TCRAP_Public/150319.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, March 19, 2015, Vol. 18, No. 055


                            Headlines


A U S T R A L I A

ALAN HILL: First Creditors' Meeting Set For March 25
ARMS GLOBAL: First Creditors' Meeting Set For March 26
MAXWELL TRANSPORT: Two Subsidiaries Cease Trading
REDS EHP 2013-1: Fitch Affirms 'BBsf' Rating on Class E Notes
SKS SERVICES: First Creditors' Meeting Slated For March 26

STATEWIDE CONTRACTING: First Creditors' Meeting Set For March 26


C H I N A

CAR INC: Positive 2014 Results Supports Moody's Ba1 CFR
EVERGRANDE REAL ESTATE: Gets $16 Billion Lifeline From Banks
LAI FUNG: 2015 Profit Warning No Impact on Moody's B1 CFR
STX DALIAN: Enters Bankruptcy Liquidation
TEXHONG TEXTILE: Moody's Says Ba3 CFR Unaffected by 2014 Results

WINLAND OCEAN: March 20 Hearing on Further Use of Cash Collateral


I N D I A

AJAY PAPERR: CRISIL Assigns D Rating to INR80MM Cash Loan
ALLIED RETAIL: CRISIL Cuts Rating on INR70MM Cash Loan to D
AMRIT HATCHERIES: ICRA Cuts Rating on INR53.42cr Term Loan to D
BALPRADA HOTELS: ICRA Reaffirms D Rating on INR100cr Term Loan
BILPOWER LTD: CRISIL Reaffirms D Rating on INR900MM Cash Loan

CHALLANI JEWELLERY: CRISIL Reaffirms B+ INR80MM Cash Loan Rating
DASHMESH EDUCATIONAL: CRISIL Ups Rating on INR1.0BB Loan to B+
DIVINITI HOMES: ICRA Suspends B+ Rating on INR6cr FB Loan
FORTUNE BELLA: ICRA Assigns D Rating to INR15cr Term Loan
HRM OVERSEAS: ICRA Reaffirms B Rating on INR10cr Cash Credit

JAGDAMBA POLYFABES: CRISIL Cuts Rating on INR50MM Cash Loan to D
JAINAM CABLES: ICRA Reaffirms B+ Rating on INR10cr Cash Credit
K. M. FISHERIES: ICRA Puts B Rating on INR15.35cr LT Loan
K.S. ENTERPRISES: CRISIL Reaffirms B+ Rating on INR140MM Loan
KARNATAKA TURNED: CRISIL Cuts Rating on INR56MM Bank Loan to B

KETAN PLASTIC: ICRA Suspends B Rating on INR10.07cr LT Loan
MA MAHAMAYA: ICRA Suspends B Rating on INR7.25cr Term Loan
MADHOOR BUILDWELL: ICRA Suspends B+ Rating on INR6cr Cash Credit
MANEESH PIPES: ICRA Suspends B+ Rating on INR5.8cr FB Loan
MASS-TECH CONTROLS: CRISIL Assigns B+ Rating to INR30MM Cash Loan

METAWOOD DISPLAY: ICRA Assigns B+ Rating to INR13cr LT Loan
MPL AUTOMOBILES: CRISIL Cuts Rating on INR250MM Loan to B-
MPL MOTORS: CRISIL Downgrades Rating on INR25MM Loan to B-
OKARA ROADLINES: CRISIL Reaffirms B Rating on INR51.5MM Loan
PREM TEXTILES: CRISIL Assigns B+ Rating to INR70MM Packing Loan

PURITA WATER: ICRA Upgrades Rating on INR6cr Term Loan to C
R F MOTORS: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
RISING LANDSCAPE: CRISIL Reaffirms B+ Rating on INR300MM Loan
S.I. PATEL: CRISIL Reaffirms B+ Rating on INR95MM Cash Credit
SABASH ENGINEERING: CRISIL Cuts Rating on INR105MM Bank Loan to D

SHIVALIK COTEX: CRISIL Assigns D Rating to INR67.4MM Term Loan
SHRI VENKATESH: CRISIL Assigns B+ Rating to INR75.8MM Term Loan
SHUBHYAN MOTORS: CRISIL Reaffirms B Rating on INR10MM Term Loan
SINGHANIA BUILDCON: ICRA Suspends D Rating on INR41.8cr Term Loan
SRI LAKSHMIKANTHA: ICRA Cuts Rating on INR72.57cr Term Loan to D

SUYASH MART: CRISIL Reaffirms B+ Rating on INR50MM Term Loan
VASHUDEV TRADING: ICRA Assigns B Rating to INR5cr Cash Credit
VEDANTA RESOURCES: Cairn India's $3.2BB Liability is Credit Neg
VIRAJ STEEL: ICRA Suspends D Rating on INR81.50cr Bank Loan
VISHESH INDUSTRIES: CRISIL Assigns B Rating to INR47.5MM Loan


I N D O N E S I A

KRAKATAU STEEL: Annual Loss Widens to $150MM in 2014


S O U T H  K O R E A

DAEBO INT'L: Seeks U.S. Recognition of Korean Proceedings
DAEBO INTERNATIONAL: Chapter 15 Case Summary


X X X X X X X X

* Moody's Publishes New Bank Rating Methodology
* Moody's Review Global Bank Ratings


                            - - - - -


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


ALAN HILL: First Creditors' Meeting Set For March 25
----------------------------------------------------
Morgan Chubb of Clout & Associates was appointed as administrator
of Alan Hill Transport Pty Limited on March 13, 2015.

A first meeting of the creditors of the Company will be held at
Casino RSM Club, 162 Canterbury Street, in Casino, New South
Wales, on March 25, 2015, at 11:00 a.m.


ARMS GLOBAL: First Creditors' Meeting Set For March 26
------------------------------------------------------
Robert Kite & Mark Hutchins of Cor Cordis were appointed as
administrators of The Arms Global Group Pty Limited on March 16,
2015.

A first meeting of the creditors of the Company will be held at
Saxons Training Facilities, Room 11.1, Level 11, 300 Adelaide St,
in Brisbane, Queensland, on March 26, 2015, at 11:15 a.m.


MAXWELL TRANSPORT: Two Subsidiaries Cease Trading
-------------------------------------------------
Paul Howell at ATN reports that administrators for Maxwell
Transport and MTG Logistics have ceased all trading from the two
linked entities.

Pitcher Partners' Gess Rambaldi and Andrew Yeo held their first
meeting with creditors of both companies on March 13, the report
says.

According to ATN, Mr. Rambaldi said with both businesses closed,
the focus of administrators has been "securing, protecting and
realising" their assets.

These include around 40 prime movers and around 70 trainers, the
majority of which are the subject of secured creditor arrangements
with around 25 different financing entities, ATN relays.

ATN relates that Mr. Rambaldi said there are also non-secured
creditors in the picture, but it is too early to tell what sort of
return, if any, they will have access to.

A date for a second creditors' meeting has not yet been set. It
will take place in around a month, but may be delayed slightly
because of the Easter holiday period, the report states.

At that meeting, creditors will most likely move what is left of
the business into a formal liquidation phase, or accept a deed of
company arrangement -- in which a third party elects to buy into
the remaining businesses and give creditors prospects of a greater
return, according to ATN.

Mr. Rambaldi said no such offer has been made yet, the report
adds.

ATN relays that Mr. Rambaldi said the group was unusual in its
"evolution" from a single entity into three businesses handling:
the employment (Optimal Corporate Services); incoming finances
(MTG Logistics); and the actual provision of freight services
(Maxwell Transport) separately.  However, there was no indication
that that unique structure contributed to the group's business
difficulties.

Maxwell Transport and MTG Logistics went into administration on
March 2. A third company, Optimal Corporate Services, was placed
into liquidation at the same time, ATN reports.


REDS EHP 2013-1: Fitch Affirms 'BBsf' Rating on Class E Notes
-------------------------------------------------------------
Fitch Ratings has upgraded four tranches of Series 2012-1E REDS
EHP Trust (Series 2012-1E), affirmed two other tranches for the
same transaction.  At the same time, Fitch has affirmed the
ratings of all Series 2013-1 REDS EHP Trust (Series 2013-1) and
Series 2014-1 REDS EHP (Series 2014-1) tranches.  The transactions
are securitisations of first-ranking small balance auto and
equipment loans originated by BOQ Equipment Finance Limited.  The
rating actions are listed below (note balances are as at Jan. 31,
2015).

Series 2012-1E REDS EHP Trust:

  AUD45.1m Class A-2A (ISIN AU0000RFAHA9) notes affirmed at
  'AAAsf'; Outlook Stable;
  GBP14.4m Class A-2G (ISIN XS0784745050) notes affirmed at
  'AAAsf'; Outlook Stable;
  AUD5.4m Class B (ISIN AU3FN0015558) notes upgraded to 'AAAsf'
  from 'AAsf'; Outlook Stable;
  AUD4.3m Class C (ISIN AU3FN0015566) notes upgraded to 'AAsf'
  from Asf'; Outlook Stable;
  AUD4.1m Class D (ISIN AU3FN0015574) notes upgraded to 'Asf'
  from 'BBBsf'; Outlook Stable; and
  AUD3.7m Class E (ISIN AU3FN0015582) notes upgraded to 'BBBsf'
  from 'BBsf'; Outlook Stable.

Series 2013-1 REDS EHP Trust:

  AUD275.1m Class A (ISIN AU3FN0019097) notes affirmed at
  'AAAsf'; Outlook Stable;
  AUD24.5m Class B (ISIN AU3FN0019105) notes affirmed at 'AAsf';
  Outlook Stable;
  AUD18.6m Class C (ISIN AU3FN0019113) notes affirmed at 'Asf';
  Outlook Stable;
  AUD12.7m Class D (ISIN AU3FN0019121) notes affirmed at 'BBBsf';
  Outlook Stable; and
  AUD13.7m Class E (ISIN AU3FN0019139) notes affirmed at 'BBsf';
  Outlook Stable.

Series 2014-1 REDS EHP Trust:

  AUD647.6m Class A (ISIN AU3FN0024766) notes affirmed at
  'AAAsf'; Outlook Stable;
  AUD41.8m Class B (ISIN AU3FN0024774) notes affirmed at 'AAsf';
  Outlook Stable;
  AUD49.4m Class C (ISIN AU3FN0024782) notes affirmed at 'Asf';
  Outlook Stable;
  AUD22.8m Class D (ISIN AU3FN0024790) notes affirmed at 'BBBsf';
  Outlook Stable; and
  AUD23.8m Class E (ISIN AU3FN0024808) notes affirmed at 'BBsf';
  Outlook Stable.

KEY RATING DRIVERS

The three notch upgrade to Series 2012-1E's Class B, C, and D
notes reflects: losses that have been substantially lower than
Fitch's stressed assumptions; an increase in available credit
enhancement (CE) due to sequential pay down of the notes; the
stable credit quality and performance of the pool; and Fitch's
expectations of continued benign economic conditions in Australia
in the near term.  At Jan. 31, 2015, 30+ days arrears were 3.2%,
with net losses since close totalling AUD3.4m, 0.38% of the
original pool.

The affirmations of Series 2013-1 and Series 2014-1 reflect
Fitch's view that: available CE is sufficient to support the notes
at their current rating levels; the stable credit quality and
performance of the pool; and Fitch's expectations of Australia's
economic conditions.

The transactions' performance falls within Fitch's base-case
expectations.  At Jan. 31, 2015, net losses experienced since
closing were 0.86% and 0.17% respectively, and 30+ days arrears
were 1.4% and 0.5% respectively.  To date, excess spread has been
more than sufficient to cover for losses experienced in Series
2012-1E and Series 2014-1.  Series 2013-1 experienced one charge
off to the seller note in April 2014, which was fully paid off in
the following month using excess spread.

RATING SENSITIVITIES

Fitch considers the prospects for downgrades are remote given the
level of subordination and excess spread available on all
transactions.  At the modeled 'AAAsf' gross loss default rates of
20.8% from transaction close, Series 2012-1E's Class A notes could
withstand 13% of additional defaults with a fall in the marginal
recovery rate to 22.8% before the break-even CE level for the
Class A notes would be breached.  The Class B notes' 'AAAsf' gross
loss default rate is relatively more sensitive to an increase in
additional defaults and could withstand an increase of 4.5% before
the break-even CE would be breached.  Series 2012-1E's lower rated
notes are relatively more sensitive.  According to Fitch's
analysis, the seller note is sufficient to protect all rated notes
against the default with zero recovery of the ten largest loans,
plus all mining sector loans.

In the case of Series 2013-1 and Series 2014-1, modelled 'AAAsf'
gross loss default rates at transaction close were 22.2% and
17.7%, respectively.  At these levels the Class A notes could
withstand additional defaults of 13.5% and 6.4% respectively
before the breakeven CE level would be breached.  The lower rated
notes on both transactions are more sensitive to increases in
default rates, but can with stand an additional 1.4% of defaults
at a minimum.


SKS SERVICES: First Creditors' Meeting Slated For March 26
----------------------------------------------------------
Stewart William Free and Bradd William Morelli of Jirsch
Sutherland were appointed as administrators of SKS Services Pty
Ltd on March 17, 2015.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Level 4, 55 Hunter Street, in Sydney, on
March 26, 2015, at 11:00 a.m.


STATEWIDE CONTRACTING: First Creditors' Meeting Set For March 26
----------------------------------------------------------------
Blair Pleash and Anne-Marie Barley of Hall Chadwick were appointed
as administrators of Statewide Contracting QLD Pty Limited on
March 16, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 19, 144 Edward Street, Brisbane, in
Queensland, on March 26, 2015, at 10:30 a.m.



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


CAR INC: Positive 2014 Results Supports Moody's Ba1 CFR
-------------------------------------------------------
Moody's Investors Service said that CAR Inc.'s positive results in
2014 were in line with Moody's expectations and support its Ba1
corporate family and senior unsecured ratings, and stable rating
outlook.

