TCRAP_Public/140616.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, June 16, 2014, Vol. 17, No. 117


                            Headlines


A U S T R A L I A

ADVISORY SERVICES: In Administration; First Meeting Set June 24
B D & R A PAPWORTH: Rodgers Reidy Appointed as Administrators
GRAPHITE AUSTRALIA: Ferrier Hodgson Appointed as Liquidators
ILLAWARRA 2007-1: S&P Raises Rating on Class E Notes From BB+
LERINDA APPLES: High Court Appoints Clifton Hall as Liquidators

R.M. WILLIAMS: Henbury Station Sold to Domestic Pastoral Group
* AUSTRALIA: Low Insolvency Rate Signals Trouble for SMEs


C H I N A

* Online Competition Credit Neg. for Dept. Stores says Moody's


I N D I A

A K ENGINEERS: CRISIL Suspends 'B' Rating on INR22.5MM Loan
ABHILASHA CONSTRUCTION: CRISIL Rates INR15MM Cash Credit at 'B'
ADISHAKTI ALLOYS: CRISIL Suspends 'B+' Rating on INR65MM Loan
AMBATI SUBBANNA: ICRA Revises Rating on INR8cr Loan From 'B+'
BABA MUNGIPA: CRISIL Suspends 'B-' Rating on INR139.6MM Loans

BAID HOSIERY: CRISIL Suspends 'D' Rating on INR200MM Loan
BALAJI COTTON: CRISIL Suspends 'B' Rating on INR56MM Cash Credit
BHARGAVA BHUSHAN: CRISIL Cuts Rating on INR175MM Loans to 'D'
BORSE BROTHERS: CRISIL Suspends 'B-' Rating on INR70MM Loans
CEMENT CARRIERS: CARE Assigns 'B-' Rating to INR18.03cr Bank Loan

CRS INFRA: CRISIL Suspends 'D' Rating on INR150MM Loans
DAMSON TECHNOLOGIES: CARE Rates INR7cr Bank Loan at 'B+'
DEEPAM HOSPITAL: CRISIL Cuts Rating on INR201.8MM Loans to 'D'
DHARA PETROCHEMICALS: CRISIL Cuts Rating on INR50MM Loan to B+
DURGA AUTOMOTIVE: CRISIL Cuts Rating on INR186.3MM Loans to 'D'

KANGRA EXPORTS: CRISIL Suspends 'B' Rating on INR75MM Bank Loan
KAPOOR TOWERS: CRISIL Suspends 'B+' Rating on INR61MM Term Loan
KISHORE G: CRISIL Assigns 'B' Rating to INR55MM Cash Credit
MIDAS PETROCHEM: CRISIL Assigns B+ Rating to INR150MM Cash Credit
RATNAGIRI CHEMICALS: CRISIL Cuts Rating on INR45MM Loan to 'B'

RECON TECHNOLOGIES: CRISIL Cuts Rating on INR135.4MM Loans to D
REDCO HOTELS: CRISIL Reaffirms B+ Rating on INR450MM Term Loan
SAHARA GROUP: Deposits INR3,000cr With Sebi For Chief's Release
SANJEEVINI MEDILIFE: ICRA Suspends 'D' Rating on INR13cr Loan
SARASWATI TIMBER: CRISIL Suspends B- Rating on INR57.5MM Loans

SHRI GANESH: ICRA Assigns 'B' Rating to INR3cr Loan
SHRI SALASAR: CRISIL Suspends 'B-' Rating on INR45MM Loans
SRI GANESH: CRISIL Suspends 'D' Rating on INR498.5MM Loans
TARUN ALLOYS: CRISIL Suspends 'B-' Rating on INR265MM Loans
TEESTA URJA: ICRA Assigns 'B-' Rating to INR500cr Term Loan

U GOENKA: CRISIL Suspends 'B' Rating on INR10MM Cash Credit


I N D O N E S I A

MERPATI NUSANTARA: Indonesia Plans to Save Carrier


N E W  Z E A L A N D

POSTIE PLUS: Chairman Neither Confirm Nor Deny on Offer by Pepkor


S O U T H  K O R E A

DOOSAN INFRACORE: Moody's Rates $1.3BB Senior Secured Loan 'Ba3'


T H A I L A N D

TRUE MOVE: S&P Puts 'B' LT CCR on CreditWatch Positive


                            - - - - -


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


ADVISORY SERVICES: In Administration; First Meeting Set June 24
---------------------------------------------------------------
Joseph Loebenstein -- joseph@loebenstein.com.au -- of Loebenstein
Insolvency Services Pty Ltd was appointed as administrator of
Advisory Services Pty Ltd on June 12, 2014.

A first meeting of the creditors of the Company will be held at
Loebenstein Insolvency Services Pty Ltd, Suite 6, 115 Hawthorn
Road, in Caulfield North Victoria, on June 24, 2014, at
10:00 a.m.


B D & R A PAPWORTH: Rodgers Reidy Appointed as Administrators
-------------------------------------------------------------
Robert Boyce Moodie -- rmoodie@rodgersreidy.com.au -- and Geoffrey
Reidy -- greidy@rodgersreidy.com.au -- of Rodgers Reidy were
appointed as administrators of B D & R A Papworth Pty Ltd on June
10, 2014.

A first meeting of the creditors of the Company will be held at
Singleton Diggers, York Street, in Singleton, New South Wales, on
June 20, 2014, at 11:00 a.m.


GRAPHITE AUSTRALIA: Ferrier Hodgson Appointed as Liquidators
------------------------------------------------------------
Darren Weaver -- darren.weaver@fh.com.au -- and Andrew Saker --
andrew.saker@fh.com.au -- of Ferrier Hodgson were appointed
Official Liquidators of Graphite Australia Pty Ltd on June 6,
2014, pursuant to an Order by the Supreme Court of Western
Australia.

The Liquidators are currently undertaking an urgent assessment of
the Company's position.


ILLAWARRA 2007-1: S&P Raises Rating on Class E Notes From BB+
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
D and class E notes issued by BNY Trust Company of Australia Ltd.
as trustee of Illawarra Series 2007-1 CMBS Trust.  At the same
time, S&P affirmed its ratings on the class A, class B, and class
C notes.

The notes are backed by a portfolio of small-ticket commercial
mortgage loans originated by IMB Ltd.  The ratings reflect S&P's
opinion that the rated notes are adequately supported to withstand
stresses that are commensurate with the higher rating levels.

The underlying assets of the trust have performed strongly during
the life of the transaction, with historically low levels of
arrears.  As of April 30, 2014, there were no loans in arrears
greater than 30 days.  The cumulative losses experienced to date
form 0.11% of the original portfolio balance and have been covered
by excess spread.  About 83% of the loan balances have paid down
to date.  Under the sequential pay structure, there continues to
be a build up in credit support to the rated notes as the
transaction amortizes.

Given a large proportion of the portfolio has been repaid, the
remaining portfolio has become concentrated, with the largest 10
borrowers comprising nearly 18% of the total pool balance.  As a
result, S&P expects that the performance deterioration of a few
loans could have a more pronounced impact on arrears, losses, and
prepayment levels in percentage terms.  S&P believes that the
credit profile of the lower ranking notes is sensitive to
heightened tail-end risk as the portfolio amortizes further.
However, in S&P's opinion, the high subordination levels provide a
strong buffer to withstand any potential losses at the tail-end of
this transaction.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED

Class        Rating to       Rating from
D            AA- (sf)        A- (sf)
E            BBB+ (sf)       BB+ (sf)

RATINGS AFFIRMED

Class        Rating
A            AAA (sf)
B            AAA (sf)
C            AAA (sf)


LERINDA APPLES: High Court Appoints Clifton Hall as Liquidators
---------------------------------------------------------------
Simon Miller -- smiller@cliftonhall.net.au -- of Clifton Hall was
appointed Official Liquidator of Lerinda Apples Pty Ltd on
June 10, 2014, by Order of the Supreme Court of South Australia.


