R K INDUSTRIES: CRISIL Suspends 'B' Rating on INR92MM Loans
SAMPAT ALUMINIUM: CRISIL Assigns 'B' Rating to INR50MM Loans

SANIMO POLYMERS: ICRA Reaffirms B+ Rating on INR15.66cr Loans
SEASONS HOTELS: CRISIL Suspends 'B' Rating on INR153.5MM Loans
SHEEN INDIA: ICRA Assigns 'B' Rating to INR26CR Bank Loan
SHREEDHAR COTTON: CRISIL Reaffirms 'B-' Rating on INR100MM Loan
SLMI INFRAPROJECTS: CRISIL Reaffirms C Rating on INR100MM Loan

SRI SAI: CRISIL Suspends 'D' Rating on INR168MM Loans
TEXCEL INTERNATIONAL: CRISIL Ups Rating on INR220MM Loans to B+
TORONTO CERAMIC: ICRA Cuts Rating on INR4cr Loan to 'B+'
VAIBHAV STRUCTURALS: CRISIL Reaffirms B+ Rating on INR50MM Loan
VIKKY'S AGRISCIENCES: ICRA Suspends B- Rating on INR5.5cr Loan


M O N G O L I A

BANK OF MONGOLIA: Exclusion of Support Letter No Ratings Impact


P H I L I P P I N E S

ASIAN CONSUMERS: Placed Under PDIC Receivership


                            - - - - -


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


ASTORIA FOOD: Placed in Administration
--------------------------------------
Danny Vrkic of DV Recovery Management was appointed as
administrator of Astoria Food Group Pty Ltd, trading as Ginger
Espresso, on July 7, 2014.

A first meeting of the creditors of the Company will be held at
Institute of Chartered Accountants, level 1, 33 Erskine Street, in
Sydney, on July 17, 2014, at 11:00 a.m.


AURORA OIL: S&P Raises CCR to 'BB' & Withdraws Rating at Request
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Aurora Oil & Gas Ltd. to 'BB' from 'B'.  At the
same time, S&P raised the issue rating on Aurora's guaranteed
notes due 2017 and 2020 to 'BB' from 'CCC+'.  S&P removed all the
ratings from CreditWatch, where they were placed with positive
implications on Feb. 11, 2014.  Standard & Poor's then withdrew
the corporate credit rating on Aurora at the company's request.

At the time of the withdrawal, the stable outlook on Aurora
reflected S&P's rating outlook on Baytex Energy Corp., the parent
company.

S&P's upgrade reflected its view that Aurora is a "core"
subsidiary of Baytex Energy Corp. (BB/Stable/--), as per S&P's
group rating methodology.  S&P's assessment considered Aurora a
significant part of Baytex's asset profile, and assumed that
Baytex would maintain ownership and management control and provide
financial support if necessary.  S&P therefore equated the
corporate credit rating on Aurora with that on Baytex.  S&P
assessed Aurora's stand-alone credit profile (SACP) as 'b+'.

S&P believes Aurora is an integral and significant part of
Baytex's assets; Aurora formed about one-third of Baytex's
consolidated production and asset base.  Aurora increases Baytex's
scale, growth potential, and asset diversity.

Aurora has a small asset base, low production levels, limited
operating track record, and lacks diversity.  Marathon Oil Corp.
(Aurora's partner), as operator of the key Sugarkane field,
mitigates execution risk.  In addition, Aurora's reserves are
located in an economically attractive area within the Eagle Ford
shale basin in the state of Texas, U.S.  Given these factors, S&P
assessed Aurora's business risk profile as "vulnerable."

S&P expects Aurora and Marathon Oil Corp. to be committed to their
aggressive drilling programs, and forecast capital expenditure at
about US$450 million a year in 2014 and 2015.  S&P believes Aurora
will generate sufficient internal accruals to fund its operations
and capital expenditure, thus avoiding the need for more debt in
next 12-18 months.  Aurora has minimal debt--Baytex repaid about
98% of Aurora's notes--and growing cash flows.  S&P therefore
raised its financial risk profile on Aurora to "minimal" from
"significant."  The recovery rating on the guaranteed notes is
'3'.

Aurora's liquidity is "adequate," as defined in S&P's criteria.
S&P expects the company's free operating cash flow to be
marginally positive over the next two years.  Nevertheless, S&P
believes proceeds from the recent US$200 million credit facility
will support Aurora's liquidity.


D.S.W. HOLDING: In Administration; First Meeting Set July 18
------------------------------------------------------------
Simon Patrick Nelson -- snelson@romaniscant.com.au -- and Anthony
Robert Cant -- tcant@romaniscant.com.au -- of Romanis Cant were
appointed as administrators of D.S.W. Holding Pty Ltd on July 8,
2014.

A first meeting of the creditors of the Company, or a first
meeting for each of the Companies, (for multiple companies), will
be held at Romanis Cant, Level 2, 106 Hardware Street, in
Melbourne, on July 18, 2014, at 11:30 a.m.


LAPTOP FACTORY: Goes Into Administration
----------------------------------------
Tony Yoo at CRN reports that The Laptop Factory Outlet has gone
into voluntary administration.  Riad Tayeh of insolvency firm
deVries Tayeh was appointed as administrator on July 7.

The company is run by directors Gerrard Ozguven and Harry Ozguven.

According to CRN, Gerrard confirmed that the business is no longer
trading but otherwise declined to comment, adding that "today is
not a very good day".

The first meeting of creditors will be held on July 16.

CRN contacted a deVries Tayeh representative for further details
on the case from the administrator.

The Laptop Factory Outlet, located at South Granville in western
Sydney, refurbished secondhand desktops and notebooks, and sold
mobile phones and televisions.


RETAIL ADVENTURES: Receiver Closes 29 More Stores
-------------------------------------------------
Broede Carmody at SmartCompany reports that the receiver for the
company behind retail ventures Crazy Clark's and Sam's Warehouse
has announced the closure of 29 stores on July 11, after the
business recently collapsed into receivership for the third time
in five years.

Most of the stores in the Retail Adventures discount chain will
close by July 20, with around half of them based in Queensland.
More than 300 employees are expected to lose their jobs,
SmartCompany relates.

According to the report, a spokesperson for KordaMentha, the
receivers who were appointed to take control of DSG Holdings
earlier this month, said all stores will have "massive" sales over
the next nine days to clear stock.

"Local communities are urged to go out and get a bargain and help
us raise money to pay the staff entitlements," the spokesperson
told SmartCompany.

SmartCompany relates that the move will bring the total number of
store closures to 39 since DSG Holdings owner and former BRW Rich
Lister Jan Cameron called in voluntary administrators Nicols +
Brien on June 30.  David Winterbottom and Rahul Goyal of
KordaMentha were appointed receivers on July 1.

Of the 29 stores included in recent announcement, 14 are in
Queensland, seven in NSW, five in Victoria and three in WA and
South Australia, the report relates.

In an interview with Fairfax earlier last week, Jan Cameron said
she felt as though she had "failed," SmartCompany reports.

"I'm relieved that I can stop worrying and trying desperately to
make the company work," SmartCompany quotes Ms. Cameron as saying.
"I don't feel bitter [but] disappointed for all the staff. Some of
them are finding jobs but it will be very difficult for others."

SmartCompany understands DSG Holdings owes around AUD20 million to
trade creditors. However, this is a relatively minor component of
the company's debts. The business is also understood to owe
another AUD10 million in staff entitlements.

At the time of entering receivership, Retail Adventures employed
approximately 2,500 people across 143 retail outlets.

Ms. Cameron founded outdoor adventure and clothing company
Kathmandu in the 1980s. She purchased Retail Adventures out of
receivership in 2009, only to buy it back in 2013, after the chain
again collapsed into administration in 2012, the report discloses.

                       About Retail Adventures

Retail Adventures Pty Ltd is an Australia-based discount variety
retailer and operates nationally under brand names Chickenfeed,
Go-Lo, Crazy Clark's, and Sam's Warehouse. The company operates
around 270 stores across the four brands.

Deloitte Restructuring Services Partners Vaughan Strawbridge,
David Lombe and John Greig were appointed Joint Voluntary
Administrators of Retail Adventures Pty Limited, effective
Oct. 26, 2012.

Ms. Cameron, the sole shareholder and only secured creditor,
bought back 210 Sam's Warehouse and Crazy Clarks stores and two
distribution centres for AUD59 million from the administrators,
Deloitte, in February 2013.


SHERWIN IRON: Ferrier Hodgson Appointed Voluntary Administrators
----------------------------------------------------------------
Peter Gothard -- peter.gothard@fh.com.au -- and John Melluish --
john.melluish@fh.com.au -- of Ferrier Hodgson were appointed
Voluntary Administrators of Sherwin Iron Limited, a currently ASX-
listed Company, and of two subsidiaries, Sherwin Iron (NT) Pty
Limited and South Murchison Mines Pty Limited on July 10, 2014.

Janna Robertson and Scott Kershaw of KordaMentha were appointed
receivers and managers to each of these entities by the Group's
major lender.

The appointment follows the decision by the Group's major
shareholder not to support the recent Rights Issue and Share
Purchase Plan which placed a strain on the ability of the Group to
continue as a going concern and the lack of cash funding
available.

The Administrators will not be responsible for any aspect of the
Group's trading including ongoing operations and dealing with the
assets of the Group. Creditors, employees and other stakeholders
with queries concerning the Voluntary Administration process are
invited to contact Ferrier Hodgson (Sydney Office).



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


CHINA BAK: Posts $9.26-Mil. Net Loss in Q1 Ended March 31
---------------------------------------------------------
China BAK Battery, Inc., reported a net loss of $9.26 million on
$34.28 million of net revenues for the three months ended March
31, 2014, compared with a net loss of $19.69 million on $44.07
million of net revenues for the same period in 2013.

The Company's balance sheet at March 31, 2014, showed $329.22
million in total assets, $385.68 million in total liabilities, and
a stockholders' deficit of $56.46 million.

The Company has net liabilities, a working capital deficiency,
accumulated deficit from recurring net losses incurred for the
current and prior years and significant short-term debt
obligations maturing in less than one year as of March 31, 2014.
The Company has been suffering severe cash flow deficiencies.
Because the Company defaulted on repayment of loans from Bank of
China in August 2013, the Company believes it will continue to
experience significant difficulties to renew the Company's credit
facilities or refinance loans from banks.  These factors raise
substantial doubts about its ability to continue as a going
concern, according to the regulatory filing.

A copy of the Form 10-Q filed with the U.S. Securities and
Exchange Commission is available at:

                       http://is.gd/I0p92n

China BAK Battery, Inc. is a lithium-based battery cells
manufacturer based in Shenzhen, China.  The Company produces
battery cells that are the principal component of rechargeable
batteries used to power smart phones, netbook computers, portable
consumer electronics, and electric vehicles.


CHINA GINSENG: Has $674K Net Loss in March 31 Quarter
-----------------------------------------------------
China Ginseng Holdings Inc. disclosed in a regulatory filing in
the U.S. that it had a net loss of $674,564 on $nil revenues for
the three months ended March 31, 2014, compared with a net loss of
$1.42 million on $497,943 of revenues for the same period in 2013.

The Company's balance sheet at March 31, 2014, showed $11.6
million in total assets, $14.31 million in total liabilities, and
a stockholders' deficit of $2.7 million.

The Company had an accumulated deficit of $11.11 million as of
March 31, 2014 and there are existing uncertain conditions the
Company foresees relating to its ability to obtain working capital
and operate successfully.  These matters raise substantial doubt
about the Company's ability to continue as a going concern,
according to the regulatory filing.

A copy of the Form 10-Q filed with the U.S. Securities and
Exchange Commission is available at http://is.gd/g18lXi

                       About China Ginseng

Changchun City, China-based China Ginseng Holdings, Inc., conducts
business through its four wholly-owned subsidiaries located in
China.  The Company has been granted 20-year land use rights to
3,705 acres of lands by the Chinese government for ginseng
planting and it controls, through lease, approximately 750 acres
of grape vineyards.  However, recent harvests of grapes showed
poor quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production.  Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.