"CAR's revenue grew 30% year-on-year in 2014 reflecting growth in
its short-term rental revenue driven by fleet growth, as well as
its higher average daily rental rate and utilization rate," says
Gerwin Ho, a Moody's Vice President and Senior Analyst.

Moody's expects CAR's revenue to grow between 35% and 40% year-on-
year over the next 1-2 years, propelled by fleet growth supporting
its traditional self-drive rental business and new chauffeured car
service business, which is operated in collaboration with UCAR
(unrated).

While exposure to this new chauffeured car service business
expands CAR's revenue sources and market reach, it also increases
the company's operational risk as a result of greater and quicker
fleet expansion, regulatory risk related to its chauffeured car
service, and the potential need to provide equity financing to
UCAR.

"CAR's adjusted EBITDA margin improved to about 46.7% from 33.0%
in 2013. This reflects gross margin expansion to 35.2% from 23.3%
in 2013 and improvements in its operating expenses as a result of
improved efficiency and operating leverage," says Ho, who is also
the Lead Analyst for CAR.

In Moody's view, the company will maintain its improved adjusted
EBITDA margin over the next 12-18 months, driven by greater
contribution from rental revenue.

CAR's debt leverage improved in 2014. Its adjusted debt was flat
year-on-year at about RMB4.3 billion at end-2014, while its
adjusted EBITDA grew about 84% year-on-year in 2014. As a result,
its adjusted debt/EBITDA fell to about 2.6x in 2014 from 4.7x in
2013.

Moody's expects CAR's adjusted debt/EBITDA to decline to 2.5x-2.0x
over the next 12-18 months, which will be in line with its Ba1
rating.

Moody's also expects the company to pursue a prudent expansion
strategy by adding about 45,000 vehicles in 2015 and managing its
debt increases over the next two years.

CAR's liquidity position is adequate. Its unrestricted cash of
RMB1.4 billion at end-2014, proceeds from a USD500 million bond
issuance in February 2015, and expected cash flows from operations
in the next 12 months will cover its short-term maturing debt of
RMB2.8 billion.

Support from its key shareholders is a key rating driver for CAR.
Guidance on its operations from Hertz Corporation (B1 stable) and
financial support in guaranteeing loans from Legend Holdings
(unrated) are important to the company, which has operated in
China (Aa3 stable) for only a short time.

Any decline in key shareholders' stakes or a cessation of loan
guarantees from Legend Holdings could lead to a review of the
company's rating.

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 Dec. 31, 2014, CAR had a total fleet of 63,522 company-owned
cars. CAR commands a leadership position in terms of fleet size,
revenue and network coverage.  In 2014, CAR reported net sales of
RMB3.5 billion (USD571 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.


EVERGRANDE REAL ESTATE: Gets $16 Billion Lifeline From Banks
------------------------------------------------------------
Neil Gough at The New York Times' DealBook reports that Chinese
banks have extended $16 billion in credit lines to shore up
Evergrande Real Estate Group, one of the country's largest and
most heavily indebted home builders, as pressure mounts on
developers short of cash in a slumping property market.

DealBook relates that the move by a group of mainly state-run
banks to bolster the builder, which is controlled by the
billionaire Hui Ka Yan, is the latest sign of tumult in China's
sprawling housing sector.

The report says developers are rushing to secure financial support
as sales volumes and housing prices plunge, weighed down by a
growing overhang of unsold homes. The Kaisa Group, once a favorite
of foreign investors, nearly defaulted on its offshore debt this
year before being rescued by another developer, the report notes.

According to DealBook, Evergrande said since February, it had
secured new credit lines totaling 100 billion renminbi, or $16.2
billion. Those included a new CNY30 billion commitment on
March 16 from the Bank of China, which regards the developer as
"its most important bankwide long-term partner," Evergrande said
in a news release, the report relays.

DealBook says Evergrande is one of China's biggest developers,
with sales last year of more than CNY130 billion. But it is also
one of the most indebted, borrowing heavily from foreign investors
in the United States dollar offshore market -- debts that become
more expensive to repay as the renminbi weakens, the
report notes.

DealBook relates that analysts said the support from the banks
-- which also include the Agricultural Bank of China, Postal
Savings Bank of China and the privately controlled China Minsheng
Bank -- would provide temporary relief but would fall short of
addressing the company's deeper problems.

Mounting debts and slumping sales "are fundamental challenges that
can't be resolved short term by government's bailing them out on
'too big to fail' pretense," the report quotes Junheng Li, the
head of research at JL Warren Capital in New York, as saying.
"The company has been under financial distress for a long time,"
she added.

                         About Evergrande

Evergrande Real Estate Group Limited is one of the major
residential developers in China.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 12, 2015, Standard & Poor's Ratings Services assigned its
'B+' long-term issue rating and 'cnBB-' long-term Greater China
regional scale rating to a proposed issue of U.S. dollar-
denominated senior unsecured notes by Evergrande Real Estate Group
Ltd. (BB-/Negative/--; cnBB/--).  The ratings are subject to S&P's
review of the final issuance documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Evergrande to reflect the structural
subordination risk.  The company intends to use the proceeds from
the proposed issuance to refinance its existing debt.

The rating on Evergrande reflects the company's weak financial
position due to aggressive debt-funded expansion, its limited
record of prudent financial management, and execution risk in new
industries.  Evergrande's strong sales execution, competitively
priced projects, and good cost controls temper these weaknesses.
Additional rating support comes from the company's large and
geographically diversified project portfolio.  Evergrande's sales
performance was solid in 2014.  The company's contracted sales in
2014 were stronger than that of major peers, at Chinese renminbi
131.5 billion, and exceeded its full-year sales target.


LAI FUNG: 2015 Profit Warning No Impact on Moody's B1 CFR
---------------------------------------------------------
Moody's Investors Service said that Lai Fung Holdings Limited's
profit warning for its 2015 interim results will not immediately
impact its B1 corporate family or senior unsecured bond ratings,
or its stable ratings outlook.

On March 16, 2015, Lai Fung announced that it expected to post
significantly lower profits for the six months ended Jan. 31, 2015
from the HKD501.7 million reported for the same period ended Jan.
31, 2014.

The profit warning was based on: (1) a significantly lower
revaluation gain from the company's investment properties; and (2)
a fair value loss on the cross-currency swap that Lai Fung entered
into for the RMB1.8 billion senior notes it issued in 2013, given
the worse-than-expected fall in RMB.

"Lai Fung's expectation of a significant fall in profit for the
six months ended 31 January 2015 is based on its non-cash
activities. The deterioration will not immediately impact its
ratings," says Fiona Kwok, a Moody's Analyst.

Lai Fung's reduced revaluation gain, and the fair value loss on
its cross-currency swap do not affect Moody's assessment of the
company's EBITDA in 1H 2015.

"On the other hand, Lai Fung's small operating scale, and the weak
contributions from its core property investment and development
businesses offer limited cushion against any volatility arising
from swings in property values or foreign exchange fluctuations,"
adds Kwok, who is also the Lead Analyst for Lai Fung.

Lai Fung reported HKD1.5 billion of pre-tax profits in the fiscal
year ended 31 July 2014, of which, the fair value gain on
investment properties totaled HKD1.1 billion or 73%.

Moody's will assess the company's net rental income, EBITDA, gross
debt levels and liquidity position, upon the release of Lai Fung's
2015 interim results.

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

Lai Fung Holdings Limited, a member of the Lai Sun Group, focuses
on mid-market property developments and investments in Guangzhou,
Shanghai and Zhongshan.

At July 31, 2014, the company was 51.39%-owned by eSun Holdings
Limited (unrated), a Lai Sun Group company, and controlled by the
Lim Por-yen family, which holds interests in property, garment,
and entertainment businesses through a number of Hong Kong-listed
companies.

CapitaLand Group (unrated), a property company under Temasek
Holdings (Private) Limited (Aaa stable) owned a 20% stake in Lai
Fung at 31 July 2014.

The company exhibited a land bank with a gross floor area (GFA) of
around 10.5 million square feet at 31 July 2014, and a portfolio
of investment properties with an attributable GFA of approximately
2.8 million square feet in the same period.


STX DALIAN: Enters Bankruptcy Liquidation
-----------------------------------------
Angela Yu at IHS Maritime 360 reports that STX Dalian Group, the
bankrupt subsidiary shipyard of STX Corporation, failed to
complete bankruptcy reorganisation and has entered bankruptcy
liquidation, Chinese media reported on March 13.

According to the report, sources from STX (Dalian) Engine recently
said that the reorganisation of six affiliated companies of STX
Dalian has already confirmed to be a failure, and all current
employees will be laid off.

Six branches of STX (Dalian) Shipbuilding, China's largest wholly
foreign-funded shipbuilding company, started bankruptcy
reorganisation procedures in June 2014, the report relates citing
an announcement by local court.

IHS Maritime relates that the court stated that due to their
inability to pay off their debts before the due date, the
companies had filed a bankruptcy reorganisation plan with the
court.

Creditors were required to submit claims to the six companies
before 26 September 2014, and the first meeting of creditors was
held in the middle of last October, while the second meeting of
creditors was scheduled to be held on 8 March 2015, the report
notes.

The report relates that sources said during the reorganisation,
around 10,000 employees have been laid off, and the rest will be
laid off in the near future.

Dalian Shipbuilding Industry Company (DSIC) was said to have
secretly acquired STX Dalian, however, the rumour was denied by
China Shipbuilding Industry Corporation, the parent company of
DSIC, last October, the report recalls.

Total liabilities of STX Dalian stands at around CNY20 billion
(USD3.2 billion), which is too much for any company to acquire,
Wang Hai, shipping expert from Ship.sh told IHS Maritime.

STX Dalian was established in 2007, with a registered capital of
USD1.125 billion, and employed over 20,000 people at its peak
time. However, the STX chaebol's deterioration into financial
trouble in 2013 precipitated STX Dalian's demise.

STX Offshore & Shipbuilding told IHS Maritime that the decision to
liquidate STX Dalian was taken by the Chinese courts and it had no
say in the matter. STX O&S added that the Dalian yard had ceased
work on all ship orders since 2014.

STX Dalian is a subsidiary of Korea's STX Offshore & Shipbuilding.

As reported in the Troubled Company Reporter-Asia Pacific on
May 29, 2014, Seatrade Global said STX Dalian Group is now
formally under court receivership after China's Dalian court
accepted the company's application.  The financially-troubled
group will now undergo a restructuring process, and the court and
its creditors will proceed to discuss how to resolve the debts of
the company, Seatrade Global related.


TEXHONG TEXTILE: Moody's Says Ba3 CFR Unaffected by 2014 Results
----------------------------------------------------------------
Moody's Investors Service said that Texhong Textile Group
Limited's weaker financial results for 2014 have no impact on its
Ba3 corporate family and senior unsecured bond ratings or on the
negative rating outlook.

"Although Texhong's financial leverage increased in 2014, the
increase was in line with our expectations and had already been
reflected in the negative outlook," says Chenyi Lu, a Moody's Vice
President and Senior Analyst.

Texhong's adjusted debt/EBITDA rose to around 4.8x in 2014 from
3.4x in 2013, as its adjusted debt grew to RMB5.1 billion at end-
2014 from RMB4.7 billion at end-2013, and its adjusted EBITDA
margin fell to 10.2% from 16.9%.

The weaker earnings were the result of lower yarn selling prices,
in turn driven by the Chinese government's move to cut the cotton
auction price, and by higher inventory costs.

"Nevertheless, we expect Texhong's financial leverage to improve
over the next 12-18 months, driven by an expected rebound in
profit margins and debt reductions," adds Lu.

Moody's expects Texhong's adjusted debt/EBITDA to improve to 3.5x-
4.0x over the next 12-18 months. The improvement will likely be
achieved through: (1) 10% revenue growth in 2015, mainly owing to
higher sales volumes from its new capacity of about 260,000
spindles, installed in Vietnam in 2014; (2) an improved adjusted
EBITDA margin of about 12%, driven by lower material costs; and
(3) a reduction in debt, mainly stemming from lowered capital
expenditure and expected positive cash flow from operations.

Moody's expects the company's capital expenditures will fall to
RMB600 million in 2015 from about RMB765 million in 2014.

According to Texhong's 2014 results announcement, its revenue grew
27.2% year-on-year to RMB10.5 billion from RMB8.2 billion in 2013,
underpinned by higher sales volumes from its expanded production
capacities.

Texhong's liquidity position remains inadequate.  At end-2014, the
company held cash and cash equivalents totaling RMB1.1 billion.
These cash holdings and its expected operating cash flows of
around RMB0.9 billion over the next 12 months are insufficient to
cover its RMB2.8 billion of maturing debt and estimated capex of
RMB600 million over the next 12 months.

Nonetheless, this liquidity risk is mitigated by bank support for
the company.  It also holds unused, committed banking facilities
and around RMB1.1 billion in bills receivables, the latter of
which can be discounted for cash.

The principal methodology used in this rating was Global
Manufacturing Companies published in July 2014.

Established in 1997 and listed on the Hong Kong Stock Exchange
since 2004, the Texhong Textile Group Limited specializes in
producing core-spun yarn and textile products.

The company currently operates 15 yarn production bases: 12 in the
Yangtze River Delta and Shandong Province in China and three in
Vietnam. Its chairman, Tianzhu Hong, holds an approximate 55%
stake in the company.


WINLAND OCEAN: March 20 Hearing on Further Use of Cash Collateral
-----------------------------------------------------------------
The U.S. Bankruptcy Court will convene a hearing on March 20,
2015, to consider Winland Ocean Shipping Corporation, et al.'s
continued access to cash collateral in which China Merchants Bank
Co., Ltd., asserts an interest.

