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

                      A S I A   P A C I F I C

          Wednesday, January 28, 2015, Vol. 18, No. 019


                            Headlines


A U S T R A L I A

HOMEART PTY: Goes Into Voluntary Administration
MISSION NEWENERGY: Had AUD1.2 Million in Cash at Dec. 31, 2014
PAID INT'L: Restructuring Plan Proposed, Creditors to Meet Feb. 4
UPPER DECK: First Creditors' Meeting Slated For Feb. 5


C H I N A

CAR INC: UCAR Collaboration No Impact on Moody's Ba1 Rating
CHINA FORESTRY: Moody's Withdraws Ca Corporate Family Rating
HONGHUA GROUP: Moody's Lowers Corporate Family Rating to B2
KAISA GROUP: In Talks With Sunac Over Possible Stake Purchase
LDK SOLAR: Unveils Results of EGM Held in Hong Kong

LDK SOLAR: Filed Amendments to Form T-3s


I N D I A

AABHAR INTERNATIONAL: CRISIL Suspends B Rating on INR5MM Loan
ABC RAILROAD: ICRA Cuts Rating on INR15.50cr Non-FB Loan to 'D'
ALFA ELECTRONIC: CRISIL Suspends B+ Rating on INR100MM Loan
ANKIT EGG: CRISIL Assigns C Rating to INR40.6MM Long Term Loan
AV SCIENCE: ICRA Assigns B+ Rating to INR2cr Cash Credit

BERRY ALLOYS: ICRA Lowers Rating on INR23.5cr Non-FB Loan to D
BHALKESHWAR SUGARS: ICRA Revises Rating on INR95.5cr Loan to 'D'
BHAMBRA OVERSEAS: ICRA Cuts Rating on INR5cr Cash Credit to D
CAUVERY MEDICAL: ICRA Withdraws D Rating on INR74cr Term Loan
CHHINDWARA INFRASTRUCTURE: ICRA Rates INR17.50cr Term Loan at B

CHORUS LABS: ICRA Reaffirms B- Rating on INR4cr Cash Credit
D.R. COATS: ICRA Suspends B+ Rating on INR6.0cr Fund Based Loan
E.V. HOMES: ICRA Withdraws B+ Rating on INR5cr Fund Based Limit
FASTRACK DEALCOMM: ICRA Withdraws B+ Rating on INR8cr Term Loan
G. M. EXPORTS: ICRA Suspends B+ Rating on INR6cr LT Loan

GEETHA KRISHNA: CRISIL Suspends B+ Rating on INR200MM LT Loan
INDER SINGH: CRISIL Suspends B Rating on INR45MM Cash Credit
INDIA GREEN: CRISIL Suspends B+ Rating on INR1.0BB Bank Loan
J AND J PRECISION: CRISIL Reaffirms B Rating on INR150MM Loan
JINDAL RICE: ICRA Reaffirms B- Rating on INR13.32cr LT Loan

KIRTIMAN CEMENTS: ICRA Revises Rating on INR18cr LT Loan to 'B'
KOUSHIC PRESSURE: CRISIL Suspends B- Rating on INR56MM Cash Loan
KUBER (INDIA): ICRA Cuts Rating on INR14cr LT Loan to 'D'
L7H LIFE: ICRA Revises Rating on INR8.61cr Term Loan to 'D'
LAVANYA GOLD: CRISIL Suspends D Rating on INR600MM Cash Credit

LINK WELL: CRISIL Suspends D Rating on INR31.5MM Cash Credit
M. H. FOODS: ICRA Assigns B Rating to INR10cr Cash Credit
MAHADEVI COTTON: ICRA Suspends B Rating on INR7cr Cash Credit
MAITREE ASSOCIATES: CRISIL Suspends B+ Rating on INR20MM Loan
MANDAVA COTTON: CRISIL Suspends D Rating on INR93.4MM LT Loan

MILLENNIUM WIRES: CRISIL Suspends D Rating on INR148.5MM Loan
MOUNTAIN STEELS: ICRA Suspends B- Rating on INR8cr Long Term Loan
PARTH FOILS: ICRA Lowers Rating on INR54.38cr Term Loan to 'D'
PERMALI WALLACE: ICRA Revises Rating on INR44.23cr Loan to B+
RADISH TECHNOLOGIES: ICRA Suspends B+ Rating on INR11.87cr Loan

S&P FEEDS: ICRA Suspends B+ Rating on INR10cr Cash Credit
SARDA PLYWOOD: CRISIL Reaffirms B Rating on INR359.6MM Loan
SHANKER INT'L: ICRA Reaffirms B Rating on INR39cr Non-FB Loan
SHARADA EDUCATION: CRISIL Reaffirms B- Rating on INR110MM Loan
SHARDA TIMBER: ICRA Reaffirms B Rating on INR28.50cr Loan

SHIRIDI SAI: CRISIL Suspends D Rating on INR90MM LT Loan
SHREE RAMDEV: CRISIL Puts B+ Rating on INR75MM Cash Credit
SIDHARTH AND GAUTAM: CRISIL Suspends B+ Rating on INR72MM Loan
SRI SAKTHI: CRISIL Reaffirms B+ Rating on INR150MM Bank Loan
STABLE PACKAGING: ICRA Assigns B+ Rating to INR4cr Buyer's Credit

SWASTIK ARMAAN: ICRA Suspends B/A4 Rating on INR6.5cr Loan
TAJPURIYA WOODWORKS: ICRA Suspends B+ Rating on INR7.5cr Loan
VASUNDHARA CONSTRUCTIONS: ICRA Rates INR12cr Term Loan at 'B+'
VSOFT TECHNOLOGIES: CRISIL Suspends D Rating on INR50MM Loan
WINSOME YARNS: ICRA Suspends D Rating on INR314cr LT Loan


I N D O N E S I A

BERAU COAL: Maturity Extension In line With Caa1 Rating Downgrade
MAXPOWER GROUP: Fitch to Assign 'B' IDR With Stable Outlook
MAXPOWER GROUP: Moody's Assigns (P)B1 Corporate Family Rating
MAXPOWER GROUP: S&P Assigns 'B' ICR; Outlook Stable
TBG GLOBAL: Fitch Rates Proposed US$ Notes at 'BB(EXP)'

TBG GLOBAL: S&P Assigns 'BB' Rating to Proposed US$ Sr. Notes


N E W  Z E A L A N D

VIVID TECHNOLOGIES: High Court Puts Business Into Liquidation
WINDFLOW TECHNOLOGIES: To Cut Jobs on Weak UK, NZ Energy Markets


P H I L I P P I N E S

ALLIANCE SELECT: Reorganizes Mgt Amid Singapore Shareholders Row


S O U T H  K O R E A

MONEUAL INC: Prosecutors Add Fraud Charge Against Owner


                            - - - - -


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


HOMEART PTY: Goes Into Voluntary Administration
-----------------------------------------------
Sunshine Coast Daily reports that about 600 Australian employees
of the retailer Homeart are facing an uncertain future after the
company was put into voluntary administration last week.

Administrators at PPB Advisory were appointed on Jan. 22 to manage
the voluntary administration of the company and have begun a
review of the business, the report says.  However, a statement
from the firm said the business would continue to operate as usual
while the review was underway.

According to the report, PPB Advisory partner Daniel Walley said
the review would allow them to investigate "all possible options,
including a possible sale as a going concern" for the national
retailer.

"We are working constructively with Homeart suppliers, business
partners and its dedicated team of 600 staff to ensure we achieve
the best possible outcome for the business," the report quotes Mr.
Walley as saying.

The first creditor meeting is expected to be held in the first
week of February after the initial review, the report adds.

Homeart was founded in 1979 in Melbourne.  The company, which has
some 116 stores across Australia, including many in regional
towns, has operated under the brands Homeart and in the past,
Copperart.


MISSION NEWENERGY: Had AUD1.2 Million in Cash at Dec. 31, 2014
--------------------------------------------------------------
Mission New Energy Limited filed with the U.S. Securities and
Exchange Commission its quarterly report for the period ended Dec.
31, 2014.

The Company disclosed receipts from customers of AUD3.17 million
for the period.

At the beginning of the quarter, the Company had AUD809,000 in
cash.  The Company reported net increase in cash of AUD206,000.
As a result, the Company had AUD1.18 million in cash at Dec. 31,
2014.

A copy of the Quarterly Report is available for free at:

                        http://is.gd/ZBn5TY

                      About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Mission NewEnergy reported a net loss of $1.09 million on $9.68
million of total revenue for the year ended June 30, 2014,
compared to net income of $10.05 million on $8.41 million of total
revenue during the prior year.

The Company's balance sheet at June 30, 2014, showed $4.04 million
in total assets, $15.40 million in total liabilities and a $11.35
million total deficiency.

BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million.  These conditions, along with other
matters, raise substantial doubt the Company's ability to continue
as a going concern.


PAID INT'L: Restructuring Plan Proposed, Creditors to Meet Feb. 4
-----------------------------------------------------------------
SmartCompany reports that a restructuring proposal is being
proposed by Paid International's directors after the company
collapses into administration, according to a spokesperson for
administrators FTI Consulting.

SmartCompany relates that former Smart50 finalist Paid
International has entered voluntary administration, just months
after the online finance provider agreed to refund
AUD1.128 million to customers who were charged excessive loan
fees.

Ian Charles Francis and John Richard Park of FTI Consulting were
appointed as administrators of PAID International Limited on
Jan. 22, 2015.

A first meeting of the creditors of the Company will be held at
Level 6, 30 The Esplanade, in Perth, Feb. 4, 2015, at 11:00 a.m.

A spokesperson for FTI Consulting told SmartCompany the
administrators are currently "in the very early stages of
reviewing all aspects of the business, including its
investigations as to the reasons why the company was placed in
voluntary administration".

"A restructuring proposal is being proposed by Paid
International's directors, which will assist in determining the
most likely pathway for the company's future," the spokesperson
said.

Paid International was founded by chief executive Tim Dean from
his home in 2009 and grew rapidly, turning over a million in
revenue in its first year of trading, according to SmartCompany.

Initially offering small, short-term loans as a way of filling a
gap in the microfinance lending market in Australia, the company
later expanded to offer a range of loans from a variety of brands
including Cash Train, Ca$h2Go and HandyCASH, the report says.

The business also includes two subsidiary companies: Mr Tax
Refund, a tax returns and finance group; and Lead Fish, a lead
generation company.

SmartCompany notes that in the 2013-14 financial year, Paid
International turned over AUD12.3 million, up 50% from
AUD8.2 million in the year before.  The company's loan book also
increased by 120% during that time, from AUD3.9 million to
AUD8.7 million, the report discloses.


UPPER DECK: First Creditors' Meeting Slated For Feb. 5
------------------------------------------------------
Brent Kijurina and Richard Albarran of Hall Chadwick were
appointed as administrators of Upper Deck Scaffolding and Labour
Services Pty Ltd on Jan. 23, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 19, 144 Edward Street, in Brisbane,
Queensland, on Feb. 5, 2015, at 10:00 a.m.



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


CAR INC: UCAR Collaboration No Impact on Moody's Ba1 Rating
-----------------------------------------------------------
Moody's Investors Service says that while CAR Inc.'s (Ba1 stable)
announced collaboration with UCAR Inc. (unrated) is credit
positive, CAR's ratings will not be immediately impacted by the
arrangement.

Moody's explains that CAR's decision to collaborate with UCAR is
credit positive for CAR because it mitigates the risk of indirect
competition from non-car rental companies that provide
transportation services.

On 25 January 2015, CAR announced that it would rent cars to the
start-up, UCAR -- an independent third-party provider of
chauffeured car services in selected Chinese cities -- on either a
long-term or short-term basis. The rental rates will be at market
prices, and CAR will not operate the chauffeured car services.

CAR and UCAR will promote UCAR's chauffeured car services under a
co-branding arrangement.

CAR will also have a first right of refusal in UCAR's future
equity financing.

"CAR's collaboration with UCAR reflects its prompt action to
leverage its leading position in the car rental market in China by
expanding its revenue sources," says Gerwin Ho, a Moody's Vice
President and Senior Analyst.

CAR is also taking the opportunity to expand its market reach,
against the backdrop of the government's move to prevent
individual-owned cars from operating chauffeured car services.

The company faces indirect competition from non-car rental
companies that provide transportation services, such as from Uber,
which provides car-sharing services; Yidao, which provides
chauffeured car services; and Didi, which provides taxi-related
services. Such competition could limit the size of the auto rental
market and hamper the growth of CAR's auto rental revenues.

The government is in the process of formulating regulations on
chauffeured car services. In an announcement dated 8 January 2015,
the Ministry of Transport supported the participation of rental
cars in chauffeured car services and stated that individual-owned
cars would be prohibited from providing such services.

Moody's points out that while the collaboration between CAR and
UCAR is credit positive, Moody's does not expect the arrangement
to contribute significantly to CAR's financials over the next 12
months.

In addition, CAR could face potential risks to the collaboration
such as regulatory risk and the need to provide equity financing
to UCAR.

The principal methodology used in this rating was Equipment and
Transportation Rental Industry published in December 2014.

CAR Inc., founded in 2007 and headquartered in Beijing, provides
car rental services, including short-term rental, long-term rental
and leasing in China. CAR listed on the Hong Kong Stock Exchange
in September 2014.

As of 30 September 2014, CAR had a total fleet of 57,745 company-
owned cars. CAR commands a leadership position in terms of fleet
size, revenue and network coverage. For the 12 months ended 30
September 2014, CAR reported net sales of RMB3.4 billion (USD560
million).

CAR's key shareholders include Legend Holdings (unrated); private
equity firm Warburg Pincus; the world's second-largest car rental
company The Hertz Corporation (B1 stable); and its Chairman,
founder and CEO Mr. Charles Lu. These parties have stakes of
29.2%, 18.3%, 16.2% and 14.8% respectively.


CHINA FORESTRY: Moody's Withdraws Ca Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn China Forestry Holdings
Co., Ltd's Ca corporate family rating and the Ca rating on its
10.25% senior unsecured notes due in November 2015.

Ratings Rationale

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.

Moody's points out that to date, China Forestry has not released
its annual results for 2013, or its results for 1H 2014.

China Forestry Holdings Co., Ltd listed on the Hong Kong Exchange
in 2009. It is one of China's operators of naturally regenerated
forest plantations. The company has rights over plantation assets
in Sichuan and Yunnan provinces.

Regulatory Disclosures

For any affected securities or rated entities receiving direct
credit support from the primary entity(ies) of this rating action,
and whose ratings may change as a result of this rating action,
the associated regulatory disclosures will be those of the
guarantor entity. Exceptions to this approach exist for the
following disclosures, if applicable to jurisdiction: Ancillary
Services, Disclosure to rated entity, Disclosure from rated
entity.


HONGHUA GROUP: Moody's Lowers Corporate Family Rating to B2
-----------------------------------------------------------
Moody's Investors Service has downgraded Honghua Group Limited's
corporate family and senior unsecured debt ratings to B2 from B1.

The ratings outlook remains negative.

Ratings Rationale

"The downgrade reflects Moody's concern that Honghua's operations
and credit metrics will be negatively affected in the next 12-18
months by the sustained low oil prices," says Kaven Tsang, a
Moody's Vice President and Senior Analyst.