CHINA NATURAL: Bankruptcy Converted To Ch. 7
--------------------------------------------
Law360 reported that a New York bankruptcy judge pushed China
Natural Gas Inc.'s Chapter 11 case into a liquidation, saying a
trustee might have more luck than creditors at monetizing the
unresponsive Chinese natural gas pipeline operator's assets.

According to the report, U.S. Bankruptcy Judge Sean H. Lane's
decision converting the case to a Chapter 7 proceeding aligned
with the wishes of the U.S. trustee's office and the hedge funds
that forced CNG into involuntary bankruptcy in February 2013.
Ruling from the bench, the judge said the relief was appropriate
in light of the debtor's scant progress toward an asset sale and
its apparent unwillingness to pursue a reorganization under
Chapter 11, the report related.

                         About China Natural

Headquartered in Xi'an, Shaanxi Province, P.R.C., China Natural
Gas, Inc., was incorporated in the State of Delaware on March 31,
1999.  The Company through its wholly owned subsidiaries and
variable interest entity, Xi'an Xilan Natural Gas Co., Ltd., and
subsidiaries of its VIE, which are located in Hong Kong, Shaanxi
Province, Henan Province and Hubei Province in the People's
Republic of China ("PRC"), engages in sales and distribution of
natural gas and gasoline to commercial, industrial and residential
customers through fueling stations and pipelines, construction of
pipeline networks, installation of natural gas fittings and parts
for end-users, and conversions of gasoline-fueled vehicles to
hybrid (natural gas/gasoline) powered vehicles at 0ptmobile
conversion sites.

On Feb. 8, 2013, an involuntary petition for bankruptcy was filed
against the Company by three of the Company's creditors, Abax
Lotus Ltd., Abax Nai Xin A Ltd., and Lake Street Fund LP (Bankr.
S.D.N.Y. Case No. 13-10419).  The Petitioners claimed that they
have debts totaling $42,218,956.88 as a result of the Company's
failure to make payments on the 5% Guaranteed Senior Notes issued
in 2008.  Adam P. Strochak, Esq., at Weil, Gotshal & Manges, LLP,
in Washington, D.C., represents the Petitioners as counsel.

China Natural Gas, Inc., sought dismissal of the involuntary
petition but in July 2013, it consented to the entry of an
order for relief under Chapter 11 of the U.S. Code.

China Natural Gas employed Warren Street Global Inc. and
designated J. Gregg Pritchard as chief restructuring officer.  It
employed as bankruptcy counsel Schiff Hardin LLP's Louis T.
DeLucia, Esq., and Alyson M. Fiedler, Esq.

As of Sept. 30, 2013, the Company had consolidated assets of
$307,496,948 and liabilities of $87,714,323.


CHINA PEDIATRIC: Posts $1.53-Mil. Net Loss in Q1 Ended March 31
---------------------------------------------------------------
China Pediatric Pharmaceuticals, Inc., filed its quarterly report
on Form 10-Q disclosing a net loss of $1.53 million on $1.79
million of sales for the three months ended March 31, 2014,
compared to a net loss of $4.74 million on $1 million of sales for
the same period in 2013.

The Company's balance sheet at March 31, 2014, showed $10.16
million in total assets, $542,201 in total liabilities, and
stockholders' equity of $9.62 million.

The Company had accumulated deficit of $8.82 million and $7.29 as
at March 31, 2014 and Dec. 31, 2013.  These create an uncertainty
about the Company's ability to continue as a going concern,
according to the regulatory filing.

A copy of the Form 10-Q is available at:

                       http://is.gd/3YKUxn

Located in Xi'an, Shaanxi Province, People's Republic of China,
China Pediatric Pharmaceuticals, Inc., is engaged in the business
of manufacturing and marketing of over-the-counter and
prescription pharmaceutical products for the Chinese marketplace
as treatment for a variety of disease and conditions.


SHANGHAI ZENDAI: Moody's Withdraws B3 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn its B3 corporate family
rating with a stable outlook on Shanghai Zendai Property Limited.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

Shanghai Zendai Property Limited develops, invests in, and manages
residential and commercial properties in China. The group has
property projects under development in 11 cities in three regions
in China, including northern China, Shanghai and adjacent areas,
and Hainan Province. It also has projects overseas.



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


ADP GLOBAL: CRISIL Reaffirms 'B-' Rating on INR65MM Loans
---------------------------------------------------------
CRISIL's ratings on the bank facilities of ADP Global Industries
Pvt Ltd continue to reflect its below-average financial risk
profile, marked by a small net worth and high gearing, and
vulnerability of its operating margin to raw material prices.
These rating weaknesses are partially offset by its promoters'
extensive experience in the aluminium trading industry and their
funding support.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            35        CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       10        CRISIL A4 (Reaffirmed)
   Term Loan              30        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AGIPL will continue to benefit over the
medium term from its promoters' extensive experience in the
aluminium industry. CRISIL, however, also believes that the
company's scale of operations will remain small over the same
period. The outlook may be revised to 'Positive' in case AGIPL
registers significant improvement in its business risk profile due
to significant ramp up of its operations, while it maintains its
healthy operating margin, or in case of improvement in its cash
accruals and, as a result, improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
AGIPL undertakes a large debt-funded capital expenditure programme
or if its working capital management weakens, leading to
deterioration in its financial risk profile.

AGIPL was set up in 2010 by Mr. Nitin Jain, Mr. V K Jain, Mr.
Vipin Modi, and Mr. Prithvi Raj Modi. The company has an aluminium
smelting plant at Bhiwadi (Rajasthan), with capacity of 1200
tonnes per month.


ALAPATT JEWELS: ICRA Suspends 'B' Rating on INR5.50cr Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to the
INR5.50 crore fund based facilities of Alapatt Jewels. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Firm.

M/s. Alapatt Jewels is a partnership firm set up by Mr. Manuel
Alapatt in Cochin (Kerala) in 2000. The Firm is currently engaged
in the business of gold and diamond jewellery retailing and
operates with single retail showroom (~10,000 square feet area)
located in Cochin. The Firm mainly procures bullion from banks and
outsources jewellery manufacturing to local goldsmiths.


ASHAPURA INFRA: CRISIL Reaffirms B+ Rating on INR55MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ashapura Infrastructure
Company continue to reflect AIC's small scale of operations in the
intensely competitive construction industry, the high degree of
geographical and customer concentration in its revenue profile,
and its small net worth limiting its financial flexibility. These
rating weaknesses are partially offset by AIC's above-average
financial risk profile marked by its low gearing and robust debt
protection metrics, the extensive experience of its partners in
the construction industry, and the firm's efficient working
capital management.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         30        CRISIL A4 (Reaffirmed)
   Cash Credit            55        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AIC will maintain its established market
position in the construction industry over the medium term
supported by its partners' extensive industry experience. The
outlook may be revised to 'Positive' if there is a sustained
increase in the firm's scale of operations, while maintaining its
profitability margins, or if there is a substantial increase in
its net worth on the back of sizeable capital additions from
partners. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in the firm's profitability margins, or
significant deterioration in its capital structure caused most
likely because of a large debt-funded capital expenditure
programme or a stretch in its working capital cycle.

Set up in 2007, AIC is a partnership firm engaged in construction
and rehabilitation of roads in Gujarat. The firm is registered as
a class AA contractor with the Roads and Buildings Department of
the Government of Gujarat. The firm currently has three partners
Mr. Danubha Jadeja, Mr. Kishorsinh Jadeja, and Mr. Vijaysinh
Jadeja.


BARASAT KRISHNAGAR: ICRA Reaffirms 'D' Rating on INR705.6cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR705.60
crore term loan of Barasat Krishnagar Expressways Limited at
[ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loans           705.60      [ICRA]D; re-affirmed

The rating reaffirmation takes into account continued delays in
servicing its term loan obligations. The rating also factors in
the stretched liquidity and deteriorated financial risk profile of
BKEL's sponsor, Madhucon Projects Limited (MPL) and the resultant
heightened equity funding risk as 55% (INR150.70 crore) of the
committed promoters' contribution is yet to be brought in. The
rating is further constrained by lag in execution due to the
issues faced by NHAI in acquiring land, BKEL could not achieve the
second milestone as per CA. The rating also takes into account
risks given the initial stage of the project, pending land
acquisition and susceptibility to adverse movement of the interest
rates. ICRA notes that any further delay in acquiring the balance
land can impact the project viability and thus its debt servicing
capability as well.

The rating however continues to take into account the operational
strength of the promoter (MPL), who is also the Engineering,
Procurement and Construction (EPC) contractor, fixed-price EPC
contract; absence of traffic risk and low revenue risk due to
annuity nature of the project.

Going forward, BKEL's ability to service all its debt obligations
in a timely manner will be the critical rating sensitivity. The
other rating sensitivities include acquisition of the remaining
right of way, timely equity infusion from promoters and timely
execution of the project within estimated cost.

BKEL has been incorporated as a special purpose vehicle promoted
by Madhucon Infra Limited (MIL) and Madhucon Projects Limited
(MPL) to undertake the implementation of four-laning of Barasat to
Krishnagar section of NH-34 from km 31.00 to km 115.00 in the
state of West Bengal under NHDP Phase III on Design, Build,
Finance, Operate, Transfer (DBFOT) Annuity basis.

The project involves four laning of Barasat to Krishnagar section
of NH-34 from km 31.00 to km 115.00 in the state of West Bengal
under NHDP Phase III on Design, Build, Finance, Operate, Transfer
(DBFOT) Annuity basis. The total cost of the project is INR980.00
crore planned to be funded by INR274.40 crore of promoter's funds
and INR705.60 crore of debt. The total concession period is 17
years including the construction period of 2.5 years. BKEL will
receive a fixed annuity payment of INR73.98 crore semi-annually
for a period of 14.5 years. The appointed date for the project has
been announced as 7th August 2012 and the scheduled date of
completion of the project is 3rd February 2015. As on Jan, 2014
promoters have brought in INR123.7 crore of equity and INR307.00
crore of the total 705.60 crore debt has been drawn down. As per
the Lenders Independent Engineer (LIE)'s report dated Jan'14,
66.2% Right of Way (RoW) has been secured. As per the report, as
on 31st Jan 2013, financial progress of 15.4% was achieved which
is short of scheduled progress of 48.7%.


BEN FOUNDATIONS: CRISIL Puts 'B+' Rating on INR150MM Bank Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Ben Foundations Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term     150      CRISIL B+/Stable
   Bank Loan Facility

The rating reflects BFPL's exposure to risks related to completion
and saleability of its project and its susceptibility to risks
inherent in the real estate industry. These rating weaknesses are
partially offset by the experience of BFPL's promoters in the real
estate development business and their proven project execution
capabilities.
Outlook: Stable

CRISIL believes that BFPL will benefit over the medium term from
its promoters' experience in the residential real estate
development. The outlook may be revised to 'Positive' if BFPL
completes its projects earlier than expected or in case of more-
than-expected sales realisations from ongoing projects, leading to
substantially large cash flows. Conversely, the outlook may be
revised to 'Negative' if there are any delays in execution of the
project or in the receipt of advances from customers, or if BFPL
undertakes a large, debt-funded project, impacting its financial
risk profile.

BFPL is a Chennai (Tamil Nadu)-based real estate development
company. BFPL's operations are managed by its managing director,
Mr. Rajan Dev.


BHAGWATI SPONGE: CRISIL Reaffirms B+ Rating on INR223MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhagwati Sponge Pvt Ltd
(BSPL; part of the AIC group) continue to reflect the AIC group's
large working capital requirements and low profitability, leading
to weak debt protection metrics. The ratings also factor in the
group's exposure to project implementation risk, particularly in
BSPL, over the medium term. These rating weaknesses are partially
offset by the benefits that AIC group derives from its partly
integrated operations, its diverse revenue profile and promoter's
extensive experience in the steel industry.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            195      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        95      CRISIL A4 (Reaffirmed)

   Proposed Long Term       4      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan               24      CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of BSPL, AIC Steel Pvt Ltd (ASPL), AIC Iron
Industries Pvt Ltd (AIIPL), and AIC Casting Pvt Ltd (ACPL),
together referred to as the AIC group. This is because there are
operational and financial linkages among these companies. ASPL
supplies pig iron to the other companies. BSPL manufactures sponge
iron, which is the key raw material for the steel ingots/billets
manufactured by AIIPL, and hence, results in backward integration.
Furthermore, all the companies are under a common management and
they extend need-based financial support to each other.