R.M. WILLIAMS: Henbury Station Sold to Domestic Pastoral Group
--------------------------------------------------------------
PPB Advisory announced on June 11, 2014, the successful sale of
Henbury Station to a domestic pastoral group. The sale secures the
future of the property as a productive cattle station. PPB
Advisory and lawyers Henry Davis York were engaged by the Director
of Henbury Station, Bob Hansen, in March to work alongside sales
agent Jock McPherson of Territory Rural McPherson in Alice Springs
to conduct the sales process. Henbury Station is a 516,000 hectare
property located 130 kilometres south of Alice Springs.

Henbury Station was previously a wholly owned subsidiary of
Primary Agricultural Group (formerly R.M. Williams Agricultural
Holdings).  PPB Advisory was appointed Receivers and Managers of
Primary Agricultural Group on June 28, 2013. Henbury Station Pty
Limited (formerly R.M. Williams Agricultural Co Landscape
Management), was the only subsidiary company of Primary
Agricultural Group that was not placed into receivership.

Mr. Bob Hansen, the sole Director of Henbury Station commented:
"We received a significant amount of local and offshore interest
in the property which resulted in a very competitive sales
process. The sale was completed in a timely manner, ensuring that
conditions were ideal for an incoming pastoralist."

Greg Quinn, Partner at PPB Advisory said: "The sale of Henbury
Station is the result of a collaborative effort with a number of
key stakeholders. Henbury is a significant Australian agricultural
asset and we are very pleased to secure its future as a cattle
station."

By agreement between the Northern Territory Government as lessor,
and the Commonwealth Government, a Covenant in Gross has been
placed over a portion of the property with the intention that the
features of ecological significance will not be degraded.

The new owners of Henbury Station intend to take early possession
of the property to take advantage of good ground cover resulting
from recent rain and the fact that the property has been de-
stocked for a substantial period of time. The new owners are
experienced former Northern Territory pastoralists who have seized
the opportunity to return to the region through the purchase of
Henbury Station.


* AUSTRALIA: Low Insolvency Rate Signals Trouble for SMEs
---------------------------------------------------------
Michael Walsh at SmartCompany reports that insolvencies among
Australian companies dipped below 1,000 per month for the first
time in almost seven years in April, according to statistics
released by the Australian Securities and Investments Commission
this month.

There were 935 insolvencies recorded for the month of April, the
lowest non-January figure since December 2007 when 972
insolvencies were recorded, SmartCompany relays.

SmartCompany notes that the number of insolvencies has been
dropping since July last year, which saw 1,501 cases, with the
construction and small business sectors continuing to bear much of
the brunt.

According to the report, Jim Downey, founder of insolvency
accountancy firm JP Downey & Co, said he is not particularly
surprised by the figures.

"That would be consistent with anecdotal evidence around the
profession -- it's certainly quiet times for insolvency
practitioners at the moment," the report quotes Mr. Downey as
saying.

SmartCompany relates that Mr. Downey attributed the slowing down
of insolvencies to a sense of uncertainty in the domestic economy,
and said there may be trouble for SMEs on the horizon.

"The economy seems to have gone into a kind of wait-and-see mode.
And it seems the banks have been in that mode for some time, as
have the Australian Taxation Office, which is a major generator of
activity in the sector," Mr. Downey, as cited by SmartCompany,
said.

"It's been out there in the press that [SMEs] are finding times
pretty tough," he said. "With a budget that's been brought down
that seems to have been very unpopular, I don't think that's going
to do a lot for stimulating the economy and if it has the opposite
effect, it's likely that insolvency practitioners will get a whole
lot busier in the future."



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


* Online Competition Credit Neg. for Dept. Stores says Moody's
--------------------------------------------------------------
Moody's Investors Services expects that revenue growth will slow
for its rated Chinese department stores in 2014-15, as fast-
growing online retailers will capture an increasingly large
portion of sales traffic.

"We have lowered our aggregate retail sales growth projections for
Maoye International Holdings Ltd (Ba1 stable) and Parkson Retail
Group Limited (Ba2 negative) to 0%-7% for this year and 5%-8% for
2015, reflecting continued weak same-store sales growth, rising
rental expenses, and the increasing threat from online retailers.
The credit quality of these two companies will weaken as a
result," says Lina Choi, a Moody's Vice President and Senior
Analyst.

"By contrast, large online retailers are growing fast. E-commerce
players Alibaba Group (unrated) and JD.com (unrated) reported
year-over-year revenue growth of 50%-60% in 2013. We expect these
high growth rates to continue," says Choi.

Choi was speaking on Moody's just-released special comment
entitled, "Fast Online Retail Growth Slows Sales Growth For
Chinese Department Stores."

According to the report, apparel, footwear and consumer
electronics are among the main categories in which online
retailers are drawing an increasing portion of sales volume from
physical stores.

"The range and quality of products available online are expanding
and attracting more consumers, and 2014 will be another year of
strong online retail market growth," says Choi.

According to Euromonitor International, online retail sales will
increase to 7% of total retail sales value in China in 2014 from
5%-6% in 2013.

Moody's expects this growth to continue steadily in the next two
years, driven by the increasing penetration of mobile shopping
applications and improvements in online service, logistics and
fulfillment mechanisms.

This increase in online penetration represents 80%-100% year-over-
year growth in online retail sales value, compared to 10%-12%
growth in overall retail market sales value.

Moody's also expects Internet players will increasingly seek
partnerships with retailers and service providers. For example,
Alibaba Group has recently invested in department store operator
Intime (unrated). These tie-ups will allow consumers to shop
online, then pay for and pick up merchandise in the physical
store, which in turn boosts sales and reduces marketing costs for
both the online and traditional retail company involved.

So far in 2014, Alibaba and Tencent Holdings Limited (A3 stable)
have invested $6.2 billion and $1.5 billion, respectively, to
acquire stakes in companies in a variety of industries, with the
goal of establishing an online e-commerce platform.

However, while such online presence is another distribution
channel for retailers and service providers -- in theory a credit
positive -- the effects on the companies' credit quality will
depend on the specifics of each partnership.


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


A K ENGINEERS: CRISIL Suspends 'B' Rating on INR22.5MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of A K
Engineers.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        60        CRISIL A4 Suspended
   Cash Credit           22.5      CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by AKE
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AKE is yet to
provide adequate information to enable CRISIL to assess AKE'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'.

AKE, a proprietorship concern of Mr. Arup Kumar Som, is engaged in
civil construction business primarily in construction of canals
and sewerages in West Bengal (WB). In the past, the firm has
undertaken several projects for construction of commercial
complex, housing, reservoir, roads, and land devolvement. However,
currently, the firm is concentrating primarily on canals and
drainages construction/improvement for Irrigation & Waterways
Department, Govt of WB (I &W Dept, WB) and Kolkata Municipal
Corporation. The firm is engaged in civil construction since 1982.
AKE is also registered with the Public Health Engineering, WB, and
WB Hidco Ltd.