The Court has entered an interim order authorizing the Debtor's
use of cash collateral to continue their ordinary course business
operations and to maintain the value of their bankruptcy estates.
As adequate protection from any diminution value of the lender's
collateral, the Debtor will grant CMB:

   1. adequate protection of its interest in the cash collateral
and the M.V. Fon Tai and M.V. Rui Lee for the diminution in value
of such interests;

   2. adequate protection liens in assets and property; and

   3. a superpriority administrative expense claims, subject to
carve out on certain expenses.

The Debtors' acquisition of two of the Vessels -- M.V. Fon Tai and
M.V. Rui Lee -- was partially financed with funds loaned by CMB.
By a certain facility agreement dated March 26, 2010, made by and
among CMB, as lender, Fon Tai and Won Lee, as joint and several
borrowers, SkyAce, as corporate guarantor, and Li and Xue as
individual guarantors, CMB made available to Fon Tai and Won Lee a
secured loan facility of $37 million for the finance and
construction of M.V. Fon Tai and M.V. Rui Lee.

As of June 30, 2011, the Debtors drew down $37 million from the
CMB Facility for the purpose of commencing the building of these
two vessels.  Currently, there is approximately $25.9 million
outstanding in principal plus accrued interest on the CMB
Facility.

                   About Winland Ocean Shipping

Winland Ocean Shipping Corp. is mainly engaged in ocean
transportation of dry bulk cargoes worldwide through the ownership
and operation of dry bulk vessels and chartering brokerage
services. The company operates in the People's Republic of China,
Japan, Korea, the Russian Federation, and southern and eastern
Asia.  Winland Ocean Shipping is based in Sheung Wan, Hong Kong.

Winland Ocean Shipping Corporation and its five affiliates sought
protection under Chapter 11 of the Bankruptcy Code on Feb. 12,
2015 (Bankr. S.D. Tex., Case No. 15-60007).  The case is assigned
to Judge David R Jones.

The Debtors are represented by Matthew Scott Okin, Esq., George Y.
Nino, Esq., and Ruth E. Piller, Esq., at Okin & Adams LLP, in
Houston, Texas.  The petition was signed by Robert E. Ogle, chief
restructuring officer.




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


AJAY PAPERR: CRISIL Assigns D Rating to INR80MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
loan facilities of Ajay Paperr Mill (APM).


                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            80         CRISIL D
   Letter of Credit       20         CRISIL D

The ratings reflect delays by APM in servicing its debt; the
delays have been caused by the firm's weak liquidity. APM is also
susceptible to intense competition in the kraft paper
manufacturing industry. However, it partially benefits from the
extensive industry experience of its promoters and its customer
relationships.

Incorporated in 2010, APM manufactures kraft paper. Based out of
Pollachi in Tamil Nadu, the firm is promoted by Mr. Palaniappan.

For 2013-14 (refers to the financial year April 1 to March 31),
APM reported a profit after tax (PAT) of INR0.02 million on a net
sales of INR293 million, against a PAT of INR0.4 million on a net
sales of INR283 million for 2012-13.


ALLIED RETAIL: CRISIL Cuts Rating on INR70MM Cash Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Allied Retail India Pvt Ltd (ARIPL) to 'CRISIL D'
from 'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           70         CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The rating downgrade reflects ARIPL's continuously overdrawn bank
limits for over 30 days, following significant deterioration in
its liquidity.

The rating reflects ARIPL's below-average financial risk profile,
marked by small net worth and below-average debt protection
metrics; the rating also factors in the company's exposure to
intense industry competition. These rating weaknesses are
partially offset by the extensive experience of ARIPL's promoters
in the distribution of fast-moving consumer goods and mobile
handsets.

Incorporated in 2009, ARIPL is the sole authorised distributor in
South Kolkata of edible oils manufactured by Cargill India Pvt
Ltd. ARIPL is also a sub-distributor for the entire range of
mobile handsets and accessories of Samsung and Micromax. Its day-
to-day operations are managed by Mr. Anil Kumar and Mrs. Asha
Kumari.


AMRIT HATCHERIES: ICRA Cuts Rating on INR53.42cr Term Loan to D
---------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR53.42 crore term loans and INR21.20 crore cash credit
facilities of Amrit Hatcheries Private Limited from [ICRA]BB  to
[ICRA]D.  ICRA has also revised downwards the short term rating
assigned to the INR7.19 crore non-fund based bank facilities of
AHPL from [ICRA]A4 to [ICRA]D. The short term rating on INR21.27
crore non-fund based bank limit, which is a sub-limit of the term
loan facilities, has also been revised downwards from [ICRA]A4 to
[ICRA]D.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits-
   Term Loans           53.42         [ICRA]D (downgraded)

   Fund Based Limits-
   Cash Credit          21.20         [ICRA]D (downgraded)

   Non Fund Based
   Limits- Special
   Foreign Letter of
   Credit (Spl FLC)      4.19         [ICRA]D (downgraded)

   Non-Fund Based
   Limits- Letter
   of Guarantee          3.00         [ICRA]D (downgraded)

   Non-Fund Based
   Limits- Letter
   of Credit           (21.27)        [ICRA]D (downgraded)

The rating action factors in the delays by AHPL in meeting its
debt service obligations in a timely manner due to liquidity
pressure being faced by the company as a result of losses being
suffered by AHPL since 2013-14.

AHPL, incorporated in 1998, has presence across breeding,
hatching, broiler farming, poultry feed manufacturing, chicken
processing and egg layering. The company owns and operates third
party plants across the states of West Bengal, Bihar, Meghalaya,
Uttar Pradesh, Haryana, Tamil Nadu, Jharkhand, Karnataka and
Maharashtra. Besides AHPL, the Amrit group has other companies
engaged in the poultry feed and related business, namely Amrit
Feeds Limited (rated at [ICRA]BBB/Stable and [ICRA]A2) and Amricon
Agrovet Private Limited (rated at [ICRA]BB+/Stable and [ICRA]A4+).

Recent Results
During the first nine months of 2014-15, the company has reported
a loss at PBT level of INR0.64 crore (provisional) on an operating
income of INR945 crore (provisional). The company has reported a
net loss of INR30 crore on an operating income of INR1099.90 crore
in 2013-14.


BALPRADA HOTELS: ICRA Reaffirms D Rating on INR100cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR100 crore
term loans of Balprada Hotels and Hospitality Services Private
Limited (Balprada) at [ICRA]D.  ICRA has also reaffirmed the
short-term rating assigned to INR2 crore non-fund-based limits of
Balprada at [ICRA]D.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loans              100         [ICRA]D Reaffirmed
   Non-fund-based-limits     2         [ICRA]D Reaffirmed

The reaffirmation of ratings takes into account continuing delays
in servicing of debt obligations by the company on account of its
stretched liquidity position resulting from inadequacy of
operational cash flows in meeting debt obligations. Currently, its
parent company, JMD Limited (rated at [ICRA]BB-/[ICRA]A4), has
been infusing additional funds to meet the obligations, albeit the
support is coming with a delay. The rating continues to be
constrained by limited experience of the promoters in hospitality
sector, ongoing pressure on Revpars in National Capital Region
(NCR) hospitality market due to huge supply additions which,
coupled with the tepid business activity, has impacted room
offtake.

Going forward, timely servicing of debt obligations and ramp up of
occupancy and Average Room Rate (ARR) will be the key rating
sensitivities.

Balprada Hotels and Hospitality Private Limited (Balprada) is a
subsidiary of JMD Limited. The company has developed a 185 room 4
star hotel at Golf Course Road in Gurgaon at a cost of INR178
crore. The hotel has been funded by debt of INR100 crore and
promoters' contribution of INR78 crore. The hotel project (to be
operated under the 'DoubleTree by Hilton' brand) started
commercial operations in March 2012.

Recent Results
Balprada Hotels and Hospitality Services Private Limited reported
operating income of INR35.41 crore and net loss of INR22.24 crore
in FY14, as against operating income of INR23.44 crore and net
loss of INR20.84 crore in FY13.


BILPOWER LTD: CRISIL Reaffirms D Rating on INR900MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bilpower Ltd (Bilpower)
continue to reflect delays by Bilpower in meeting its debt
obligations.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           900        CRISIL D (Reaffirmed)

   Letter of credit
   & Bank Guarantee      800        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     40        CRISIL D (Reaffirmed)

Bilpower was incorporated in 1989. The company manufactures
transformer laminations. Bilpower has lamination-manufacturing
units in Vadodara (Gujarat), Silvassa (Dadra and Nagar Haveli),
Kanchad (Maharashtra), and Roorkee (Uttarakhand).

Bilpower reported a net loss of INR346 million on an operating
income of INR57 million for 2013-14 (refers to financial year,
April 1 to March 31), against a net loss of INR419 million on an
operating income of INR377 million for 2012-13. For the six months
ended September 30, 2014, the company reported a net loss of
INR344 million on an operating income of INR121 million, against a
net loss of INR125 million on an operating income of INR16 million
for the corresponding period of the previous year.


CHALLANI JEWELLERY: CRISIL Reaffirms B+ INR80MM Cash Loan Rating
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Challani
Jewellery Mart (CJM) continues to reflect CJM's limited track
record, modest scale of operations, and exposure to intense
competition in the retail jewellery industry. These rating
weaknesses are partially offset by the extensive experience of
CJM's partners in the retail jewellery industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           80         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CJM will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' in case of significant and
sustainable growth in the firm's revenue and margins along with
steady capital structure. Conversely, the outlook may be revised
to 'Negative' if case of lower-than expected cash accruals or if
its working capital cycle lengthens considerably.

Update
CJM reported moderate operating income of INR411 million for 2013-
14 (refers to financial year, April 1 to March 31), supported by
healthy demand for its product and established relationships with
customers. Its operating profitability was low, at 2.20 per cent,
thereby constraining cash accruals to INR2.67 million in 2013-14.

CJM's moderate financial risk profile is marked by moderate net
worth of INR178 million and low total outside liabilities to
tangible net worth ratio of 0.51 times as on March 31, 2014. The
financial risk profile is expected to remain moderate over the
medium term, with stable accretion to reserves.

CJM's liquidity is restricted by its large working capital
requirements marked by gross current assets of 234 days as on
March 31, 2014. Hence, the firm utilised its bank line
extensively, at an average of 94 per cent over the 12 months
through January 2015. Its annual cash accruals are expected at
around INR4.6 million vis-a-vis nil debt obligations for 2014-15.

Set up in 2012 as a partnership firm of Mr. R J Jayanthi Lal
Challani, Mr. J Goutham Chand, and Mr. J J Sripal, CJM retails
gold and diamond ornaments. The firm operates a single showroom in
Chennai.


DASHMESH EDUCATIONAL: CRISIL Ups Rating on INR1.0BB Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Dashmesh Educational Charitable Trust (DECT) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable, while reaffirming its rating on the
company's short-term facility at 'CRISIL A4'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         184        CRISIL A4 (Reaffirmed)

   Overdraft Facility      50        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term      46        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan            1,000        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects improvement in DECT's business risk profile,
backed by increase in operating income and operating margin. The
operating income increased to INR530 million in 2013-14 (refers to
financial year, April 1 to March 31) from INR436 million in 2012-
13, on account of increase in tuition fees and hostel and mess
charges. The trust is expected to increase student admissions to
the bachelor of medicine and surgery (MBBS) course to 150 seats
from 100 in academic year 2015-16. It has also started classes for
three new courses at its Gurgaon (Haryana) facility-'with 45, 40
and 20 seats in law, hotel management, and mass communications,
respectively. DECT's business risk profile is, therefore, expected
to improve further over the medium term, with increase in
operating income. The operating margin improved to 35 per cent in
2013-14 from 33.4 per cent in 2012-13 on the back of economies of
scale. CRISIL expects DECT to maintain similar margins over the
medium term.

The rating upgrade also reflects the promoters' consistent support
to the trust: they infused fresh equity of INR45.6 million in
2013-14, and are expected to provide such support whenever
necessary over the medium term as well. DECT's interest coverage
and net cash accrual to total debt (NCATD) ratios improved to 1.9
and 0.14 times, respectively, in 2013-14, from 1.4 and 0.06 times
in 2012-13. The debt protection metrics are expected to improve
further over the medium term on account of expected improvement in
profitability and cash accruals. The trust's gearing reduced to
1.36 times as on March 31, 2014, from 1.79 times a year ago, and
may reduce further over the medium term on the back of moderate
accretion to reserves and debt repayments. The net worth increased
to INR520 million as on
March 31, 2014, from INR410 million as on March 31, 2013, on
account of equity infusions and accretion to reserves.

The ratings, however, continue to reflect DECT's exposure to
project-related risks because of aggressive expansion plans. It
proposes capital expenditure (capex) of around INR1.2 billion over
the next three years to set up a college catering to pharmacy,
ayurveda, hotel management, physical sciences, social sciences,
law, and management. This capex is to be funded by a term loan of
around INR780 million and through the trust's funds. Timeliness in
completion of the project and in debt servicing, and the demand
for the new courses will remain key rating sensitivity factors.

Outlook: Stable

CRISIL believes that DECT will continue to benefit over the medium
term from its established track record in the education sector.
The outlook may be revised to 'Positive' if the trust reports
strong cash accruals and completes the proposed expansion project
on time. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile weakens owing to time or cost overruns
on the project, or low demand for its new courses.
About the Trust

DECT was set up in 1999 as an educational charitable trust. It is
promoted by Mr. Ram Bahadur Rai, Mr. Manmohan Singh Chawla, Mr.
Manmeet Singh Chawla, and Ms. Harjeet Kaur. The trust opened a
dental college and hospital in 2002 and a medical college and
general hospital in 2010. It has also started nursing and
management courses from 2012-13 and 2013-14, respectively.