Outlook: Stable

CRISIL believes that the AIC group will continue to maintain its
business risk profile over the medium term, backed by its diverse
revenue profile and its promoter's extensive experience in the
steel industry. However, its financial risk profile is expected to
remain constrained, with weak debt protection metrics, because of
low profitability. The outlook may be revised to 'Positive' in
case of more-than-expected increase in the group's cash accruals,
or better working capital management, leading to improvement in
its overall financial risk profile, especially its liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the AIC group's working capital management, or
lower-than-expected accruals leading to deterioration in the
group's financial risk profile, particularly its liquidity.

The AIC group is involved in trading in and manufacturing steel
intermediaries. ASPL trades in pig iron and scrap. BSPL
manufactures sponge iron, while AIIPL manufacturers steel ingots.
This results in partly integrated operations for the group, as
sponge iron is the key raw material for ingot manufacturing. ACPL
is engaged in grey iron casting. ACPL's product profile includes
gear boxes, electric motor bodies, and manhole covers, among other
products.


BK THRESHERS: ICRA Revises Rating on INR234cr Loans to 'B+'
-----------------------------------------------------------
ICRA has revised the long-term rating assigned to INR230.00 crore
fund based limits and INR4.00 crore non-fund based limits of BK
Threshers Private Limited from [ICRA]B to [ICRA]B+ and reaffirmed
the short-term rating of [ICRA]A4 assigned to INR1.00 crore non-
fund based limits of BKTPL. ICRA has also revised the long-term
rating assigned to INR5.00 crore unallocated limits of BKTPL from
[ICRA]B to [ICRA]B+ and reaffirmed the short term rating at
[ICRA]A4.


                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits    230.00      [ICRA]B+ revised
   Long term Non-fund
   based limits           4.00      [ICRA]B+ revised

   Short term Non-
   fund based limits      1.00      [ICRA]A4 reaffirmed

   Unallocated limits     5.00      [ICRA]B+ revised/[ICRA]A4
                                     Reaffirmed

The revision in ratings factors in the healthy growth in revenue
of the company in the last three years owing to improved sales
volumes backed by increased threshing activity; and demonstrated
ability of the promoters to provide financial support to the
company in the form of interest free unsecured loans to fund
working capital funding requirements. The ratings, however,
continue to favorably factor in the longstanding promoter
experience in tobacco trading & exports business; established
relationship with international buying agents & domestic cigarette
manufacturers; and operational efficiencies resulting from captive
threshing unit with the company owning one of the largest
threshing plant (installed capacity of 14 tons per hour) in India.
The ratings, however remain constrained by the high working
capital intensive nature of the tobacco processing business
primarily driven by high inventory levels; continued pressure on
the capital structure due to debt funded threshing plant
construction coupled with high working capital borrowings
resulting in high gearing & weak coverage indicators for FY2014
and high client concentration risk with top customer accounting
for more than 50% of sales in FY2014. The ratings are further
constrained by the moderate capacity utilization levels of the
plant and regulatory risks such as regulation of quantity of
tobacco production by tobacco board and India's need to reduce
tobacco production over the long term as part of being signatory
of WHO's Framework Convention on Tobacco Control.
The ability of the company to effectively manage its high working
capital requirements and ensure timely servicing of its long term
debt obligations while sustaining revenue growth remain the key
rating sensitivities.

Incorporated in 2009, BK Threshers Private Limited (BKTPL) is
promoted by Mr. Bellam Kotaiah and his family members with the
main object of carrying tobacco exports, threshing & re-drying of
tobacco. The company setup a 14 TPH (tons per hour) threshing
plant at Kalikivai, near Tangutur on NH5 and the plant commenced
operations from April 2012. The company purchases various types of
tobacco (Flue Cured Virginia (FCV) and non-Virginia tobacco) from
Andhra Pradesh and Karnataka tobacco auction platforms (conducted
by Government of India), processes and sells it to domestic /
overseas clients.

Recent Results
As per the unaudited and provisional results for FY 2014, the
company reported profit before tax of INR13.82 crore on turnover
of INR208.54 crore as against profit after tax of INR3.52 crore on
turnover of INR147.70 crore during FY 2013(audited results).


CHAMUNDA COTTON: CRISIL Reaffirms 'B' Rating on INR90MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facility of Chamunda Cotton Pvt Ltd
(CCPL) continues to reflect CCPL's weak financial risk profile,
marked by high gearing and weak debt protection metrics, and the
company's small scale of operations in the intensely competitive
cotton ginning and pressing industry. These rating weaknesses are
partially offset by the extensive experience of CCPL's promoters
in the cotton ginning and pressing industry.

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

Outlook: Stable

CRISIL believes that CCPL will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' if the company
significantly scales up its operations with sustained margins and
its capital structure improves backed by equity infusion or
higher-than-expected accruals generated in the business.
Conversely, the outlook may be revised to 'Negative' if it
witnesses significant weakening in its liquidity or capital
structure on account of stretch in its working capital
requirements or if it undertakes a larger-than-expected debt-
funded capital expenditure programme.

Update
CCPL, on a provisional basis, registered net sales of INR433.2
million in 2013-14 (refers to financial year, April 1 to March 31)
as compared with INR422.1 million a year ago, witnessing year-on-
year growth of 3 per cent. CRISIL believes that CCPL will register
moderate sales growth of 5 per cent over the medium term. CCPL's
operating margin remained low at 3.5 per cent in 2013-14, the same
as year ago and is expected to remain at similar level over the
medium term. On account of the seasonal nature of the raw
material, CCPL builds up inventory towards year end. CCPL's gross
current assets (GCAs) remained around 105 days as on March 31,
2014, as compared with 100 days a year ago. CCPL's gearing
remained high at 2.23 times as on March 31, 2014, as compared with
2.28 times a year ago and is expected to remain around 2 times
over the medium term. The company has weak debt protection metrics
with interest coverage ratio of 1.4 times and net cash accruals to
total debt (NCATD) ratio of 0.03 times in 2013-14. CCPL had modest
net worth of INR43.8 million as on
March 31, 2014. On account of its working-capital-intensive
operations and small net worth, reliance on external debt remains
high. The average bank limit utilisation remained at 96 per cent
for the 12 months through March 2014. CCPL's liquidity, however,
finds support from no term loan availed. CCPL is expected to
generate accruals of around INR4 million, which are expected to
partly support its incremental working capital requirements over
the medium term. CRISIL believes that with CCPL's operation
continuing to remain working capital intensive, its reliance on
external debt will remain high, constraining its liquidity.

CCPL reported book profit of INR4.2 million on net sales of
INR433.2 million for 2013-14 as against book profit of INR1.6
million on net sales of INR422.1 million for 2012-13.

Incorporated in 2006 as a private limited company, CCPL is managed
by Bhavnagar (Gujarat)-based Mr. Bhupatbhai Mori, Mr. Dhirajbhai
Panara, Mr. Govindbhai Hadiyal, Mr. Jigneshkumar Vadaliya, and Mr.
Naranbhai Mori. The company is engaged in ginning and pressing of
raw cotton into cotton bales and extraction of cottonseed oil from
cotton cakes.


CHEMI PACK: CRISIL Assigns 'B+' Rating to INR62.5MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Chemi Pack (India) Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              30         CRISIL B+/Stable
   Cash                   32.5       CRISIL B+/Stable
   Letter of Credit       16.5       CRISIL A4

The ratings reflect the company's modest scale of operations, weak
financial risk profile, and working-capital-intensive operations.
These rating strengths are partially offset by the promoters'
extensive experience in the pharmaceutical industry and
Chemipack's strong operational linkages with the Hetero group.

Outlook: Stable

CRISIL believes that Chemipack's cash accruals will remain subdued
over the medium term. However, the company will continue to
benefit from the assured off take from the Hetero group. The
outlook may be revised to 'Positive' if it registers significant
and sustained growth in revenue and profitability, and significant
improvement in capital structure and working capital management.
Conversely, the outlook may be revised to 'Negative' if there is a
significant decline in Chemipack's profitability, or a significant
increase in working capital requirement, or if it undertakes any
debt-funded capital expenditure plans thereby weakening its
capital structure.

Chemipack, established in 2008 by Dr. D Mohan Rao, manufactures
high-density polyethylene bottles and drums, and low-density
polypropylene liners which are used in packaging of active
pharmaceutical ingredients (API) for exports. It has a
manufacturing capacity to produce 50,000 bottles per day and
recently in February, 2014 it has received approvals from the US
Food and Drug Administration (US FDA) and Health Canada. Chemipack
is a 99 per cent subsidiary of Symed Labs Ltd (Symed; rated
'CRISIL BBB+/Stable/CRISIL A2'). Symed, established in 1998 by Dr.
D Mohan Rao and Dr. B Parthasaradi Reddy, manufactures APIs. The
company has a portfolio of over 35 APIs across diverse therapeutic
segments. Symed has four manufacturing units and a research and
development unit in and around Hyderabad (Andhra Pradesh). One of
the manufacturing units is approved by the US FDA.

For 2013-14 (refers to financial year, April 1 to March 31),
Chemipack, on a provisional basis, reported a net loss of INR0.03
million on revenue of INR222 million, against a net loss of INR8.5
million on revenue of INR205 million for 2012-13.


DARP CONSTRUCTION: CRISIL Cuts Rating on INR170MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of DARP
Construction (J.V.) (DARP) to 'CRISIL D' from 'CRISIL B+/Stable.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              170        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade reflects instances of delay by DARP in servicing its
debt, mainly because of weak liquidity. The weak liquidity is
driven by delay in commencement of operations of the firm's mall.

DARP is also exposed to risks related to start-up phase of
operations with large debt obligations and low expected cash
accruals in the initial years. However, the firm benefits from the
prime location of its property, backed by healthy demand for
commercial space.

DARP, established in August 2009, is a joint venture between Mr.
Anant Kumar Singh, his associates Mrs. Ranjana Kumari and Mrs.
Pratima Devi, his sister-in-law Mrs. Dehuti Sinha, Shivanar
Constructions Pvt Ltd (promoted by Mrs. Ranjana Kumari), and
Rajnandani Projects Pvt Ltd (promoted by Mr. Singh's wife). DARP
was formed to construct a commercial complex, The Mall, in Patna
(Bihar). The cost of constructing the mall is around INR424
million; the project gearing is 0.67 times. The mall will be
entirely leased out.


EMPOWER GENSETS: CRISIL Ups Rating on INR5MM Cash Credit to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Empower Gensets Pvt Ltd (EGPL; part of the Maya group) to 'CRISIL
B/Stable' from 'CRISIL C', and reaffirmed the rating on the
group's short-term bank facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             5        CRISIL B/Stable (Upgraded
                                    from 'CRISIL C')

   Proposed Short Term
   Bank Loan Facility     35        CRISIL A4 (Reaffirmed)

The rating upgrade reflects improvement in the Maya group's
liquidity enabling it to service its fixed obligations on time.
The improvement in liquidity has been backed by faster
realisations from government authorities as well as execution of
orders where payments are faster. CRISIL believes that the group's
ability to efficiently manage its working capital cycle will be
important to maintain its improved liquidity over the medium term.

The ratings reflect the Maya group's modest scale of operations
with low profitability, exposure to risks inherent in tender-based
business, average financial risk profile marked by small net
worth, and large working capital requirements. These rating
weaknesses are partially offset by the benefits that the Maya
group derives from its promoters' extensive experience in the
precision sheet metal components industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Maya Engineering (Maya) and EGPL. This
is because both the entities, together referred to as the Maya
group, are in the same line of business and have significant
financial fungibility. Moreover, both the entities are under the
same management.