The low crude oil prices, which Moody's expects to persist over
the next two years, will reduce upstream oil and gas companies'
capital spending and, accordingly, their demand for new land and
offshore rigs such as those produced by Honghua.

In addition, deteriorating business conditions in Russia (Baa3
review for downgrade) and Venezuela (Caa3 stable) will weaken
Honghua's new orders in the next 12 -18 months.

Moody's had expected the company to enjoy meaningful revenue
growth in 2015, but this expectation is now unlikely to
materialize.

The lower revenue, in turn, will result in lower EBITDA and high
adjusted debt leverage -- as measured by adjusted debt to EBITDA,
which Moody's expects to stay above 6.5x over the next 12-18
months. The company's EBITDA/interest is also expected to fall
below 2.5x.

These ratios are weak for its B2 rating category, which is
reflected in the negative outlook.

"The downgrade and negative outlook also reflect Moody's concern
over the company's ability to maintain an adequate liquidity
position to ride through the difficult period ahead," says Tsang.

Moody's notes the company's cash coverage for debt maturing in the
12 months to end-June 2015 is well below 1x.

The company's weakening revenue and profit could raise its
refinancing risk.

Moody's will closely monitor the company's liquidity position, and
will consider downgrading the rating in case of further
deterioration.

Honghua's B2 corporate family rating continues to reflect its
strong market position in its land drilling rigs and equipment
business, as well as its diversified geographic coverage.

On the other hand, Honghua's rating is constrained by its exposure
to the volatile oil price, weak cash flow and liquidity, as well
as execution and financial risks associated with its expansion
into the offshore drilling rig business.

Downward rating pressure could emerge if Honghua's financial
position -- its debt leverage and interest coverage -- deteriorate
beyond Moody's expectation. Such deterioration could result from:
(1) a material slowdown in its onshore drilling rig business
and/or its offshore business not materializing as planned; (2) a
decline in profit margins; and/or (3) substantially higher
financing costs.

A deterioration in Honghua's liquidity position, with cash to
short-term debt ratio falling below 50%, or evidence that the
company is unable to access bank funding, would be negative for
the ratings.

A rating upgrade in the near term is unlikely, given the negative
rating outlook and the weak operating environment for oil
equipment manufacturers in light of the currently low oil price.

The outlook could return to stable if the company (1) achieves its
2014 revenue level and maintains a healthy flow of backlog; (2)
achieves adjusted debt/EBITDA of around 5.5x-6.0x and cash to
short term debt above 80%, and (3) demonstrates its ability to
refinance its short-term debt and fund its capital expenditure.

The principal methodology used in this rating was Global Oilfield
Services Industry Rating Methodology published in December 2014.

Honghua Group Limited listed on the Stock Exchange of Hong Kong in
2008. It is a wholly owned and major subsidiary of Sichuan Honghua
Pertroleum Equipment Co., Ltd. (formerly known as Chuanyou
Guanghan Honghua Co. Ltd), which was founded in 1997 to
manufacture land drilling rigs and equipment. Honghua manufactures
land drilling rigs and equipment, offshore drilling platforms, and
equipment packages. It also engages in oil and gas engineering
services.


KAISA GROUP: In Talks With Sunac Over Possible Stake Purchase
-------------------------------------------------------------
Esther Fung at The Wall Street Journal reports that Tianjin-based
Sunac China Holdings Ltd. is among the property developers looking
into buying a stake in cash-strapped Kaisa Group Holdings Ltd.,
people familiar with the talks said Jan. 26.

It isn't clear whether Sunac China Holdings is the front-runner in
the talks, the Journal says.  Others familiar with the discussions
said last week that developers, such China Vanke Co. and Shenzhen
Overseas Chinese Town Co., are also in discussions with Kaisa,
according to the Journal.

The Journal relates that one of the persons said although asset
sales are also possible, the discussions are more focused on Sunac
taking an equity stake in Kaisa.  A person in Sunac's marketing
department, which handles media inquiries, didn't immediately
respond to a request for comment, the Journal notes. A person at
Kaisa's investor-relations department declined to comment.

According to the Journal, local authorities in the southern
Chinese city of Shenzhen blocked the developer from selling
projects late last year.  The authorities didn't publicly give a
reason, the Journal states. A number of top Kaisa executives later
resigned. The Shenzhen-based company subsequently defaulted on a
bond's interest payment, prompting other creditors to demand
repayment and freeze some of the company's bank accounts.

The people familiar with the talks said officials from the
Shenzhen government are involved in the negotiations, the Journal
relays.

No property developer would enter an agreement to take over
Kaisa's holdings without the government's support, since the
government blocked Kaisa's sales in the first place, one of the
Journal's sources said.

Over the weekend, hundreds of homeowners that have bought
uncompleted homes from Kaisa protested in Shenzhen, demanding
assurances that their homes would be completed and handed over on
time.

"It is not just a commercial transaction now. It also concerns
social stability," the person said.

                        About Kaisa Group

China-based Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property development,
property investment and property management.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 7, 2015, Standard & Poor's Ratings Services said that it had
lowered its long-term corporate credit rating on China-based real
estate developer Kaisa Group Holdings Ltd. to 'SD' from 'BB-'.  At
the same time, S&P lowered its long-term Greater China regional
scale rating on Kaisa to 'SD' from 'cnBB+'.  S&P also lowered its
issue rating on the company's senior unsecured notes to 'CC' from
'BB-' and the Greater China regional scale rating to 'cnCC' from
'cnBB+'.  S&P removed all the ratings from CreditWatch, where they
were placed with negative implications on Dec. 23, 2014.

"We downgraded Kaisa because the company has defaulted on a
Hong Kong dollar (HK$) 400 million offshore term loan," said
Standard & Poor's credit analyst Dennis Lee.  "This is an event of
default and could cause an acceleration of debt repayment on all
its other debt. Kaisa's other debt instruments have cross-default
clauses."

The missed repayment on the loan puts Kaisa in "selective default"
as the company has not yet defaulted on its other debt
obligations.  The company failed to repay its HK$400 million
offshore loan from HSBC on Dec. 31, 2014, when the resignation of
Kaisa's chairman, Mr. Kwok Ying Shing, triggered a mandatory
repayment.


LDK SOLAR: Unveils Results of EGM Held in Hong Kong
---------------------------------------------------
LDK Solar Co., Ltd., in provisional liquidation, announced on
January 22, 2015, the results of its Extraordinary General Meeting
held on the same day in Hong Kong.

"At the EGM, the shareholders in attendance approved all of the
resolutions proposed in our EGM notice, including: the adoption of
the 2013 annual report; the confirmation and re-election of
directors, Maurice Wai-fung Ngai (independent director), Ceng Wang
(independent director) and Shi Chen (non-executive director). The
total number of members of our board of directors remains at
seven. KPMG was re-appointed as our outside auditors for fiscal
year 2014. The EGM also approved an amendment to our memorandum of
association to increase our authorized share capital to
US$500,000,000," the Company said.

"On the record date set for our EGM, we had an aggregate of
235,523,289 shares issued and outstanding. An aggregate of
114,678,386 shares were represented in person or by proxy
throughout the duration of the EGM, including shares underlying
our American depositary shares. The adoption of our 2013 annual
report was approved by 114,327,671 shares; the confirmation and
re-election of Maurice Wai-fung Ngai as an independent director by
114,089,920 shares; the confirmation and re-election of Ceng Wang
as an independent director by 114,098,141 shares; the confirmation
and re-election of Shi Chen as a non-executive director by
114,071,452 shares; and the re-appointment of KPMG by 114,372,647
shares. The amendment to our existing memorandum of association
was approved by 114,151,178 shares in a special resolution."

              Schemes of Arrangement Become Effective

LDK Solar and its Joint Provisional Liquidators, Tammy Fu and
Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, said on
Dec. 10, 2014, that the Cayman Islands schemes of arrangement in
respect of LDK Solar and LDK Silicon & Chemical Technology Co.,
Ltd. and the Hong Kong schemes of arrangement in respect of LDK
Solar, LDK Silicon and LDK Silicon Holding Co., Limited became
effective as of that day.  The Cayman Islands schemes of
arrangement were previously sanctioned by the Grand Court of the
Cayman Islands, and the Hong Kong schemes of arrangement were
previously sanctioned by the High Court of Hong Kong.

LDK Solar and the JPLs also confirmed that pursuant to an order of
the Cayman Court dated Dec. 10, 2014, the powers of the JPLs were
suspended (except for certain residual powers required to finalize
the provisional liquidation) and the powers of the directors of
LDK Solar were restored. With effect from
December 10, the directors may exercise all their powers as such,
subject to the powers granted to the scheme supervisors in respect
of the Schemes.

Pursuant to the terms of the Schemes, the consummation of the
restructuring transactions as contemplated in the Schemes was to
occur on Dec. 17, 2014.

On Dec. 18, 2014, LDK stated that, pursuant to the terms of the
Cayman Islands schemes of arrangement in respect of LDK Solar and
LDK Silicon & Chemical Technology Co., Ltd. and the Hong Kong
schemes of arrangement in respect of LDK Solar, LDK Silicon and
LDK Silicon Holding Co., Limited, the closing date for the
restructuring transactions in respect of LDK Solar's senior
noteholders and preferred shareholders, as contemplated in the
Schemes, occurred on Dec. 17, 2014.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in
Hi-Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power projects
and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment.  Its Joint Provisional
Liquidators are Tammy Fu and Eleanor Fisher, both of Zolfo Cooper
(Cayman) Limited.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384). On Oct.
21, 2014, LDK Solar filed a petition in the same U.S. Bankruptcy
Court for recognition of the provisional liquidation proceeding in
the Grand Court of the Cayman Islands. The Chapter 15 case is In
re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-12387).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois. The U.S. Debtors'
Delaware counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt & 73
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on Sept.
17, 2014 from the holders of LDK Solar's 10% Senior Notes due
2014, as guarantors of the Senior Notes, and required such holders
of the Senior Notes to return their ballots by Oct. 15, 2014.
Holders of the Senior Notes voted overwhelmingly in favor of
accepting the Prepackaged Plan.


LDK SOLAR: Filed Amendments to Form T-3s
----------------------------------------
LDK Solar Co., Ltd. on Jan. 21 filed with the U.S. Securities and
Exchange Commission Amendment No. 1 to Form T-3s, initially filed
with the Commission on Jan. 15, 2015, to supplement the disclosure
made under Item 3 in the Original Applications. Item 3 in the
Original Applications is to be deleted in its entirety and
replaced with new information.  Copies of Amendment No. 1 are
available at http://is.gd/LmcUQGand http://is.gd/SEiLAp

On Jan. 22, the Company filed with the Commission Amendment No. 2
to Form T-3s, solely for the purpose of adding the delaying
amendment language to the cover page of the Application for
Qualification of Indenture on Form T-3.  Copies of Amendment No. 2
are available at http://is.gd/5tMKNwand http://is.gd/8FWU4y

As reported by the Troubled Company Reporter, LDK Solar filed with
Commission Form T-3 documents related to the planned issuance of
5.535% Convertible Senior Notes due 2016, in the aggregate
principal amount of $358,743,400 plus amounts paid-in-kind as
permitted by the indenture; and 5.535% Convertible Senior Notes
due 2018 in the aggregate principal amount of $264 million plus
amounts paid-in-kind as permitted by an indenture.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in
Hi-Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment.  Its Joint Provisional
Liquidators are Tammy Fu and Eleanor Fisher, both of Zolfo Cooper
(Cayman) Limited.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).
On Oct. 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands. The Chapter
15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No.
14-12387).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois. The U.S. Debtors'
Delaware counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt & 73
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on Sept.
17, 2014 from the holders of LDK Solar's 10% Senior Notes due
2014, as guarantors of the Senior Notes, and required such holders
of the Senior Notes to return their ballots by Oct. 15, 2014.
Holders of the Senior Notes voted overwhelmingly in favor of
accepting the Prepackaged Plan.

              Schemes of Arrangement Become Effective

LDK Solar and its Joint Provisional Liquidators, Tammy Fu and
Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, said on
Dec. 10, 2014, that the Cayman Islands schemes of arrangement in
respect of LDK Solar and LDK Silicon & Chemical Technology Co.,
Ltd. and the Hong Kong schemes of arrangement in respect of LDK
Solar, LDK Silicon and LDK Silicon Holding Co., Limited became
effective as of that day.  The Cayman Islands schemes of
arrangement were previously sanctioned by the Grand Court of the
Cayman Islands, and the Hong Kong schemes of arrangement were
previously sanctioned by the High Court of Hong Kong.

The U.S.-based companies also officially emerged from Chapter 11
protection on Dec. 11.

On Dec. 18, 2014, LDK stated that, pursuant to the terms of the
Cayman Islands schemes of arrangement in respect of LDK Solar and
LDK Silicon & Chemical Technology Co., Ltd. and the Hong Kong
schemes of arrangement in respect of LDK Solar, LDK Silicon and
LDK Silicon Holding Co., Limited, the closing date for the
restructuring transactions in respect of LDK Solar's senior
noteholders and preferred shareholders, as contemplated in the
Schemes, occurred on Dec. 17, 2014.



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


AABHAR INTERNATIONAL: CRISIL Suspends B Rating on INR5MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Aabhar
International (Aabhar).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              5         CRISIL B/Stable

   Export Packing Credit   70         CRISIL A4

   Proposed Long Term
   Bank Loan Facility       5         CRISIL B/Stable

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

Aabhar was set up in 2003 as a partnership firm by Mr. Tejas P
Mehta, Mr. Lalitkumar M Chauhan, and Mr. Bhupendrakumar M Chauhan.
All the partners are family members. Aabhar is engaged in trading
of rice, spices, groceries, toiletries, soft drinks, and utensils.
The firm mainly caters to the export market and has customers
based in the UK, USA, and Canada. Trading in rice contributes to
around 50 per cent of the total revenue.


ABC RAILROAD: ICRA Cuts Rating on INR15.50cr Non-FB Loan to 'D'
---------------------------------------------------------------
ICRA has revised its long term rating of the INR14.16 crore fund
based facilities and INR0.34 crore of unallocated limits of
ABC Railroad Products Private Limited from [ICRA]B+ to [ICRA]D.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           3.16        [ICRA]D (downgraded from
                                   [ICRA]B+)

   Fund based Limits  11.00        [ICRA]D (downgraded from
                                   [ICRA]B+)

   Non Fund based
   Limits             15.50        [ICRA]D (downgraded from
                                   [ICRA]A4)

   Unallocated         0.34        [ICRA]D (downgraded from
                                   [ICRA]B+)

ICRA has also revised its short term rating of the INR15.50 crore
non fund based facilities of ABC from [ICRA]A4 to [ICRA]D. The
rating revision factors in the delays in debt servicing by the
company on account of liquidity constraints faced by it.


ALFA ELECTRONIC: CRISIL Suspends B+ Rating on INR100MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Alfa
Electronic Services India Pvt Ltd (Alfa).

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

   Proposed Letter of Credit      40       CRISIL A4
   & Bank Guarantee

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

Alfa. set up in 1991, manufactures embedded electronic systems
such as amplifiers, integrated instrumentation and communication
systems, and cable harnesses for various defense entities. The
company is promoted by Mr. Sarat Chand and his family.