DIVINITI HOMES: ICRA Suspends B+ Rating on INR6cr FB Loan
---------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR6.0
crore fund based limits of Diviniti Homes Pvt Ltd. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


FORTUNE BELLA: ICRA Assigns D Rating to INR15cr Term Loan
---------------------------------------------------------
ICRA has assigned [ICRA]D rating to the INR15.0 crore term loans
of Fortune Bella Casa (Unit of Bardiya Construction Co. Pvt Ltd).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loans            15.00        [ICRA]D; assigned

The rating is constrained by the ongoing delays in debt servicing
by the company given its subdued performance in relation to its
debt obligations. The company's operating metrics continue to be
characterised by modest occupancies, which remain under pressure
given the high competitive intensity in the Jaipur market.
Following debt funded expansion in 2012, the company continues to
post net losses owing to limited ram up in operating scale and
high interest outgo. The rating also factors in the modest scale
of operations and the company's exposure to concentration risks as
the company has a single property.

ICRA notes that the company's association with Welcomgroup and
'Fortune' brand imparts visibility in the Jaipur market and lends
it access to Fortune's centralised reservation systems. Further,
the property is well located with proximity to the International
airport and key upcoming commercial areas of the city. However,
these factors are offset by the ongoing delays in debt servicing.
Going forward, the company's ability to improve its debt servicing
track record will be the key rating sensitivity.

Fortune Bella Casa (Unit of Bardiya Construction Co. Pvt Ltd)
operates a 5 star equivalent hotel by the name of Hotel Fortune
Park Bella Casa in the city of Jaipur. This hotel has been
operational since 2006-07. The company has been promoted by the
Garg and Bardiya families of Jaipur which have interest in gems
and jewellery business, construction activity and education apart
from hospitality. The 109 room hotel is being operated and managed
by ITC group owned Fortune Park Hotels Ltd which has a 10 year
agreement with the company upto August 2016. The property is a
mixed use development, majority of which is occupied by the hotel,
some part houses retail space and balance houses a two screen
multiplex on a lease basis.

Recent Results
For 2013-14, the company reported a net loss of INR2.1 crore on an
operating income of INR11.3 crore, as against a net loss of INR3.2
crore on an operating income of INR10.9 crore in the previous
year.


HRM OVERSEAS: ICRA Reaffirms B Rating on INR10cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR10
crore cash credit limits, INR6.00 crore term loans and INR1.77
crore unallocated fund based limits of HRM Overseas. ICRA has also
reaffirmed its [ICRA]A4 rating on the INR2.23 crore non fund based
limits of HRM.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          10.00        [ICRA]B; Reaffirmed
   Term Loans            6.00        [ICRA]B; Reaffirmed
   Unallocated fund
   based limits          1.77        [ICRA]B; Reaffirmed
   Non fund based
   limits               2.23         [ICRA]A4 ; Reaffirmed

ICRA's rating continues to take into account HRM's limited track
record of operations and the highly competitive and low value
additive nature of the rice milling industry, which has translated
into weak profitability indicators. ICRA's rating also factors in
the partnership constitution of the firm which exposes it to risks
related to capital withdrawal, dissolution etc. The rating
reaffirmation also takes into account the firm's high working
capital intensity with NWC/OI at 55% for 2013-14, on account of
high inventory levels. The working capital requirements have been
largely debt funded resulting in high gearing (5.72 times as on
March 31, 2014) and weak debt coverage indicators. ICRA also
factors in the agro climatic risks, which can impact the
availability of the basic raw material, namely paddy. The ratings,
however, derive comfort from the proximity of the mill to a rice
growing area, which results in easy availability of paddy and
stable demand outlook given that India is a major consumer (rice
being an important staple of the Indian diet) and exporter of
rice.

HRM is a partnership firm and was set up in 2013 by Mr Mukesh
Kumar, Mr Ashwani Kumar, Mr Himanshu Goyal and Mr Mohit Goyal, and
is engaged in milling of rice. It has a fully automated plant at
Nissing in Haryana, which has a milling capacity of 12 tonnes per
hour and one sortex machine with a capacity of 8 tonnes per hour.
The by-products of the process viz husk, rice bran and 'phak' are
sold in the domestic market.

Recent Results
HRM reported a net profit of INR0.02 crore on an operating income
of INR20.24 crore in FY 2013-14.


JAGDAMBA POLYFABES: CRISIL Cuts Rating on INR50MM Cash Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jagdamba Polyfabes Pvt Ltd (JPPL) to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
    Bank Guarantee         5        CRISIL D (Downgraded from
                                    CRISIL A4')

   Cash Credit            50        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Letter of Credit       25        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Proposed Long Term     20.2      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B-/Stable')

   Standby Line of Credit  5        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Term Loan              64.8      CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The rating downgrade reflects instances of delay in interest and
principal repayment on the company's term debt and overdrawing in
its cash credit limit. The company's account was declared a non-
performing account in December 2014 by the bank.

The ratings continue to reflect the company's modest scale of
operations in the intensely competitive packaging industry and its
weak financial risk profile, marked by small net worth, weak debt
protection metrics, and stretched liquidity. These rating
weaknesses are partially offset by the company's established
relationship with customers and suppliers.

JPPL, a part of the Jagdamba group, was set up in 2010 as a
private limited company by Mr. Krishna Murari Choudhary. The
company manufactures plastic bags for various industries, such as
cement, iron and steel, and rice.


JAINAM CABLES: ICRA Reaffirms B+ Rating on INR10cr Cash Credit
--------------------------------------------------------------
The long term rating of [ICRA]B+ has been reaffirmed for INR10.45
crore fund based facilities of Jainam Cables (India) Private
Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit facility    10.00       [ICRA]B+ reaffirmed
   Term Loan                0.45       [ICRA]B+ reaffirmed

The rating reaffirmation takes into account JCPL's small scale of
operations; the intense competitive pressures in the fragmented
copper wire industry; and the revenue de-growth in FY14, on
account of lower off take from its customers following weak
demand. The rating continues to remain constrained by the
company's weak financial risk profile that is characterized by
thin profit margins due to low value additive nature of
operations, high gearing levels, and weak coverage indicators. The
rating also continues to take into account the vulnerability of
the company's profitability to any adverse fluctuations in the raw
material prices.

The rating, however, favourably considers the longstanding
experience of the promoters in the copper wires business; and the
company's established and diversified customer base.

Incorporated in 2001, Jainam Cables (India) Private Limited (JCPL)
is engaged in manufacturing of copper wires and cables. The
manufacturing unit of the company is located at Kathwada GIDC,
Ahmedabad and has an annual production capacity of 1200 MT of
0.3mm copper wires. The company was founded by Mr. Harisingh
Rajput, who started the business under a proprietorship concern
M/S Jainam Cable Industries. The entity was converted in to a
private limited company, Jainam Cables (India) Private Limited
w.e.f. 1st April 2012. The company's product profile consists of
copper wires, PVC flexible cable, house wiring, submersible flat
cables, welding cables and power & control cables which are ISI
marked. The company is "ISO 9001:2000" certified.

Recent Results
During FY 2014, JCPL reported an operating income of INR  33.76
crore and profit after tax of INR0.14 crore as against operating
income of INR39.31 crore and profit after tax of INR0.15 crore
during FY 2013. Further, in 9M FY 2015 (as per unaudited
provisional financials), JCPL reported operating income of
INR31.66 crore and operating profit of INR0.60 crore.


K. M. FISHERIES: ICRA Puts B Rating on INR15.35cr LT Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR15.35
crore* fund-based limits of K. M. Fisheries. ICRA has also
assigned a short-term rating of [ICRA]A4 to the INR0.15 crore non-
fund-based limits of KMF.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund        15.35        [ICRA]B assigned
   Based Facilities

   Short term, non-       0.15        [ICRA]A4 assigned
   fund based facilities

The ratings assigned take into consideration the long standing
experience and established track record of the promoters of over
four decades in marine products export business and their
established relationships with suppliers, selling agents and
export customers. The ratings are however constrained by the
firm's small scale of operations and thin profit margins due to
limited pricing flexibility owing to the low value added nature of
products and competitive pressure; capital structure characterized
by high gearing and stretched coverage indicators; vulnerability
to fluctuations in forex movements and changes in Government
policies. ICRA also takes note of the risks inherent to
partnership firms.

M/s K. M. Fisheries was started as a proprietorship concern
promoted by Mr. K. A. Kochumohammed for processing and export of
frozen marine products in 2012. Later in April 2013, the firm was
reconstituted as a partnership firm completely owned by Mr. K. A.
Kochumohammed, his brother K. A. Abdul Latheef and their children.
The firm is engaged in the export of frozen sea foods,
particularly Cuttle fish, Squid, Octopus, Sardines and Mackerels.
The firm has undertaken exports of ~Rs. 56 crore, mostly to Spain
and Italy in the two years from 2012-2014.


K.S. ENTERPRISES: CRISIL Reaffirms B+ Rating on INR140MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of K.S. Enterprises Pvt
Ltd (KSEPL) continue to reflect KSEPL's small scale of operations
in an intensely competitive industry, the vulnerability of its
operating margin to volatility in metal prices and foreign
exchange (forex) rates, and its weak financial risk profile. These
rating strengths are partially offset by the extensive experience
the company's promoter in the metal scrap trading industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           140        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       30        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     20        CRISIL B+/Stable (Reaffirmed)
   Standby Line of        10        CRISIL B+/Stable (Reaffirmed)
   Credit

Outlook: Stable

CRISIL believes that KSEPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations and improves its profitability, leading
to a substantial increase in its cash accruals, while it maintains
or improves its capital structure. Conversely, the outlook may be
revised to 'Negative'  in case of an increase in KSEPL's working
capital requirements or a decline in its profitability or scale of
operation, leading to lower cash accruals and hence to further
weakening of its financial risk profile.


KSEPL was set up in 1989 by Mr. Rajesh Kumar Singal. The company,
based in New Delhi, trades in various ferrous and non-ferrous
metal scrap, which includes zinc, copper, brass, nickel, and steel
scrap. It has also started trading in food products such as pasta
and macaroni under its own brand, Wheatley.


KARNATAKA TURNED: CRISIL Cuts Rating on INR56MM Bank Loan to B
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Karnataka Turned Components Pvt Ltd (KTCPL) to 'CRISIL
B/Stable' from 'CRISIL BB-/Stable'.


                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft Facility     30        CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term     56        CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

   Term Loan              44        CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects weakening of KTCPL's liquidity because of
insufficient cash generation to meet debt obligations. However,
the company's liquidity is supported by unsecured loans from
promoters to meet its debt obligations. Because of weaker demand
and two-month strike at the plant of primary customer Bosch Ltd,
KTCPL's turnover is expected to decline by about 43 per cent year-
on-year to INR200 million in 2014-15 (refers to financial year,
April 1 to March 31). On account of high overhead costs amid
declining turnover, KTCPL's operating profitability is expected to
decline steeply. Till December 31, 2014, KTCPL reported cash loss
of close to INR10 million. Though the loss are expected to decline
in the last quarter of 2014-15 because of improving sales, KTCPL
is likely to report net loss for the year. The company's promoters
have extended unsecured loans of over INR13 million in 2014-15 to
meet debt obligations. Sustainable improvement in scale of
operations and profitability will remain a key rating sensitivity
factor over the medium term.

The rating reflects KTCPL's modest scale of operations and the
customer concentration in its revenue. The rating also factors in
the susceptibility of KTCPL's revenue and operating profitability
to slowdown in the automobile sector. These rating weaknesses are
partially offset by the extensive experience of KTCPL's promoters
in the precision engineering components industry, and the
company's moderate financial risk profile, marked by low gearing,
moderate net worth, and adequate debt protection metrics].
Outlook: Stable

CRISIL believes that KTCPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
established customer relationships. KTCPL, however, will continue
to face customer concentration risk. The outlook may be revised to
'Positive' if the company records sustainable and considerable
improvement in its scale of operations and profitability,
improving its business risk profile. Conversely, the outlook may
be revised to 'Negative' if KTCPL's liquidity deteriorates
considerably, with low cash accruals or lengthening of working
capital cycle.

KTCPL, set up in 1960 in Bengaluru and promoted by Mr. Raj Kumar
and his family members, manufactures precision engineering
components.


KETAN PLASTIC: ICRA Suspends B Rating on INR10.07cr LT Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR10.07
crore long term fund based bank facilities, [ICRA]A4 rating to the
INR4.0 crore short term non-fund based bank facilities and
[ICRA]B/[ICRA]A4 rating to the INR10.93 crore unallocated bank
facilities of Ketan Plastic Industries Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MA MAHAMAYA: ICRA Suspends B Rating on INR7.25cr Term Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR7.25
crore term loan and INR6.00 crore cash credit facility, and the
[ICRA]A4 rating assigned to the INR0.25 crore bank guarantee limit
of Ma Mahamaya Rice Mill Private Limited (MMRMPL). The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


MADHOOR BUILDWELL: ICRA Suspends B+ Rating on INR6cr Cash Credit
----------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR6.00 crore,
long term, cash credit facility & [ICRA]A4 rating to the INR1.00
crore short term, non fund based facilities of Madhoor Buildwell
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long term, fund based
   Limits-Cash Credit       6.00         [ICRA]B+ Suspended

   Short term, non-fund
   based                    1.00         [ICRA]A4 Suspended

Incorporated in 1994, Madhoor Buildwell Private Limited is engaged
in residential and commercial real estate development,
constructing buildings on contract for government and non
government organizations as well as executing municipal
corporation contracts in Nashik. The group has executed over 150
projects in Nashik which includes residential and commercial
projects, hospitals, colleges etc. The company has also undertaken
works for restoration of antique properties in the past.


MANEESH PIPES: ICRA Suspends B+ Rating on INR5.8cr FB Loan
----------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR5.88
crore fund-based limits and INR3.50 crore non-fund based limits of
Maneesh Pipes Private Limited (MPPL). The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


MASS-TECH CONTROLS: CRISIL Assigns B+ Rating to INR30MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Mass-Tech Controls Private Limited (MTCPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             2         CRISIL B+/Stable
   Letter of Credit      7.5       CRISIL A4
   Bank Guarantee       42.5       CRISIL A4
   Cash Credit          30.0       CRISIL B+/Stable

The ratings reflect MTCPL's modest scale of operations and average
financial risk profile marked by high gearing and average debt
protection metrics. These rating weakness are partially offset by
MTCPL's promoter's extensive experience in the electrical tools
manufacturing industry.
Outlook: Stable

CRISIL believes that MTCPL will benefit over the medium term from
the experience of its promoters in manufacturing and assembling of
D.C Power systems. The outlook may be revised to 'Positive', if
MTCPL scales up its operations and profitability significantly
over the medium term in a sustainable fashion there by leading to
an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative', if the company undertakes
any significant debt funded capital expenditure or if its revenues
and operating profitability decline or if its working capital
cycle elongates leading to deterioration in its financial profile.