ABHILASHA CONSTRUCTION: CRISIL Rates INR15MM Cash Credit at 'B'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Abhilasha Construction (AC).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         50        CRISIL A4
   Cash Credit            15        CRISIL B/Stable

The ratings reflect AC's limited revenue diversity with high
geographic concentration, small scale of operations in the highly
fragmented civil construction segment, and large working capital
requirements constraining its liquidity. These rating weaknesses
are partially offset by the extensive industry experience of AC's
promoters.

Outlook: Stable

CRISIL believes that AC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if AC achieves higher-than-
expected revenue growth while maintaining its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' in case of large capital withdrawals by the promoters
or large working capital requirements, weakening the firm's
financial risk profile, particularly its capital structure.

AC was established as a partnership firm in 2008 by Mrs. Meera
Yadav and Mr. Sanjay Yadav. The firm is engaged in construction of
roads for government projects in Uttar Pradesh. It is managed by
Mr. Deen Dayal Yadav.

AC reported book profit and net sales of INR0.2 million and INR1.2
million, respectively, for 2012-13 (refers to financial year,
April 1 to March 31); the firm reported a book profit of INR0.2
million on net sales of INR12.1 million for 2011-12. AC's net
sales are estimated at INR121.6 million for 2013-14.


ADISHAKTI ALLOYS: CRISIL Suspends 'B+' Rating on INR65MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Adishakti Alloys Pvt Ltd.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit          65       CRISIL B+/Stable Suspended
   Letter of Credit    121       CRISIL A4 Suspended

The suspension of ratings is on account of non-cooperation by AAPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AAPL is yet to
provide adequate information to enable CRISIL to assess AAPL'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 1995, AAPL manufactures aluminium ingots (more
than 90 per cent of revenues), aluminium notch bars, and aluminium
shots. Though AAPL was incorporated in 1995, it commenced
commercial operations only in 2000. The company has an installed
capacity of 12,000 tonnes per annum. AAPL's customers primarily
comprise automobile, engineering, and power transmission players.
AAPL sells its products to a network of about 40 customers across
the country.


AMBATI SUBBANNA: ICRA Revises Rating on INR8cr Loan From 'B+'
-------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to INR8.00 crore
fund based bank limits of Ambati Subbanna & Co Oil Firm from
[ICRA] B+ to [ICRA] BB-. The outlook on the rating is stable.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           8.00         [ICRA]BB- revised

The revision of rating primarily factors in the strong growth in
revenue of the firm driven by increase in sales of its various
brands of oils. The rating continues to derive comfort from long-
standing experience of promoters in the edible oil industry, easy
availability of raw material with the mill being present in major
sesame producing region in Andhra Pradesh, and presence of the
firm in retail market through its own established brands. The
rating however continues to be constrained by the firm's moderate
financial profile characterized by low profitability and moderate
coverage indicators, highly fragmented nature of the edible oil
industry, and the risks associated with the partnership nature of
the firm. The rating is also constrained by susceptibility of
sesame to climatic risks, though it is negated to a certain extent
by the purchases made by the firm from other states.
Going forward, the ability of the firm to increase the scale and
the profitability of its operations would be the key rating
sensitivity.

Ambati Subbanna & Company Oil Firm was established in the year
1910 with the objective of manufacturing and marketing edible oils
like sesame oil, ground nut oil, rice bran oil etc. The firm
operates in 50 tons per day milling facility at Samalkot in East
Godavari district in Andhra Pradesh. The firm markets its products
under brand names such as A.S.Brand, Mansion and Pooja which have
been established over the years.

Recent Results
Ambati reported an operating income of INR52.83 crore in FY2013 as
against an operating income of INR43.14 crore in FY2012. In terms
of profitability, it reported an operating profit of INR1.68 crore
in FY2013 as against INR1.23 crore in FY2012..


BABA MUNGIPA: CRISIL Suspends 'B-' Rating on INR139.6MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Baba
Mungipa Steel Industry Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            60        CRISIL B-/Stable Suspended
   Cheque Discounting      5        CRISIL A4 Suspended
   Letter Of Guarantee     5.4      CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility     79.6      CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by
BMSIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BMSIPL is yet to
provide adequate information to enable CRISIL to assess BMSIPL'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'.

BMSIPL was set up by Mr. Rajpal Panghal and Mr. Ishwar Samotra in
2004; it manufactures mild steel (MS) ingots, which are used as
raw material for manufacturing structural steel products. The
company's manufacturing facility, at Wada in Thane district
(Maharashtra), has capacity of 60 tonnes per day.The two promoters
manage the overall operations of the company.


BAID HOSIERY: CRISIL Suspends 'D' Rating on INR200MM Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Baid
Hosiery Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            200      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by BHPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL,BHPL is yet to
provide adequate information to enable CRISIL to assess BHPL'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'.

BHPL, incorporated in 2007, commenced commercial operations in
2008. The company trades in cotton yarn and polyester yarn, which
are required to manufacture hosiery products.


BALAJI COTTON: CRISIL Suspends 'B' Rating on INR56MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Balaji
Cotton Industries.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            56        CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by BCI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BCI is yet to
provide adequate information to enable CRISIL to assess BCI'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 2004, BCI is a partnership concern set up by Mr.
Narbherambhai Jivani, Ms. Jyotsnaben Jivani, Mr. Vijaykumar
Jivani, Mr. Mahendrakumar Jivani, and Mr. Nagjibhai Rajapar. BCI
is engaged in cotton ginning and pressing, and has a capacity of
210 bales per day at its facility in Tankara (Gujarat).


BHARGAVA BHUSHAN: CRISIL Cuts Rating on INR175MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Bhargava Bhushan Press to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         70        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit           100        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Long Term      5        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

The downgrade reflects BBP's continuously overdrawn cash credit
facility of INR125 million (including ad hoc facility of INR25
million) for more than 30 days on account of the firm's weak
liquidity. BBP's cash credit facility was utilised at an average
of 104 per cent over the eight months through May 2014. BBP's weak
liquidity emanates from delay in realisation from one customer;
receivables of around INR170 million are outstanding from the
client for more than six months. CRISIL believes that BBP's
liquidity will remain weak over the medium term driven by large
working capital requirements.

BBP is also exposed to risks inherent in tender-based business and
has small scale of operations in a fragmented industry. However,
the firm benefits from its promoters' extensive industry
experience.

BBP was set up in 1889 by the Bhargava family in Varanasi (Uttar
Pradesh). The firm executes contracts for pre-printing, printing,
and binding of books. Mr. Virendra Bhargava manages its day-to-day
operations.

BBP reported a profit after tax (PAT) of INR1 million on net sales
of INR75.7 million for 2011-12 (refers to financial year, April 1
to March 31), against a PAT of INR   1.1 million on net sales of
INR251.1 million for 2010-11.


BORSE BROTHERS: CRISIL Suspends 'B-' Rating on INR70MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Borse
Brothers Engineers & Contractors Pvt Ltd.

                            Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Bank Guarantee             25       CRISIL A4 Suspended
   Cash Credit                20       CRISIL B-/Stable Suspended
   Proposed Bank Guarantee     5       CRISIL A4 Suspended
   Proposed Cash Credit       40       CRISIL B-/Stable Suspended
   Limit
   Proposed Long Term         10       CRISIL B-/Stable Suspended
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by
Borse with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Borse is yet to
provide adequate information to enable CRISIL to assess Borse'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 April 2010, Borse undertakes civil construction
projects for road and irrigation activities. The business was
earlier carried out under the proprietorship firm, Borse Brothers
Engineers and Contractors, which was established in 1986. The road
projects are executed under the Pradhan Mantri Gram Sadak Yojana
and the irrigation projects under the Tapi Irrigation Development
Corporation, both funded by the Central Government. The projects
are undertaken in the Maharashtra region, mostly in Dhule.