ANKIT EGG: CRISIL Assigns C Rating to INR40.6MM Long Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facilities of Ankit Egg Farm India Pvt Ltd (AEF).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility     12.9         CRISIL C

   Cash Credit            16.5         CRISIL C

   Long Term Loan         40.6         CRISIL C

The rating reflects cash flow mismatches due to the seasonal
nature of AEF's business, leading to a stretch in its liquidity
during the non-seasonal months. The rating also factors in the
company's small scale and working capital intensive nature of
operations, and its vulnerability to intense competition and to
risks inherent in the poultry industry. Furthermore, the company
has a below-average financial risk profile. These rating
weaknesses are partially offset the extensive experience of AEF's
promoters in the poultry industry.

AEF, established in 2010, runs a poultry farm in Jind (Haryana)
with a capacity of 100,000 layer birds. The company's operations
are managed by Mr. Ram Kiran.

AEF reported a profit after tax (PAT) of INR840 on net sales of
INR65.9 million for 2013-14 (refers to financial year, April 1 to
March 31), against a PAT of INR0.18 million on net sales of INR45
million for 2012-13.


AV SCIENCE: ICRA Assigns B+ Rating to INR2cr Cash Credit
--------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR2
crore cash credit limit of AV Science & Technologies Private
Limited. ICRA has also assigned its short term rating of [ICRA]A4
to the INR2 crore bank guarantee limit and INR1 crore letter of
credit limit of ASTPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limit     2.00        [ICRA]B+; Assigned

   Non Fund Based        2.00        [ICRA]A4; Assigned
   Limits Bank
   Guarantee Limit

   Letter of Credit      1.00        [ICRA]A4; Assigned
   Limit

ICRA's ratings factor in the company's moderate scale of
operations, which coupled with the intensely competitive nature of
the industry and moderately value additive nature of the business,
has resulted in low profits and accruals. The ratings are also
constrained by the company's stretched liquidity position due to
high debtor days, as reflected in high utilisation of its bank
limits. The ratings also take into account the company's exposure
to fluctuations in raw material prices as well as foreign exchange
rates. The ratings are further constrained by the tender driven
nature of the business which results in blockage of substantial
amount of funds in the form of performance security and earnest
money deposit.

However, ICRA positively factors in the company's favourable
capital structure and strong debt coverage indicators. The ratings
also take into account the rich experience of the promoters and
the company's association with brands of global repute in the
audio visual (AV) systems industry.

Going forward, ASTPL's ability to increase its scale of
operations, accompanied by an effective management of its working-
capital cycle, would be the key rating sensitivities.

ASTPL incorporated in 1997, designs and installs AV systems. It
integrates audio, video, displays, LCD TVs, lightning equipments
and system controls for applications such as interactive board
rooms, conference rooms, auditoria, training rooms, etc. The
company's clientele includes government, institutional and private
clients; its government clients include public works
departments,central public works department, RITES Ltd etc.
Recent results
The company reported a net profit of INR0.28 crore on an operating
income of INR11.87 crore in FY2014 as against a net profit of
INR0.33 crore on an operating income of INR13.82 crore in the
previous year.


BERRY ALLOYS: ICRA Lowers Rating on INR23.5cr Non-FB Loan to D
--------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to
INR17.75 crore term loan and INR18.75 crore fund based limits from
[ICRA]BB- to [ICRA]D of Berry Alloys Limited. ICRA has also
revised downwards the short term rating assigned to the INR23.50
crore non-fund based facility from [ICRA]A4 to [ICRA]D of BAL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan               17.75      Downgraded to [ICRA]D
   Fund Based Limits       18.75      Downgraded to [ICRA]D
   Non-Fund Based Limits   23.50      Downgraded to [ICRA]D

The revision in the ratings primarily takes into account the
recent delays made by the company in servicing the debt
obligations in a timely manner owing to its tight liquidity
position. ICRA notes that the severe natural calamity in Vizag
region during October 2014, led to production loss of around 2-3
months, which is likely to adversely impact the performance of the
company during financial year 2014-15. Moreover, significant
amount of raw material inventory was also washed away in the
calamity, for which the insurance claim has been lodged by the
company.

ICRA also notes that notwithstanding the robust revenue growth
witnessed by the company during FY14, the fall in average
realizations of the produce adversely impacted the operating
margins of the company in FY14. The coverage indicators of the
company further worsened during FY14. The rating also incorporates
the non- integrated nature of operations, with the company having
to depend on external purchase of both power and raw material,
leading to variability in profitability and cash flows and BAL's
exposure to the cyclicality associated with the iron and steel
industry, the end-user industry of its products, which is
currently going through a difficult phase. The rating, favourably
factors in the experience of the promoters in the iron and steel
industry and the proximity of the plant to the port, which reduces
its inland freight costs. Since the company imports one of its
major raw-materials and exports most of its products, the
proximity to the port provides significant cost advantage in terms
of lower freight costs.

Berry Alloys Limited (BAL) is primarily involved in the production
of ferro-alloys including silico-manganese, and has an installed
furnace capacity of 18 MVA in its plants in Bobbli, Vizianagram.
The company has been promoted by the Gupta family who also has
interest in plywood and thermo-mechanically treated bars.

Recent Results
BAL reported an operating income of INR186.19 crore and a PAT of
INR1.29 crore during FY14 as compared to an OI of INR109.28 crore
and a PAT of INR1.92 crore during FY13.


BHALKESHWAR SUGARS: ICRA Revises Rating on INR95.5cr Loan to 'D'
----------------------------------------------------------------
ICRA has revised the long term rating to [ICRA]D from [ICRA]B for
INR95.50 crore term loans of Bhalkeshwar Sugars Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             95.50       Revised to [ICRA]D from
                                     [ICRA]B

The rating revision reflects stretched liquidity profile of the
company as exhibited by delays in the debt servicing. Going
forward, BSL's ability to service the debt obligation in time will
be the key rating sensitivity factor.

Bhalkeshwar Sugars Limited (BSL) was incorporated in 2000 and is
promoted by Mr. Prakash Khandre. The company operates 2500 TCD
sugar plant and 14 MW cogeneration unit in Bhalki in Bidar
district of North Karnataka.


BHAMBRA OVERSEAS: ICRA Cuts Rating on INR5cr Cash Credit to D
-------------------------------------------------------------
ICRA has downgraded the long term rating to [ICRA]D from [ICRA]B+
for the INR5.00 crore of fund based limits and INR2.00 crore of
term loan limits of Bhambra Overseas.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits-    5.00         [ICRA]D; downgraded from
   Cash Credit                        [ICRA]B+

   Fund Based Limits-    2.00         [ICRA]D; downgraded from
   Term Loan                          [ICRA]B+

The revision in the rating takes into account the delays in
servicing of principal and interest payments on the term loan by
BO. The ratings are further constrained by relatively modest scale
of BO's operations, high working capital intensity of operations
and high competitive intensity of the glass processing industry
which impacts the pricing power of the firm and limits its
profitability margins. In addition the firm remains exposed to the
cyclicality inherent in real estate industry which is a key
consuming sector for BO's products. However, the ratings derive
comfort from the experienced promoters of the firm and BO's
reputed supplier base.

Going forward company's ability to service the debt obligations in
a timely manner will be key rating sensitivities.

Bhambra Overseas was incorporated as a partnership firm in April
2002 by the Singh family. Till 2009, the firm was involved in
manufacturing and trading of various glass products like glass
wash basins, glass bowls, mirrors and glass furniture. Currently
the firm is engaged in process of value addition to glass wherein
it purchases glass from the market and sells them after converting
it into Toughened and Insulated glass.

Recent Results
BO has reported on a provisional basis a profit after tax (PAT) of
INR1.44 crore on an operating income of INR45.00 crore in FY 2013-
14 as compared to net profit (PAT) of INR1.22 crore on an
operating income of INR39.66 crore in the previous year.


CAUVERY MEDICAL: ICRA Withdraws D Rating on INR74cr Term Loan
-------------------------------------------------------------
ICRA has withdrawn the [ICRA]D rating assigned to the INR74 crore
term loan facility of Cauvery Medical Center Limited as the term
loan has been repaid in full. There is no amount outstanding
against the rated instrument.


CHHINDWARA INFRASTRUCTURE: ICRA Rates INR17.50cr Term Loan at B
---------------------------------------------------------------
ICRA has assigned a rating of [ICRA]B to the INR17.50* crore term
loan facility of Chhindwara Infrastructure Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             17.50        [ICRA]B assigned

Rating Rationale
The assigned rating takes into account limited off-take risks
given the presence of power purchase agreement for the full
generating capacity, presence of requisite approvals and recipt of
significant funding under Government of India's (GoI) Industrial
Infrastructure Upgradation Scheme (IIUS) for the project. The
rating is however constrained by substantial time and cost
overruns incurred in the project, the company's exposure to
execution and funding risks related to installation of a power
evacuation system which has a significant bearing on the
achievement of commercial operations, and its exposure to fuel
supply & price risks in absence of any coal linkage. The rating
also factors in the counterparty credit risks, given the financial
position of the major counterparty for contracted power sales
continues to remain weak.

Chhindwara Infrastructure Private Limited (CIPL) is a special
purpose vehicle incorporated in 2012 under the Companies Act, 1956
for undertaking an infrastructure development project under the
Industrial Infrastructure Up-gradation Scheme (IIUS) of Ministry
of Commerce and Industry, Government of India. The SPV is
registered at 25/695, Shankar Nagar, P.O. Pandhurna, District:
Chhindwara, Madhya Pradesh (MP) and the project site is located in
Hirwa Village which is 16 km from Pandhurna Railway Station, 60 km
from Nagpur Airport and 80 km from Chhindwara District, MP. The
project is situated close to a cotton producing belt and would
cater largely to the cotton ginning and textile units in this
region.


CHORUS LABS: ICRA Reaffirms B- Rating on INR4cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B- rating assigned to the fund based
limits of INR4.00 Cr. ICRA has also reaffirmed the [ICRA]A4 rating
assigned to non-fund based limits of INR2.50 Cr. ICRA has also
reaffirmed the long term rating at [ICRA]B- for INR3.50 Cr
unallocated limits of Chorus Labs Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           4.00       [ICRA]B-; reaffirmed
   Letter of Credit      2.50       [ICRA]A4; reaffirmed
   Unallocated           3.50       [ICRA]B-/[ICRA]A4; reaffirmed

The rating reaffirmation takes into account the small scale of
operations in a highly fragmented and competitive industry which
limits the ability of the firm to pass on the hike in input costs.
ICRA notes that the firm is exposed to high product dependence
with 90% of the total revenues coming from the sales of two
products namely Etolodac and Diacerein in FY14 as well as high
customer concentration with top 2 customers contributing to 90% of
the revenues in FY14. The rating is further constrained by the
weak financial profile of the firm characterized by low
profitability and moderate gearing resulting into stretched
coverage indicators as reflected in NCA-to-Total Debt of 20.21%
and OPBITDA-to-Interest & Finance Charges of 2.33x as on 31st
March, 2014. The rating however, favourably factors in the
experience of promoters in the pharmaceutical industry as well as
the manufacturing capabilities for producing various APIs. The
rating also favourably factors the healthy order book position of
INR40.00 Cr which provides revenue visibility for FY15 and FY16.

Chorus Labs Limited came into existence in 2009 as a result of
acquisition of BSN Pharma by Mr. B.N. Reddy. The company is
primarily involved in the manufacturing of anti-inflammatory, anti
fugal and anti bacterial Active Pharma Ingredients (APIs). Mr.
Reddy had earlier been associated with Dr. Reddy Laboratories
Limited and Hetero Drugs Limited and has a vast experience in
pharmaceutical industry. CLL manufacturing facilities are located
in Bidar, Karnataka.

According to audited FY14 financials, the firm registered an
operating income of INR16.68 Cr and net profit of INR0.38 Cr as
compared to operating income of INR12.31 Cr and net profit of
INR0.34 Cr. during FY13.


D.R. COATS: ICRA Suspends B+ Rating on INR6.0cr Fund Based Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR3.06 crore
term loan and INR6.0 crore fund based facilities of D.R. Coats Ink
& Resins Private Limited. ICRA has also suspended the rating of
[ICRA]A4 assigned to the INR2.00 crore fund based limits and
INR6.40 crore non-fund based limits of DR Coats. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

D.R. Coats Ink & Resins Private Limited (DRCPL) was incorporated
in the year 2003. The promoters had previously ventured in trading
of polyamides but eventually ceased the trading activity after one
year. Subsequently, the promoters started job work activity in
chemical business for a Group company through the newly floated
DRCPL. The company had setup a manufacturing unit at Vasai
initially (on leased land), then subsequently purchased land in
Tarapur (Maharashtra) and setup its manufacturing unit of about
360 MTPA in 2006. The company has gradually expanded its capacity
over the years to current levels of about 6,000 MTPA. The company
is mainly involved in manufacturing of polyamides, ketonic resins
and epoxy resins that form about 80% of the overall sales of the
company. The other products that the company manufactures are
epoxy ester and other kinds of resins. The company is planning to
setup a Greenfield project at Mahad (Maharashtra) of 2000 MT per
month (i.e. 24,000 MTPA) manufacturing capacity, though the
project is currently in initial stages of development.


E.V. HOMES: ICRA Withdraws B+ Rating on INR5cr Fund Based Limit
---------------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR5 crore
fund based limits of E.V. Homes Constructions Private Limited, as
there are no amounts outstanding against the rated instrument.


FASTRACK DEALCOMM: ICRA Withdraws B+ Rating on INR8cr Term Loan
---------------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR4.50
crore cash credit facility and the INR8.00 crore term loan
facility of Fastrack Dealcomm Private Limited (FDPL) as there is
no amount outstanding against the rated facilities. ICRA has also
withdrawn the [ICRA]A4 rating assigned to the INR0.50 crore short
term non fund based bank guarantee and INR4.50 crore short term
non fund based inland/foreign LC & Buyer's credit (sub limit of
cash credit facility) of FDPL as there is no amount outstanding
against the rated facility.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Cash
   Credit Limits         4.50         [ICRA]B+ (Withdrawn)

   Fund Based Term
   Loans                 8.00         [ICRA]B+ (Withdrawn)

   Non Fund Based
   Bank Guarantee        0.50         [ICRA ]A4 (Withdrawn)

   Non Fund Based
   Inland/foreign
   LC & Buyer's
   Credit               (4.50)        [ICRA ]A4 (Withdrawn)

Fastrack Dealcomm Private Limited (FDPL) was incorporated in 2006.
It started its commercial operations in July 2012 and is
manufacturing HDPE tarpaulins and woven fabrics (laminated and
non-laminated) under brand name KNS. The company is managed and
owned by Taneja family. FDPL's manufacturing facility is located
Mehsana, Gujarat with an installed extrusion capacity of 1800
metric tonnes (MT) per annum and weaving capacity of 1320 metric
tonnes (MT).


G. M. EXPORTS: ICRA Suspends B+ Rating on INR6cr LT Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR6.00
crore long term fund based facilities of G. M. Exports Private
Limited. The suspension follows ICRAs inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

G. M. Exports Pvt. Ltd. (GMEPL) was incorporated as a private
limited company in 1983 by Vekaria family and is involved in the
business of manufacturing precision components comprising of
automobile and hydraulic parts like tappets, shafts, flanges,
bushes, rings and pins. The manufacturing facility of the company
is located in the Rajkot district in Gujarat and has an installed
capacity to manufacture ~30 Lakh units annually. Apart from GMEPL
the members of the Vekaria family have been involved in running
two other entities having similar operations since the past three
decades.