MTCPL was set up as partnership in the year 1993 by Mr. Subash
Patil. The company is into manufacturing and assembling of D.C
Power systems, Battery chargers, Convertors and Low voltage switch
gear and Control panels used in industrial set up. The company's
manufacturing unit is based out of Jalgaon, Maharashtra.

MTCPL reported a profit after tax (PAT) of INR2.4 million on net
sales of INR143.3 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR2.4 million on net sales
of INR153.0 million for 2012-13.


METAWOOD DISPLAY: ICRA Assigns B+ Rating to INR13cr LT Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR13.00
crore long-term fund-based limits of Metawood Display Systems.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Long-term, fund based       13.00        [ICRA]B+ assigned
   working capital facilities

Rating Rationale
The ratings take into account the established experience of the
promoters of around two decades in manufacturing of furniture,
potential upside in demand from expansion in organized retail in
the coming years and MDS' long standing relationship amongst
reputed customers. The ratings, however, are constrained by the
firm's stretched financial risk profile indicated by weak coverage
indicators, thin margins and high working capital intensity. The
ratings further take into account vulnerability of margins to raw
material prices and limited bargaining power of the firm amongst
larger customers. Scaling up of operations, formation of capital
structure and profitability are the key rating sensitivities from
the credit perspective.

Metawood Display Systems (MDS) was established in 1997 as a
partnership firm by Mr. Sachin Doshi and Mr. Chanddravdan Doshi.
MDS is engaged in manufacturing of retail showroom and modular
furniture and has a manufacturing unit in Daman.

Recent Results
MDS recorded a profit after tax (PAT) of INR0.12 crore on an
operating income of INR39.87 crore in FY14 as against a PAT of
INR0.07 crore on an operating income of INR18.75 crore in FY13.


MPL AUTOMOBILES: CRISIL Cuts Rating on INR250MM Loan to B-
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
MPL Automobiles Agency Pvt Ltd (MAAPL; part of the MPL M&M group)
to 'CRISIL B-/Stable' from 'CRISIL B/Stable'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Inventory Funding      125        CRISIL B-/Stable (Downgraded
   Facility                          from 'CRISIL B/Stable')

   Proposed Long Term      75        CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Secured Overdraft      250        CRISIL B-/Stable (Downgraded
   Facility                          from 'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that the MPL M&M
group's business risk profile will remain under pressure over the
medium term on the back of decline in demand for its products and
intense competition in the in the automobile (auto) dealership
segment. The group's revenues are expected to decline in 2014-15
(refers to financial year, April 1 to March 31) and the group is
expected to report cash losses. CRISIL believes that the business
risk profile of the group will remain constrained due to muted
demand.

CRISIL's ratings reflect the MPL M&M group's weak financial risk
profile, marked by a highly leveraged capital structure and below-
average debt protection metrics, and its susceptibility to
economic slowdown and to intense competition in the auto
dealership segment. These rating weaknesses are partially offset
by the group's established position in the auto dealership market
for Mahindra & Mahindra Ltd (M&M; rated 'CRISIL AAA/Stable/CRISIL
A1+') in Chennai, and its promoters' extensive industry
experience.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MAAPL and MPL Motors Pvt Ltd (MMPL).
This is because the two companies, together referred to as the MPL
M&M group, are managed by the same promoters, have financial
linkages with each other, and are in the same line of business.

Outlook: Stable

CRISIL believes that the MPL M&M group will continue to benefit
over the medium term from the extensive experience of its
promoters in the auto dealership segment and need-based funding
support from them. The outlook may be revised to 'Positive' if the
group significantly increases its sales volumes and operating
profitability, leading to a substantial increase in its cash
accruals and hence to an improvement in its capital structure and
debt protection metrics. Conversely, the outlook may be revised to
'Negative' if the MPL M&M group's revenue or operating
profitability declines further, or there are delays in receipt of
funding support from its promoters or associate entities, leading
to weakening of its financial risk profile.

MAAPL, incorporated in 2000, is an authorised dealer for passenger
vehicles of M&M in Chennai. MMPL, incorporated in 1998, is an
authorised dealer for commercial vehicles of M&M in Chennai. The
group is promoted by Mr.S.Ashok and his family.

The promoters own other entities, which are managed independently
and are engaged in dealership activity for various original
equipment manufacturers, such as Ashok Leyland Ltd, Honda Motors
Pvt Ltd, and Ford India Pvt Ltd.


MPL MOTORS: CRISIL Downgrades Rating on INR25MM Loan to B-
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
MPL Motors Private Limited (MMPL; part of the MPL M&M group) to
'CRISIL B-/Stable' from 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           16         CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Inventory Funding     25         CRISIL B-/Stable (Downgraded
   Facility                         from 'CRISIL B/Stable')

   Proposed Long Term     9         CRISIL B-/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that the MPL M&M
group's business risk profile will remain under pressure over the
medium term on the back of decline in demand for its products and
intense competition in the in the automobile (auto) dealership
segment. The group's revenues are expected to decline in 2014-15
(refers to financial year, April 1 to March 31) and the group is
expected to report cash losses. CRISIL believes that the business
risk profile of the group will remain constrained due to muted
demand.

CRISIL's ratings reflect the MPL M&M group's weak financial risk
profile, marked by a highly leveraged capital structure and below-
average debt protection metrics, and its susceptibility to
economic slowdown and to intense competition in the auto
dealership segment. These rating weaknesses are partially offset
by the group's established position in the auto dealership market
for Mahindra & Mahindra Ltd (M&M; rated 'CRISIL AAA/Stable/CRISIL
A1+') in Chennai, and its promoters' extensive industry
experience.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MMPL and MPL Automobiles Agency Pvt Ltd
(MAAPL). This is because the two companies, together referred to
as the MPL M&M group, are managed by the same promoters, have
financial linkages with each other, and are in the same line of
business.

Outlook: Stable

CRISIL believes that the MPL M&M group will continue to benefit
over the medium term from the extensive experience of its
promoters in the auto dealership segment and need-based funding
support from them. The outlook may be revised to 'Positive' if the
group significantly increases its sales volumes and operating
profitability, leading to a substantial increase in its cash
accruals and hence to an improvement in its capital structure and
debt protection metrics. Conversely, the outlook may be revised to
'Negative' if the MPL M&M group's revenue or operating
profitability declines further, or there are delays in receipt of
funding support from its promoters or associate entities, leading
to weakening of its financial risk profile.

MAAPL, incorporated in 2000, is an authorised dealer for passenger
vehicles of M&M in Chennai. MMPL, incorporated in 1998, is an
authorised dealer for commercial vehicles of M&M in Chennai. The
group is promoted by Mr.S.Ashok and his family.

The promoters own other entities, which are managed independently
and are engaged in dealership activity for various original
equipment manufacturers, such as Ashok Leyland Ltd, Honda Motors
Pvt Ltd, and Ford India Pvt Ltd.


OKARA ROADLINES: CRISIL Reaffirms B Rating on INR51.5MM Loan
------------------------------------------------------------
CRISIL's rating to the bank facilities of Okara Roadlines (Okara)
continues to reflect the firm's average financial risk profile,
exposure to business cycles and low bargaining power with
customers. These rating weaknesses are partially offset by the
benefits that MRGM derives from its diversified customer and end
user industry base and efficient working capital management.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Overdraft Facility      48.5      CRISIL B/Stable (Reaffirmed)
   Term Loan               51.5      CRISIL B/Stable (Reaffirmed)

CRISIL had assigned its 'CRISIL B/Stable' rating to the bank
facilities of Okara Roadlines (Okara) on January 14, 2015.

Outlook: Stable

CRISIL believes Okara will maintain its business risk profile over
the medium term on the back of its established customer base and
promoters' extensive experience in the transport and logistics
industry. The outlook may be revised to 'Positive' in case it
generates higher revenue and margin, or improves its capital
structure driven by improved cash accruals or capital infusion by
the promoters, leading to better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
increase in debtor levels, large debt-funded expansions or lower
margins leading to weak financial risk profile.

Okara was set up in 1989 and taken over by the existing management
in 2000. The Delhi-based company provides transportation services
to various industries. The firm is being managed by Mr. Wadhwa and
his son, Mr. Jigyasu Wadhwa.

Okara reported a net loss of INR0.5 million on net sales of INR456
million for 2013-14 (refers to financial year, April 1 to March
31) as against a net loss of INR22.6 million on net sales of
INR284 million for 2012-13.


PREM TEXTILES: CRISIL Assigns B+ Rating to INR70MM Packing Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Prem Textiles International (PTI).

                           Amount
   Facilities             (INR Mln)      Ratings
   ----------             ---------      -------
   Export Packing Credit       70        CRISIL B+/Stable
   Proposed Long Term Bank
   Loan Facility               40        CRISIL B+/Stable

The rating reflect PTI's modest scale of operations and below-
average financial risk profile marked by weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of PTI's promoters in the home furnishings
industry and PTI's established client relationships.

Outlook: Stable

CRISIL believes that PTI will continue to benefit over the medium
term from its promoters' industry experience and established
client relationships. The outlook may be revised to 'Positive' if
the firm records significant increase in its net cash accruals
through improvement in profitability, or if there is greater than
expected equity infusion by the promoters, resulting in an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of considerable decline in
PTI's accruals or deterioration in its working capital management,
or if its promoters withdraw substantial capital, resulting in
weakening of its financial risk profile.

Set up in 1977, PTI manufactures home furnishings. The firm's
manufacturing facility is in Karur, Tamil Nadu. Its day-to-day
operations are managed by Mr. Veerappan.

PTI  reported profit after tax (PAT) of INR6.8 million on revenue
of INR399 million for 2013-14 (refers to financial year, April 1
to March 31); the firm reported PAT of INR1.8 million on revenue
of INR291 million for 2012-13.


PURITA WATER: ICRA Upgrades Rating on INR6cr Term Loan to C
-----------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR9 crore
fund based facilities of Purita Water Solutions Private Limited to
[ICRA]C from [ICRA]D. ICRA has also upgraded the short term rating
assigned to the INR4 crore non fund based facilities of PWSPL to
[ICRA]A4 from [ICRA]D .

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund          6.00       [ICRA]C (Revised from
   Based-Term Loan                    [ICRA]D)

   Long Term Fund          3.00       [ICRA]C (Revised from
   Based-Cash Credit                  [ICRA]D)

   Short Term Non Fund     2.50       [ICRA]A4 (Revised from
   Based-Bank Guarantee               [ICRA]D)

   Short Term Non Fund     1.50       [ICRA]A4 (Revised from
   Based-Inland/Foreign LC            [ICRA]D)

The ratings revision takes into account the regularization of
interest servicing by PWSPL during the last six months. The
ratings also continue to favorably factor in the professional and
experienced promoters of PWSPL with long experience in water
treatment business and positive demand outlook for the company's
products.

However, the ratings continue to be constrained by PWSPL's small
scale of operations and the stiff competition faced by the company
from unorganized and organized players in the industry. Further,
the contracts executed by PWSPL are mainly fixed price contracts
with execution period varying from 1 to 4 months which exposes the
company to raw material price fluctuation risk. ICRA notes that
company has an outstanding order book equivalent to 2 times of
FY14 revenues, which is expected to increase working capital
requirements (fund-based as well as non fund based) further;
timely funding from promoters and enhancement of sanctioned
facilities will be critical for timely execution of projects and
maintaining liquidity.

Incorporated as a private limited company on 3rd June 2005, Purita
Water Solutions Private limited is engaged in manufacturing of
chlorine dioxide systems for water disinfection. It provides
complete solution for water disinfection and anti-fouling
treatment using its TERSUS chlorine dioxide technology for
industrial application. It is also an authorized distributor of
Taprogge Gmbh, based in Germany. Currently, the manufacturing
operations of the company are being carried out from the unit
taken on rental basis at Vasai, Mumbai.

Recent Results
PWSPL recorded a net profit of INR0.36 crore on an operating
income of INR07.81 crore for the year ending March 31, 2014 and a
profit before tax of INR0.97 crore on an operating income of
INR10.01 crore for the period ending November 30, 2014 (as per the
provisional figures disclosed by the management).


R F MOTORS: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-----------------------------------------------------------
CRISIL ratings on the bank facilities of R F Motors Pvt Ltd (RF
Motors) continue to reflect RF Motors' below-average financial
risk profile, marked by modest net worth, high gearing, and weak
debt protection metrics, and the company's susceptibility to
intense competition in the automobile dealership business and to
slowdown in passenger vehicles industry. These rating weaknesses
are partially offset by the extensive entrepreneurial experience
of RF Motors' management and the company's established
relationship with its principal, Tata Motors Ltd (TML).

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

   Inventory Funding
   Facility               40       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term    175.6     CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that RF Motors will continue to benefit from its
promoters' experience and from its established market position in
Ernakulum (Kerala). The outlook may be revised to 'Positive' if RF
Motors' financial risk profile improves, resulting from better
cash accruals along with improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates because of less cash
accruals, further drop in sales due to industry slowdown or large
working capital requirements or debt-funded capital expenditure,
or if its relationship with the principal deteriorates.