CEMENT CARRIERS: CARE Assigns 'B-' Rating to INR18.03cr Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' ratings to bank facilities of
Cement Carriers.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long term Bank Facilities     18.03     CARE B- Assigned
   Short term Bank Facilities     0.60     CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Cement Carriers
(CC) are constrained on account of weak financial risk profile
marked by declining revenue, highly leveraged capital structure
and stretched liquidity indicators. The ratings are further
constrained on account of customer concentration risk, its
constitution as a proprietorship firm and its presence in the
highly competitive and fragmented logistics industry.

The ratings, however, draw support from the long experience of the
promoters in the logistic industry, established and reputed
customer base along with satisfactory outlook of the user
industry.

The firm's ability to sustain the profitability margins in the
event of increase in fuel prices and higher maintenance and
operational cost remains the key rating sensitivity.

Cement Carriers (CC) was established in 1984 by Mr Pankaj Babaria
as a proprietorship firm and is a flagship firm of the
Vraj group. Promoted by Mr Pankaj Babaria, the Vraj group was
incorporated three decades ago in Nagpur, Maharashtra.
Currently, the group is managed by Mr Pankaj along with his two
sons', viz, Mr Chintan Babaria and Mr Nishit Babaria.
The firm is an authorized transport contractor for Ultra-tech
Cement Limited (UTCL) and Container Corporation of India
Limited (CONCOR: rated CARE AAA). The firm also works as a
warehouse operator for CONCOR. The firm is dealing with
UTCL and CONCOR since 1983 and 2006 respectively and has pricing
agreement with them. CC has nine nodal offices in the country,
viz, Nagpur, Raipur, Chandrapur, Ratnagiri, Durgapur, Jharsuguda,
Damoh, Jalgaon and Vizag. As on January 31, 2014, the firm has 501
employees and has a fleet of 326 owned trucks with different
carrying capacity and applications.

In FY13 (refers to the period April 1 to March 31), the firm has
earned a PAT of INR1.60 crore on a total income of INR79.99
crore as against a PAT of INR1.86 crore on a total income of
INR82.88 crore for FY12.


CRS INFRA: CRISIL Suspends 'D' Rating on INR150MM Loans
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
CRS Infra Projects Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         50        CRISIL D Suspended
   Cash Credit           100        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by CRS
Infra with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CRS Infra is yet
to provide adequate information to enable CRISIL to assess CRS
Infra'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'.

CRS Infra was incorporated in 1993 as a private limited company
(CR Sons Builders and Developers Pvt Ltd) and promoted by Mr.
Inder Kapoor and his family members; it was reconstituted as a
public limited company in 2010. CRS Infra executes civil
construction projects, primarily in the building and housing
segments, in the National Capital Region, Uttar Pradesh, and
Uttarakhand.


DAMSON TECHNOLOGIES: CARE Rates INR7cr Bank Loan at 'B+'
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Damson
Technologies Private Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long term Bank Facilities      7        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Damson Technologies
Private Limited is primarily constrained on account of its
financial risk profile marked by low profitability, leveraged
capital structure and weak debt coverage indicators and high
working capital intensity. The rating is further constrained on
account of the susceptibility of profitability to foreign currency
price fluctuations and its presence in the fragmented and
competitive electronic accessories industry.

The rating, however, far outweighs the benefits derived from the
vast experience of the promoters, reputed clientele, established
marketing network and healthy growth in turnover during last two
years ended FY13 (refers to the period April 1 to March 31).

The ability of DTPL to increase its scale of operations, improve
its profitability and capital structure with efficient working
capital management are the key rating sensitivities.

DTPL incorporated in December 2000 at Ahmedabad is being promoted
by Mr Vivek Goenka and Mr Ritesh Goenka having an experience of
more than 14 years in the electronics trading industry. Prior to
2010, it was engaged in the trading of IT products, computer parts
and spares. From 2010 onwards, DTPL started trading of specific
products which includes Bluetooth headsets and speakers of varying
size and dimensions, tablet PCs and mobile power banks to large
companies as an approved vendor. It mainly gets its products
manufactured in China under the brand name of its reputed clients
and sells the same to them.

In FY13, DTPL reported a total operating income of INR18.84 crore
(FY12: INR7.91 crore) and net profit of INR0.11 crore
(FY12: INR0.04 crore). As per the provisional results for FY14,
DTPL registered a turnover of INR20.58 crore.


DEEPAM HOSPITAL: CRISIL Cuts Rating on INR201.8MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Deepam Hospital Ltd (DHL; part of the Deepam group) to 'CRISIL
D' from 'CRISIL B/Stable'. The rating downgrade reflects DHL's
overdrawn cash credit facility for more than 30 days and delay in
repayment of term loan because of weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            4.5       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Proposed Long Term     7.3       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B/Stable')

   Term Loan             190        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The Deepam group has small scale of operations with geographical
concentration in revenue profile, and working-capital-intensive
operations. However, the group benefits from its promoters'
extensive industry experience and improving occupancy of its
critical care unit.

For arriving at the rating, CRISIL has combined the financial and
business risk profiles of DHL and its wholly owned subsidiaries
Deepam Health Care Centre Pvt Ltd (DHCCPL) and JSP Hospital Pvt
Ltd (JSPHPL), together referred to as the Deepam group. This is
because these entities have fungible cash flows, are in the same
business, and are under same management.

DHL (formerly, Deepam Hospital Pvt Ltd) was set up in 1992 and
runs four secondary care hospitals, and one kidney diagnostic
centre. Moreover, it has recently set up a new critical care
hospital. These hospitals are located in Chennai, Tamil Nadu and
are promoted by a team of doctors, Dr. A Pandian, Dr. T N
Ravishankar, Dr. R Saravanan, Dr. P Ramanatham, and Dr. B Saroja.
DHL was reconstituted as a closely held company in 2009; also, in
the same year, the company acquired two companies, namely, DHCCPL
and JSPHPL.


DHARA PETROCHEMICALS: CRISIL Cuts Rating on INR50MM Loan to B+
--------------------------------------------------------------
CRISIL has downgraded the bank facilities of Dhara Petrochemicals
Private Limited to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

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

   Letter of Credit       65        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

The rating downgrade reflects weakening in DPPL's credit risk
profile owing to increase in working capital requirements and
steady decline in revenue. DPPL's gross current assets (GCAs)
increased to about 230 days as on March 31, 2014 from 134 days a
year ago, led by sizeable stretch in debtors. The revenue has been
in decline since 2010-11; in 2013-14 (refers to financial year,
April 1 to March 31), the revenue was estimated at INR240 million,
down from INR404 million in 2010-11. Consequently, the cash
accruals are low, constraining liquidity. The bank limit
utilisation has been high at around 97 per cent on average in the
12 months through February 2014, with frequent reliance on ad-hoc
limits. CRISIL believes that DPPL's liquidity will remain
stretched over the medium term, marked by large working capital
requirements and marginal net cash accruals.

CRISIL's ratings on DPPL's bank facilities also reflect its below-
average financial risk profile marked by high total outside
liabilities to tangible net worth (TOL/TNW) ratio, increased
working capital requirements and steady decline in revenue. These
rating weaknesses are partially offset by the promoters' extensive
experience in the polymer trading business.