GEETHA KRISHNA: CRISIL Suspends B+ Rating on INR200MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Geetha
Krishna Spinning Mills Pvt Ltd (GKSMPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        200       CRISIL B+/Stable
   Overdraft Facility    100       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      70      CRISIL B+/Stable

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

Set up in 1993 in Rajapalayam (Tamil Nadu) as a closely-held
company by Mr. V K Subramania Raja, GKSMPL manufactures cotton
yarn.


INDER SINGH: CRISIL Suspends B Rating on INR45MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Inder
Singh and Sons (ISS).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        15        CRISIL A4
   Cash Credit           45        CRISIL B/Stable

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

ISS is a partnership firm established in 1984. The firm was taken
over by the Gupta family members, its present partners, in 2004.
The firm manufactures mild steel rounds ranging from a diameter of
8 millimetres (mm) to 40 mm. The firm has its manufacturing
facility at Mandi, Gobindgarh (Punjab).


INDIA GREEN: CRISIL Suspends B+ Rating on INR1.0BB Bank Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of India
Green Reality Private Limited (IGRPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term     1,000        CRISIL B+/Stable
   Bank Loan Facility

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

IGRPL is into development of various residential projects, mainly
in Gujarat and West Bengal for about 5 years. The company is
promoted by Ahmedabad (Gujarat) based Mr. Vinod Thakkar and
Kolkatta based Mr. Amitawa Sawantha. The company is undertaking
following three projects at present.


J AND J PRECISION: CRISIL Reaffirms B Rating on INR150MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of J and J
Precision Industries (JJPI) continues to reflect JJPI's below-
average financial risk profile marked by a modest net worth,
expected weakening of capital structure and debt protection
metrics amid increasing debt funding of working-capital-intensive
operations.

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

The rating additionally factors in exposure to volatility in
foreign exchange rates and presence in the low value-added and
competitive memory chip industry. These rating weaknesses are
partially offset by the extensive entrepreneurial experience of
the proprietor and the firm's increasing scale of operations.

Outlook: Stable

CRISIL believes that JJPI will continue to benefit from its
proprietor's extensive entrepreneurial experience over the medium
term. The outlook may be revised to 'Positive' if the firm records
a significant and sustained improvement in its revenue and
margins, while it maintains its capital structure. Conversely, the
outlook may be revised to 'Negative' in case of a significant
decline in revenue and margins or a stretch in its working capital
cycle or a significant increase in funding support to group
companies, leading to pressure on JJPI's liquidity and financial
risk profile.

JJPI, established in 2013, is a proprietorship concern of Mr. Joit
Kumar Jain. The concern manufactures memory cards and other flash
memory devices such as pen drives. Mr. Joit Kumar Jain has also
been associated with entities in the lighting and electrical
appliances such as Cenzer Industries Ltd (rated 'CRISIL
B+/Stable'). The manufacturing facility and administrative office
of JJPI is located at Mapusa, Goa.


JINDAL RICE: ICRA Reaffirms B- Rating on INR13.32cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA] B- to the
INR13.32 crore fund based bank facilities of Jindal Rice and
General Mills. ICRA has also reaffirmed its long term rating of
[ICRA] A4 to the INR0.62 crore non fund based bank facilities of
JRGM.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits          13.32        [ICRA]B-; reaffirmed

   Short Term Non
   Fund Based Limits      0.62        [ICRA]A4; reaffirmed

The reaffirmation of the ratings continues to be constrained by
company's weak credit profile as reflected by high gearing arising
out of substantial debt funding of large working capital
requirements and poor coverage indicators due to increase in the
interest cost burden and debt repayments. The capital structure of
the company is expected to remain highly leveraged on account of
debt funded capex and enhancement in the working capital
borrowings of the firm. The rating also takes into account the low
profitability margins at the operating and net levels due to high
intensity of competition in the rice milling industry and agro
climatic risks which can affect the availability of paddy in
adverse weather conditions. The ratings however, favorably takes
into account extensive experience of promoters with long standing
relationships with several customers and suppliers, healthy growth
in the operating income in the past four years and proximity of
the mill to major rice growing area which results in easy
availability of paddy.

Recent Results
JRGM reported a net profit of INR0.02 crore on an operating income
of INR37.53 crore for 2013-14 and a net profit of INR0.01 crore on
an operating income of INR28.96 crore for the previous year.

JRGM was established in 1996 as a partnership firm with Mrs. Anita
Rani, Mrs. Poonam Devi, Mr. Mukesh Kumar, Mr. Sat Narain and Mr.
Sushil Kumar as partners. The firm undertakes processing and
trading of Basmati as well as non-Basmati rice in the domestic
market. It also performs custom milling operations for the state
government of Haryana. The manufacturing unit of the firm is
located at Gullarpur Road, Nissing, Haryana with a milling
capacity of 6 tons/hour of paddy.


KIRTIMAN CEMENTS: ICRA Revises Rating on INR18cr LT Loan to 'B'
---------------------------------------------------------------
ICRA has revised its long term rating to [ICRA] B from [ICRA] B-
on the INR18.00 crore fund based bank facilities of Kirtiman
Cements and Packaging Industries Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits-
   Long Term             18.00        [ICRA]B; revised from
                                      [ICRA]B-

The revision of the rating factors in the extensive experience of
the promoters in the packaging industry and the fact that the
company is a part of Ashwani Oberoi Construction Company India
limited (AOCC) group which has six companies which are engaged in
the trading and manufacturing of packaging products like PP bags,
corrugated boxes and gunny bags. The rating also notes the healthy
growth in the operating income in the past and favorable long-term
demand prospects from the cement industry. However, the rating
also takes into account the highly competitive nature of the
industry with low entry barriers and vulnerability of
profitability to fluctuations in polymer prices which have led to
relatively weak and fluctuating profitability margins for the
firm. The rating also factors in the company's customer and sector
concentration risks coupled with low bargaining power vis-…-vis
its key customers and suppliers. The ratings are constrained by
the stretched liquidity position of the company as reflected by
full utilization of working capital limits in the past. Further,
the rating also notes the moderate credit profile of the firm with
relatively high gearing, weak coverage indicators and insufficient
cash accruals to meet the current debt repayments.

Going forward, the ability of the company to maintain adequate
liquidity and sustaining the revenue growth in addition to
maintaining its profitability will be the key rating
sensitivities.

Recent Results
KCIPL reported a net profit of INR0.47 crore on an operating
income of INR86.28 crore for 2013-14 as compared to a net profit
of INR0.19 crore on an operating income of INR65.94 crore for the
previous year.

KCPIL was incorporated in 1996 and manufactures Poly Propylene
woven fabric bags used in packaging. Apart from selling PP woven
bags, the company also supplies PP woven fabric to traders. The
key promoters of the firm are Mr. Ashwani Kumar Oberoi, Mr. Sunil
Kumar Oberoi and their family members. The company is a part of
AOCC group which is also engaged in a similar line of business.
The manufacturing facility of the company is located in the
Industrial estate, Yamuna Nagar, Haryana with an installed
capacity of 5500 MT per annum to manufacture PP woven bags.


KOUSHIC PRESSURE: CRISIL Suspends B- Rating on INR56MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Koushic
Pressure Vessels Pvt Ltd (Koushic).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         30         CRISIL A4
   Cash Credit            55         CRISIL B-/Stable
   Proposed Cash Credit   56         CRISIL B-/Stable
   Limit
   Term Loan              29         CRISIL B-/Stable

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

Koushic was incorporated in 1999 in Vellore (Tamil Nadu) by Mr. K
Srinivasan and his wife, Mrs. K S Krishnakumari. The company is
engaged in design, fabrication and erection work of unifired
pressure vessels, oil storage tanks, liquefied petroleum gas
bullets, heat exchangers, structural and piping. The company has a
fully equipped fabrication workshop at Vellore with an additional
facility at Chennai.


KUBER (INDIA): ICRA Cuts Rating on INR14cr LT Loan to 'D'
--------------------------------------------------------
ICRA has revised its ratings on the INR19.00 crore bank facilities
of Kuber (India) Sales Private Limited to [ICRA]D from the long-
term rating of [ICRA]B and the short-term rating of [ICRA]A.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund       14.00        [ICRA]D; revised from
   Based Facility                    [ICRA]B

   Short Term Non-       3.00        [ICRA]D; revised from
   Fund Based Facilities             [ICRA]A4

   Proposed Limits       2.00        [ICRA]D; revised from
                                     [ICRA]B/[ICRA]A4

The ratings revision is driven by the stretched liquidity position
of the company which has resulted in delays in debt servicing. The
ratings continue to be constrained by the low profitability
inherent to the trading business and adverse financial risk
profile characterised by high gearing level and weak coverage
indicators. The ratings, however, favourably factor in the
established presence of the company and long experience of the
promoters in the rubber trading business. Going forward, a track
record of timely debt servicing and a sustained improvement in the
company's liquidity position will be the key rating sensitivities.

KISPL is engaged in the trading of raw natural rubber, which it
procures from North-East part of India and distributes primarily
in the Northern India. In addition to procurement and distribution
of rubber, KISPL is also carrying and forwarding (C&F) agent for a
couple of companies for sales of Carbon Black and rubber
chemicals. KISPL was incorporated by Mr. Rohit Kapoor in March
2006. Mr. Rohit Kapoor along with his family/friends and group
companies own entire stakes in KISPL.


L7H LIFE: ICRA Revises Rating on INR8.61cr Term Loan to 'D'
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR8.61
crore term loan of L7H Life Resources Private Limited from
[ICRA]B- to [ICRA]D and has simultaneously reassigned the rating
to [ICRA]B-. ICRA has also revised the short term rating assigned
to the INR8.00 crore non-fund based (sub-limit) facilities of the
company from [ICRA]A4 to [ICRA]D and has simultaneously reassigned
the rating to [ICRA]A4.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term loan           8.61       Revised from [ICRA]B- to
                                  [ICRA]D and simultaneously
                                  reassigned to [ICRA]B-

   Non-fund based     (8.00)      Revised from [ICRA]A4 to
   Limits-short term              [ICRA]D and simultaneously
                                  reassigned to [ICRA]A4

The revision in ratings takes into account the delay in payment of
interest on term loans for the months of January 2014 to March
2014. However, the ratings reassigned factor in no delays in
meeting debt obligations in the recent past. The ratings take into
account the nascent stage of operations and the stiff competition
from other low-cost laboratories within hospitals as well as other
organized and unorganized diagnostic centres in the region that
keeps the bargaining power low for the company. The ratings also
factor in the weak financial profile marked by low profit margins,
weak gearing and coverage indicators and stretched cash flows on
account of debt funded capital expenditure (towards purchase of
medical equipments and machineries) during 2013-14.

The ratings are, however, supported by the strong promoter
background with more than two decades of experience in the
education industry and comprehensive range of diagnostic service
offerings across areas of radio diagnosis, cardiology,
gastroenterology, nephrology, oncology, dermatology etc supporting
the business prospects. The ratings also take into account the
healthy growth in revenues during 2013-14 on account of the
company commencing its full year of operations. The ratings also
factor in the tie-ups with hospitals, doctors and corporate
institutes that support the growth prospects.

Promoted by Mr. B. Premnath Reddy, L7H Life Resources Private
Limited is engaged in providing diagnostic services under the
brand "Silver Line Diagnostics" .The company offers diagnostic
services in the field of radiology imaging, cardiology, pathology
and health checkups. Mr. B. Premnath Reddy ventured into health
care services by acquiring a diagnostic centre previously being
operated by Rainbow Medical Services Private Limited (RMS). L7H
purchased all the medical equipments and machineries from RMS and
commenced its operations in April 2013. During 2013-14, the
company has added equipments worth INR6.2 crore which included
machineries for MRI scan, CT scan and other machineries such as
eco Doppler, X ray etc.


LAVANYA GOLD: CRISIL Suspends D Rating on INR600MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Lavanya
Gold Jewels India Pvt Ltd (LJ).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          600        CRISIL D

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

LJ, set up in 2007 and based in Coimbatore, is in the gold
jewellery business. Its day-to-day operations are managed by Mr. N
Ashok and his brother Mr. N Balaji.


LINK WELL: CRISIL Suspends D Rating on INR31.5MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Link Well Electronics Pvt Ltd (LEPL).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       9         CRISIL D
   Cash Credit         31.5       CRISIL D
   Letter of Credit    16         CRISIL D
   Long Term Loan       1         CRISIL D

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

LEPL was set up as a partnership firm in 1988 by Mr. Harshavardhan
Reddy and family members; it was reconstituted as a private
limited company in 1991. The company is a retailer of
communications and office automation products.


M. H. FOODS: ICRA Assigns B Rating to INR10cr Cash Credit
--------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR10.00
Crore bank limits of M. H. Foods.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit          10.00         [ICRA]B (assigned)

The assigned rating is constrained by MHF's small scale and
limited track record of operations; the high competitive intensity
owing to the trading nature of operations which limits the firm's
profitability and its weak financial risk profile as characterized
by low profitability margins and weak debt protection metrics. The
rating is further constrained by the vulnerability of the firm's
profitability to any adverse changes in agro climatic conditions
and government regulations. While assigning the rating, ICRA also
takes into account the risks associated with proprietorship form
of business in terms of continuity, capital infusions and
withdrawals.

The rating, however, takes comfort from the past experience of the
promoter in the trading business and the favourable demand supply
dynamics in the agro commodity industry which results in ample
growth opportunities.

MHF, a proprietorship entity was established in 2012-13 and is
engaged in trading of agro commodities primarily basmati rice. The
entity operates out of its office situated in Delhi with its
proprietor Mr. Harish Kumar handling the day to day operations of
the entity.

Recent Results
During 2013-14, MHF reported a net profit of INR0.03 crore on an
operating income of INR14.12 crore.


MAHADEVI COTTON: ICRA Suspends B Rating on INR7cr Cash Credit
-------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR7.00
crore long term fund based facilities of Mahadevi Cotton
Industries. The suspension follows ICRAs inability to carry out a
rating surveillance due to non cooperation from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Cash        7.00         [ICRA]B suspended
   Credit Limit

Set up in 1998, Mahadevi Cotton Industries (MCI) is engaged in the
ginning and pressing of raw cotton to produce cotton bales and the
crushing of cotton seeds to produce cotton seed oil and cotton
seed oil cakes. The firm's manufacturing facility is located at
Kadi (Gujarat) and is equipped with 24ginning machines and one
manual pressing machine with a capacity to process 57.6 MT of raw
cotton per day and four expellers with a crushing capacity of 19.2
MT of cotton seeds per day.


MAITREE ASSOCIATES: CRISIL Suspends B+ Rating on INR20MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Maitree
Associates (Maitree).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             20         CRISIL B+/Stable
   Inland/Import
   Letter of Credit        65         CRISIL A4
   Proposed Short Term
   Bank Loan Facility      15         CRISIL A4

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

Maitree, based in Pune (Maharashtra), trades in non-ferrous
metals. It was established by Mr. Ranjit Juneja as his
proprietorship concern in 2010. The firm commenced commercial
operations from December 2010; it derives almost its entire
revenues from trading in copper (rods, wires, and scrap).