Update
RF Motors' reported operating income of around INR327 million for
2013-14 (refers to financial year, April 1 to March 31) a sharp
year-on-year de-growth of 55 per cent. The de-growth was primarily
on account of lack of new models launched by its principal TML.
However, the revenue is expected to grow at a healthy rate over
the medium term marked by healthy demand for newly launched models
and expected new launches in 2015. The company's operating
profitability declined to around 3 per cent in 2013-14 due to
extensive discounts offered. CRISIL believes that RF Motors'
business risk profile will remain constrained on account of
exposure to risks related to geographic concentration and intense
competition in the automobile dealership segment.

RF Motors' financial risk profile is marked by moderate net worth
and high total outstanding liabilities to tangible net worth
(TOLTNW) ratio and weak debt protection metrics. The company is
estimated to have small net worth of INR110 million as on
March 31, 2014. Furthermore, the limited accretion to reserves
lead to high reliance on bank lines to fund the working capital
requirement as reflected in its high TOLTNW ratio estimated at
2.75 times as on March 31, 2014. However, the promoters are
expected to bring in additional equity to meet the working capital
requirements thereby strengthening its financial risk profile. RF
Motors has weak debt protection metrics as reflected in its net
cash accruals to total debt and interest coverage ratios of around
2 per cent and 1.89 times, respectively, in 2013-14. CRISIL
believes that RF Motors' financial risk profile will improve over
the medium term on account of infusion of funds by promoters.

RF Motors has moderate liquidity, marked by absence of term debt
obligations and modest cash accruals. The company is expected to
generate annual cash accruals of INR9 million to INR10 million
over the medium term. The financial flexibility is enhanced on
account of absence of term debt obligations. CRISIL believes that
RF Motors' liquidity will remain moderate over the medium term,
backed by absence of debt-funded capex plans.


RF Motors, set up in 2004, is a dealer of TML's passenger cars in
Central Kerala. The company is promoted by Mr. M M Farook and his
family members.


RISING LANDSCAPE: CRISIL Reaffirms B+ Rating on INR300MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Rising Landscape
AOP (RL) continues to reflect its exposure to demand risks
associated with the ongoing project; and susceptibility to risks
related to cyclical demand inherent to the Indian real estate
sector. These rating weaknesses are partially offset by the
extensive industry experience of the promoters and the funding
support from its associate entities.

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

Outlook: Stable

CRISIL believes that RL will benefit over the medium term from the
extensive industry experience of its promoters and funding support
from its associate entities. The outlook may be revised to
'Positive' if RL completes its ongoing project as per schedule,
and receives sizeable customer bookings, resulting in substantial
cash accruals. Conversely, the outlook may be revised to
'Negative' if the firm incurs project time or cost overruns, or
reports significantly low customer bookings, leading to modest
cash accruals.

Set up in April 2007 as an Association of Persons (AOP), RL is
currently executing a residential real estate project in Pune
(Maharashtra). The project comprises 180 apartments (90 two-
bedroom-hall-kitchen [BHK] apartments and 90 three-BHK
apartments). The total construction area of the project was around
253,690 square feet. The residential project is being marketed
under the brand, Kool Homes. The total project cost was around
INR1.05 billion.


S.I. PATEL: CRISIL Reaffirms B+ Rating on INR95MM Cash Credit
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of S.I. Patel
Industries (SIP) continues to reflect SIP's below average
financial risk profile, marked by a high gearing and weak debt
protection metrics, modest scale of operations in the intensely
competitive cotton industry, and vulnerability to unfavorable
changes in government policy. These rating weaknesses are
partially offset by its promoter's extensive industry experience
and support.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           95        CRISIL B+/Stable (Reaffirmed)

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

Outlook: Stable

CRISIL believes that SIP will continue to benefit over the medium
term from the proximity of its operations to the cotton-growing
belt. CRISIL, however, also believes that the firm's financial
risk profile will remain below average during the same period
because of low accruals and a highly leveraged capital structure.
The outlook may be revised to 'Positive' if SIP significantly
improves its capital structure either by equity infusion or higher
cash accruals. Conversely, the outlook may be revised to
'Negative' if the firm's financial risk profile deteriorates
further because of increased working capital-related debt or in
case of change in government policy negatively impacting its
operations.

Update
For the year 2013-14 (refers to April 1st to March 31st), SIP's
turnover was lower than our earlier expectation at INR331.7
million. The turnover declined by 14 per cent year on year (y-o-y)
due to lower than expected cotton availability for ginning
indicating the supply side pressures. Over the medium term,
CRISIL's expects the firm to maintain its turnover growth in the
range of 5 to 10 per cent, although the turnover growth continues
to be is susceptible to the economic scenario and government
policies. In the year 2013-14, SIP's profitability at operating
level improved at 5.1 per cent against 3.1 per cent during a year
earlier due to substantial increase in the average realization due
to overseas demand. However, in current year of 2014-15 with the
decline in the cotton prices operating profitability is expected
to be impacted. Over the medium term, CRISIL believes that the
fragmented nature of industry will restrict the firm's bargaining
power thus constraining its operating margins at 3 to 5 per cent.
In the year 2013-14, the firm's working capital requirements were
higher with gross current asset (GCA) days at 156 days vs. 128
days during a year earlier marked by high inventory holdings of
131 days. Over the medium term, the SIP's GCA days are expected to
be in the range of 130 to 140 days and the overall working capital
requirements are expected to increase with increase in scale of
operations. As of March 31, 2014 the gearing of the firm increased
y-o-y to 3.9 times on account of increase in its working capital
debt to the tune of INR27.6 million coupled with modest networth
of INR33.9 million. Over the medium term, the gearing is expected
to be around to 2.8 to 3.0 times on account of moderate
incremental debt to service its working capital requirements vs.
modest accruals. CRISIL believes the financial risk profile is
expected to be constrained by its high gearing, weak debt
protection metrics and stretched liquidity.

Started in 2005, SIP is engaged in cotton ginning activity along
with the production of crude cotton oil. Located in Vijapur
(Gujarat), SIP is promoted and managed by Mr. Prakash Chandra
Patel.

SIP's profit after tax (PAT) and sales are estimated at INR5
million and INR331.7 million, respectively, for 2013-14; the firm
reported PAT of INR3.3 million on sales of INR340 million for
2012-13.


SABASH ENGINEERING: CRISIL Cuts Rating on INR105MM Bank Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of
Sabash Engineering (Chennai) Private Limited (SEPL) to 'CRISIL
D/CRISIL D' from CRISIL BB/Stable/CRISIL A4+.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        60        CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Cash Credit           30        CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Letter of Credit      60        CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Long Term Loan        45        CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Proposed Long Term   105        CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB/Stable')



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

SEPL also has modest scale of operations and concentration risks
in its revenue profile. However, the company benefits from its
promoter's experience in the material handling segment.

Incorporated in 2005 by Mr. Ramakrishnan, Chennai-based SEPL
designs, manufactures, supplies, erects, and commissions pneumatic
conveying systems (primarily material handling). The company
derives majority of its revenues from supplies of pneumatic
conveying system for the cement industry.


SHIVALIK COTEX: CRISIL Assigns D Rating to INR67.4MM Term Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Shivalik Cotex Ltd (SCL) and has assigned its long-
term rating of 'CRISIL D' rating to these facilities. CRISIL had
earlier, through its rating rationale dated December 10, 2014,
suspended the ratings as SCL did not provide the information
required to undertake a rating review. The company has now shared
the requisite information, enabling CRISIL to assign ratings to
the bank facilities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           40        CRISIL D (Assigned;
                                   Suspension revoked)

   Term Loan             67.4      CRISIL D (Assigned;
                                   Suspension revoked)

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

SCL's scale of operations is modest and its operations are working
capital intensive. However, the company benefits from its
promoter's extensive experience in the cotton yarn industry and
its moderate gearing.

Incorporated in 2004, SCL is a closely held company manufacturing
cotton yarn (in counts of 25s to 40s). It is promoted by Mr.
Summit Gupta and its manufacturing facility is in Saharanpur
(Uttar Pradesh).


SHRI VENKATESH: CRISIL Assigns B+ Rating to INR75.8MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shri Venkatesh Polymould Pvt Ltd (SVPPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           20         CRISIL B+/Stable
   Term Loan             75.8       CRISIL B+/Stable

The rating reflects SVPPL's modest scale of operations with
customer concentration in revenue profile and average financial
risk profile marked by modest net worth, high gearing and moderate
debt protection metrics. These rating weaknesses are partially
offset by the promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that SVPPL will benefit from its promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' in case the company's scale of
operations improve substantially or SVPPL's financial risk profile
improves mainly because of sizeable cash accruals, or through
promoters' fund infusions. Conversely, the outlook may be revised
to 'Negative' in case, SVPPL's financial risk profile and
liquidity weaken on account of low cash accruals or high working
capital requirements, or if SVPPL undertakes any large debt-funded
capital expenditure programme.

Incorporated in 2012, in Aurangabad (Maharashtra), SVPPL
manufactures various moulded plastic components for consumer
durables including washing machine, television, fridge and air
conditioners. The company primarily supplies products to Videocon
Industries Ltd.


SHUBHYAN MOTORS: CRISIL Reaffirms B Rating on INR10MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shubhyan Motors Pvt Ltd
(SMPL) continue to reflect SMPL's below-average financial risk
profile, marked by aggressive gearing and weak debt protection
metrics, though supported by healthy risk coverage. The ratings
are also constrained by the company's unrelated diversification
and its exposure to intense competition in the automobile
industry. These rating weaknesses are partially offset by the
extensive experience of SMPL's promoters in the automobile
dealership business.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           10         CRISIL B/Stable (Reaffirmed)

   Inventory Funding    100         CRISIL A4 (Reaffirmed)
   Facility

   Term Loan             10         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SMPL will continue to benefit over the medium
term from its promoters' extensive experience in the automobile
dealership business. However, its financial risk profile will
remain weak over this period, driven by large working capital
requirements and debt obligations. The outlook may be revised to
'Positive' if the company's financial risk profile improves
significantly, most likely through infusion of funds by the
promoters. Conversely, the outlook may be revised to 'Negative' if
SMPL's investment in the unrelated business increases further, or
if there is any stretch in its working capital cycle, or if its
operating margin declines.

SMPL, incorporated in 1998, is promoted by Mr. Ranjeet Pawar. It
is an authorised dealer of commercial vehicles (CVs) manufactured
by Tata Motors Ltd (TML) and two wheelers manufactured by Hero
Honda Motors Ltd (Hero Honda). The company operates three
showrooms, all in Maharashtra, one each in Ahmednagar and Satara
for TML's CVs, and one for Hero Honda's two wheelers in Pune. SMPL
also deals in spares and provides services.


SINGHANIA BUILDCON: ICRA Suspends D Rating on INR41.8cr Term Loan
-----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR41.80 crore term loan facilities of Singhania Buildcon Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SRI LAKSHMIKANTHA: ICRA Cuts Rating on INR72.57cr Term Loan to D
----------------------------------------------------------------
ICRA has revised the rating for INR157.58 crore bank lines of
Sri Lakshmikantha Spinners Limited to [ICRA]D from [ICRA]B/A4
assigned earlier.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             72.57       [ICRA]D downgraded
   Cash Credit           45.00       [ICRA]D downgraded
   SLC                    2.85       [ICRA]D downgraded
   Unallocated           37.16       [ICRA]D downgraded

The rating factors in the recent delays in servicing interest and
principal repayments for Term loans availed by SLSL. Large
inventory losses owing to declining yarn prices and increasing
power expenses as a result of adverse power scenario in state of
Telangana, have adversely impacted the profitability of SLSL for
the current year and the company has not able to generate
sufficient surplus from its operations. As such the debt servicing
is currently supported by external funding from the promoters
which has not been timely, resulting in delays in debt servicing.
ICRA also notes that SLSL financial profile remains weak
characterized by leveraged capital structure and stretched
coverage indicators. Further relatively small scale of operations
amidst intense competition in the highly fragmented industry with
low product differentiation restricts the financial flexibility.

Established in 2004 as an offshoot of the partnership firm M/s
Sree Lakshmikantha Industries, which started in the year 1998, and
which is an offshoot of Sri Nataraja Cotton which hails back to
1968, Sri Lakshmikantha Spinners Limited (SLSL) started cotton
yarn manufacturing from December 2007. Located at Chandapur in
Medak district of Andhra Pradesh, SLSL started its commercial
production with an initial capacity of 14,112 spindles and added
2,116 spindles in December 2009 and further added 32,640 spindles
to its existing capacity to increase installed capacity to the
current level of 48,868 spindles; additional 32,640 spindles have
been operational from August 2012. Apart from spinning capacity,
SLSL also has ginning capacity of 12 gins for its captive use.
SLSL is engaged in the manufacturing of lower and medium count
combed and carded variety of cotton yarn.

SLSL has, for the year ended March 31, 2014, reported an operating
income of INR182.69 crore and a profit before tax of negative
INR1.09 crore as against INR117.39 crore and INR3.25 crore
respectively for FY 13.


SUYASH MART: CRISIL Reaffirms B+ Rating on INR50MM Term Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Suyash Mart
Pvt Ltd (SMPL) continues to reflect SMPL's below-average financial
risk profile, marked by modest net worth, high gearing and weak
debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            8.5       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term     1.5       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan             50.0       CRISIL B+/Stable (Reaffirmed)

The rating also factors in SMPL's modest scale of, and working
capital intensity in operations. These rating weaknesses are
partially offset by the benefits that the company derives from its
promoters' extensive experience in the retail industry and
established brand presence.

For arriving at the rating, CRISIL has considered unsecured loans
of INR54 million as on September 30, 2015 as neither debt nor
equity, as these are subordinated to bank debt and are extended by
the promoters or group companies. The loans will be retained in
the company over the medium term.

Outlook: Stable

CRISIL believes that SMPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established brand presence. The outlook may be revised to
'Positive' if there is sharp improvement in company's scale of
operations on a sustainable basis, coupled with sustained
profitability or if large infusion of long term funds alleviates
the stress on SMPL's liquidity. Conversely, the outlook may be
revised to 'Negative' if SMPL's financial risk profile,
particularly liquidity, deteriorates because of large working
capital requirements, low cash accruals, or significant debt-
funded capital expenditure.