Outlook: Stable

CRISIL believes that the Maya group will continue to benefit over
the medium term from its promoters' extensive experience in the in
the precision sheet metal components industry. The outlook may be
revised to 'Positive' if the group achieves significant and
sustained improvement in its revenue and margins, while it
maintains its capital structure. Conversely, the outlook may be
revised to 'Negative' if the Maya group generates lower than
expected cash accruals or its working capital cycle stretches, or
it undertakes a large debt-funded capital expenditure programme,
resulting in weakening of its financial risk profile, particularly
its liquidity.

The Maya group, which was set up in 1993 in Pune (Maharashtra), is
involved in sheet metal fabrication. The group's key products
include acoustic enclosures and genset canopies; it also assembles
the same. Its day-to-day operations are managed by Mr. Ajit Kuchu
and his wife Mrs. Sunita Kuchu.


FALCON CONSULTANCY: CRISIL Suspends B Rating on INR200MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Falcon
Consultancy Pvt Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term       200       CRISIL B/Stable Suspended
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by FCPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, FCPL is yet to
provide adequate information to enable CRISIL to assess FCPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

FCPL was incorporated in 2005, promoted by Mr.  Prashanta Kumar
Dash. Mr. Dash has two decades of teaching experience as an
economics lecturer at Utkal University.  FCPL's group entities are
engaged in various businesses. FCPL is developing a residential
project in Angul (Odisha). The project will be a seven-storey
residential complex. The flats will be a mix of two- and three-
bedroom-hall-kitchens. The total project cost of INR120 million is
being funded in a debt-equity ratio of around 3 times. Also, the
company is a corporate agent for State Bank of India (SBI) Life
Insurance, and it also trades in real estate properties,
especially undeveloped plots of land.


FLOKING PIPES: CRISIL Reaffirms 'B' Rating on INR430MM Loans
------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Floking Pipes Pvt
Ltd continues to reflect the company's exposure to risks related
to implementation of its molecular oriented polyvinyl chloride
(PVC-O) pipes project in Chennai (Tamil Nadu). This rating
weakness is partially offset by the extensive experience of FPPL's
promoters in the plastic polymer industry.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             40        CRISIL B/Stable (Reaffirmed)

   Long Term Loan         386.90     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       3.10     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that FPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if FPPL's liquidity improves,
most likely driven by sooner-than-expected completion of its
project. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile weakens because of further
delays in starting or stabilising commercial operations at its
upcoming units, or additional debt-funded capital expenditure.

Update
FPPL is yet to commence commercial operations. The company was to
commence commercial operations by December 2013; however, its
project was delayed and the company is now likely to commence
commercial operations by July 31, 2014.

The delays in project implementation have not led to any
significant cost overrun, largely because the company delayed
availing of term loan and brought in its own funds for funding
most of the expenses incurred till March 2014. The company is
likely to have spent INR122.3 million on the project till March
2014; the expense was funded through term debt of INR11.1 million,
equity capital of INR90 million, and unsecured loans from
promoters. The project is now in the final stage.

With completion of the first phase of the project, FPPL is likely
to have installed capacity of 3500 tonnes per annum. The company
plans to start the second phase of the project soon after
completion of the first phase.

FPPL, incorporated in 2010, is promoted by two business groups:
the Electro group represented by Mr. Brij Khandelwal and Mr. Ankur
Khandelwal, and the Modi group represented by Mr. Nilesh Modi.
FPPL is setting up a PVC-O manufacturing plant in Chennai.


GLARE CERAMIC: ICRA Reaffirms B+ Rating on INR5.42cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR2.92 crore term loan and INR2.50 crore cash credit facility of
Glare Ceramic. ICRA has also reaffirmed short term rating of
[ICRA]A4 to the INR0.90 crore (enhanced from INR0.85 crore) short
term bank guarantee facility of GC.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Cash Credit            2.50       [ICRA]B+ reaffirmed
   Term Loan              2.92       [ICRA]B+ reaffirmed
   Bank Guarantee         0.90       [ICRA]A4 reaffirmed

The ratings are constrained by recent decline in operating income
on account of halt in production due to installation of digital
printing machinery. The ratings continue to reflect the
disadvantages arising from single product portfolio. The ratings
also continues to be constrained by the competitive business
environment in which the company operates, limiting its margins
and vulnerability of its profitability to cyclicality inherent in
real estate industry and to adverse fluctuations in raw material
and fuel prices.

The ratings, however, continues to positively factors in the
promoters' extensive experience in the ceramic industry, favorable
location of the plant with its proximity to raw material sources
and installation of digital printing machinery which is expected
to improve sales and realizations.

Glare Ceramic (GC) is a wall tiles manufacturer with its plant
situated at Morbi, Gujarat. The firm was established in September
2009 and commenced its operations in June 2010. GC is promoted and
managed by Mr. Paresh Amrutiya. The plant has an installed
capacity of 19070 metric ton per annum (MTPA) to manufacture wall
tiles. GC currently manufactures wall tiles of size 10"mm X 13"mm
with the current set of machineries at its production facilities.

Recent Results
During FY2013, the company reported a net profit of INR0.34 crore
on an operating income of INR14.97 crore as against net profit of
INR0.28 crore on an operating income of INR15.17 crore in FY 2012.


GOALTORE COLD: CRISIL Reaffirms 'C' Rating on INR60.1MM Loans
-------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Goaltore Cold
Storage Pvt Ltd continues to reflect GCSPL's weak financial risk
profile marked by modest net worth, high gearing, and weak debt
protection metrics. The rating also reflects the company's
exposure to intense competition in the cold storage industry in
West Bengal. These rating weaknesses are partially offset by its
promoters' extensive industry experience.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           50.5        CRISIL C (Reaffirmed)

   Working Capital
   Demand Loan            9.6        CRISIL C (Reaffirmed)

GCSPL was set up as a partnership firm in 1993 and was
reconstituted as a private limited company in 1997. GSCPL is
promoted Mr. Tapan Kumar and his family members. It operates a
cold storage unit (primarily for storing potatoes) in Paschim
Medinipur (West Bengal).


GOPAL KAMATH: ICRA Revises Rating on INR11cr Loan to 'B+'
---------------------------------------------------------
ICRA has revised the rating outstanding on the INR11.00 crore long
term fund based facilities (enhanced from INR9.75 crore) of Gopal
Kamath & Co to [ICRA]B+ from [ICRA]B.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund        11.0       [ICRA]B+/revised
   Based Limit                      from [ICRA]B

The rating upgrade takes into account the Firm's stable revenues,
improvement in operating margins, profitability and capital
structure. Albeit high, the Firm's gearing improved from 4.0x as
on March 31, 2013 to 3.0x as on March 31, 2014 (as per unaudited
results). Despite drop in realizations and the consequent decline
in revenues, the Firm's margins were supported by strong growth in
volumes. The rating continues to factor long track record of the
Firm as pharmaceutical drug distributor, its established presence
in the coastal Karnataka and its improved wide product portfolio
supporting business prospects. The rating also takes into account
well diversified revenues among large customer base thereby
limiting the revenue concentration risk to an extent. The rating
is, however, constrained by the high competitive intensity in the
pharma distribution space, thereby restricting the growth to an
extent. Albeit improving, GKC's margins remain thin owing to
limited pricing flexibility given regulated nature of product
prices and its low bargaining power with customers marked by high
discounts allowed to customers. The rating also takes into account
the Firm's financial profile characterized by high debt levels,
modest coverage indicators and stretched liquidity position.
However, despite highly working capital intensive nature of the
operations, the Firm's effective control over the inventory and
collections provides comfort. Going forward, the Firm's ability to
improve the accruals, and coverage metrics would remain key rating
sensitivities.

Gopal Kamath & Co is a partnership firm engaged in wholesaling and
distribution of pharmaceutical drugs in the domestic market. The
firm was initially operating as proprietorship firm and
subsequently the constitution was changed to partnership firm
during 1985. GKC is a pharma distributor primarily catering to
retail pharmacy stores in Karnataka with focus on South Canara
region (Mangalore and Udupi) and nearby districts such as Shimoga,
Chikmagalur and Coorg etc. Apart from retail chemist stores, the
Firm also caters to private hospitals, doctors and semi-Government
hospitals in the region. The Firm trades in over 12,000 branded
drugs (stock keeping units) of most of the major pharma companies
operating in India procured either directly or through clearing
and forwarding agents (CFAs). The Firm has a 10,000 sq ft
warehouse in Mangalore equipped with three walk-in coolers /
refrigerators thereby enabling temperature controlled stocking of
medicines.

Recent Results

For 2012-13, the Firm's operating income stood at INR44.8 crore
with a profit after tax of INR0.1 crore against profit after tax
of INR0.1 crore on operating income of INR40.9 crore in 2011-12.
For 2013-14 (according to unaudited results), the Firm's operating
income stood at INR44.3 crore with a profit before tax of INR0.4
crore.


J D INDUSTRIES: ICRA Reaffirms B+ Rating on INR6.78cr Loans
-----------------------------------------------------------
ICRA has re-affirmed the [ICRA]B+ rating to the INR6.93 crore fund
based bank facilities of J D Industries. ICRA has also re-affirmed
the short term rating of [ICRA]A4 to the INR2.00 crore non fund
based facility of JDI.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limit-
   Term Loans            1.28       [ICRA]B+ reaffirmed

   Fund Based Limit-
   Cash Credit           5.50       [ICRA]B+ reaffirmed

   Fund Based Limit-
   Untied Limit          0.15       [ICRA]B+ assigned

   Non Fund Based Limit-
   Bank Guarantee
   (Performance)         2.00       [ICRA]A4 reaffirmed

The reaffirmation of ratings take into account the risks inherent
in an agro based business like rice milling, including the
vulnerability towards the changes in Government policies and raw
material supply risks as the level of harvest and quality of paddy
are highly dependent on agro climatic conditions, the low entry
barrier and intense competition in a highly fragmented rice
milling industry, which restricts pricing flexibility and weak
financial profile characterized by declining operating margins and
depressed level of coverage indicators. Gearing of the firm
although improved over the last two years, it still remains high.
The ratings also reflect the risk associated with the legal status
of JDI as a proprietorship firm, including the risk of withdrawal
of capital by the proprietor. The ratings, however, derive comfort
from the proprietor's experience in the rice milling business,
JDI's proximity to raw material sources, leading to low landed
cost of input material and healthy growth in top line of the firm
in the past two years supported primarily by increase in
production of silky sortex rice.

JDI, incorporated in 2007, is engaged in the milling of non-
basmati rice and processing of silky sortex rice. The current
installed capacity of the plant is 72,000 metric tonne per annum
(MTPA) for milling rice and 48,000 MTPA for silky sortex rice. The
firm is also engaged in milling of paddy on job-work for Food
Corporation of India (FCI). The manufacturing facility of the firm
is located at Tilda in the district of Raipur, Chhattisgarh.

Recent Results
In 2013-14, the firm reported a net profit of INR0.54 crore
(provisional) on an operating income of INR53.49 crore
(provisional), as compared to a net profit of INR0.38 crore on an
operating income of INR43.03 crore during 2012-13.


KARNATAKA AROMAS: CRISIL Reaffirms B+ Rating on INR212.5MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Karnataka Aromas (KA)
continue to reflect KA's below-average financial risk profile
marked by high gearing and weak debt protection metrics, its large
working capital requirements, and the susceptibility of its
margins to fluctuations in foreign exchange (forex) rates. These
rating weaknesses are partially offset by the extensive experience
of KA's promoters in the chemicals distribution business, and its
established relationship with key customers and suppliers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Buyer Credit Limit    170        CRISIL B+/Stable (Reaffirmed)

   Foreign Letter of
   Credit                110        CRISIL A4 (Reaffirmed)

   Letter of Credit       90        CRISIL A4 (Reaffirmed)

   Overdraft Facility     42.5      CRISIL B+/Stable Reaffirmed)

Outlook: Stable

CRISIL believes that KA will maintain its business risk profile
over the medium term, supported by its established relationship
with customers and suppliers. The outlook may be revised to
'Positive' if the firm reports higher-than-expected operating
margin, or if there is a significant equity infusion, leading to
improvement in financial risk profile, or considerable reduction
in working capital requirements leading to improvement in
liquidity. Conversely, the outlook may be revised to 'Negative' if
the firm's financial risk profile deteriorates, most likely
because of decline in operating margin or withdrawal of capital by
the promoters or large debt-funded capital expenditure (capex).