MANDAVA COTTON: CRISIL Suspends D Rating on INR93.4MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mandava
Cotton Mills Pvt Ltd (MCMPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           55         CRISIL D
   Letter of Credit      20         CRISIL D
   Long Term Loan        93.4       CRISIL D
   Working Capital
   Term Loan             15.5       CRISIL D

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

MCMPL was incorporated in 2006, promoted by Mr. Ventateshwara Rao.
The company manufactures cotton and polyester yarn at its facility
in Krishna (Andhra Pradesh).


MILLENNIUM WIRES: CRISIL Suspends D Rating on INR148.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Millennium Wires Pvt Ltd (MWPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          148.5       CRISIL D
   Letter of Credit     111         CRISIL D
   Term Loan             15.5       CRISIL D

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

MWPL was set up by Mr. Rakesh Khanna and his family in 2001. The
company manufactures copper wires and super enameled copper wires
that are used in electrical appliances. Its unit in Jalandhar
(Punjab) has capacity of manufacturing 300 tonnes of copper wire
per month.


MOUNTAIN STEELS: ICRA Suspends B- Rating on INR8cr Long Term Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR8.00
crore long term fund based facilities of Mountain Steels Pvt. Ltd.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Mountain Steels (Pvt.) Limited (MSPL) was incorporated as Nikhanj
Foods Products Ltd. in 1986 for manufacturing of food products.
The name of the company was changed to MSPL in 2003. Since then
the company is involved in manufacturing of Thermo-mechanically
treated (TMT) bars from Ingots. The company produces ingots in
house and the entire ingots produced are consumed in house for the
manufacturing of TMT bars. The TMT bars manufactured by MSPL are
sold under the Brand Name 'Sarmesh Saria'. The company has a
rolling mill with an installed capacity of 35,000 MTPA to
manufacture TMT Bars and an induction furnace with an installed
capacity of 20,000 MTPA for ingots.


PARTH FOILS: ICRA Lowers Rating on INR54.38cr Term Loan to 'D'
--------------------------------------------------------------
ICRA has revised the long term rating to the INR54.38 crore term
loans and INR21.0 crore long term, fund based bank facilities of
Parth Foils Private Limited to [ICRA]D from [ICRA]B. ICRA has also
revised the short term rating to the INR13.25 crore short term
bank facilities and the INR1.37 crore unallocated line of credit
of PFPL to [ICRA]D from [ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            54.38        Revised to [ICRA]D from
                                      [ICRA]B

   Long term, fund
   based facilities      21.00        Revised to [ICRA]D from
                                      [ICRA]B

   Short-term bank
   Facilities            13.25        Revised to [ICRA]D from
                                      [ICRA]A4

   Unallocated line of
   credit                 1.37        Revised to [ICRA]D from
                                      [ICRA]A4

The rating revision reflects the delays in debt servicing by the
company in the current year.

Established in 2008, PFPL is engaged in manufacturing of printed
and non-printed aluminium foils, PVC Blisters, single & multi
layered flexible laminates. The company has its manufacturing
facilities at Silvassa, Dadra & Nagar Haveli and Baddi, Himachal
Pradesh. These products are mainly used in the pharmaceutical and
food industry for barrier protection, physical protection etc.


PERMALI WALLACE: ICRA Revises Rating on INR44.23cr Loan to B+
-------------------------------------------------------------
ICRA has revised its long term rating on the INR55.23 crore
(reduced from INR82.75 crore) long-term fund based limits of
Permali Wallace Private Limited to [ICRA]B+ from [ICRA]BB-. ICRA
has reaffirmed the short term rating on the INR14.25 crore short-
term bank facilities of the company at [ICRA]A4.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans            44.23      Rating revised to [ICRA]B+
                                    from [ICRA]BB- (Stable)

   Cash Credit           11.00      Rating revised to [ICRA]B+
                                    from [ICRA]BB- (Stable)

   Non Fund Based
   facilities            14.25      Rating reaffirmed at [ICRA]A4

The rating revision takes into account the subdued growth in the
company's revenues in 2013-14 on account of muted demand from the
domestic power sector, tepid export sales, which coupled with
decline in operating margins resulted in continued net losses in
2013-14. This, coupled with the company's debt funded capital
expenditure has resulted in weakening in the company's key credit
metrics with gearing deteriorating to 4.6x as on March 31, 2014
from 3.1x, an year ago, interest coverage weakening to 0.8x in
2013-14 from 1.2x in the previous year, and TD/OPBITDA
deteriorating to 11.2x from 8.9x, an year ago. ICRA notes that
continued delays in project completion may exert liquidity
pressures in the near term given the sizeable repayments that
would require continued funding support from the promoters;
however, the reduction in the project cost to ~50% of the initial
estimates, due to reduced scope of the project, partially
alleviates this risk. The subdued demand from the domestic power
sector, coupled with the expanded capacity is expected to weigh on
PWPL's profitability margins and utilization rates in the near to
medium term. The ratings also take into account the inherent
volatility in revenues and profitability on account of the tender
based nature of business.

However, the rating continues to factor in the long standing
experience of the promoters in the laminates industry and the
company's diversified product portfolio which enables it to cater
to various industries such as electrical, defense, railways,
foundries etc. The support from the promoters in the form of
unsecured loans is expected to help the company manage the
pressure on liquidity, to a certain extent.

Going forward, the ability of the company to complete the
Mandideep project within the revised timelines and costs, improve
order flow along with an improvement in profitability margins, and
timely receipt of funding support from the promoters will be the
key rating sensitivities.

PWPL was established in 1961 in technical and financial
collaboration with Permali Limited, Gloucester, U.K. and Chase
Lowe & Co., Manchester, U.K. The company started as a manufacturer
of wood based densified impregnated laminates for Industrial and
Engineering applications and expanded its product range to include
veneer based components, glass reinforced composites, sheet
moulding compounds, dough moulding compounds , moulded components,
epoxy resin castings, etc.

The company's manufacturing facility located in Bhopal is spread
over an area of 9 acres and has well-equipped testing facilities.
PWPL is ISO 9001:2008 certified and has its own R&D Department,
which is recognized by the Department of Science and Technology,
Govt. of India The company is in the midst of shifting its
facility to Mandideep, and till December '14 had incurred an
expenditure of INR42.2 crore, of the total revised project cost of
INR48.8 crore.

Recent results
PWPL reported a net loss of INR2.7 crore on an operating income of
INR55.4 crore in 2013-14 as against a net loss of INR2.0 crore on
an operating income of INR53.5 crore in the previous year.


RADISH TECHNOLOGIES: ICRA Suspends B+ Rating on INR11.87cr Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR11.87 crore,
working capital facilities and term loans of Radish Technologies.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


S&P FEEDS: ICRA Suspends B+ Rating on INR10cr Cash Credit
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating reaffirmed for INR5.87 crore
term loan and INR10.00 crore cash credit facilities of S&P Feeds
Private Limited (SPFL). The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

SPFL is engaged in the business of poultry feed manufacturing
(pellet) and contract broiler farming. It commenced commercial
operation in July 2012, with an installed feed production capacity
of 4,800 tons per month. The manufacturing plant is located at
Bhaur, Nasik, Maharashtra. SPFL is part of the Nasik-based Anand
Agro Group, engaged in the poultry business for more than 15
years. The Group's flagship company, AHPL, was incorporated in
1996; and is involved in breeder farming, hatcheries and contract
broiler farming, along with another small group company.


SARDA PLYWOOD: CRISIL Reaffirms B Rating on INR359.6MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Sarda Plywood
Industries Ltd (SPIL) continue to reflect SPIL's exposure to
intense competition in the plywood industry, and its
susceptibility to changes in timber export regulations in foreign
countries. The ratings also factor in the company's weak financial
risk profile. These rating weaknesses are partially offset by
SPIL's established market position and its promoters' extensive
industry experience.

                     Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee       20          CRISIL A4 (Reaffirmed)

   Cash Credit         359.6        CRISIL B/Stable (Reaffirmed)

   Letter of Credit    335.9        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SPIL will continue to benefit over the medium
term from its promoters' extensive experience, and the increasing
share of the branded segment, in the plywood and laminates
industry. The outlook may be revised to 'Positive' if there is a
considerable increase in the company's revenue or profitability,
leading to substantial cash accruals, or a significant improvement
in its working capital management. Conversely, the outlook may be
revised to 'Negative' if SPIL's financial risk profile weakens,
most likely because of a decline in its operating profitability.

SPIL, originally incorporated in 1957 as a private limited
company, manufactures plywood and allied products. It became a
deemed public limited company in 1974, and is listed on the Bombay
Stock Exchange. SPIL has two plywood manufacturing units, one each
in Jeypore (Assam) and Rajkot (Gujarat). It sells plywood under
the Duro brand. It also owns a bought-leaf tea-processing factory
in Jeypore.


SHANKER INT'L: ICRA Reaffirms B Rating on INR39cr Non-FB Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B to the INR6.00
crore fund based facilities (previously rated INR5.00 crore) and
INR39.00 crore (previously rated INR29.50 crore) non fund based
facilities of Shanker International Private Limited (SIPL)
(erstwhile Shanker Timber Store).

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Fund based facilities         6.00       [ICRA]B (reaffirmed)
   Non-fund based facilities    39.00       [ICRA]B (reaffirmed)

The ratings reaffirmation factors in highly competitive nature of
the timber trading industry characterized by the presence of
numerous organized and unorganized players due to which the
revenues and profit margins of the company have remained modest.
The ratings are also constrained by moderate financial profile of
the company characterized by high total outside liabilities to
tangible net worth (TOL/TNW) ratio and moderate debt protection
metrics. However, the rating derive comfort from the long track
record of promoters in the timber trading business and favorable
logistics of the firm on account of presence of office near Kandla
port.

Shanker International Pvt. Ltd. (SIPL) took over Shanker Timber
Store in April 2013, along with all its assets and liabilities as
on March 31st 2013. The promoters have more than 3 decades of
experience in the trading of timber with mainly trading of Sagwan
and Kapur wood which is imported from Switzerland, Malaysia etc.
SIPL has been promoted by Mr. KK Goel, given his long experience
in this business. The company has 1 branch and 1 head office.
Branch is at Gandhinagar (Gujarat) and head office is situated at
Karnal.

Recent Results
During the financial year 2013-14, the company reported a profit
after tax (PAT) of INR0.41 crore on an operating income of
INR116.26 crore as against PAT of INR2.43 crore on an operating
income of INR104.52 crore in 2012-13.


SHARADA EDUCATION: CRISIL Reaffirms B- Rating on INR110MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sharada
Education Trust (SET) continues to reflect the trust's stretched
liquidity driven by its modest cash accruals and ongoing capital
expenditure programme (capex). The ratings also factor in SET's
below-average financial risk profile marked by an aggressive
capital structure and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
trustees in the education sector along with their funding support.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             110        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SET's liquidity will remain constrained over
the medium term by its modest cash accruals. The outlook may be
revised to 'Positive' if the trust's financial risk profile,
particularly its liquidity, improves through increased cash
generation arising from better than-expected ramp up in its scale
of operations and improvement in its profitability. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in the trust's liquidity due to shunted cash accruals or lower-
than-expected funding support from the trustees.

Update
Due to low occupancy in the first year of its operations, SET
recorded a small revenue of INR0.3 million in 2013-14 (refers to
financial year, April 1 to March 31), which is expected to
increase to about INR6 million in the academic year 2014-15. In
the absence of economies of scale, the trust incurred an operating
loss in 2013-14. The trust is in the process of adding further
infrastructure and is developing awareness about the strength of
its faculty and courses, which will aid the trust scale up its
operations over the medium term. A ramp-up will enable an increase
in SET's cash surplus over the medium term.

SET's financial risk profile remains weak, marked by high gearing
of 2.7 times and small net worth of INR29 million, as on March 31,
2014. High gearing is driven by significant debt contracted to
meet the ongoing capex. The gearing is, however, likely to improve
to around 1.5 times as on March 31, 2014 with the promoter's
contribution of around INR50 million to the trust's corpus.
Furthermore, the trust's debt protection metrics remain weak for
2013-14 because of losses incurred. SET's liquidity is stretched,
because of minimal cash accruals. However, funds from the trustees
supported liquidity. Timely support from the trustees will remain
a key rating sensitivity factor, over the medium term.

SET was set up in 2010 by Dr. K Udaya Kumar in Bengaluru. The
trust set up the college Adarsha Institute of Technology (AIT)
which offers Bachelors in Technology (BTech) courses. The
institute is approved by AICTE and is affiliated to Visvesvaraya
Technological University. AIT started its first batch in 2013.


SHARDA TIMBER: ICRA Reaffirms B Rating on INR28.50cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B to the INR5.00
crore (previously rated INR4.00 crore) fund based facilities,
INR28.50 crore (previously rated INR25.00 crore) non fund based
facilities and INR1.50 crore (previously rated INR6.00 crore)
proposed limits of Sharda Timber Private Limited (erstwhile
Shanker Timber Store).

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund based facilities        5.00       [ICRA]B (reaffirmed)

   Non-fund based facilities   28.50       [ICRA]B (reaffirmed)

   Proposed (Unallocated        1.50       [ICRA]B (reaffirmed)
   Limits)

The ratings reaffirmation factors in highly competitive nature of
the timber trading industry characterized by the presence of
numerous organized and unorganized players due to which the
revenues and profit margins of the company have remained modest.
The ratings are also constrained by moderate financial profile of
the company characterized by high total outside liabilities to
tangible net worth (TOL/TNW) ratio and weak Interest coverage
ratio. However, the rating derive comfort from the long track
record of promoters in the timber trading business and favorable
logistics of the firm on account of presence of office near Kandla
port.

Sharda Timber Private Limited (STPL) took over Sharda Timber Store
in April 2013, along with all its assets and liabilities as on
March 31st 2013. The promoters have more than 3 decades of
experience in the trading of timber with mainly trading of Sagwan
and Kapur wood which is imported from Switzerland, Malaysia etc.
SIPL has been promoted by Mr. KK Goel, given his long experience
in this business. The company has 1 branch and 1 head office.
Branch is at Gandhinagar (Gujarat) and head office is situated at
Karnal.

Recent Results
During the financial year 2013-14, the company reported a profit
after tax (PAT) of INR0.38 crore on an operating income of
INR81.77 crore as against PAT of INR3.75 crore on an operating
income of INR86.81 crore in 2012-13.


SHIRIDI SAI: CRISIL Suspends D Rating on INR90MM LT Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sri
Shiridi Sai Educational Academy (SSEA).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan       90          CRISIL D

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

SSEA, set up in 2007, operates two institutes that provide
undergraduate and postgraduate courses in engineering, management,
and pharmacy. Both the institutes are approved by national bodies
such as All India Council for Technical Education and Jawaharlal
Nehru Technological University.