Outlook: Stable

CRISIL believes that large working capital requirements and
reduced accruals will continue to constrain DPPL's liquidity. The
outlook may be revised to 'Positive' if there is significant and
sustainable improvement in DPPL's working capital cycle and net
cash accruals, leading to substantial improvement in liquidity.
Conversely, the outlook may be revised to 'Negative' if the
profitability margin, capital structure, or liquidity
deteriorates, most likely because of large working capital
requirements.

DPPL was established in January 2010 by Mr. Gaurav Thanky. The
company trades in plastic polymers. These granules are engineering
polymers used in the automotive, appliances, electrical,
stationary and pump industries.

For 2012-13 (refers to financial year, April 1 to March 31),
DPPL's profit after tax (PAT) is estimated at INR0.7 million on
net sales of INR 279.5 million, against a PAT of INR0.9 million on
net sales of INR326.5 million for 2011-12.


DURGA AUTOMOTIVE: CRISIL Cuts Rating on INR186.3MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Durga Automotive Pvt Ltd to 'CRISIL D' from 'CRISIL B-/Stable'.

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

   Inventory Funding      100       CRISIL D (Downgraded from
   Facility                         'CRISIL B-/Stable')

   Proposed Long Term      25.3     CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B-/Stable')

   Standby Line of Credit  21       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The rating downgrade reflects DAPL's overdrawn standby line of
credit (SLC) facility continuously for more than 30 days; this was
due to its weak liquidity. The company uses its SLC limit to fund
its working capital requirements. Its weak liquidity is driven by
its increased exposure to group companies. CRISIL believes that
DAPL's liquidity will remain weak over the medium term because of
its substantial exposure to group companies.

DAPL also has a weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics, and
working-capital-intensive operations. The company also has
geographic concentration in its revenue profile and is susceptible
to economic slowdowns. However, DAPL benefits from the extensive
experience of its promoters in the automobile dealership business.

Set up in 1998, DAPL is promoted by Mr. Sanjay Bansal. The company
has five showrooms for Hyundai Motors India Ltd (rated 'CRISIL
A1+'), three in Siliguri and one each in Malda and Cooch Behar,
and three branches, one each in Jaigaon, Darjeeling, and Raigunj
(all in West Bengal). Moreover, it has one showroom for Piaggio in
Siliguri.


KANGRA EXPORTS: CRISIL Suspends 'B' Rating on INR75MM Bank Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kangra
Exports Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term      75       CRISIL B/Stable Suspended
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by (KEL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, (KEL is yet to
provide adequate information to enable CRISIL to assess (KEL'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'.

KEL was incorporated in 1995. The company was not functional till
Mr Sanjay Agarwal acquired it in 2007; the acquisition was
completed in 2011. KEL manufactures menthol crystals and has
monthly capacity of 40 tonnes. The plant is located in Narela
(Delhi). KEL started commercial production in February 2012.


KAPOOR TOWERS: CRISIL Suspends 'B+' Rating on INR61MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kapoor
Towers.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Working Capital          61       CRISIL B+/Stable Suspended
   Term Loan

The suspension of ratings is on account of non-cooperation by KT
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KT is yet to
provide adequate information to enable CRISIL to assess KT'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'.

KT was set up as a partnership firm in 2011; it is currently
executing a commercial real estate project named Kapoor Towers at
Rajpur Road in Dehradun (Uttarakhand). The project includes the
construction of a 5-storey building (ground plus 4 floors), which
will house 7 showrooms, 14 offices, 42 shops, along with parking
facilities. The total project cost is estimated at INR122.1
million. This is expected to be funded by a working capital
project of INR61 million; the remaining requirement is to be met
by capital of INR24.6 million and unsecured loans and advances of
INR36.5 million.


KISHORE G: CRISIL Assigns 'B' Rating to INR55MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of Kishore G Lund (KGL, part of the Srivari Group).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            55        CRISIL B/Stable

The rating reflect the firm's exposure to risks related to
completion and saleability of its ongoing projects and its
susceptibility to risks inherent in the real estate industry.
These rating weaknesses are partially offset by its promoters'
extensive experience in the real estate development business and
proven project-execution capabilities.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KGL and its associate entities, Srivari
Property Developers Pvt Ltd and Srivari Infrastructure Pvt Ltd.
This is because the three entities together referred to as the
Srivari group, operate in the same line of business, have common
management and fungible cash flows.

Outlook: Stable

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

Srivari Group is involved in real estate development and is based
out Coimbatore (Tamil Nadu).


MIDAS PETROCHEM: CRISIL Assigns B+ Rating to INR150MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Midas Petrochem Pvt Ltd.

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

The rating reflects susceptibility of MPPL's operating performance
to volatility in product prices and to intense competition in the
PVC products trading business. The rating also reflects expected
pressure on MPPL's financial risk profile on account of higher
dependence on external funding to support its future business
growth. These rating weaknesses are partially offset by the
extensive experience of MPPL's promoters in the polymer products
trading business.

Outlook: Stable

CRISIL believes that MPPL will continue to benefit over the medium
term from its promoter's extensive experience in the polymer
products trading business. The outlook may be revised to
'Positive' if the company is able to maintain the expected growth
in revenues and accruals while moderating the dependence on
external funding, thereby translating to an improvement in the
debt protection indicators. Conversely, the outlook may be revised
to 'Negative' in case MPPL registers a significant decline in its
revenues and margins or if its working capital cycle lengthens
further, leading to further weakening of its financial risk
profile.

Midas Petrochem Private Limited, set up in 2012, is engaged in
trading of PVC resin. The promoters of the company are Mr. Dipesh
Janani and his father Mr. Hasmukh Janani. The Janani family has
been engaged in PVC resins trading business since 2005 through two
proprietorship concern Midas Marketing Inc. and Midas Petrochem
Industries. Since FY 2013-14, the promoters have shifted majority
of its trading activities to MPPL and currently all the trading
activity is carried out under MPPL. The company has its
administrative office in Mumbai.

MPPL reported, on a provisional basis, a profit after tax (PAT) of
INR3.7 million on net sales of INR878.4 million for 2013-14
(refers to financial year, April 1 to March 31) which is its first
year of operations.


RATNAGIRI CHEMICALS: CRISIL Cuts Rating on INR45MM Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ratnagiri Chemicals Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' while reaffirming its short-term rating at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            45        CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')
   Packing Credit         45        CRISIL A4 (Reaffirmed)
   Post Shipment Credit   20        CRISIL A4 (Reaffirmed)

The rating downgrade reflects continuous decline in the operating
revenues of the company from INR275.8 million in 2012-13 to
INR246.6 million in 2013-14.   The revenues of the company in
2011-12 were around INR 38.3 million. The decline in operating
revenues of the company has been on account of weak export market
for Guaiacol and Veratrol of RCPL over the past 2 years. The weak
demand in the export market was also on account of loss of one of
its major customer leading to decline in export revenues to INR30
million in 2013-14 as against that of INR 33.11 million in 2012-13
and INR190 million in 2011-12. This coupled with moderate
operating margins in the range of 9 per cent to 11 per cent over
the past three years has resulted in cash accruals of around
INR5.3 million over the past two years as against debt repayments
of INR4 million. The downgrade also reflects the deterioration in
the working capital cycle of the company owing to high inventory
holding of around 220 to 240 days over the past 2 years. The
inventory levels during 2013-14 were maintained at around 220 days
level andas a result the bank limits of the company leading to
average bank limit utilization of 97 per cent over the past 4
months ended February 2014.

The rating also reflects subdued financial risk profile marked by
low net worth, high gearing and weak debt protection metrics
coupled with susceptibility of RCPL's revenue profile to the
continuing ability of the company to innovate and develop new
products and processes. These rating weaknesses are partially
offset by the extensive experience of RCPL's promoters in the
specialty chemicals industry and established customer
relationships.