Update
KA reported, on a provisional basis, operating revenue of INR929
million for 2013-14 (refers to financial year, April 1 to March
31), against INR756 million for 2012-13. The revenue growth was
aided by healthy demand from the firm's established customer base.
Its operating margin fluctuated between 4.4 and 8.0 per cent over
the four years ended 2013-14 as the firm does not hedge its forex
exposure arising from imports. CRISIL believes that KA's revenue
will grow at a moderate rate over the medium term with healthy
offtake by customers. KA's operating margin is expected at 5 to 6
per cent over the medium term on account of its trading
operations; the margin will remain susceptible to fluctuations in
forex rates.

KA's financial risk profile remains below average, marked by high
total outside liabilities to tangible networth (TOLTNW) and weak
debt protection metrics. The firm's TOLTNW ratio was 6.06 times as
on March 31, 2014, against 5.77 times as on March 31, 2013. The
firm did not undertake any significant debt-funded capex programme
in 2013-14, and does not plan capex over the medium term. Its
TOLTNW is expected to remain high over the medium term, on account
of high dependence on bank lines for funding working capital
requirements.

KA's liquidity remains moderate, marked by high bank limit
utilisation and absence of term debt. The firm's bank limit
utilisation averaged 91 per cent over the 12 months through March
2014. It is likely to generate annual cash accruals of INR12
million to INR16 million against nil term debt obligations over
the medium term. CRISIL believes that KA will maintain its
moderate liquidity over the medium term, in the absence of debt-
funded capex plans.

Set up in 1997, KA is a partnership firm that trades in aroma
chemicals and essential oils in India. Its day-to-day operations
are managed by Mr. Rajesh Talesara.


KAUR SAIN: CRISIL Reaffirms 'B' Rating on INR100MM Loan
-------------------------------------------------------
CRISIL's ratings on the bank facilities of Kaur Sain Spinning
Mills (KSM) continue to reflect KSM's weak financial risk profile
marked by highly leveraged capital structure and weak debt
protection metrics, and its small scale of operations in a
fragmented industry. These rating weaknesses are partially offset
by KSM's long-standing presence in the partially-oriented yarn
(POY) segment.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           100       CRISIL B/Stable (Reaffirmed)
   Letter of Credit       30       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that KSM will benefit over the medium term from
its long-standing presence in the POY segment. The outlook may be
revised to 'Positive' in case of significant improvement in
financial risk profile because of capital infusion by promoters,
or improvement in its scale of operations. Conversely, the outlook
may be revised to 'Negative' in case of deterioration in financial
risk profile because of significant increase in inventory, leading
to large incremental bank borrowings, or in case of debt-funded
capital expenditure.

KSM was established in 1999 as a partnership firm by Mr. Sushil
Kumar Mittal and his family members. The firm manufactures POY at
its plant in Ludhiana (Punjab). It has installed capacity of 12
tonnes per day of texturing yarn.


KOTSONS PVT: CRISIL Upgrades Rating on INR300MM Loan to 'B'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Kotsons Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL B-/Stable' and
reaffirmed its rating on the company's short-term bank facilities
at 'CRISIL A4'.

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

   Export Packing Credit   275       CRISIL A4 (Reaffirmed)
   Letter of credit &

   Bank Guarantee          610       CRISIL A4 (Reaffirmed)

The upgrade reflects improvement in KPL's business risk profile
with increasing focus on exports. The company registered healthy
revenue growth of around 18 per cent year-on-year to INR2.1
billion in 2013-14 (refers to financial year, April 1 to March
31). Further, company's healthy order-book of INR1.8 billion,
including export orders of INR1.1 billion, provides revenue
visibility over the near to medium term. Increasing share of
exports in overall sales is also expected to result in improvement
in working capital cycle, thereby easing the company's tight
liquidity position over the medium term.

The ratings reflect KPL's stable operating margin, its promoters'
industry experience, and its diversified customer profile. These
rating strengths are partially offset by KPL's below-average
financial risk profile marked by high gearing, and weak debt
protection metrics, and large working capital requirements
resulting in stretched liquidity position with fully drawn bank
lines.

Outlook: Stable

CRISIL believes that KPL will continue to benefit over the medium
term from its promoters' industry experience leading to stable
operations. The outlook may be revised to 'Positive' if its
working capital cycle improves, and it sustains its scale of
operations and operating margin, leading to improvement in its
financial risk profile, particularly liquidity. Conversely, the
outlook may be revised to 'Negative' in case of decline in
operating profitability or slowdown in revenue growth or further
elongation in company's working capital cycle, leading to
deterioration in its financial risk profile.

KPL was incorporated in 1978 by Mr. Pawan Kumar Jain and his
family. KPL manufactures, and repairs and services power and
distribution transformers. It manufactures oil-filled
single/three-phase electric transformers and dry type
transformers. It has three manufacturing units: in Alwar
(Rajasthan; set up in 1978), Agra (Uttar Pradesh; 1990), and
Bajpur (Uttarakhand; 2007).


LEATHER TECH: CRISIL Reaffirms 'B-' Rating on INR1MM Loan
---------------------------------------------------------
CRISIL ratings on the bank loan facilities of Leather Tech (LT)
continue to reflect LT's weak financial risk profile marked by
high gearing and weak debt protection metrics on account of large
working capital requirements in the leather industry. The ratings
also reflect LT's small scale of operations in the intensely
competitive leather industry, the geographical and customer
concentration in its revenue, and the vulnerability of its
operating margin to volatility in raw material prices and foreign
exchange rates. These ratings weaknesses are partially offset by
the extensive experience of LT's promoters in the leather
business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bill Discounting      16.5       CRISIL A4 (Reaffirmed)
   Cash Credit            1         CRISIL B-/Stable (Reaffirmed)
   Letter of Credit      30         CRISIL A4 (Reaffirmed)
   Packing Credit        62.5       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that LT will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if LT significantly increases
its scale of operations and profitability, and improves its
capital structure most likely through better working capital
management or capital infusion by its promoters. Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile deteriorates, most likely because of capital withdrawal by
promoters or stretch in liquidity because of large working capital
requirements.

Update
LT reported provisional growth of 14 per cent year-on-year in
operating income to around INR206 million in 2013-14 (refers to
financial year, April 1 to March 31), driven by better price
realisation. The firm's operating margin increased by around 383
basis points to 10.92 per cent for 2013-14 on account of reduction
in fixed overhead cost. LT's topline is expected to grow at a
moderate rate 5 to 10 per cent over the medium term because of
small scale of operations in a fragmented industry, limited
product diversification, and limited bargaining power leading to
moderate operating margin.

The firm's operations are highly working capital intensive,
reflected in estimated gross current assets (GCAs) of around 300
days as on March 31, 2014; the GCA days were at a similar level in
the past. The large GCAs emanate from large inventory of around
210 days and receivables of 24 days. As a result, the firm's bank
limit was fully utilised over the 12 months through May 2014.

LT's net worth remains small, at INR27 million as on March 31,
2014, limiting its financial flexibility. The firm has contracted
large debt to fund working capital requirements; large debt and
small net worth resulted in high gearing, estimated at 4 times as
on March 31, 2014. The gearing is expected to remain high over the
medium term because of high reliance on debt to meet incremental
working capital requirements.

Set up in 1991, LT is a partnership firm between three brothers:
Mr. Jasbir Singh Kapoor, Mr. Surbir Singh Kapoor, and Mr. Amarjeet
Singh Kapoor. It manufactures leather garments such as jackets,
coats, and shirts. It mainly exports to Europe to various
importers, who sell to large retail and fashion houses in Europe.
LT's unit is in Okhla Industrial Area in New Delhi, and has
capacity to manufacture about 8000 garments per month.


MAGADH PRECISION: CRISIL Reaffirms 'D' Rating on INR750MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Magadh Precision
Equipment Ltd (MPEL) continue to reflect instances of delay by
MPEL in servicing its debt; the delays have been caused by the
company's weak liquidity arising out of its large working capital
requirements driven by lengthy project operating cycle of around
24 months.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         80         CRISIL D (Reaffirmed)
   Cash Credit            55         CRISIL D (Reaffirmed)
   Letter of Credit       40         CRISIL D (Reaffirmed)
   Packing Credit         30         CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    433.2       CRISIL D (Reaffirmed)
   Working Capital
   Demand Loan           111.8       CRISIL D (Reaffirmed)

The ratings continue to reflect MPEL average scale of operation
with low profitability and its business risk profile exposed to
industry concentration risk. The company, however benefits from
its moderate capital structure and promoter's extensive experience
along with established presence in the industry and clientele.

Update
For 2013-14 (refers to the financial year from April 01 to March
31), MPEL's business and financial risk profiles were in line with
CRISIL's expectations.

In 2012-13 MPEL's revenues have increased by around 18 per cent on
a year on year basis to INR2.2 billion. The revenues are expected
to remain stagnant at around INR2 billion in 2013-14. MEPL's
business is tender based and operates in a highly working capital
industry which is reflected in gross current asset (GCA) days of
around INR158 days as on March 31, 2013 led by higher receivable
days and estimated to remain at similar levels as on March 31,
2014. MPEL is facing stretch in payment from customers while it
has to make advance payments to the extent of 30 per cent to its
suppliers resulting in stretched liquidity.  The delays in
payments from its customers have led to delays in servicing the
debt obligations on time. MPEL has a moderate capital structure
with moderate net worth of about INR366 million and gearing of 1.2
times as on March 31, 2013 and estimated to remain at similar
levels as on March 31, 2014. CRISIL believes that MPEL's liquidity
will remain weak over the medium term on account of stretch in
receivables.

MPEL reported a profit after tax (PAT) of INR45.8 million on net
sales of INR2.12 billion for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR43.3 million on net
sales of INR1.79 billion for 2011-12.

MPEL was incorporated in 1989, promoted by Mr. G N Sharma. MPEL
fabricates of all types of cold rolling mills (CRM), Continuous
Galvanized mill (CGM) and various fabricating equipment's used for
the establishment of CRM's. The company has its manufacturing
facilities in Devas (M.P) with facilities for forging and
machining.


MARTOPEARL ALLOYS: ICRA Reaffirms 'B+' Rating on INR6.75cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR3.60 crore fund based facilities, INR2.50 crore non fund based
limits and INR0.65 crore unallocated limits of Martopearl Alloys
Private Limited. ICRA has also reaffirmed the short term rating of
[ICRA]A4 assigned to INR0.25 crore non fund based limits of MAPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits     3.60       [ICRA]B+ reaffirmed

   Non-fund based
   Limits                2.50       [ICRA]B+ reaffirmed

   Non-fund based
   limits                0.25       [ICRA]A4 reaffirmed

   Unallocated limits    0.65       [ICRA]B+ reaffirmed

The reaffirmation of the ratings take into account the high
working capital intensive nature of the steel fabrication business
owing to high inventory and debtor days; vulnerability of profits
to the raw material prices variations given the limited ability to
pass on price increases to the customers; the project completion
arising from the setting up of new unit for the manufacturing of
grinding media balls which are used in first and second stage
grinding machineries. Moreover, the ratings continue to remain
constrained by the modest scale of operations and highly
fragmented nature in the steel fabrication industry due to
existence of small players. However, the rating draws comfort from
the reputed customer base of MAPL which includes both government
and private sector clients such as Alstom Projects India Limited,
Neyveli Lignite Corporation Limited, National Mineral Development
Corporation Limited, National Thermal Power Corporation Limited,
etc and the long experience of the promoters in the steel
fabrication industry.

Going forward, the company's ability to increase the scale of
operations and completion of project without cost and time
overruns would be the key rating sensitivity from the credit
perspective.