SHREE RAMDEV: CRISIL Puts B+ Rating on INR75MM Cash Credit
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shree Ramdev Cotton Industries (SRCI).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           75         CRISIL B+/Stable
   Term Loan              7.5       CRISIL B+/Stable

The rating reflects SRCI's weak financial risk profile, marked by
modest net worth and high gearing, its modest scale of operations
in the intensely competitive cotton-ginning industry, and its
vulnerability to changes in government policies. These rating
weaknesses are partially offset by the extensive industry
experience the firm's promoters and the advantages it derives from
the proximity of its unit to the cotton-growing belt in Gujarat.
Outlook: Stable

CRISIL believes that SRCI 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 firm
scales up its operations and achieves higher-than-expected
accruals, or if its capital structure improves through capital
infusion or higher accretion to reserves. Conversely, the outlook
may be revised to 'Negative' if SC's financial risk profile
deteriorates, most likely because of increased working capital
borrowings or large debt-funded capital expenditure, or if its
operations are negatively impacted by any change in government
policy.

Established in 2007, SRCI has been set up as a ginning and
pressing unit with capacity to produce 180 bales per day in
Vijapur (Gujarat). Its day-to-day operations are managed by Mr.
Natvarbhai Ramdas and his son, Mr. Maneshkumar Natvarbhai, who
have over 8 years of experience in the cotton-ginning and pressing
industry.

SRCI reported profit after tax (PAT) of INR0.55 million on
operating income of INR384 million for 2013-14 (refers to
financial year, April 1 to March 31) against PAT of INR0.57
million on operating income of INR425 million for 2012-13.


SIDHARTH AND GAUTAM: CRISIL Suspends B+ Rating on INR72MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sidharth and Gautam Engineers (SGE).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        48         CRISIL A4
   Cash Credit           72         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    30         CRISIL B+/Stable

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

SGE was set up in 1981 as a proprietorship firm by Mr. R K Makkar.
In 2002, the firm was reconstituted as a partnership firm, with
Mr. R K Makkar and Mr. Sidharth Makkar as partners. SGE
manufactures seamless pipe fittings for the power, refineries,
petrochemicals, oil and gas processing plants, fire fighting, and
heavy engineering sectors.


SRI SAKTHI: CRISIL Reaffirms B+ Rating on INR150MM Bank Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Sakthi
Amma Educational Trust (SSAET) continues to reflect SSAET's small
net worth, modest scale of operations, geographic concentration in
its revenue profile, and its high reliance on donation income.
                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility      150      CRISIL B+/Stable (Reaffirmed)

   Term Loan                50      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
the trust derives from its association with its established parent
trust, Sri Narayani Peetham (SNP), which has a sound reputation in
South India and provides timely financial support to SSAET, and
the healthy demand prospects for the education sector in Vellore
(Tamil Nadu).

Outlook: Stable

CRISIL believes that SSAET will continue to benefit over the
medium term from its established regional position in the
education sector. The outlook may be revised to 'Positive' if the
trust significantly scales up its operations and generates
substantial net cash accruals, most likely due to improved
occupancy, while maintaining its capital structure. Conversely,
the outlook may be revised to 'Negative' if support from the
parent trust is delayed, affecting SSAET's ability to service its
debt on time.

Update
SSAET reported operating revenue of INR23 million for 2013-14
(refers to financial year, April 1 to March 31), a year-on-year
increase of 75 per cent. The trust reported an operating margin of
10.49 percent for 2013-14 against an operating deficit for 2012-
13. This was because higher intake of students, which led to
better absorption of fixed costs. The trust is expected to report
an operating surplus margin of more than 17.5 per cent over the
medium term, with its increasing scale of operations.

SSAET's financial risk profile is average, constrained by a small
net worth of INR47 million as on March 31, 2014. Its gearing was
1.0 times as on this date. The trust's net cash accruals to total
debt and interest coverage ratios were 0.22 times and 2.92 times,
respectively, in 2013-14. Its financial risk profile is expected
to improve over the medium term with steady accretion to reserves
and continuous repayment of debt. CRISIL believes that SSAET's
financial risk profile will improve over the medium term with
steady cash accruals and absence of debt funded capex plans.

SSAET is expected in generate accruals of INR23.6 million to
INR29.8 million per annum over the medium term against repayment
obligations of INR9.4 million per annum. The trust continues to
prepay its term loans through donations received throughout the
year.

SSAET was registered as a charitable trust in 2001. It was formed
by SNP, which manages the Golden Temple of Sripuram (Vellore). The
trust is headed by Sri Sakthi Amma also known as Narayani Amma.
SSAET operates a school offering the state board course up to the
tenth standard, with more than 1000 students. It has recently
added a Central Board Of Secondary Education (CBSE)-affiliated
school admitting students up to the seventh standard.


STABLE PACKAGING: ICRA Assigns B+ Rating to INR4cr Buyer's Credit
-----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 to the INR15.00 Crore bank limits of Stable
Packaging Private Limited (SPPL).

                              Amount
   Facilities              (INR crore)     Ratings
   ----------              -----------     -------
   Cash Credit (Existing)      3.00        [ICRA]B+ (assigned)
   Cash Credit (Proposed)      3.00        [ICRA]B+ (assigned)
   Buyer's Credit (Existing)   4.00        [ICRA]B+ (assigned)
   Buyer's Credit (Proposed)   4.00        [ICRA]B+ (assigned)
   Non Fund Based Limits       1.00        [ICRA]A4 (assigned)

The assigned ratings are constrained by SSPL's modest scale of
operations; the high competitive intensity in the industry which
limits the company's profitability and its weak financial risk
profile as characterized by low profitability margins and
leveraged capital structure. The ratings are further constrained
by the vulnerability of SPPL's profitability to any adverse
variations in foreign exchange rates and raw material prices.

The ratings, however, take comfort from the past experience of the
promoters in the packaging industry; the reputed customer profile
primarily concentrated in the food processing segment; the
favourable location in the Noida SEZ resulting in fiscal benefits
and the favorable demand outlook for packaging products driven by
growing population, consumerism, spending and retail penetration.

SPPL was incorporated in 2009 and is engaged in the packaging
business wherein it manufactures products such as plastic bags,
carry bags, garbage bags and other related packaging products.
Apart from carrying manufacturing activity, the company is also
involved in the trading of various packaging products such as
paper bags, corrugated boxes, plastic granules, plastic bags,
plastic films etc. The manufacturing facility of the company is
located in Noida SEZ.

Recent Results
As per its unaudited financials for 2013-14, SSPL reported a net
profit of INR0.31 crore on an operating income of INR32.30 crore
against a net profit of INR0.14 crore on an operating income of
INR17.24 crore in the previous year.


SWASTIK ARMAAN: ICRA Suspends B/A4 Rating on INR6.5cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA] B/[ICRA] A4 rating assigned to the
INR6.50 crore, working capital facilities of Swastik Armaan Steels
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


TAJPURIYA WOODWORKS: ICRA Suspends B+ Rating on INR7.5cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ outstanding on
the INR7.50 crore long term fund based limits of Tajpuriya
Woodworks Private Limited. ICRA has also suspended the short term
rating of [ICRA]A4 outstanding on the INR1.50 crore short term
non-fund based 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.

Tajpuriya Woodworks Private Limited (TWPL) is a leading
manufacturer of modular wooden/steel furniture in central India.
TWPL manufactures and markets a large variety of wooden/steel
furniture like Modular desking systems, conference tables,
tabletops, partition systems, kitchen shutters, wardrobes and
bedroom sets; using latest wood working machinery manufactured in
Germany. The company was established as a private limited company
by the Nagpur based Tajpuriya family in 2001 and is a contract
manufacturer for leading modular furniture companies like Godrej &
Boyce Manufacturing Co. Ltd and BP Ergo Ltd.


VASUNDHARA CONSTRUCTIONS: ICRA Rates INR12cr Term Loan at 'B+'
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR12.00 crore
proposed term loans of Vasundhara Constructions Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Proposed
   term loans            12.00        [ICRA]B+ assigned

The assigned rating is constrained by execution risk given that
the construction of real estate project with proposed built up
area of 575,000 sft comprising of 420 units spread across 3 towers
is yet to be started; significant market risk for the project with
7% bookings till November 2014; and high funding risk as 69% of
the project funding is proposed to be met from customer advances,
which is dependent on bookings and collections from customers and
remaining in the form equity and term loan. The financial closure
for the project is not yet achieved and the company has sought for
a term loan of INR25.00 crore which is currently under process by
bank. A moratorium period of one year has been proposed after
which the same will be repaid in four equal quarterly installments
and the repayments are contingent upon company achieving
sufficient sales in the project. The assigned rating however
positively factors in the attractive location of the project in
the center of Tirupati town, which is near to main railway station
and bus stand partially mitigating the market risk; and promoters
experience of more than 3 decades in the real estate construction
through group companies Koncept Ambience and Theme Ambience
Constructions Private Limited.

Going forward, the ability of the company to achieve the financial
closure, execute the project without time and cost overruns and
achieve sufficient sales for the term loan repayments will remain
the key rating sensitivities from credit perspective.

Vasundhara constructions private limited (VCPL) was incorporated
in 1995 with the main objective of building and developing real
estate projects. It is a group company of company of Koncept
Ambience and Theme Ambience Constructions Private Limited which
has experience in the real estate sector for the past 30 years.
VCPL is currently constructing a project named 'Temple town' on
the Renigunta Road, behind Srinivasam Pilgrimage Lodge in
Tirupati, Andhra Pradesh. It is a residential apartment project on
3.81 acres of land with a proposed built-up area of about 575,000
sft and spread over 3 tower blocks with an estimated cost of
INR105.23 crore.

Recent Results
The company reported an operating income and net profit of Rs.0.86
crore and INR0.12 crore respectively in FY2014 as against an
operating income and net profit of INR4.06 crore and INR0.13 crore
respectively in FY2013.


VSOFT TECHNOLOGIES: CRISIL Suspends D Rating on INR50MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vsoft Technologies Pvt Ltd (Vsoft).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        5          CRISIL D
   Cash Credit          50          CRISIL D
   Long Term Loan       20          CRISIL D

The suspension of ratings is on account of non-cooperation by
Vsoft with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Vsoft is yet to
provide adequate information to enable CRISIL to assess Vsoft'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 2004 and based in Hyderabad, Vsoft provides core
banking solutions and  cheque truncation systems to financial
institutions in India and is the development arm of Vsoft
Corporation Inc (Vsoft-C, a group company headquartered in
Georgia, US). Vsoft-C is one of the leading providers of banking
and payment solutions to financial institutions in the US and
Philippines. The company is promoted and managed by Mr. Murthy
Veeraghanta and Mr. Shekar Viswanathan.


WINSOME YARNS: ICRA Suspends D Rating on INR314cr LT Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to INR314.00 crore
long term fund based and INR166.00 crore short term fund based
bank facilities of Winsome Yarns Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Winsome Yarns Limited (WYL) was incorporated in 1990 by Winsome
Textile Industries Limited of Winsome Group in collaboration with
Punjab State Industrial Development Corporation Limited (PSIDC)
for setting up 100% export oriented unit for spinning cotton yarn
with counts ranging from 16-40s. WYL has presence in spinning as
well as knitting where in it is manufactures and sells cotton
yarn, m‚lange dyed yarn, sweaters and knitwear. The company's
spinning plant is located at Derabassi, District Patiala, in
Punjab with an installed capacity of 109,824 spindles and knitting
plant is located in Mohali, Punjab.



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


BERAU COAL: Maturity Extension In line With Caa1 Rating Downgrade
-----------------------------------------------------------------
Moody's Investors Service commented that Berau Coal Energy Tbk
(P.T.)'s (BCE) proposal to extend its Senior Secured $450 million
notes due July 2015 (Caa1) to February 2017 is consistent with
expectations that led to the recent downgrade of BCE's ratings to
Caa1 from B3. The ratings are on review for possible downgrade. If
successful, the transaction will be viewed as a distressed
exchange under Moody's definition of default as it will have the
effect of allowing BCE to avoid a payment default at the original
scheduled maturity.

On January 20, 2015, BCE announced a proposal to extend the
maturity of its July 2015 notes to February 2017 and repay 5% of
the notes at par. The proposed restructuring will maintain the
existing 12.5% interest rate, while introducing a paid-in-kind
(PIK) feature that could allow the company to defer up to 5.25% of
the interest, amongst other changes. The restructured 2015 notes
would include a provision allowing BCE to extend the restructured
notes to 2020, if it is successful in extending the 2017 notes.
BCE has not indicated its plans with regards to the $500 million
notes due 2017 (Caa1) at this time.

"The successful completion of a notes extension will address BCE's
near term liquidity pressure, however it will create a substantial
maturity wall in February 2017 when both bonds would come due"
says Brian Grieser, a Moody's Vice President and Senior Analyst.

"While a roughly 2-year window represents progress for BCE in its
refinancing efforts, a weak coal price environment is expected to
exert pressure on the company's operating performance and
liquidity profile making a second, larger refinancing in 2017
equally as challenging as its ongoing efforts" added Grieser, who
is the lead analyst on BCE.

As such, Moody's expect BCE to engage 2017 noteholders over the
next year in an effort to extend the maturity of those bonds since
it is unlikely that BCE would be in a position to repay the notes
in 2017.

The company has also indicated plans for a potential equity
injection, however it is unlikely to happen before the company
addresses its 2015 maturity and the size of any transaction is
currently unknown. If successful, it would ease liquidity pressure
and would likely be supportive of the company's efforts to
restructure the 2017 notes.

BCE's ratings remain on review for possible downgrade. Moody's
review will largely focus on two factors. First is the outcome of
the 4 February 2015 General Meeting at ARMS, which has been called
by Borneo Bumi Energi and Metal Pte Ltd (unrated), a Samin Tan-
controlled vehicle that controls 23.8% of ARMS, to vote on
resolutions to remove three independent directors and replace them
with their own nominees. Second, the review will evaluate the
final terms of the company's refinancing plans and its impact on
BCE's prospective capital structure.

At conclusion of the review, ratings could be downgraded if any of
the following were to occur: 1) the outcome of ARMS' general
shareholders' meeting results in an board that does not contain a
majority of independent directors; 2) terms of BCE's proposal
changes such that an extension to the 2015 bonds results in a
reduction in the par value of the bonds, a lower interest rate or
the bondholders are forced to accept PIK interest over the life of
the extended bond; 3) BCE's restructuring impacts the $500 million
notes due 2017, whose timely repayment is increasingly at risk or
4) the proposal is rejected by bondholders and BCE misses a
principal or interest payment.

The successful extension of the notes at current proposed terms,
while viewed as a distressed exchange, would likely result in
post-transaction ratings being affirmed at Caa1 with a stable
outlook.

BCE is an investment holding company listed on the Indonesian
Stock Exchange. It has a 90% interest in PT Berau Coal (unrated),
Indonesia's fifth-largest producer and exporter of thermal coal.
Berau operates three active mines -- Lati, Sambarata and Binungan
-- at a single site in East Kalimantan. It has estimated resources
of about 2.6 billion tons, with probable and proven reserves
estimated at 512 million tons (mt).


MAXPOWER GROUP: Fitch to Assign 'B' IDR With Stable Outlook
-----------------------------------------------------------
Fitch Ratings expects to rate MAXpower Group Pte Ltd (MAXpower) at
Long-Term Foreign Currency Issuer Default Rating (IDR) of 'B',
with a Stable Outlook. Fitch has also assigned MAXpower Group
Issuer Pte Ltd's (the issuer) proposed US dollar secured notes an
expected rating of 'B(EXP)' with a Recovery Rating of 'RR4'. The
notes will be guaranteed by MAXpower.