RECON TECHNOLOGIES: CRISIL Cuts Rating on INR135.4MM Loans to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Recon
Technologies Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         30        CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Cash Credit            90        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Long Term     13        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB-/Stable')

   Term Loan               2.4      CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by RTPL in
servicing its debt; the delays have been caused by RTPL's weak
liquidity.

RTPL has a below-average financial risk profile marked by small
net worth, high gearing, and below-average debt protection
metrics. The company has large working capital requirements, and
has modest scale of operations in the intensely competitive diesel
genset industry. However, the company benefits from its promoter's
extensive experience in the diesel generator manufacturing
industry.

Established in 1997 by Mr. Venu Vinod, RTPL is an assembler for
Mahindra & Mahindra Ltd. The company assembles diesel generator
sets in the range of 10 to 125 kilovolt amperes. The company is
based in Hyderabad, Andhra Pradesh.


REDCO HOTELS: CRISIL Reaffirms B+ Rating on INR450MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Redco Hotels Pvt Ltd
continue to reflect its exposure to risks related to occupancy and
intense competition in the hotel segment in Pune. These rating
weaknesses are partially offset by the benefits that the company
derives from its tie-up with Marriott Hotels India Pvt Ltd
(Marriott) and the promoters' financial support. The management
will continue to extend need-based fund support to the company
over the medium term.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Rupee Term Loan        450       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RHPL will continue to benefit from the
promoters' extensive experience and its tie-up with Marriott over
the medium term. Given RHPL's constrained liquidity, the
management will continue to extend need-based fund support to the
company over the medium term. The company's hotel is fully
operational with 40 per cent occupancy; its cash accruals could be
sufficient to meet its debt obligations over the medium term. The
outlook may be revised to 'Positive' if the company substantially
improves revenue and cash accruals from the hotel. Conversely, the
outlook may be revised to 'Negative' if revenue and profitability
are adversely affected by lower-than-expected occupancy or average
room rate (ARR) at its hotels, or if the company undertakes a
larger-than-expected debt-funded capital expenditure (capex)
programme, thereby weakening its capital structure.

RHPL was incorporated in 2008 by Mr. Afzal Ladak, his son, Mr.
Shakeel Ladak and son-in-law, Mr. Iqbal Makani. The company has
Completed the construction of a four-star hotel in Chakan (Pune)
in March 2013. RHPL began commercial operations from September
2013. The company has tied-up with Marriott International to
manage operations of the Courtyard by Marriott.


SAHARA GROUP: Deposits INR3,000cr With Sebi For Chief's Release
---------------------------------------------------------------
The Times of India reports that Sahara deposited INR3,007 crore
with market regulator Sebi as it was left with no option but to
comply with conditions imposed by the Supreme Court for release of
group head Subrata Roy and two directors.

The court on March 26 had asked Sahara to deposit INR5,000 crore
in cash and INR5,000 crore through bank guarantee for release of
Mr. Roy and the two directors, who have been detained since March
4 for continued non-compliance of its August 31, 2012 judgment and
subsequent orders, the report recalls.

On June 4, TOI relates, the apex court had reiterated the
March 26 order but allowed Sahara to operate bank accounts and
sale bonds and securities to meet the pre-release conditions.

According to the report, Sahara sources said INR3,007 crore was
mopped up from various bank accounts and sale of bonds and the
amount was deposited on Monday with the market regulator. "We are
arranging the rest of the money and the bank guarantee," the
report quotes Sahara sources as saying.

With this, the total amount deposited by Sahara with Sebi touched
INR8,127 crore, of which INR5,127 crore was deposited with the
market regulator by Sahara Real Estate and Sahara Housing in
December 2012, the report notes.

While rejecting Sahara's plea for Mr. Roy's release or putting him
in a government guest house, the court had on June 4 referred the
case to a three-judge bench, TOI says.  According to the report,
the case relates to Sahara raising INR25,000 crore through one-
time convertible debentures (OFCDs) which the court termed as
illegal and directed Sahara to refund. The company claimed it had
refunded the entire money except for a liability of INR2,000-odd
crores.

The report relates that the court had appointed senior advocate
Fali S Nariman as amicus curiae. "We are further of the view that
having regard to the nature of these proceedings and the stakes
that are involved, we need to appoint an amicus curiae. We
accordingly request F S Nariman, senior advocate, to assist the
court as an amicus curiae. Nariman shall be free to associate two
juniors of his choice to brief him in the matter," it had said.

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


SANJEEVINI MEDILIFE: ICRA Suspends 'D' Rating on INR13cr Loan
-------------------------------------------------------------
ICRA has suspended the '[ICRA]D' rating assigned to the INR13
crore term loan of Sanjeevini Medilife Hospital (India) Pvt. Ltd.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

SMHIPL operates a multispecialty hospital under the banner
'Sanjeevini Hospital' located in north-eastern part of Bangalore
in Mahalakshmi Layout. The company is promoted by Dr. Subhash with
his wife Mrs. Premlata. Sanjeevini Hospital is a 56 bed hospital
including ICUs (Intensive Care Units) & 3 OTs (Operation
Theatres). Sanjeevini is a multi-specialty hospital providing
medical services in the field of general Surgery, OBG,
Orthopedics, Urology, Pediatrics etc. with OBG and Pediatrics
being the key focus areas.


SARASWATI TIMBER: CRISIL Suspends B- Rating on INR57.5MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Saraswati Timber Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           17.5       CRISIL B-/Stable Suspended
   Term Loan             40         CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by STPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, STPL is yet to
provide adequate information to enable CRISIL to assess STPL'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'

STPL was set up in 2007 by Mr. Arjun Puri, Mr. Angad Puri, and Mr.
Akash Kapoor. It is currently setting up a manufacturing unit of
ethylene-vinyl-acetate-based shoes and sandals at Footwear Park in
Bahadurgarh (Harayana) with a total production capacity of 100,000
pairs per month. This is being carried out in two phases. The
company commenced commercial production as the first phase of its
project was completed in July 2011. Around 60 per cent of the
second phase is also complete. The unit is expected to become
fully operational by August 2012. STPL's promoters have also set
up other companies, namely Ace Footmark Pvt Ltd (Ace; rated
'CRISIL BB-/Stable/CRISIL A4+'), NR Footwear Pvt Ltd, and Focus
Shoes Pvt Ltd, which manufacture different types of footwear.
However, all these companies are independently managed. Currently,
majority of STPL's sales are derived from Ace, in order to benefit
from the latter's established distribution network. However, STPL
has also recently started supplying shoes and sandals for the
retail outlets such as Reliance Trends and Wal-Mart. Going
forward, the contribution of sales from this segment is expected
to increase.


SHRI GANESH: ICRA Assigns 'B' Rating to INR3cr Loan
---------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' and a short-term
rating of '[ICRA]A4' for INR6.0 Crore bank facilities of Shri
Ganesh Fire Equipments (P) Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based             3.0         [ICRA]B assigned
   Non-fund based         3.0         [ICRA]A4 assigned

The assigned rating takes into account the company's stagnant
revenues in the last four years, tender based nature of business
which keeps revenues volatile and its limited product
diversification. Also, the heavy dependence on government related
orders results in an elongated receivable cycle which keeps the
operations working capital intensive, evidenced by almost fully
utilized working capital limits. Further, high competitive
intensity in the area of operations may constrain the
profitability margins which coupled with low scale of operations
would result in thin absolute profits. However, ICRA factors in
the long standing experience of promoters in the manufacturing of
pumps and assembly of fire fighting vehicles, established
relations with customers which helps them record repeat orders.
Going forward, the ability of the company to increase its scale of
operations as well as manage its working capital intensity would
remain the key rating sensitivities.