Martopearl Alloys Private Limited (MAPL), incorporated in 1985 by
Mr. M S R V Prasad, is engaged in the manufacturing of iron and
steel alloy castings. MAPL has manufacturing facilities at
Patancheru, Andhra Pradesh with an installed capacity of 6,360
Metric Tonnes per Annum (MTPA). MAPL's castings are majorly used
in metallurgical, cement, mining and mineral, and thermal power
industries. Mr. M S R V Prasad, Chairman & Managing Director, is a
qualified and experienced metallurgical engineer, has more than 30
years experience in the steel industry. The company is in the
process of setting up a new unit for the manufacture of Grinding
Media Balls with a total installed capacity of 6000 MTPA. The
total project cost is INR6.00 which is being funded entirely by
the promoter's funds.

Recent Results
The company reported profit after tax of INR0.63 crore on an
operating income of INR25.41 crore during 9mFY2014 as against
profit after tax of INR0.83 crore on an operating income of
INR30.61 crore during FY2013.


MUNEER ENTERPRISE: ICRA Reaffirms 'B+' Rating on INR7.25cr Loan
---------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ to the
INR7.25 crore (enhanced from INR5.75 crore) long-term fund based
facilities of Muneer Enterprise Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund        7.25        [ICRA]B+/reaffirmed
   Based Facilities

The re-affirmation of the rating continues to factor the
promoters' long standing experience in the automotive dealership
business and the Company's established presence of almost a decade
as an exclusive dealer for Maruti Suzuki India Limited in Hospet,
Gangavathi and Raichur in Karnataka. The Company's revenue stream
remains diversified across sales, services and spares thereby
lending business stability to an extent. In 2013-14, MEPL reported
double digit volume and revenue growth despite weak sentiment in
the domestic car market primarily supported by the company's
aggressive follow up of customer inquiries and faster deliveries
by MSIL enabling volume growth. The rating also takes comfort from
the continued market leadership of MSIL as the largest domestic
passenger car manufacturer and new model launches supporting
MEPL's volumes. The ratings are however constrained by the
company's moderate financial profile as reflected in its thin
profitability and moderate debt protection metrics, stiff
competition from other passenger car dealers (for other OEMs) and
the company's exposure to inherent cyclicality of the automobile
industry. The weak demand condition in the domestic market for
passenger vehicles is likely to maintain pressure on the company's
revenue growth and profitability in the near term. Going forward,
the company's ability to maintain the revenue growth momentum and
scale up its operations while improving profitability and capital
structure would remain key rating monitorables.

Established in 2005, Muneer Enterprise Private Limited is a part
of 50 year old Muneer Group having presence in manufacturing,
dealerships and mining business. The Group was started in 1960 by
late Mr. Muneer Ahmed and three other members of Ahmed family
Mr. Aleem S Ahmed, Mr. Syed Nazimuddin and Mr. Syeda Muktarunnisa.
Presently, the business operations for the entire group are looked
after by Mr. Syed Nazimuddin and second generation of the entire
promoter's family. The Group has presence primarily in
manufacturing of tractor drawn agricultural implements (such as MB
ploughs, Harrow cum Levelers, paddy disc and harrows etc.), iron
ore mining and trading and dealerships for construction equipments
(Escorts and Hyundai), tractors (John Deere), passenger cars
(Maruti), automobile parts (Bosch) and trucks & buses (Mahindra
Navistar). Muneer Enterprise Private Limited is dealer for Maruti
passenger cars with three sales cum service centres located at
Hospet, Raichur and Gangavathi.

Recent results
For 2013-14, as per unaudited results, the company reported an
operating income of INR60.3 crore with a profit before tax of
INR0.5 crore as against an operating income of INR52.8 crore with
a profit after tax of INR0.2 crore during 2012-13.


NARAYAN COTGIN: ICRA Reaffirms 'B' Rating on INR7.82cr Loans
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR0.82
crore term loan (reduced from INR1.15 crore) and INR7.00 crore
cash credit facilities of Narayan Cotgin Private Limited.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Cash Credit Limits     7.00       [ICRA]B reaffirmed
   Term Loan Limits       0.82       [ICRA]B reaffirmed

The rating reaffirmation continues to reflect the small scale and
limited track record of Narayan Cotgin Pvt. Ltd.'s (NCPL)
operations. The rating also takes into account the low value
additive nature of the ginning industry and the intense
competition among the players which restricts pricing flexibility
resulting in thin profitability. The rating is also constrained by
the vulnerability of profitability to fluctuations in raw material
prices, which are in turn subject to seasonality, crop harvest and
the weak profitability and capital structure resulting from high
working capital intensity inherent in the business.

The rating, however, positively considers the long experience of
the promoters in the cotton industry and locational advantage
enjoyed by the company. ICRA also notes the presence of the
company in diversified activities such as ginning, pressing and
crushing.

Narayan Cotgin Private Limited (NCPL) was incorporated in 2011 and
is engaged in the cotton ginning, pressing and seed crushing
business. The company has 30 ginning machines with an intake
capacity of around 70 MTPD of raw cotton to produce cotton bales
and cotton seeds. For seed crushing, the company has four
expellers with an intake capacity of around 36 MTPD of cottonseeds
to produce oil and oil cakes. The company is managed jointly by
Mr. Kaushik Fefar, Mr. Manish Fefar, Mr. Jignesh Fefar and Mr.
Hashmukh Bhimani who are the directors of the company. The company
commenced commercial production in December 2011. The company's
registered office and factory is located in Rajkot, Gujarat.

Recent Results:
As per the unaudited results of FY14, the company reported a
profit before depreciation and tax of INR0.50 crore on an
operating income of INR32.89 crore.


ONE STOP: CRISIL Assigns 'B' Rating to INR80MM Term Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of One Stop Entertainment Pvt Ltd (OSEPL).

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

The rating reflects the company's exposure to stabilization and
demand risks for its ongoing project and to cyclicality in the
hospitality industry. These rating weaknesses are partially offset
by the entrepreneurial experience of the promoter, and the
expected benefits from the favorable location of its up-coming
resort.

For arriving at the rating, CRISIL has treated INR22 million of
interest-free unsecured loans from the promoter's family and
friends as quasi-equity, based on the management's undertaking
that these loans will be retained in the business till the
pendency of bank facilities.
Outlook: Stable

CRISIL believes that OSEPL will continue to benefit over the
medium term from the promoter's entrepreneurial experience. The
outlook may be revised to 'Positive' if the company successfully
commercialises and stabilises its operations together with higher
than expected revenues and accruals. Conversely, the outlook may
be revised to 'Negative' in case of time or cost overrun in
setting up its ongoing project, or lower than expected cash
accruals leading to weakening of its liquidity profile.

Incorporated in 2010, OSEPL is setting up a resort-cum-
entertainment centre on the outskirts of Bhopal (Madhya Pradesh).
The promoter, Mr. Avneet Singh Marwaha, oversees OSEPL's daily
operations.


PRINCE CONTAINERS: CRISIL Cuts Rating on INR170MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Prince Containers Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B+/Stable Stable
                                   (Downgraded from 'CRISIL
                                    BB/Stable')

   Letter of Credit      110       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Term Loan             120       CRISIL B+/Stable Stable
                                   (Downgraded from 'CRISIL
                                    BB/Stable')

The rating downgrade reflects the deterioration in PCPL's credit
risk profile, with continued net losses resulting in substantial
erosion of its net worth and deterioration in its capital
structure.  CRISIL believes that the company's profitability will
remain low over the medium term on account of increase in
competitive pressures, thereby constraining any substantial
improvement in its financial risk profile.

PCPL registered net losses in 2012-13 (refers to financial year,
April 1 to March 31) and 2013-14 on account of its depressed
operating profit margins and high degree of financial leverage. As
a result, the company's net worth is estimated to have declined to
INR110 million as on March 31, 2014, from INR180 million as on
March 31, 2012. The net losses have resulted in the company's
increased reliance on debt to fund its working capital
requirements. The increase in debt, coupled with erosion in its
net-worth, resulted in an increase in its gearing to an estimated
3.1 times as on March 31, 2014, from 1.0 time as on March 31,
2012.

The ratings reflect PCPL's modest scale of operations in the
fragmented plastic packaging industry, and its large working
capital requirements. The ratings of the company are also
constrained on account of its below-average financial risk
profile, marked by a small net worth, high gearing, and below-
average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of PCPL's promoters
in the plastics industry, and the consistent funding support it
receives from them.

Outlook: Stable

CRISIL believes that PCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial
increase in the company's profitability margins, while it
registers a healthy revenue growth, or in case of a sustained
improvement in its working capital cycle. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in PCPL's
profitability margins, or significant deterioration in its capital
structure, caused most likely because of a large debt-funded
capital expenditure or a stretch in its working capital cycle.

PCPL was incorporated in 2001, promoted by Mr. Mulchand Chheda,
Mr. Arvind Chheda, and Mr. Manish Chheda along with their family
members. The company manufactures blow-moulded plastic containers.
Its manufacturing facilities are in Daman (Union Territory of
Daman and Diu), and its registered office is in Mumbai.


PRINCE SPINNERS: CRISIL Suspends 'B' Rating on INR225MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Prince
Spinners Pvt Ltd (PSPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          10       CRISIL A4 Suspended
   Cash Credit             45       CRISIL B/Stable Suspended
   Rupee Term Loan        180       CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by PSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PSPL is yet to
provide adequate information to enable CRISIL to assess PSPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

PSPL, incorporated in 2006, is currently setting up a
manufacturing unit of cotton combed yarn in Amreli (Gujarat). The
unit is expected to commence commercial production in July 2012;
however, the trial production at the same started in May 2012.
PSPL is expected to manufacture cotton combed yarn with an average
count of 40s. The manufacturing unit has 11,424 spindles and total
capacity of 2500 tonnes per annum. The company's operations are
currently being managed by Mr. Haiderali J Makhani along with the
other directors, Mr. Siraj S Gangani, Mr. Kamruddin K Meghani, and
Mr. Anilbhai Daslania, who have extensive experience in the
textiles industry.


R K INDUSTRIES: CRISIL Suspends 'B' Rating on INR92MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
R K Industries (RKI).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             82       CRISIL B/Stable Suspended
   Proposed Long Term
   Bank Loan Facility      10       CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by RKI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RKI is yet to
provide adequate information to enable CRISIL to assess RKI's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

Established in 1987, RKI is engaged in fabrication of steel
structures and machinery parts having application in the power
sector, and fertiliser and heavy engineering industries. RKI's
products are utilised by engineering, procurement, and
construction contractors. Based in New Delhi, the firm is managed
by Mr. Rakesh Dua and his family members.


SAMPAT ALUMINIUM: CRISIL Assigns 'B' Rating to INR50MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sampat Aluminium Pvt Ltd (SAPL; part of the
Sampat group).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Letter of Credit       10        CRISIL A4
   Bill Discounting       10        CRISIL B/Stable
   Cash Credit            40        CRISIL B/Stable

The ratings reflect the Sampat group's average financial risk
profile marked by high gearing and weak debt protection measures,
the susceptibility of its operating profitability to volatility in
aluminium prices, and its exposure to intense competition in the
aluminium extrusion industry. These rating weaknesses are
partially offset by its promoters' extensive industry experience.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SAPL and Sampat Heavy Engineering Ltd
(SHEL), together referred to as the Sampat group, because of
common ownership and the management's plan to merge the two
companies in the near term.

Outlook: Stable

CRISIL believes that the Sampat group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the group
generates substantial cash accruals or witnesses equity infusion
by its promoters, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of significant decline in cash accruals or deterioration in
working capital management or large debt-funded capital
expenditure, weakening its financial risk profile, particularly
its liquidity.

Incorporated in 2001, SAPL manufactures aluminium rods used in
cables and conductors. The company's facilities are in Kalol
(Gujarat). Its day-to-day operations are managed by Mr. Saket
Deora.  SHEL provides turnkey solutions for manufacturing of cable
conductor machines.

For 2012-13 (refers to financial year April 1 to March 31), SAPL
reported a net profit of INR0.8 million on net sales of INR222.8
million, against a net profit of INR0.6 million on net sale of
INR242.0 million for 2011-12. For 2013-14, the company, on a
provisional basis, reported a turnover of INR325.9 million.