MAXpower's ratings reflect its position as an established, niche
leader in the fast-growing distributed power segment in south-east
Asia. It develops and operates small, natural gas-fired power
plants in under-supplied regions in Indonesia and Myanmar, and
sells and provides after-sales services for GE Jenbacher engines.
MAXpower has about 293MW of installed capacity in operation and
177.5MW of capacity under construction and in documentation.

The company benefits from a diversified portfolio of contracts for
the power plants it develops and operates, which provide cash flow
visibility and predictability; customers with generally good
credit profiles; a supportive operating environment, including a
strong demand outlook for distributed power in its key markets of
Indonesia and Myanmar; a seasoned management team and supportive
shareholders. MAXpower is still in a growth phase, which entails
some execution risk, and we expect elevated capex and negative
free cash flow to contribute to a relatively weak financial
profile particularly in 2015-16, the improvement of which is
contingent on the successful roll-out of contracted projects under
construction as well as new, pipeline projects.

The company expects to refinance its amortising bank debt of
around USD200m with the proposed US dollar notes issue and raise
funds in excess of this refinancing requirement to fund growth.
The expected IDR assumes the successful refinancing of its
existing debt, such that the company will have a manageable debt
service capacity. The 'B(EXP)' expected rating on the notes
reflects the credit strengths and weaknesses of the debt structure
and cash flows of the restricted group of companies, which
includes the Singapore registered issuer and various operating
subsidiaries.

Final ratings are contingent upon the receipt of final documents
conforming to information already received.

KEY RATING DRIVERS
Leader in High-Growth Niche: MAXpower is a leading natural gas-
fired distributed power company with operations mainly in
Indonesia, but also in Myanmar. It develops and operates small
power plants of 1MW to 50MW in under-supplied regions of Indonesia
and Myanmar (81% of 2013 revenue); and provides equipment sales
and after-sales services of GE Jenbacher gas-fired power engines
in south-east Asia (19% of 2013 revenue). MAXpower currently has
18 power projects in operation in Indonesia (around 239MW of
installed capacity) and Myanmar (55MW of installed capacity).

Earnings and Cash Flow Visibility: MAXpower has a diversified
portfolio of short-term contracts of less than five years, medium-
terms ones of five to 15 years and long-term ones of more than 15
years for the power plants it develops and operates in Indonesia
and Myanmar, which provides some cash flow stability and
predictability. The weighted average contract tenor (remaining
years) is 10 years on its 18 operational projects. The company
currently has eight Build Operate Owned Transfer (BOOT) contracts
- seven medium-term in Indonesia and one long-term in Myanmar - as
well as one long-term independent power producer (IPP) contract in
Indonesia (Tanjung Jabung) and nine short-term rental agreements
in Indonesia.

Generally Good Counterparty Profiles: The two long-term contracts
are: a 20-year agreement with Indonesian state-owned utility PT
Perusahaan Listrik Negara (Persero) (PLN; BBB-/Stable) and a 30-
year one with Myanmar's state-owned Myanmar Electric Power
Enterprise (MEPE). Medium-term contracts are with industrial
manufacturers in Indonesia, as well as with Indonesian electricity
re-sellers to PLN. The short-term rental contracts are either
directly with PLN or with electricity re-sellers to PLN. While
counterparty profiles are generally good and the payment track
record from the majority of customers is sound, Fitch notes that
MAXpower's earnings and cash flows - given its size - are
vulnerable even if only several of its customers delay payments
and/or do not pay. The re-sellers to PLN are particularly exposed
to exchange rate variations.

Growth Phase, Execution Risk: MAXpower is at a rapid growth stage,
with high capex needs, which we expect to be funded primarily
through debt. However, the small size of the power plants MAXpower
installs, and their portability give the company additional
flexibility and reduces execution risk to a degree. The successful
and timely completion of its projects under construction and
pipeline projects is crucial to ensure adequate cash flows to
cover comfortably its debt servicing requirements, and to be able
to raise an additional USD75m under the terms of the notes for
further capex.

Weak Financial Profile in 2015-16: We anticipate MAXpower's net
debt/cash EBITDA less tax to increase above the threshold level of
5.5x for its expected 'B' rating and cash EBITDA less tax/interest
to be below the threshold level of 2.0x in 2015, due to additional
indebtedness incurred to fund capex. The calculation of net debt
includes the compulsory convertible preference shares; and the
calculation of cash EBITDA is EBITDA adjusted for accounts
receivable provision and non-recurring expenses, IPP and BOOT
contractual revenue, finance income and cost of engines recognised
in cost of goods sold. Under our base case scenario, which assumes
the issuance of the proposed notes, the successful and timely
commissioning of contracted projects under construction and in
documentation (177.5MW of installed capacity) and new, pipeline
projects, the company will return to within the threshold ratios
by 2016. However, we expect the company to be free cash flow
negative given the growth capex.

Shareholder Standard Chartered SCI Asia Infrastructure has a put
option through its compulsory convertible preference shares, which
it can exercise should a qualified sale (a sale of a majority
stake or an IPO of MAXpower) fail to occur by January 2017. The
option has been treated as an event risk in assigning the ratings.
Once exercised, MAXpower would be required to re-purchase the
shares at a price ensuring an internal rate of return of 15% for
SCI Asia Infrastructure. While MAXpower can decline to accept the
put option - and any payment outflow is subject to the restricted
payments covenant - SCI Asia Infrastructure would have the right
to initiate and control a sale process of MAXpower to a third
party. This could trigger the change of control clause in the
proposed notes documentation.

Liquidity and Refinancing Risk: We expect MAXpower's liquidity to
be adequate to service its interest payments on the proposed notes
over our forecast period. We have assumed MAXpower will also have
access to a proposed secured USD40m trade and revolving credit
facility (which will rank pari passu with the proposed notes) to
provide it with additional liquidity. We do not expect MAXpower to
be able to repay the proposed notes on maturity, or before,
through internally generated cash flow and the company will
therefore be reliant on a further refinancing for the proposed
notes repayment, or from the proceeds of an IPO.

Some FX Exposure: A significant portion of MAXpower's cash inflows
from customers is in US dollars, which provides some protection
against FX fluctuation, given that the proposed bond is US dollar-
denominated. However, MAXpower has some indirect FX exposure from
its electricity re-seller customers in Indonesia (accounting for
around 35% of MAXpower's project contracts). The electricity re-
sellers are invoiced by MAXpower in US dollars but re-sell the
electricity to PLN in rupiah (tariff contracts are typically fixed
with no mechanism to compensate for FX fluctuations). The rupiah
has been depreciating against the US dollar. As a result, MAXpower
has experienced delayed payments from several of these customers.

Solid Management, Supportive Shareholders: MAXpower benefits from
a seasoned management team, which includes the two founders of the
company (founded in 2004). Minority shareholders include Standard
Chartered SCI Asia Infrastructure - the second largest pan-Asian
infrastructure fund - with a 23.6% stake and Standard Chartered
Private Equity with 7.9%, both of which are active and supportive.

Supportive Operating Environment: Per capita electricity
consumption and electrification rates in Indonesia and Myanmar are
low compared with other developing Asia countries and economic
growth prospects are healthy over the medium term, ensuring strong
demand for electricity. We expect annual electricity demand growth
in Indonesia to be in the mid-to-high single-digits to 2020. In
Indonesia, as large-scale conventional power plants are not being
built sufficiently quickly to meet demand, independent power
producers and flexible solutions will have to fill the demand-
supply gap, ensuring a healthy demand outlook for gas-fired
distributed power.

RATING SENSITIVITIES

Negative: Future developments that may individually or
collectively lead to negative rating action include:
- Net debt/cash EBITDA less tax above 5.5x on a sustained basis.
- Cash EBITDA less tax/interest less than 2.0x on a sustained
basis.
- Failure to maintain or grow future contracted new backlog of
projects.
- Failure to refinance existing senior secured bank facilities
such that the debt servicing burden is not reduced to a manageable
level.

Positive: An upgrade is unlikely given that the company is in a
growth phase and that debt maturity is not well-matched to asset
life.


MAXPOWER GROUP: Moody's Assigns (P)B1 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a first-time provisional
corporate family rating of (P)B1 to Maxpower Group Pte Ltd
(Maxpower Group).

At the same time, Moody's has also assigned a provisional (P)B1
rating to the proposed USD senior secured notes, which will be
issued by Maxpower Group Issuer Pte Ltd (Maxpower Issuer), a
special purpose vehicle, and guaranteed by Maxpower Group.

Maxpower Issuer will on-lend the proceeds of the notes issuance to
Maxpower Group's major subsidiaries in the form of intercompany
loans, in order for them to refinance an existing foreign currency
syndicated loan facility and to raise funds for general corporate
purposes.

The notes will represent a senior secured obligation and will be
secured by first-priority security interests in stocks held by
Maxpower Group and its major subsidiaries and operating assets of
most of its subsidiaries in Indonesia.

The provisional status of the ratings will be removed upon
completion of the issuance of the proposed notes on satisfactory
terms and conditions.

Ratings Rationale

"The (P)B1 rating reflects the improving financial profile of
Maxpower Group, underpinned by its continued commissioning of new
gas-fired power plants in 2015-18 amid increasing power demand in
Indonesia, and its strong market position in the country's
distributed gas-fired power market," says Mic Kang, a Moody's Vice
President and Senior Analyst.

Moody's expects Maxpower Group's consolidated funds from
operations (FFO)/debt to improve to 9%-11% over the next 12-18
months from 5% for 12 months to 30 September 2014. In addition,
its FFO interest coverage will likely increase to 2.0x-2.3x from
1.6xover the same period.

These levels are in line with a B1 rating.

Moody's expects Maxpower Group will take advantage of Indonesia's
growing distributed gas-fired power market. Given the country's
many remote and isolated areas, the use of electricity generated
from small-scale gas-fired power plants near or at the site of
power demand will remain economical over at least the next 2-3
years.

In Moody's view, Maxpower Group will benefit from this situation,
given its strong competitiveness in the market and ability to
provide an integrated service, from procurement to the operation
and maintenance of power plants and with the help of its
longstanding relationship with GE Jenbacher GMBH & CO OG
(unrated), which is a subsidiary of General Electric Company (Aa3
stable).

However, the rating is tempered by Maxpower Group's relatively
high exposure to counterparty risk. Such risk stems mainly from
currency mismatches at its customers' cash inflows and outflows.
In addition, the company plans to increase its power capacity to
around 600 megawatt (MW) at end-2016 from 293 MW as of 30
September 2014 and therefore is exposed to execution risk --
including operational delays and lower-than-expected profits --,
which is not uncommon for a fast-growing company.

Around 35% of electricity generated by Maxpower Group is sold to
its ultimate off-taker, Perusahaan Listrik Negara (PLN, Baa3
stable), under its long-term contracts with resellers. These
resellers develop local areas on behalf of Indonesia's local
governments and receive IDR-denominated fees from PLN, while
making US$-denominated payments to Maxpower Group.

"The (P)B1 rating for Maxpower Issuer's notes reflects Moody's
view that the credit quality of Maxpower Issuer will remain
closely linked to that of Maxpower Group, given the guarantees
from the parent and its key operating subsidiaries in Indonesia,
and the security over their stake and key operating assets," adds
Kang.

Moody's believes the presence of the guarantees and the security
will lead Maxpower Group to use the cash resources at its major
subsidiaries as much as possible to ensure Maxpower Issuer's debt
servicing capability.

The stable outlook reflects Moody's view that Maxpower Group's
financial profile will improve over the next 12-18 months, owing
to additional cash flows from its new capacity, but its planned
capacity expansion will lead the company to face execution risk,
particularly given its transformative scale.

The outlook for Maxpower Issuer's notes is in line with that of
Maxpower Group's rating outlook.

Upward rating pressure could emerge if Maxpower Group's
consolidated FFO/debt exceeds 13%-15% and/or FFO interest coverage
rises above 2.5x-2.7x on a sustained basis. Such metrics could
result from solid cash inflows from Maxpower Group's commissioning
of new power plants.

The ratings could come under downward pressure if Maxpower Group's
consolidated FFO/debt falls below 6%-8% and/or interest coverage
falls below 1.8x-2.0x on a sustained basis. Such metrics could
result from the emergence of material counterparty and/or
execution risk.

In addition, the rating for Maxpower Issuer's notes could also be
downgraded if the guarantee structure -- under the terms of the
notes -- weakens materially, as a result of Maxpower Group's
decision to exclude its existing key subsidiary guarantors and/or
major future projects from the guarantor group, a scenario Moody's
views as unlikely.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in October
2014.

Maxpower Group Pte Ltd is a niche market player mainly in
Indonesia's power market, with a dominant position in the
distributed power market in the country as well as in other
Southeast Asian countries, including Myanmar (unrated). It
develops, constructs and operates small-scale gas-fired power
plants and distributes GE Jenbacher GMBH & CO OG's power engines.
As of 30 September 2014, Maxpower Group had 18 power projects
totaling 293 megawatts in installed capacity.

Maxpower Group Issuer Pte Ltd is a special purpose vehicle, which
was incorporated in Singapore in 2014 as a wholly-owned subsidiary
of Maxpower Group.


MAXPOWER GROUP: S&P Assigns 'B' ICR; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B' long-term issuer credit rating to the Indonesia-based and
Singapore-incorporated group MAXpower Group Pte. Ltd.  The outlook
is stable.  At the same time, S&P assigned its ASEAN regional
scale rating of 'axBB-'.

S&P also assigned our 'B' long-term rating to a proposed issue of
secured notes that the company guarantees.  Maxpower Group Issuer
Pte. Ltd., a special-purpose vehicle that MAXpower fully owns,
will issue the notes.  The rating on the notes is subject to S&P's
review of the final notes documentation.

"The 'B' rating on MAXpower reflects the company's relatively
stable cash flows from a small portfolio of small-scale gas power
plants, underpinned by take-or-pay offtake contracts," said
Standard & Poor's credit analyst Richard Creed.

In S&P's view, the company has a solid competitive niche in the
small-scale gas power market in which the company develops, owns,
operates, and services small-scale gas power units, mainly in
remote locations and for industrial customers in Indonesia.  While
the company is growing rapidly, the credit profile is constrained
by the small size and scale of the company's generation portfolio;
its lack of track record, including in renewing maturing offtake
contracts; and a highly leveraged financial profile.

If the company proceeds with the proposed bond issue early in
2015, S&P expects MAXpower's financial profile to remain highly
leveraged for at least the next two years.  Proceeds from the
issue are to be used to refinance US$190 million-US$200 million of
the company's amortizing syndicated bank debt, with the balance to
fund expansion.  The proposed bond terms and conditions allow for
a further US$75 million to be issued upon the company achieving an
unaudited quarterly cash EBITDA of US$15 million.  S&P thinks this
eventuality is probable by the third quarter of 2015.

"The stable outlook captures our expectation that financial
metrics will improve in 2016 as planned capacity additions would
increase cash flow generation.  In addition, we expect MAXpower to
keep a high proportion of take-or-pay power contracts in its
portfolio.  Both dynamics should cause debt to EBITDA to remain
highly leveraged but to gradually improve toward marginally below
5.0x by 2016," Mr. Creed added.