Update
In 2013-14 (refers to financial year, April 1 to March 31), SMPL
clocked a turnover of INR218 million with a year-on-year growth of
over 10 per cent. During 2014-15, the company is expected to
report flattish revenue due to increased competition and
renovation work at some showrooms. The operating margin is
expected to remain at around 15 per cent for 2014-15, in line with
the past. The working capital requirements continue to be high on
account of large inventory maintained in stores. Consequently, the
bank limits are almost fully drawn through the year.

The financial risk profile remains weak, reflected in small net
worth of INR22.8 million and high gearing as on March 31, 2014.
The gearing remains high on account of sizeable borrowings to fund
capital expenditure and working capital requirements. The debt
protection metrics are average. The liquidity of the company
continues to be weak with high debt obligations and fully utilised
bank lines. However, the partial call back of unsecured loans to
group company has provided some relief to SMPL's liquidity; these
funds have been used to partially fund the capex towards
renovation of its stores and working capital requirements.

Set up in 2002 as Suyash Enterprises, SMPL was reconstituted as a
private limited company, in March 2011. The company is engaged in
the business of retail stores exclusively for kids. Currently, the
company has six stores: two in Pune; three in Nagpur, and one in
Raipur. The company operates under the brand, Bonsaii.


VASHUDEV TRADING: ICRA Assigns B Rating to INR5cr Cash Credit
-------------------------------------------------------------
ICRA has assigned long term rating of [ICRA]B to the INR5.00
crore* fund based bank limits of Vashudev Trading Company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash credit limits    5.00         [ICRA]B; assigned

ICRA's rating is constrained by VTC's weak profitability and
highly leveraged capital structure, as reflected in gearing of
18.94 times as on March 31, 2014, resulting in weak debt coverage
indicators. The rating also factors in the high working capital
intensity of the rice milling business and the highly competitive
and fragmented nature of the industry marked by the presence of
numerous participants from the organised as well as the
unorganised sectors, which limits the pricing power of
participants like VTC. The rating also takes into consideration
the vulnerability of VTC's profitability to agro climatic risks
and risks inherent in proprietorship concerns like limited ability
to raise capital; risk of dissolution etc. However, the rating
favourably takes into account the extensive experience of the
proprietor in the rice industry, its established relationships
with customers like Shri Vishnu Overseas group and the location
advantage enjoyed by VTC due to the proximity of its mill to a
major rice growing area, which results in easy availability of
paddy and stable demand outlook given that India is a major
consumer and exporter of rice.

VTC is a proprietorship concern promoted by Shree Adarsh Kumar.
The entity was incorporated in 2010 and has been engaged in rice
milling and trading since then. VTC's milling facility with a
capacity of 2 tonnes per hour is located at Kaithal, Haryana.

Recent Results
VTC reported a profit after tax (PAT) of INR0.08 crore on an
operating income (OI) of INR94.70 crore in FY2014, as against a
PAT of INR0.07 crore on an OI of INR71.74 crore in the previous
year.


VEDANTA RESOURCES: Cairn India's $3.2BB Liability is Credit Neg
---------------------------------------------------------------
Moody's Investors Service said that Vedanta Resources Plc's Ba1
corporate family rating and Ba3 senior unsecured ratings are under
negative pressure because of a demand by Indian revenue
authorities that Vedanta's subsidiary, Cairn India Ltd (CIL,
unrated) should pay a $3.2 billion tax liability.

Moody's points out that Vedanta's credit metrics are already at
the lower end of its rating category.  Moody's revised the
company's ratings outlook to negative in January 2015 to reflect
the company's likely lower earnings due to depressed global oil
prices.

If the $3.2 billion contingent liability fully crystallizes, it
could raise Vedanta's debt/EBITDA to 4.6x at 31 March 2015 and
5.0x at 31 March 2016, up from Moody's previous expectations of
3.9x and 4.3x, respectively.

Nonetheless, Moody's has kept Vedanta's ratings and outlook
unchanged, because Moody's believes the tax claim will not lead to
any immediate cash demand, and that the final amount could vary,
given that Vedanta is challenging the liability.

"The tax dispute comes at a time when Vedanta is already
struggling to stave off the effects of weak oil prices. If the
liability materializes, Vedanta's credit profile would be weaker
than the parameters required by its current rating, despite the
company's recent efforts to reduce capital expenditure," says Alan
Greene, a Moody's Vice President and Senior Credit Officer.

On 13 March 2015, CIL, an oil and gas producer which is 59.9%-
owned by Vedanta, said it received a INR205 billion ($3.2 billion)
tax bill from the Indian revenue authorities for its alleged
failure to deduct withholding tax on alleged capital gains of
INR245 billion made by its former parent during the fiscal year
ended March 2007.

CIL said in a notice to the Bombay Stock Exchange that the tax
demand, which stemmed from a reorganization ahead of CIL's stock
market listing in 2007, comprised INR102 billion in outstanding
tax and INR102 billion in interest.

While Moody's views CIL's almost 60% reduction of its planned
capital expenditure to $500 million from $1.2 billion for the
financial year ending 31 March 2016 as a positive development,
Brent crude oil prices remain depressed and will negatively affect
Vedanta's profitability and cash generation.

Moody's expects Brent crude oil prices to average about $87/barrel
in the year to 31 March 2015 and around $57/barrel in the year to
31 March 2016. Zinc and aluminium prices have also softened in
recent weeks, after a mild pick up in January 2015.

The disputed tax liability could constrain the group's liquidity.
At 30 September 2014, CIL's cash balances totaled around $2.7
billion, accounting for one-third of the group's liquid assets. In
recent years, CIL has upstreamed cash to its parents through
dividends and intra-company loans while also undertaking share
buybacks.

"As long as the tax investigation is ongoing, Vedanta will need to
be judicious in its use of CIL's cash balances and such a
situation would pressure Vedanta's broader liquidity position,"
adds Greene, who is also the Lead Analyst for Vedanta.

Vedanta's ratings could come under downward pressure if:

(1) Earnings from its oil and base metal businesses weaken, as a
     result of depressed commodity prices or material
     obstructions to production;

(2) The acquisition of the Government of India's stake in HZL
     goes ahead and fails to result in Vedanta's timely direct
     access to HZL's liquid assets; and

(3) Vedanta undertakes further acquisitions, investments or
     shareholder remuneration policies that include incremental
     debt that is not readily self-liquidating.

In addition, an adverse outcome for Vedanta in relation to the tax
dispute could also lead to a ratings downgrade.

Specific credit metrics that would lead to a downgrade if such
metrics are sustained include: 1) adjusted debt/EBITDA in excess
of 3.5x-4.0x; 2) cash flow from operations less dividends)-to-
debt below 15%; 3) EBIT/interest below 3.5x; or 4) a situation
where Vedanta consistently generates negative free cash flow.

The principal methodology used in this rating was Global Mining
Industry published in August 2014.

Headquartered in London, UK, Vedanta Resources Plc ("Vedanta") is
a diversified resources company with interests mainly in India.
Its main operations are held by Sesa Sterlite Limited ("SSL"), a
62.9%-owned subsidiary which produces zinc, lead, silver,
aluminium, iron ore and power.  In December 2011, Vedanta acquired
control, of Cairn India Limited ("CIL"), an independent oil
exploration and production company in India, which is now a 59.9%-
owned subsidiary of SSL.  Listed on the London Stock Exchange,
Vedanta is 69.9% owned by Volcan Investments Ltd. For the year
ended March 2014, Vedanta reported revenues of US$14.6 billion and
EBITDA of US$4.5 billion.


VIRAJ STEEL: ICRA Suspends D Rating on INR81.50cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to INR81.50 crore
bank facilities of Viraj Steel & Energy Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


VISHESH INDUSTRIES: CRISIL Assigns B Rating to INR47.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Vishesh Industries (VI).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            47.5       CRISIL B/Stable
   Cash Credit          25         CRISIL B/Stable
   Inland/Import
   Letter of Credit     15         CRISIL A4

The ratings reflect VI's modest and stagnant scale and working
capital intensive nature of operations in the highly competitive
glass products manufacturing industry. The ratings also factor in
VI's below-average financial risk profile marked by a small net
worth and average gearing and susceptibility of its operating
profitability to volatility in raw material prices. These rating
weaknesses are partially offset by its promoters' extensive
experience in the glass products industry and established
relationship with suppliers and customers.

Outlook: Stable

CRISIL believes that VI will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' if the firm reports a substantial and
sustained improvement in its revenue and cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
further weakening of its financial risk profile, particularly
liquidity, on account of lower cash accruals or stretch in its
working capital cycle, or a large debt-funded capital expenditure
programme.

Incorporated in 1992 by Mr. Ghanshyam Gupta as a proprietorship
firm, VI manufactures glass products like tumblers, bottles and
tubing. The firm's manufacturing facility is located at Firozabad
(Uttar Pradesh) with total capacity of 21 tonnes per day.



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


KRAKATAU STEEL: Annual Loss Widens to $150MM in 2014
----------------------------------------------------
The Jakarta Globe reports that Krakatau Steel reported a loss in
2014 due to declining revenue.

The company posted a net loss of $150 million in 2014, compared to
$14 million loss it posted a year earlier, the company said in a
filing to the Indonesia Stock Exchange (IDX) on March 18, the
report relays.

Last year's revenue was $1.9 billion, down 10 percent from $2.1
billion it posted in 2013, The Jakarta Globe discloses. The steel
maker's cost of goods sold fell 8.1 percent to $1.8 billion from
$2 billion. Krakatau's operating loss widened to $70 million in
2014 with compared to $1.1 million in 2013.

The Jakarta Globe says Krakatau's performance mirrored Krakatau
Posco, its joint venture with South Korean steel maker Posco,
which posted a $200 million loss last year. Local steel makers are
coping with weak demand from China and increasing domestic costs.

PT Krakatau Steel Persero Tbk is a state-owned iron and steel
producer.



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


DAEBO INT'L: Seeks U.S. Recognition of Korean Proceedings
---------------------------------------------------------
Daebo International Shipping Co., Ltd., a Korean company operating
13 vessels that ship bulk cargoes, filed a Chapter 15 bankruptcy
petition in Manhattan a month after pursuing rehabilitation
proceedings in Korea.

On Feb. 11, 2015, Daebo initiated proceedings under the Korean
Rehabilitation and Bankruptcy Act.  On Feb. 13, 2015, the Korean
Bankruptcy Court entered an Order preventing any creditor from
taking any enforcement, attachment or other action against the
Company's assets.  During this time, the M/V DAEBO TRADER, a
vessel leased by the Company, was docked in the Port of New
Orleans, Louisiana.

On Feb. 14, 2015, a creditor of the Company initiated a Rule B1
attachment proceeding in the United States District Court for the
Eastern District of Louisiana.  As a result of the Rule B
attachment, the M/V DAEBO TRADER was attached and it remains in
the Port of New Orleans pending resolution of the proceeding.
Importantly, the Rule B attachment proceeding was initiated after
the Korean Bankruptcy Court entered the Comprehensive Stay Order.

Chang-Jung Kim, the custodian and foreign representative of Daebo,
asks the U.S. Bankruptcy Court to enter an order granting
provisional relief:

  (i) prohibiting the commencement or continuation of proceedings
against the Company and its property located within the
territorial jurisdiction of the United States including, without
limitation, owned, operated or chartered (leased) vessels and all
property located thereon (including bunkers), as further defined
in 11 U.S.C. Sec. 1502(8), and

  (ii) vacating the Rule B attachment against the DAEBO TRADER.

John D. Kimball, Esq., at Blank Rome LLP, relates that allowing
the attachments to stand would permit the Company's creditors to
end-run the Korean Bankruptcy Court's explicit prohibition in the
Comprehensive Stay Order against enforcing claims against the
Company and attaching its property.  The Company must respond to
the merits of the Rule B Actions on March 20, 2015 and,
accordingly, requests a hearing on the application on March 19,
2015.

                           U.S. Lawsuits

The Company is involved in several lawsuits pending in the United
States District Court for the Eastern District of Louisiana: (i)
Richardson Stevedoring & Logistics Services, Inc. v. Daebo
International Shipping Co. Ltd. and Shinhan Capital Co. Ltd., Case
No. 2:15-cv-490; (ii) SPV 1 LLC v. Daebo International Shipping
Co. Ltd. and Shinhan Capital Co. Ltd., Case. No. 2:15-cv-494;
(iii) American Marine Services, Inc. v. Daebo International
Shipping Co. Ltd. and Shinhan Capital Co. Ltd., Case No. 2:15-cv-
496; and (iv) Jaldhi Overseas PTE. Ltd. v. Daebo International
Shipping Co. Ltd. et al. (Case No. 15-cv-00758) (collectively, the
"Rule B Actions").

On Feb. 14, 2015, Richardson Stevedoring & Logistic Services, Inc.
brought maritime attachment proceedings against the Company and
Shinhan in order to attach the M/V DAEBO TRADER, alleging claims
for stevedoring services provided in Houston, Texas, to other
"Daebo vessels" (not the DAEBO TRADER) to a total amount of
$1,632,285.25.  In the initial pleadings, Richardson primarily
asserted that Shinhan (the reported disponent owner of the DAEBO
TRADER) is merely an alter ego of the Company.

On Feb. 15, 2015, the Court granted the motion for writ of
attachment, and the U.S. Marshal seized the DAEBO TRADER.

Subsequent to the initial filing by Richardson, SPV 1 LLC ("SPV")
filed a separate suit seeking payment relating to the use of the
M/V KASEY to the amount of $219,242.  Similarly, American Marine
Services, Inc. ("AMS") filed a separate suit for services to
various vessels in the total amount of $312,809.  The Court
entered an order consolidating all the cases in the Richardson
suit.