Recent Results
In FY14 (provisional), SGFEPL's operating income stood at INR12.5
Crore. The company's profit before depreciation, interest and tax
was INR1.0 Crore and profit before tax (PBT) stood at INR0.3 Crore
in FY14.

Incorporated in 2010 as a private limited company, SGFEPL has been
engaged in the manufacturing of complete range of fire fighting
vehicles, pumps, equipments and accessories. Earlier, it was
operating by the name of Shri Ganesh Udyog (India) as a
proprietary concern, set up by Mr. Ganesh Lal in 1980. The
promoters have been operating in this business for the last three
decades. Currently, It is being managed by Mr. Lal's son, Mr. Raj
Kishore. The company has three manufacturing facilities, two in
Delhi and one in Bihar. The products are sold under the brand name
Ganesh.


SHRI SALASAR: CRISIL Suspends 'B-' Rating on INR45MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shri Salasar Paper Mills Private Limited.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL B-/Stable Suspended
   Letter of Credit       15       CRISIL A4 Suspended
   Rupee Term Loan        15       CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by Shri
Salasar with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Shri Salasar is
yet to provide adequate information to enable CRISIL to assess
Shri Salasar'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'.

Shri Salasar is engaged in manufacturing of kraft paper which is
used in textile, FMCG and packaging industries (after
corrugating). The company was started in 1997. Shri Salasar is
also engaged in production manufacturing of Kraft paper. Shri
Salasar manufactures 12 bf to 14 bf kraft paper. The key raw
material for the company is waste paper which it imports or
procures domestically.


SRI GANESH: CRISIL Suspends 'D' Rating on INR498.5MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Ganesh Sponge Iron (P) Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          5       CRISIL D Suspended
   Cash Credit           270       CRISIL D Suspended
   Letter of Credit       10       CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility     43.5     CRISIL D Suspended
   Term Loan             170       CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
SGSIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SGSIPL is yet to
provide adequate information to enable CRISIL to assess SGSIPL'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 2001 by Mr. Laxmi Narayan Sharma and his sons, Mr.
Mahesh Kumar and Mr. Ganesh Kumar, SGSIPL manufactures sponge
iron. The company started commercial production in June 2004 by
setting up a 100-tonne-per-day (tpd) sponge iron plant in the
Keonjhar district of Orissa. In 2006-07, it commissioned another
100-tpd sponge iron kiln and an iron ore crusher with a capacity
of 75 tonnes per hour. It also set up a 1.05-megawatt power plant
in April 2008 to cater to the power requirement of both the sponge
iron units and the crusher. During 2009-10, SGSIPL had undertaken
a capital expenditure programme to forward-integrate its
operations by commissioning a rolling mill and an additional
induction furnace to manufacture billets and thermo-mechanically
treated bars. The roller mill was commissioned in March 2010.


TARUN ALLOYS: CRISIL Suspends 'B-' Rating on INR265MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Tarun
Alloys Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           165        CRISIL B-/Stable Suspended
   Term Loan             100        CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by TAL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TAL is yet to
provide adequate information to enable CRISIL to assess TAL'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 1995, TAL manufactures ingots, beams, and angles.
TAL started its activities with manufacturing SS ingots and
started producing beams and angels from 2011-12 (refers to
financial year, April 1 to March 31) onwards with an installed
capacity of 27,000 tonnes per annum (tpa). TAL's manufacturing
facilities are located in Bhiwadi (Rajasthan) with production
capacity of about 30,000 tonnes per annum (tpa) for ingots and
27,000 tpa for beams and angles. The company is owned and managed
by Mr. Jagjiwan Kumar Garg and his family members.


TEESTA URJA: ICRA Assigns 'B-' Rating to INR500cr Term Loan
-----------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]B-' to the INR500
crore term loans of Teesta Urja Limited. ICRA also has an
outstanding rating of [ICRA]B- for INR2300 crore term loans of
Teesta Urja Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            500         [ICRA]B- assigned

The reaffirmation of high risk category rating takes into account
the continued delays in commissioning and cost overruns in the
1200 MW hydro power project being developed in the state of Sikkim
development by Teesta Urja Limited. Key rating concerns emanate
from the slow progress in the lining of the two pressure shafts
which have resulted in a delay in COD of the project (from
December 2013 to June 2015). The delay was also on account of
difficulties faced by the developer in remobilization of manpower
and disputes regarding cost increases with the contractors. With
the settlement agreement (with the contractors) in place, this
concern is now mitigated. However, the increase in hard cost as
well as the IDC (Interest During Construction), on account of
delay in commissioning of the project, has resulted in a
substantial increase in the project cost to INR11, 382 crore as
against the earlier estimates of slightly over ~INR10,000 crore.
These time and cost overruns in the project have substantially
constrained the ratings of the company. Earlier too the project
had faced time overruns on account of geological surprises and
natural calamities and cost overruns on account of damages and
change in design aspects following the aforementioned events as
well as significant increase in the interest during construction
(IDC) element of the project cost because of hardening in the
interest rates and also on account of time overrun. Moreover, with
the project funding tied up in a debt: equity of 77.5:22.5, the
financial risk profile is also high. Approval of the cost overrun
and timely sanction and disbursal of the debt component of the
same are now critical for the commissioning of the project. It is
to be noted that REC Ltd (Rural Electrification Corporation Ltd),
lead lender of the consortium has sanctioned its proportionate
share of cost overrun debt funding.

The rating factors in strengths such as experienced management,
support extended by investors (Asian Genco and PTC India Ltd) and
the consultant (Energy Infratech Limited), infusion of entire
equity commitment by the promoters, completion of 100% excavation
works which limit the geological risks to a certain extent,
approval for evacuation of power through interim evacuation
arrangement through Teesta V HEP line, limited off-take risk given
the expectations of continued energy deficit, potential upside in
tariff as 30% of the power generated will be sold through merchant
route, and deemed generation clauses providing cushion against
hydrological and silting risks.

Going forward, the ability to tie up funds (both debt and equity)
for the cost overrun in a timely manner and to achieve
commissioning within the revised timelines will remain key rating
sensitivities for the company.

Teesta Urja Limited is a Special Purpose Vehicle (SPV)
incorporated on March 11, 2005 for the development of the 1200 MW
Teesta Stage III Hydroelectric Electric Project. The company is
promoted by a consortium comprising of Asian Genco Pte Limited,
Government of Sikkim (GoS), Athena Projects Private Limited, PTC
India Limited and having percentage equity holding shares of
50.1%, 26%, 12.9%, and 11% respectively. The promoters have
infused the entire equity commitment (against original cost as
well as cost overrun) of INR1860.5 crore in the project. The
company has signed a PPA with Power Trading Corporation for sale
of power wherein PTC will sell 70% of the total generation on Long
term basis and rest 30% on merchant basis. The estimated cost of
the project is INR11382 crore (INR9.5 crore per MW) and is
expected to be commissioned by June 2015.


U GOENKA: CRISIL Suspends 'B' Rating on INR10MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of U
Goenka Sons Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            10        CRISIL B/Stable Suspended
   Letter of credit &
   Bank Guarantee        170        CRISIL A4 Suspended

The suspension of ratings is on account of non-cooperation by
UGSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, UGSPL is yet to
provide adequate information to enable CRISIL to assess UGSPL'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'

UGSPL, promoted by Mr. S P Goenka, imports pulses and sells the
same in the Indian market. The company procures a range of pulses,
including moong, toor, and channa from exporters and agents in
various countries such as the US, Australia, Burma, and countries
in Africa and Europe. UGSPL sells its products to brokers based in
Mumbai (Maharashtra).