SANIMO POLYMERS: ICRA Reaffirms B+ Rating on INR15.66cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR15.66 crore fund based bank limits and the short-term
rating of [ICRA]A4 assigned to the INR0.65 crore non-fund based
bank limit of Sanimo Polymers Private Limited. ICRA has also
reaffirmed the ratings assigned to the INR3.69 crore unallocated
limit of SPPL at [ICRA]B+ and/or [ICRA]A4.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term Fund Based     11.75      [ICRA]B+ Reaffirmed
   Limit-Cash Credit

   Long-term Fund Based      3.91      [ICRA]B+ Reaffirmed
   Limit-Term Loans

   Short-term Non Fund       0.65      [ICRA]A4 Reaffirmed
   Based Limit-Letter
   of Credit

   Unallocated Limit         3.69      [ICRA]B+ and/or [ICRA]A4
                                       Reaffirmed

The reaffirmed ratings continue to reflect the weak financial
profile of SPPL, characterized by low profitability, and high
gearing levels following its working capital intensive nature of
operations. The ratings are also constrained on account of the
small scale of operations with consistent fall in operating
income; vulnerability of profit margins to volatility in raw
material prices and the high competitive pressure prevailing in
the industry because of the presence of numerous unorganized
players.

However, the ratings favorably factor in the promoter's long track
record in textile industry and location advantages due to its
presence in the textile belt of Surat.

Incorporated in 1986, Sanimo Polymers Private Limited is engaged
in processing of various kinds of embroidery and carpet yarns. The
company has its registered office in Mumbai while the three
processing units are located at Kim village in Surat (Gujarat).
The first unit is used for twisting of yarn; the second unit is
used for dyeing of yarn, while the third unit is used for winding
and dispatching of finished embroidery yarn. The products are sold
under the brand name 'Sargam'.

Recent Results
SPPL recorded a profit after tax of INR0.19 crore on an operating
income of INR45.91 crore for the year ending March 31, 2013 and
recorded a profit before tax of INR0.28 crore on an operating
income of INR40.04 crore for the year ending March 31, 2014
(Provisional numbers).


SEASONS HOTELS: CRISIL Suspends 'B' Rating on INR153.5MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Seasons
Hotels Pvt Ltd (SHPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            8.5       CRISIL B/Stable Suspended
   Proposed Long Term
   Bank Loan Facility    65         CRISIL B/Stable Suspended

   Term Loan             80         CRISIL B/Stable Suspended


The suspension of ratings is on account of non-cooperation by SHPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SHPL is yet to
provide adequate information to enable CRISIL to assess SHPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

Incorporated in December 2001 by Mr. Tahilram Atwani and Mr.
Prataprai Atwani in Ahmedabad (Gujarat), SHPL runs Inder
Residency, a five-star hotel in Udaipur (Rajasthan), which
commenced operations in September 2008. The hotel has 144 rooms
(including seven suites), a 9700-square-foot (sq ft) banquet hall,
a bar, a restaurant, a coffee shop, three conference halls, and a
100,000-sq-ft garden; it has recently added a spa facility.


SHEEN INDIA: ICRA Assigns 'B' Rating to INR26CR Bank Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR26.00
crore1 (enhanced from INR23.50 crore) fund-based bank facilities
of Sheen India Private Limited.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term fund-based    26.00       [ICRA]B; Assigned
   bank facilities

The assigned rating continues to favorably factor in the
promoters' experience of around two decades in the garment
manufacturing and export business, and long established relations
with its key customers which have resulted in repeat orders over
the past few years thereby partly mitigating the risk associated
with concentration of revenues on a few customers located in
Spain. Further, comfort can be derived from the fact that export
orders to these customers are backed by LC or are under ECGC cover
thereby limiting the credit risk. However, the rating remains
constrained by the weak financial profile which is on account of
low operating profit margins and high working capital intensity of
operations. Low profitability margins expose the earnings to the
fluctuations in exchange rate and volatility in raw material
costs, which is also reflected in the volatility observed in
profit margins over the years. The working capital cycle of the
company is characterized by high inventories and long receivable
collection period which has further deteriorated in the past two
years, resulting in steep rise in working capital intensity.
Further, growing revenue base of the company have necessitated
incremental working capital requirements, which due to the low
levels of internal accruals has necessitated incremental
borrowings, thereby resulting in elevated borrowing levels in
relation to the profitability as well as scale of operations.
While assigning the rating ICRA has taken a note of the capital
expenditure undertaken by the company and the investments in other
entities which were not adequately funded through long-term funds,
thereby stretching the liquidity.

Going forward, the company's ability to improve profitability
margins, reduce its working capital cycle, and the scale of
capital expenditure/ investments, funding mix thereof will remain
the key rating sensitivities.

Incorporated in 2005 by Mrs. Geetica Kweera, Sheen India Private
Limited (SIPL) is engaged in the manufacturing and export of
garments for ladies and children to Spain, Switzerland, Hongkong,
etc. The company largely manufactures products in-house while some
portion is outsourced primarily during peak demand season. SIPL
currently has two manufacturing facilities in Noida (Uttar
Pradesh) which are equipped with a total of 300 sewing machines.

Recent Results
The company reported an Operating Income (OI) of INR46.33 crore
and Profit after Tax (PAT) of INR0.30 crore in FY14 (provisional
estimates) as compared to an OI of INR41.99 crore and PAT of
INR0.54 crore in FY13.


SHREEDHAR COTTON: CRISIL Reaffirms 'B-' Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Shreedhar Cotton
Industries continue to reflect the risk of SCI's expected
inventory loss which will adversely impact its profitability and
cash generation, susceptibility of business to changes in
government policy, and below average financial risk profile,
marked by a small net worth, weak debt protection metrics, and
expected deterioration in gearing. These rating weaknesses are
partially offset by the extensive experience of SCI's partners in
the cotton industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            60        CRISIL B-/Stable (Reaffirmed)


   Proposed Long Term
   Bank Loan Facility     38.8      CRISIL B-/Stable (Reaffirmed)


   Term Loan               1.2      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCI will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
ginning industry. The outlook may be revised to 'Positive' in case
the firm achieves higher-than-expected profitability, while it
maintains its revenue growth, resulting in better-than-expected
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SCI's liquidity weakens further, most likely because
of losses in its operations or sharp increase in its working
capital requirements over the medium term.

SCI is promoted by the Morbi (Gujarat)-based Patel family. It is
engaged in cotton ginning and sale of cotton bales and cotton
seeds. The firm commenced ginning operations in 2007.

SCI's profit after tax (PAT) and sales are estimated at INR1.2
million and INR258.6 million, respectively, for 2013-14; the firm
reported PAT of INR0.03 million on sales of INR246.7 million for
2012-13.


SLMI INFRAPROJECTS: CRISIL Reaffirms C Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of SLMI Infraprojects
Private Limited (SLMI) continue to reflect instances of delay by
SLMI in servicing its equipment loans (not rated by CRISIL); the
delays have been caused by the company's weak liquidity.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         420        CRISIL A4 (Reaffirmed)
   Overdraft Facility     100        CRISIL C (Reaffirmed)

The ratings also reflect SLMI's stretched liquidity with its cash
accruals expected to tightly match its term debt obligations and
its large working capital requirements. The ratings of the company
are also constrained on account of its modest scale of operations
in the intensely competitive construction industry, and the high
degree of customer and project concentration in its order-book.
These rating weaknesses are partially offset by the benefits that
SLMI derives from its promoters' extensive experience in the road
construction business, and its healthy order book providing
medium-term revenue visibility.

SLMI was established in 1992 Mr. B. Venkat Reddy as a
proprietorship firm - Sree Lakshmi Metal Industries and
Constructions. SLMI was reconstituted as a private limited company
in 2011 and acquired its current name. The company is engaged in
road construction. The company is based in Hyderabad, Telangana.


SRI SAI: CRISIL Suspends 'D' Rating on INR168MM Loans
-----------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
M/s Sri Sai Calnets India.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              25        CRISIL D Suspended
   Letter of Credit          9        CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility      100        CRISIL D Suspended
   Term Loan                34        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by SSCI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSCI is yet to
provide adequate information to enable CRISIL to assess SSCI's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

SSCI, set up in 2010, commenced operations in May 2011. It
manufactures sodium silicate, which accounts for majority of its
revenues, and trades in soda ash and boric acid. The firm's
manufacturing facilities are in Surat (Gujarat). SSCI is a
partnership firm that has five partners with equal profit-sharing
ratio. Mr. Pravinbhai Patel and Mr. Sanjay Kumar Patel look after
SSCI's day-to-day operations.


TEXCEL INTERNATIONAL: CRISIL Ups Rating on INR220MM Loans to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Texcel International Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable'; and reaffirmed its rating on the company's short-term
bank facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           102         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Letter of Credit       30         CRISIL A4 (Reaffirmed)

   Proposed Long Term    118         CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that TIPL will
maintain its improved liquidity backed by its moderate cash
accruals, driven by scale-up of operations and its moderate
profitability. The rating upgrade also factors in CRISIL's belief
that TIPL's liquidity will be ably supported over the medium term
with absence of debt obligations and the funding support TIPL
receives from its parent, Model Infra Corporation Pvt Ltd.

The ratings reflect TIPL's modest scale of operations in the
fragmented precision components industry, and its working-capital-
intensive operations. These rating weaknesses are partially offset
by TIPL's moderate financial risk profile, marked by moderate net
worth and capital structure, and the funding support received from
MICPL.

For arriving at its ratings, CRISIL has treated the unsecured
loans of INR83 million from MICPL as neither debt nor equity, as
these are non-interest bearing and will be retained in the
business over the medium term.
Outlook: Stable

CRISIL believes that TIPL will continue to benefit over the medium
term from the funding support it receives from MICPL. The outlook
may be revised to 'Positive' in case of higher-than-expected cash
accruals, driven by improvement in scale of operations, resulting
in improved debt protection metrics. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in the financial
risk profile, particularly its liquidity, most-likely because of
lower-than-expected accruals, or elongation in working capital
cycle, or higher-than-expected debt-funded capital expenditure
(capex) programme.

TIPL, based in Chennai (Tamil Nadu) was established in 2001 by
late R Rajalingam and was managed by Mr. Kumar Narayanan. It
manufactures precision components for automobiles, engineering and
related industries. In April 2013, MICPL acquired all of Mr. Kumar
Narayanan's shares in the company. Currently, the operations of
TIPL are managed by Mr. M A Prasad.


TORONTO CERAMIC: ICRA Cuts Rating on INR4cr Loan to 'B+'
--------------------------------------------------------
ICRA has revised the long term rating assigned to INR4.00 crore
cash credit facility (increased from INR2.00 crore) of Toronto
Ceramic Private Limited from [ICRA]BB- to [ICRA]B+. ICRA has also
assigned long term rating [ICRA]B+ to INR0.95 crore term loan
facility of TCPL. ICRA has also reaffirmed the short term rating
[ICRA]A4 to INR1.25 crore non fund based bank guarantee facility
of TCPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based-Cash        4.00      Revised from [ICRA]BB-
   Credit                           to [ICRA]B+

   Fund Based-Term
   Loan                   0.95      [ICRA]B+ assigned

   Non Fund Based-
   Bank Guarantee         1.25      [ICRA]A4 reaffirmed

The revision in ratings factor in the deteriorating financial
profile of Toronto Ceramic Private Limited as characterized by the
drop in profitability and returns indicators and increase in
gearing levels. ICRA also notes that the debt funded expansion
project may further weaken the financial risk profile of TCPL. The
ratings also continue to be constrained by the highly competitive
business environment on account of a fragmented industry structure
and, its susceptibility to fluctuations in raw material prices and
increasing gas prices as it is the major source of fuel. ICRA also
takes note of the vulnerability to the cyclicality inherent in the
real estate industry which is the main consuming sector.