S&P could lower the rating if: MAXpower's liquidity rapidly
deteriorates because of much higher capital expenditure or working
capital outflows than S&P anticipates.  S&P could also lower the
rating if: (1) the company's EBITDA interest coverage deteriorates
below 2.0x because of weaker capacity factor or delays in capacity
additions; or (2) management shifts its strategy toward higher
risk, more capital-intensive capacity expansion projects in which
the company still has a limited track record of operations.

Upward rating pressure is unlikely in the short term given the
high growth appetite and the current ownership structure.  That
said, some upside potential may occur if S&P believes the company
can demonstrate a more established business model.  This could
come from an increased scale and a developing track record of
rolling over its offtake contracts.  Upward ratings momentum may
also occur if S&P believed the company can sustain a debt-to-
EBITDA ratio comfortably below 5x.


TBG GLOBAL: Fitch Rates Proposed US$ Notes at 'BB(EXP)'
-------------------------------------------------------
Fitch has assigned TBG Global Pte Ltd's proposed US dollar notes,
which are guaranteed by PT Tower Bersama Infrastructure Tbk (TBI;
BB/Stable), but not by TBI's operating subsidiaries (opcos), an
expected rating of 'BB(EXP)'. The final rating of the proposed
notes is contingent upon the receipt of documents conforming to
information already received.

TBG Global Pte Ltd is a finance subsidiary of TBI, an Indonesia-
based telecommunications tower operator.

KEY RATING DRIVERS

Proposed Notes Not Notched: Fitch rates the proposed notes at the
same level as TBI's Issuer Default Rating (IDR) despite their
structural subordination to debt at the opcos, which generate all
of the group's revenue. We have not notched down the proposed
notes because we believe that there will be a strong creditor
recovery in a distress scenario as a high proportion of the
group's operating cash flows are contractually locked in (USD2.2bn
at end-September 2014).

Replacement of Opco Debt: The equalisation of the proposed notes
with TBI's IDR is also based on our expectation that the company
will gradually replace its debt at its opcos with debt at the
holding company. Proceeds from the proposed notes will be used to
partially repay unsecured bank borrowings at the opco level, which
will reduce the proposed notes' structural subordination.

Mitratel Acquisition Strengthens TBI's Profile: While the
acquisition of PT Dayamitra Telekomunikasi (Mitratel) will dilute
TBI's EBITDA margin, it will also improve TBI's tenancy mix and
cash visibility. Fitch believes that tenancy mix will remain
robust with investment-grade telcos accounting for more than 80%
of revenue following the acquisition (82% in 3Q14). Additionally,
cash flow visibility will improve with additional contracted
revenues from Mitratel.

Strong Funding Access: In addition to its high cash flow
visibility, TBI's liquidity is also supported by strong access to
funding from banks and bond markets, both local and overseas,
evidenced by the November 2014 raising of USD1.3bn of unsecured
bank borrowings.

More Tower Sales to Come: We believe that the three largest telcos
in Indonesia may further monetise their tower portfolios. The
market leader PT Telekomunikasi Selular (AAA(idn)/Stable) might
divest part of its tower portfolio (around 18,000 towers) despite
its low leverage. PT XL Axiata Tbk (BBB/Stable) and PT Indosat Tbk
(BBB/Stable) may also try to sell their tower portfolios to
release capital (both still own more than 6,000 towers). Fitch
believes that a debt-funded tower acquisition will be negative for
TBI's ratings given the current low ratings headroom.

RATING SENSITIVITIES

Fitch expects no positive rating action as the company's leverage
will remain high in the medium term.

Negative: Future developments that could individually or
collectively lead to negative rating actions include:
- A debt-funded acquisition, or lease defaults by weaker telcos,
or significant dividend payments leading to FFO-adjusted net
leverage remaining above 4.0x on a sustained basis.


TBG GLOBAL: S&P Assigns 'BB' Rating to Proposed US$ Sr. Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
issue rating to the proposed U.S.-dollar-denominated senior
unsecured notes by TBG Global Pte. Ltd. PT Tower Bersama
Infrastructure Tbk. (TBIG; BB/Stable/--, axBBB-/--), which wholly
owns TBG Global, will unconditionally and irrevocably guarantee
the notes.  The rating is subject to S&P's review of the final
issuance documentation.

TBIG intends to use the proceeds to refinance debt.  It will first
use the bond proceeds to refinance the outstanding amount under
the US$300 million revolving loan facility before using the
remainder to refinance the outstanding amount under a US$300
million credit facility (Facility C) maturing in November 2015.



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


VIVID TECHNOLOGIES: High Court Puts Business Into Liquidation
-------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that another
part of the group that sold internet business Orcon to new owners
last year has been put into liquidation by the High Court.

Vivid Technologies, directed by Warren Hurst, was put into
liquidation last week, NZ Herald says.

According to the report, the Companies Office said liquidators
were appointed on January 22 following an application to the
High Court.

Mr. Hurst was a director of the now-insolvent telco Vivid Networks
and led a consortium of businesspeople who bought Orcon from
state-owned Kordia in 2013, the report discloses.

NZ Herald relates that the internet business since sold to
Callplus, which also runs Slingshot and holds the number three
spot in the New Zealand internet market.

Vivid Technologies -- the company put into liquidation last week -
- is the majority owner of Vivid Networks, the report notes.  One
of its liquidators, Simon Rogan --simon@kelman.co.nz -- was unable
to immediately respond to queries on the company's liabilities,
says NZ Herald.

Mr. Hurst told a court last year he had debts of NZ$3.5 million
but avoided bankruptcy after reaching a deal with his creditors,
the report adds.


WINDFLOW TECHNOLOGIES: To Cut Jobs on Weak UK, NZ Energy Markets
----------------------------------------------------------------
BusinessDesk reports that Windflow Technology, the unprofitable
wind turbine manufacturer, will sack staff to reduce costs in the
face of slow planning and production in the UK and weak demand in
the New Zealand market.

BusinessDesk relates that the Christchurch-based company said it
will reduce staff numbers as it focuses on the UK market for sales
of its wind turbines.  The company shifted its focus away from New
Zealand, where oversupply of electricity has sapped demand and
investment in renewable technology, according to the report.

"This is a difficult decision that the board has come to, 2014 has
seen some good progress in the UK," the report quotes chief
executive Geoff Henderson as saying. "However Windflow has yet to
achieve profitability after several years of difficult trading
conditions. We will be looking at a number of options for reducing
overheads as well as obtaining additional revenues by licensing
the company's designs."

BusinessDesk says the company believes it will eventually get the
traction it has sought in the UK for small-scale installations of
its turbines under a British government-assisted scheme that
offers a guaranteed price for electricity sold back into the UK
national grid for a 20-year period.  The report relates that
Windflow installed three turbines in late 2014, but further
projects have been delayed because due a withdrawn planning
process and a production gap for its turbines.

Last year the company widened its loss NZ$4.96 million in the year
ended June, 2014 from NZ$4.24 million a year earlier. Revenue
soared to NZ$1.5 million, from NZ$146,000 a year earlier,
BusinessDesk discloses.

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in the development and
manufacture of wind turbines.  The Company's wholly owned
subsidiaries include, Wind Blades Ltd, Pacific Windfarms Ltd and
Windflow Hawaii Ltd.  The Company has one customer, NZ Windfarms
Ltd.  Wind Gears Ltd is owned 50% by Windflow Technology Limited.
Wind Gears Ltd is engaged in the development and construction of
gear boxes for the wind turbines.  Windpower Otago Ltd is owned
20% by the Company.



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


ALLIANCE SELECT: Reorganizes Mgt Amid Singapore Shareholders Row
----------------------------------------------------------------
Anna Leah G. Estrada at Manila Standard Today reports that
Alliance Select Foods International Inc. has reorganized its
management team and board of directors to allow younger and more
dynamic executives to address the challenge of international
competition.

According to the report, Alliance Select said in a disclosure to
the stock exchange 46-year-old Raymond See was appointed as the
new president and chief executive.

Manila Standard relates that Mr. See, a former executive of
Pilipinas Shell Petroleum Corp., will take over the post from
Alliance Select founder and incumbent president Jonathan Dee, who
will assume the position of chairman of the board, replacing
George Sycip.

Mr. Sycip relinquished his duties as the chairman and will instead
serve as the vice chairman in place of Alvin Dee, the report says.

Mr. Dee will continue to advise the company as a shareholder.

"It is now the most opportune time to pass the company's
leadership on to a younger, more dynamic management," the report
quotes Mr. Dee as saying in a statement.  "I am confident our new
president, Raymond See, brings with him the experience and knowhow
to build on past successes of the company and catapult Alliance
Select to even greater heights."

Manila Standard says Mr. See will be assisted by fellow Shell
career executive Lisa Dejadina who was named senior vice president
for business development and operational excellence.

"With these changes I think the company is prepared and better
poised to address greater international competition. As chairman,
I will be focusing on overseeing the strategic direction of the
company," Mr. Dee, as cited by Manila Standard, said.

The report relates that Mr. Dee said this would include deepening
market relations and forging further alliances with potential
partners.

Manila Standard relates that Mr. Dee denied the reorganization had
something to do with the dispute with Singapore shareholders.  "I
know these developments may raise questions as to whether it is
related in any way to the recent disagreements between certain
board members. That is furthest from the truth and the timing is
nothing more than coincidental," Mr. Dee said.

Singaporean investors of Alliance Select earlier filed a civil
case with the Pasig regional trial court to stop the
PHP563-million equity investment of Strong Oak Inc. into the
company, Manila Standard recalls.

According to the report, Singaporean investors Albert Hong Hin Kay
and Hedy Yap-Chua asked the court to declare null and void the
resolution passed by the board of Alliance Select approving the
issuance of 430.29 unissued common shares to Strong Oak at PHP1.31
apiece.

             Singaporean Investors Set Off Alarm Bells

Hong and Chua, in April last year, set off the alarm bells after
Alliance Select started to register losses.

Hong and Chua, representing investors from Singapore, purchased
about 34 percent of Alliance Select in 2009 without much
convincing, the report says.  They got assurance that Alliance
Select, the former Alliance Tuna International Inc., had an
independent chairman in George SyCip, one of the three children of
good governance advocate Washington SyCip. They found the company
in compliance with all the governance and legal requirements of a
listed company.

But to the dismay of Hong and Chua, who both represent the single
largest stockholder in the company, Alliance Select was not doing
well inspite of impressive revenues, Manila Standard says.
Alliance Select posted a measly profit of $6,202 in 2011 from
$30.29 million in revenue. The company in 2012 did worse -- it
lost $259,854 despite registering a revenue of $42.43 million, the
report discloses.

Manila Standard relates that Hong and Chua have demanded an
inspection of company records, fearing that unless the pattern is
reversed, Alliance Select will face serious financial
consequences. The two sought details of what they perceive as
"murky financial transactions and dealings" with several companies
involving huge amounts of Alliance Select's funds, according to
Manila Standard.

According to the report, a source said the two investors were
especially concerned that the auditors of Alliance Select were not
asking the proper questions about the company. Believing they had
rights as shareholders and directors to inspect the company
records under the Philippine Corporate Code, Hong and Chua wrote
Alliance Select to schedule an inspection of the books.

Instead of providing the books and records, however, the company's
corporate secretary immediately resigned after receiving the
request and referred the matter to the board, Manila Standard
states.

Manila Standard adds that the source said instructions from SyCip
had kept the company records closed to shareholders and directors,
despite repeated attempts to gain access to the documents.

Left with no choice and to protect their investments, Hong and
Chua filed a criminal complaint against the assistant corporate
secretary and SyCip, citing violations of the Corporate Code,
according to the report.

Manila Standard says Hong and Chua alleged in their complaint that
SyCip, along with fellow directors Alvin and Jonathan Dee, were
stonewalling key shareholders in their right to inspect the books
and records of a listed company. The charges under the two
sections of the Corporate Code are the only criminal offenses
contained in the law governing listed companies.

The report relates that Hong and Chua, meanwhile, suspect that
Alliance Select was being used as a vehicle company to bail out
the Dee family from its debt in First Dominion Prime Holdings Inc.
First Dominion, a company controlled by the Dee family through a
56-percent majority share, had unsecured debt of PHP2.39 billion
owed to creditor banks.

Alliance Select, it seems, was founded on a rehabilitation plan to
refinance the insolvent First Dominion, the report relays. At the
time of Alliance Select's creation in 2003, First Dominion was
neck-deep in debt and entered a rehabilitation plan, Manila
Standard recalls.

According to Manila Standard, the source claimed that Alliance
Select since its creation in 2003 had entered into a series of
allegedly questionable transactions with interlocking companies,
with the Dee family appearing as common shareholders and
directors.

"Without any detailed information alluding to the contrary, it is
increasingly evident that the Dee-controlled board chaired by
George SyCip has allowed the company to be a vehicle that serves
the interest of the Dee family first, and its shareholders,
second," the report quotes as lawyer as saying.

                      About Alliance Select

Alliance Select Foods International, Inc., engages in the
manufacture, canning, importing and exporting of tuna products.



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


MONEUAL INC: Prosecutors Add Fraud Charge Against Owner
-------------------------------------------------------
Yonhap News Agency reports that prosecutors said on Jan. 25 that
they have brought an additional fraud charge against the owner of
Moneual Inc. who allegedly bribed financial authorities to conceal
a massive loan scam.

In November, Park Hong-seok, 53, and two other Moneual executives
were indicted on charges of filing false trade reports on home
theater PCs worth KRW1.2 trillion (US$1.1 billion) for the last
seven years, Yonhap recalls. The company was declared bankrupt
last month.

Yonhap relates that after wrapping up a month-long investigation,
the Seoul Central District Prosecutors' Office said it has decided
to press additional charges against Park, alleging that he
borrowed KRW3.4 trillion from banks by keeping up this facade from
October 2007 to last September. He has yet to pay back KRW550
billion to these 10 banks, prosecutors said, Yonhap relays.

According to the report, prosecutors said not only did Moneual
pretend to export computers, it also jacked up the price of these
hypothetical computers by at least 100-fold to between KRW2-3
million.

Mr. Park also faces charges of over-reporting Moneual's sales and
net profit by a combined KRW2.7 trillion, the report says.

Yonhap states that prosecutors believe Moneual initially reported
it exports via KT ENS, an affiliate of South Korea's telecom giant
KT Corp., but started doing so itself as the loans ballooned.

They also believe Park and the two executives bribed export and
tax authorities around 2012 to evade scrutiny, says Yonhap.
Prosecutors allege that the three spent about KRW860 million to
this end and succeeded at stretching Moneual's insurance and loan
limits by tens of millions of won, according to Yonhap.

Prosecutors said Moneual appears to have been able to do this
because authorities never checked to see if their statements were
true. They called for legal revisions to prevent similar scams,
the report adds.

Korea-based Moneual Inc. manufactures robot vacuum cleaner.

Moneual, a venture firm known for manufacturing robot vacuum
cleaners and baking machines, filed for court receivership on Oct.
20, 2014, declaring itself incapable of paying the matured export
bonds worth KRW500 billion to NongHyup Bank and Korea Industrial
Bank, according to The Korea Herald.


                             *********

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
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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.

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Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
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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 2015.  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
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Information contained herein is obtained from sources believed
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