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


MERPATI NUSANTARA: Indonesia Plans to Save Carrier
--------------------------------------------------
Antara News reports that the Indonesian government has decided to
save PT Merpati Nusantara Airlines as the cost of its bankruptcy
is huge, Chairul Tanjung stated on June 12.

"The cost of Merpatis bankruptcy far exceeds the cost of saving
it," the chief economic minister remarked after a coordination
meeting on state-owned companies, the report relates.

According to the report, Chairul pointed out that Merpatis
condition was grave due to its huge debt, but the government is
resolute to help it to operate normally again.

In connection with that, it will await the decision of the working
committee on Merpatis restructuring of the House of
Representatives Commission VI, which has just been set up to
discuss the future of the state-owned airlines that had so far
served remote destinations, Antara News says.

"We will follow up with the results of the meeting. Several
scenarios have already been prepared, which include converting the
governments debt into its capital. We have not yet taken a
decision on this, but it is still a mere option. It will all
depend on the results of the working committees meeting," the
report quotes Chairul as saying.

Since February 2014, Antara notes, Merpati has stopped serving
most of its routes due to an operational fund shortage that has
led the Ministry of Transportation to freeze its Air Operation
Certificate (AOC).

Antara discloses that the company, which was established on
September 6, 1962, currently has a total debt amounting to around
IDR7.6 trillion, although the government has injected funds into
the company on several occasions.

At the end of 2013, Merpati suffered a loss of IDR1.22 trillion
with corporate capital negatively accumulating to around IDR5
trillion.

Currently, Merpati is conducting restructuring and revitalization
under the management of PT Perusahaan Pengelola Aset (PPA) and in
this regard, it requires around IDR150 billion, according to
Antara.

One of the options to save Merpati is converting its debt into
equity. Its shareholders have agreed to sell two of its business
units: Merpati Maintenance Facility and Merpati Training Center to
PT PPA, Antara adds.

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.



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


POSTIE PLUS: Chairman Neither Confirm Nor Deny on Offer by Pepkor
-----------------------------------------------------------------
The Press reports that Postie Plus' chairman Richard Punter will
neither confirm nor deny that large South African investment group
Pepkor has made a conditional offer to buy the troubled national
clothing chain.

"All I'm prepared to say is we have been speaking with a company
for many months and . . . that the company is in due diligence,"
the report quotes Mr. Punter as saying.

A media report has said the purchaser is Pepkor which has
retailing chains in Africa, Eastern Europe and Australia, says The
Press.

In Australia, Pepkor owns family clothing retail chain Best & Less
which Pepkor bought in 1998 and men's and women's clothing chain
Harris Scarfe which it bought in 2012. Best & Less has nearly 200
stores.

Asked if the conditional purchaser was Pepkor, Mr. Punter said
"I'm not in a position to tell you who the company is . . . I will
neither confirm nor deny," The Press relays.

The Press notes that the only information Postie Plus and the
administrators have given in a public statement is that an
international buyer has put in a conditional offer and was doing
due diligence.

According to the report, Postie announced a day after the board
placed it in administration that there was the conditional offer
for the company's business and assets.

Under insolvency rules the administrators have up to 20 days after
appointment to call a "watershed meeting" of creditors to decide
on the future of the company, the report states.  The two options
are typically restructure -- which includes a sale - or
liquidation.

The Press says the administrator has applied to the High Court to
extend the date for the watershed meeting until September 1 to buy
some time before deciding Postie's fate.

                         About Postie Plus

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

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

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



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


DOOSAN INFRACORE: Moody's Rates $1.3BB Senior Secured Loan 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 corporate
family rating to Doosan Infracore International Inc (DII). At the
same time, Moody's has assigned a definitive Ba3 rating to the 7-
year $1.3 billion senior secured term loan co-borrowed by DII and
Doosan Holdings Europe Limited (DHEL, unrated).

The outlook on all the ratings is stable.

Ratings Rationale

Moody's assignment of its definitive ratings on DII and the term
loan follows the company's completion of its credit facilities,
the final terms and conditions of which are consistent with
Moody's expectations.

The provisional ratings were assigned on 25 April, and Moody's
ratings rationale was set out in a press release published on the
same day.

In addition to the senior secured term loan, the co-borrowers
raised a $400 million subordinated unsecured term loan due 2022
(unrated) and senior secured revolving facility of $100 million
(unrated) with a maturity of five years to provide back-up
liquidity.

The proceeds from the term loans will be used mainly to refinance
the existing $1.72 billion syndicated credit facilities.

The principal methodology used in the ratings was the Global Heavy
Manufacturing Rating Methodology published in November 2009. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the US, Canada and EMEA published
in June 2009.

Doosan Infracore International Inc, with its Bobcat brand, is the
leading manufacturer of compact construction equipment in the
North America. Its affiliate, Doosan Holdings Europe Limited,
operates the compact construction equipment business in the EMEA.
Both companies are collectively wholly owned by Doosan Infracore
Co Ltd (unrated) and Doosan Engine Co Ltd (unrated).



===============
T H A I L A N D
===============


TRUE MOVE: S&P Puts 'B' LT CCR on CreditWatch Positive
------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its 'B'
long-term corporate credit rating and 'axBB-' long-term ASEAN
regional scale rating on Thailand-based wireless communication
service provider True Move Co. Ltd. on CreditWatch with positive
implications.  S&P also placed its 'B-' long-term issue rating on
the company's debt on CreditWatch positive.

"We placed the ratings on CreditWatch because the leverage of True
Move's parent True Corp. Public Co. Ltd. is likely to improve
following its proposed rights issue," said Standard & Poor's
credit analyst Bertrand Jabouley.  "We consider True Move to be
core to True Corp.'s business strategy, and equalize the rating
with the group credit profile of True Corp."

True Corp. announced on June 9, 2014, that it will raise about
Thai baht (THB) 65 billion in new equity, which will reduce its
leverage and help finance growth.  The company has earmarked 80%
of the rights issue proceeds to repay bank debt.  Mobile
telecommunications group China Mobile Ltd. will provide about 44%
of the fresh capital and will have an 18% strategic ownership in
True Corp.

S&P expects True Corp's financial metrics to improve to levels
firmly in line with an "aggressive" financial risk profile at
least, compared with "highly leveraged" now.  True Corp.'s net
debt, which was about THB86 billion on March 31, 2014, will more
than halve to THB34 billion pro forma.  The company plans to
maintain a net debt-to-EBITDA ratio of less than 2x.  In addition,
S&P notes that True Corp. will have longer-term benefits from its
cooperation with its new strategic shareholder.  The 'b' group
credit profile therefore has a clear upside potential, in S&P's
view.

The Charoen Pokphand Group (CP Group) will remain the largest
shareholder in True Corp., especially as it has stated its
intention to underwrite any unsubscribed shares under the rights
offering.  S&P will assess how the entry of China Mobile will
affect the relationship between True Corp. and CP Group.

"We plan to resolve the CreditWatch placement in the next three
months, after we have sufficient certainty about the success of
the proposed rights issue and the final amount earmarked for
immediate debt repayment," said Mr. Jabouley.

At that time, S&P could affirm the ratings on True Move or raise
them, likely by one notch, depending on its assessment of True
Corp.'s group credit profile.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***