The ratings, however, continue to factor in the experience of
promoters in the ceramic industry and the location advantage
enjoyed by TCPL, giving it easy access to raw material. The
ratings also consider the company's recent entry into the digital
printing segment in FY 2014 which is expected to fetch better
realizations.

Toronto Ceramic Private Limited is a digitally printed porcelain
floor tiles manufacturer with its plant situated at Morbi,
Gujarat. The company was incorporated in 2007 with the
commencement of commercial operations in 2008. The company is
managed by five directors namely Mr. Govindbhai J. Desai, Mr.
Gordhanbhai J. Rupala, Mr. Samjibhai M. Barasara, Mr. Dhanjbhai C.
Detroja and Mr. Shaileshbhai A. Bhatasana. The plant has an
installed capacity to produce 34000 MT per annum of porcelain
floor tiles in single size 605X605 mm. In FY14, the company has
installed a digital printing machine and commenced the production
on same.

Recent Results
During FY14 (unaudited provisional financials), the company
reported a net loss of INR0.35 crore on an operating income of
INR19.87 crore and a net profit of INR0.58 crore on an operating
income of INR22.64 crore in FY13.


VAIBHAV STRUCTURALS: CRISIL Reaffirms B+ Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Vaibhav
Structurals continue to reflect the firm's small scale and working
capital intensive operations, and moderate financial risk profile,
marked by high gearing. These rating weaknesses are partially
offset by the promoters' extensive industry experience and its
long-standing relationships with clients, resulting in repeat
orders.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        10         CRISIL A4 (Reaffirmed)
   Cash Credit           50         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      20         CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that VS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves on the back of equity infusions and/or
significant improvement in its revenues and profitability.
Conversely, the outlook may be revised to 'Negative' if VS
registers deterioration in its liquidity either due to stretch in
working capital requirements and/or lower-than-expected accruals.

Update
VS reported on a provisional basis, net sales of INR210 million in
2013-14 (refers to financial year, April 1 to March 31), up from
INR202.4 million in the previous year. CRISIL expects the firm's
sales to grow at a healthy 20 per cent year on year over the
medium term, backed by healthy order book of around INR220 million
as on May 15, 2014 and focus on increasing its geographical
presence. Operating margin improved to 11.5 per cent in 2013-14
from 8 per cent the previous year, backed by sizeable increase in
exports. Operating margins are expected to remain at around 12 per
cent over the medium term, supported by growth in exports. Due to
ongoing project to install transmission lines towards year end -
2013-14, working capital requirements as is reflected by gross
current assets (GCA) increased and remained around 223 days in
2013-14 from 140 days in 2012-13. Working capital intensity in
operations kept gearing high at an estimated 2.17 times as on
March 31, 2014 as compared to 2.04 times a year ago; the gearing
is expected to remain at similar levels over the medium term.
Liquidity is stretched, as indicated by high bank limit
utilisation (at 87 per cent on average in the 12 months through
March 2014) despite accruals being used to support part of the
working capital requirements. Accruals are expected to be around
INR39 million against expected working capital requirements of
INR35.7 million in the next couple of years. CRISIL believes that
VS's stretched liquidity will continue to restrict its sales
growth over the medium term and how VS manages its incremental
working capital requirements will continue to remain rating
sensitivity factor.

VS reported on provisional basis profit after tax (PAT) of INR11.5
million on net sales of INR210 million for 2013-14 against PAT of
INR9.9 million on net sales of INR202.4 million for 2012-13.

Established in 1998, VS is founded by Mr. V.K.Jain in Kota,
Rajasthan. The partnership firm is engaged in the execution of
power projects on a turnkey basis, supply of heavy electrical
material like conductors, switch gears, cables and transformers
and fabrication of towers.


VIKKY'S AGRISCIENCES: ICRA Suspends B- Rating on INR5.5cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
INR5.50 crore bank facilities of Vikky's Agrisciences Private
Limited. ICRA has also suspended the short term rating of [ICRA]A4
assigned to INR0.25 crore bank facilities of the company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.



===============
M O N G O L I A
===============


BANK OF MONGOLIA: Exclusion of Support Letter No Ratings Impact
---------------------------------------------------------------
Moody's Investors Service says that the revision of the relevant
documentation to exclude a governmental letter of support has no
rating implications for the (P)B1 rating on the Trade and
Development Bank of Mongolia LLC's (TDBM) $1 billion Global Medium
Term Notes (GMTN) Program.

At the same time, Moody's has assigned a B1 rating to TDBM's
proposed senior unsecured notes, which will be drawn from the GMTN
program.

All ratings have a negative outlook.

Originally, on 16 June, when Moody's had assigned the (P)B1 rating
in a press release -- "Moody's assigns (P)B1 ratings to TDBM's
GMTN program and B1 to TDBM's proposed drawdown" -- the program
carried a letter of support from the Ministry of Finance on behalf
of the Government of Mongolia (B1, negative).

However, subsequently, TDBM revised the program to exclude this
letter of support.

Ratings Rationale

According to Moody's assessment, the revision of the GMTN Program
to exclude the letter of support from the government does not have
any rating implications.

Moody's acknowledges that the letter was a credit positive but, as
it also did not represent an explicit guarantee, Moody's  had not
applied credit substitution when originally assigning the
program's rating on 16 June. Moreover, TDBM's own senior unsecured
debt rating is B1, which is the same as that of the Mongolian
government. Therefore, the proposed letter of support did not
provide any additional ratings uplift.

TDBM's B1 rating incorporates a one-notch uplift to its foreign
currency and local currency debt rating, from its standalone
credit profile of b2, based on Moody's assessment of systemic
support. The high probability of support from the Government of
Mongolia to TDBM is underpinned by the bank's systemically
important position, as the largest bank in the country by assets.

Moody's does not consider that the decision to exclude the letter
of support from the GMTN program documentation materially
undermines Moody's  expectation of a high probability of support
from the government in times of stress.

TDBM's baseline credit assessment (bca) of b2 reflects its: (1)
solid market position as a leading corporate lender in foreign
exchange and trade-related businesses; (2) sound profitability and
good operating efficiency; and (3) diversified funding sources
from both domestic depositors and foreign financial institutions.

However, the ratings are constrained by the bank's: (1) high
concentration risk, against the backdrop of the limited diversity
of Mongolia's economy, and which renders the economy vulnerable to
external factors; (2) substantial capital needs, assuming that the
Mongolian economy and the availability of credit continue to grow
at a rapid pace; and (3) potential challenges related to corporate
governance that could arise from its narrow shareholding
structure.

Moody's changed the rating outlooks of all rated Mongolia banks to
negative from stable in January 2014, reflecting their
vulnerability to the intensification of adverse developments in
the operating environment.

In addition, TDBM is vulnerable to a deterioration in asset
quality, given its high loan concentration and portfolio of
corporate loans.

Moody's notes that TDBM's top 20 group borrower exposures were
equivalent to 45.5% of its total loans at end-2013. More than 50%
of these borrowers were also in risky sectors, such as mining and
construction. The latter accounted for 21.7% and 16.7% of the
bank's total loans at end-2013.

An upgrade of the bank's ratings is unlikely, given that the B1
ratings assigned to TDBM are at the same rating level as the
sovereign rating and the fact that outlooks on the ratings of both
the bank and the government are negative.

Nonetheless, the bca could be raised if the bank substantially
reduces its borrower concentration and exposure to risky sectors.

On the other hand, the following factors could exert negative
pressure on TDBM's ratings: (1) corporate governance-related
problems that cause a loss of depositor confidence, therefore
increasing the threat of deposit flight; (2) a significant
deterioration in asset quality; for example new non-performing
loans to gross loans exceed 4.0%; (3) a rise in concentration, or
a rise in exposures to risky sectors, in particular construction;
(4) Tier 1 falls below 9%; or (5) a significant deterioration in
profitability, such that net income is less than 1.4% of average
risk weighted assets.

The bank's other ratings are:

- Bank financial strength of E+; local currency bank deposit
rating of B1; foreign currency bank deposit rating of B2; issuer
rating of B1; foreign currency long-term senior unsecured
debt/subordinate debt of B1/B2; and foreign currency long-term
senior unsecured MTN/subordinate MTN of (P)B1/(P)B2.

- Local currency/foreign currency short-term deposit rating of NP;
local currency/foreign currency short-term issuer rating of NP;
and other short-term rating of (P)NP.

Moody's does not intend to assign ratings to individual notes
issued under the program with features linked to the performance
of another obligor (credit-linked notes).

Nor does it intend to assign ratings to notes for which payment of
principal or interest is variable and contractually dependent on
the occurrence of a non-credit-linked event or the performance of
an index (non-credit-linked notes).

The only exception will be for notes whose principal and coupon
payments are affected by standard sources of variation.

The principal methodology used in this rating was Global Banks
published in May 2013.

Trade and Development Bank of Mongolia LLC is based in
Ulaanbaatar. It is the largest banks in Mongolia by assets. At 31
March 2014, the bank's consolidated assets totaled MNT5.1 trillion
($2.8 billion).



=====================
P H I L I P P I N E S
=====================


ASIAN CONSUMERS: Placed Under PDIC Receivership
-----------------------------------------------
The Monetary Board (MB) placed the Asian Consumers Bank (A Rural
Bank) under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 981 dated
June 26, 2014. As Receiver, PDIC took over the bank on June 27,
2014.

Asian Consumers Bank is a four-unit rural bank with Head Office
located along Magsaysay Ave., Poblacion, Basista, Pangasinan. Its
three branches are located in Calasiao, San Carlos City and
Urdaneta, all in Pangasinan. Latest available records show that as
of March 31, 2014, Asian Consumers Bank had 2,774 accounts with
total deposit liabilities of PHP119.5 million. A total of 2,756
deposit accounts or 99.35% of the accounts have balances of
PHP500,000 or less and are fully covered by deposit insurance.
Total insured deposits amounted to PHP112.72 million or 94.33% of
the total deposits.

PDIC said that upon takeover, all bank records shall be gathered,
verified and validated. The state deposit insurer assured
depositors that all valid deposits shall be paid up to the maximum
deposit insurance coverage of PHP500,000.00.

The PDIC also announced that it will conduct Depositors-Borrowers
Forums on July 7 and 8, 2014 to inform depositors of the
requirements and procedures for filing deposit insurance claims.
Claim forms will be distributed during the Forum. The schedules
and venues of the Forums will be posted on the bank premises and
in the PDIC website, www.pdic.gov.ph. The claim forms and the
requirements and procedures for filing are likewise available for
downloading from the PDIC website.

Depositors may update their addresses with the PDIC
representatives at the bank premises using the Mailing Address
Update Forms to be furnished by PDIC representatives. Duly
accomplished Mailing Address Update Forms should be submitted to
PDIC representatives accompanied by a photo-bearing ID with
signature of the depositor. Depositors may update their addresses
until July 2, 2014.

Depositors with valid deposit accounts with balances of
PHP50,000.00 and below need not file deposit insurance claims. But
depositors who have outstanding obligations with Asian Consumers
Bank including co-makers of the obligations, and have incomplete
and/or have not updated their addresses with the bank, regardless
of amount, should file deposit insurance claims.

For depositors that do not need to file deposit insurance claims,
PDIC will start sending payments by mail to their addresses based
on bank records by the second week of July.

For depositors that are required to file deposit insurance claims,
the PDIC will start claims settlement operations for these
accounts on the third week of July. The schedule of the claims
settlement operations will be announced through notices to be
posted in the bank premises and other public places as well as
through the PDIC website, www.pdic.gov.ph.

According to the latest Bank Information Sheet (BIS) as of
December 31, 2013 filed by Asian Consumers Bank with the PDIC, the
bank is owned by King Victor V. Aquino (13.03%), Marissa M. Aquino
(13.03%), Genevieve V. Aquino (13.03%), Cesar Angelo M. Aquino,
Jr. (9.12%), Christian Alain M. Aquino (9.8%), Leo Damian V.
Aquino (8.76%), John Carlo V. Aquino (8.71%) and Carissa Angela M.
Aquino (8.69%). Its Chairman is Eduardo G. Montenegro and its
President is Marissa M. Aquino.



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.

Copyright 2014.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



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