On Feb. 23, 2015, Dana Shipping and Trading S.A. ("Dana"), the
time charterer of the DAEBO TRADER, filed a motion to vacate the
attachment asserting arguments on the alter ego issue and seeking
the vessel's immediate release.  Richardson responded by asserting
that the financial arrangement between the Company and Shinhan is
essentially a sham such that the Company is the real owner of the
DAEBO TRADER as well as the other "Daebo vessels" at issue.
Dana's motion to vacate was denied by Order dated
March 2, 2015. On March 6, 2015, SPV amended its complaint to
assert facts to support an alter ego claim as well as allegations
concerning an alleged fraudulent transfer.

Jaldhi Overseas PTE. Ltd. filed its Rule B attachment proceeding
on March 10, 2015, essentially duplicating the claims raised by
Richardson, AMS and SPV asserting a claim for $516,512.  It is
expected that the Jaldhi Action will be consolidated with the
other Rule B Actions before Judge Feldman.  Thus, the Rule B
Actions remain active and the DAEBO TRADER is restrained from
leaving the Port of New Orleans with its cargo.

Each Rule B Action and resulting attachment is in violation of the
Comprehensive Stay Order and the Commencement Order.  Richardson's
alter ego allegations are not supportable.  Shinhan is not
affiliated with the Company.  The two entities have different
businesses, capital structures and managers.  Shinhan Bank lent
monies to the Company and Shinhan Capital is a lease-counter party
with the Company.  Shinhan Capital is record owner of the DAEBO
TRADER, which is leased by the Company under the TRADER Lease,
which is governed by Korean law.  It is irrelevant that Shinhan
Capital is not an operator of other vessels, since it is customary
in marine finance for the vessel owner/lessor not to be an entity
in the business of operating vessels, the way that a bareboat
charterer or time charterer typically would be.  Shinhan Capital
is the registered owner of the vessel, and Shinhan Bank is a
lender to the Company.  As a lender, Shinhan Bank holds a mortgage
on the DAEBO TRADER, which is permitted by Korean law with the
consent of the lessor (Shinhan Capital).

Since the Company is not the owner of the DAEBO TRADER, the Rule B
Actions should be stricken. But the Company is seeking the
vacation of the Rule B Actions through this chapter 15 and this
Application because of the exigent need to get the detained cargo
of the DAEBO TRADER (soybeans) to its ultimate destination,
protecting the Company from additional losses.  Since the Rule B
Actions were filed after the Comprehensive Stay Order (staying all
unsecured creditor attachment actions against the Company) was
entered by the Korean Bankruptcy Court and the Jaldhi Action was
filed after the Commencement Order was entered by the Korean
Bankruptcy Court, the Rule B Actions are subject to vacatur in
this chapter 15.

Mr. Kimball avers that the contests over the Rule B Actions
underscore the need to protect the Company's valuable trade in the
United States, in the Gulf and on the Eastern seaboard of the
United States, by recognizing the Korean Rehabilitation Proceeding
and staying creditor action against Company assets in the United
States.

                     About Daebo International

Based in Seoul, Korea, Daebo International Shipping Co., Ltd.,
engages in the marine cargo transport business and also acts as an
international shipping agency providing marine cargo
transportation forwarding, ship management, and combined transport
agency and trading to its customers.  The company operates bulk
carriers as its cores business.

Then operating 19 vessels, Daebo had revenue of about $143 million
in 2013 and $140 million in 2014.  Key customers include KEPCO,
Malaysia Electric Power Company, SeAH Steel Corp. and Hanwha
Chemical, for which the Company transports coal, steel products
and salt.

On Feb. 11, 2015, Daebo filed an application for commencement of
rehabilitation proceedings under the Korean Rehabilitation and
Bankruptcy Act pending before the Seoul Central District Court
(Case No. 2015 10036 Rehabilitation).

Daebo filed a Chapter 15 bankruptcy petition (Bankr. S.D.N.Y. Case
No. 15-10616) on March 16, 2015, in Manhattan, in the United
States to seek recognition of its proceedings in Korea.  The case
is assigned to Judge Michael E. Wiles.  Chang-Jung Kim, the
custodian and foreign representative, signed the petition.  Blank
Rome LLP, in Philadelphia, serves as counsel to the Debtor.


DAEBO INTERNATIONAL: Chapter 15 Case Summary
--------------------------------------------
Chapter 15 Petitioner: Chang-Jung Kim, CEO

Chapter 15 Debtor: Daebo International Shipping Co., Ltd.
                   7th floor 15 Saemunan-ro
                   3-gil (Dangju-dong)
                   Jongno-gu, Seoul, Korea

Chapter 15 Case No.: 15-10616

Type of Business: The Company is engaged in the business of
                  shipping bulk cargoes, such as iron ore, coal,
                  grains and steel products.

Chapter 15 Petition Date: March 16, 2015

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. Michael E. Wiles

Chapter 15 Petitioner's Counsel: Michael B. Schaedle, Esq.
                                 John D. Kimball, Esq.
                                 Gregory F. Vizza, Esq.
                                 BLANK ROME LLP
                                 One Logan Square
                                 130 North 18th Street
                                 Philadelphia, PA 19103
                                 Tel: 215-569-5762
                                 Fax: 215-832-5762
                                 Email: schaedle@blankrome.com
                                        JKimball@BlankRome.com
                                        Vizza@BlankRome.com

Estimated Assets: $100 million to $500 million

Estimated Debts: $100 million to $500 million



===============
X X X X X X X X
===============


* Moody's Publishes New Bank Rating Methodology
-----------------------------------------------
Moody's Investors Service published its updated methodology for
rating banks globally, which incorporates several new components:
a Loss Given Failure (LGF) analysis; the introduction of a Macro
Profile into the elements that Moody's considers when it assigns a
bank's baseline credit assessment (BCA); a BCA scorecard which now
incorporates not only financial ratios but also a broader range of
metrics and qualitative considerations; and a Counterparty Risk
Assessment (CR Assessment).

The revisions to the methodology reflect insights gained from the
crisis and the fundamental shift in the banking industry and its
regulation.  The revised approach to establishing BCAs helps to
more accurately predict bank failures, while Moody's LGF framework
assesses how different creditor classes are likely to be affected
when a bank enters resolution based on the relevant resolution
policy and balance sheet structure.

The updated methodology, "Rating Methodology: Banks," is now
available.  The introduction of this new methodology follows a
market consultation initiated via a Request for Comment published
on Sep. 9, 2014.

"The first key change is the introduction of a Loss Given Failure
(LGF) analysis, which addresses expected loss and assesses the
impact a bank's failure would have on its various debt instruments
and deposits in the absence of any support. For banks subject to
operational resolution regimes, the LGF analysis will incorporate
the cushion against loss that each creditor class derives from the
amount of debt subordinate to it in a resolution," says Gregory
Bauer, Managing Director Global Banking, Moody's.

"With the recent dramatic shift in public policy toward
implementation of resolution regimes, it has become increasingly
important for investors to know their position in a bank's
liability structure, and thus the potential losses they are
exposed to in the event of a resolution," continues Bauer. "LGF
analysis directly addresses this key investor concern."

Moody's employs both a basic and an advanced LGF analysis.  The
basic LGF analysis applies to banks that are not subject to
operational resolution regimes.  The advanced LGF analysis applies
to banks that are subject to operational resolution regimes,
whereby losses can be imposed selectively on creditors outside of
a liquidation, and through which specific legislation provides a
reasonable degree of clarity on how the bank's failure could
affect depositors and other creditors.

Basic LGF analysis entails an approach wherein senior unsecured
debt and deposits are positioned at the level of the adjusted BCA
(the adjusted BCA is the BCA plus Moody's assessment of support
from affiliates being forthcoming in the event of need), before
government support and additional coupon-related notching
considerations. Subordinated instruments are positioned at one
notch below the adjusted BCA, excluding support and additional
notching, reflecting increased loss severity.  This basic LGF
analysis continues the previous notching practice and, in the
rating agency's view, remains an appropriate guide to loss
severity for banks in systems without operational resolution
regimes.

Under the advanced LGF analysis, which would be applied, for
example, to banks subject to the European Union's Bank Recovery
and Resolution Directive and to US banks subject to Titles I and
II of the Dodd-Frank Act, Moody's bases its notching on (1) the
likely bank-wide loss rate in failure; (2) the amount of
subordination below a given instrument class; and (3) the volume
of a given instrument class itself. In Moody's view, taking these
together provides a more refined and predictive view of expected
loss for each instrument class under new resolution regimes.

"The second key change is the revision of our framework for
assessing the risk of bank failure, expressed by our baseline
credit assessment.  This includes the introduction of a Macro
Profile, which allows us to place greater emphasis on potential
system-wide pressures that we believe are predictive of the
propensity of banks to fail," explains Frederic Drevon, Managing
Director Global Banking, Moody's.

Moody's framework for assigning BCAs is structured around a new
Scorecard that more comprehensively integrates Moody's analytical
judgments.  The Scorecard begins by focusing on five core ratios
that Moody's has found to be predictive of bank failure covering
five main financial factors: asset risk, capital, profitability,
funding structure and liquid resources.  Additionally, analysts
and rating committees may consider supplementary ratios, as
relevant, for each institution.  Individual scores for each factor
will now directly incorporate not only financial ratios, but also
a broader range of metrics, Moody's forward-looking judgments and
qualitative considerations relative to each.

Moody's new Macro Profile complements the bank-specific analysis
reflected in the Scorecard and will be expressed on a scale
ranging from Very Strong+ to Very Weak-. It comprises six
elements: economic strength, institutional strength,
susceptibility to event risk, credit conditions, funding
conditions and industry structure.  The Macro Profile, combined
with the results of the Scorecard, helps establish the bank's
Financial Profile.  This results in the BCA, representing Moody's
view of a bank's probability of default, in the absence of
support.

Lastly, Moody's has introduced a Counterparty Risk (CR) Assessment
into its analysis. This is not a rating, but an assessment of an
issuer's ability to avoid defaulting on certain senior bank
operating obligations and other contractual commitments.  The CR
Assessment takes into account the issuer's standalone strength as
well as the likelihood of affiliate and government support in the
event of need, reflecting the anticipated seniority of
counterparty obligations in the liabilities hierarchy.  The CR
Assessment also takes into account other steps authorities can
take to preserve the key operations of a bank in a resolution.

When credit rating methodologies are revised, the updated
methodology is applied to all relevant credit ratings.
Accordingly, in the coming days, Moody's will place on review the
ratings of those banks that are likely to be affected.  Regulation
requires that rating actions related to methodology changes be
completed within six months of the release of the methodology.
However, Moody's expects to conclude the large majority of the
reviews in the first half of 2015.  In conjunction with the
methodology-driven review, Moody's expects to incorporate revised
views on government support in Europe, driven by the introduction
of resolution regimes.  For any banks whose ratings are placed
under review, CR Assessments will be assigned when the reviews are
concluded; for other banks, CR Assessments will be assigned in the
coming months.

Moody's preliminary assessment of the anticipated impact of the
new methodology and revised support assumptions shows that the
ratings impact is likely to vary across countries and regions.
Moody's anticipates the following key outcomes:

(1) An overall net neutral impact on banks' BCAs globally, with
     around 15% of BCAs changing.  About half of these changes
     are anticipated to be within Europe, with a modest positive
     bias;

(2) in the US, a significant positive effect on bank deposit
     ratings and a material negative effect on senior unsecured
     bank debt ratings.  This reflects the nature of deposit
     preference, which benefits depositors at the expense of
     senior unsecured debt.  However senior unsecured holding
     company ratings are expected to be little changed, overall;

(3) in the EU and western Europe, a modest positive effect on

     deposit ratings and a broadly neutral effect on senior
     unsecured ratings, reflecting the changes in BCAs coupled
     with the counterbalancing effects of the new resolution
     regime and reduced likelihood of government support.  While
     support is expected to decline, banks' most senior
     creditors, especially depositors, will benefit from the
     lower loss rates expected in an orderly resolution and the
     subordination that protects them from loss;

(4) in Asia Pacific, the Commonwealth of Independent States,
     Western Asia, Latin America, the Middle East and Africa, a
     small negative effect on senior unsecured and deposit
     ratings in some systems. This reflects Moody's view that the
     capacity for government support is henceforth limited to the
     government bond rating, and that there is little scope for
     other policy tools to provide durable support beyond this
     constraint.


* Moody's Review Global Bank Ratings
------------------------------------
Moody's Investors Service announced multiple rating actions
following its publication of its new bank rating methodology,
which now is the primary methodology for Moody's bank ratings
globally.

The rating actions affect 1,021 out of 1,934 rated banking
entities, which include operating banks, holding companies,
subsidiaries, special purpose issuance conduits, branches and
other entities for which Moody's has assigned ratings to at least
one debt class.  Within this total group of entities, 856 are
assigned baseline credit assessments (BCAs), of which 147 are
affected.  These total numbers refer to the banks that are covered
under this press release, as certain bank ratings in a small
number of countries (Japan, Bolivia, Brazil, Argentina, and
Russia) will be discussed in separate local press releases.

Moody's has placed the following ratings and assessments on
review:

  (1) 147 BCAs: 84 for upgrade and 63 for downgrade;

  (2) 421 long-term deposit ratings: 314 for upgrade, 96 for
      downgrade and 11 direction uncertain; and,

  (3) 451 senior unsecured debt and issuer ratings: 214 for
      upgrade, 212 for downgrade and 25 direction uncertain.

At the same time, Moody's has affirmed 124 long-term deposit
ratings and 147 senior unsecured debt and issuer ratings.

"Our fundamental approach to bank ratings has not changed
dramatically, but we have introduced a number of new tools to
enhance our analysis, which has resulted in these rating reviews,"
said Greg Bauer, Moody's Co-head of Global Banking. "These reviews
are prompted by our new methodology, which we are confident will
enable us to appropriately reflect the rapidly evolving global
banking environment as it continues to develop."

Additionally, Moody's has withdrawn for business reasons inputs to
ratings in the form of bank financial strength ratings (BFSRs) and
ratings for other senior obligations (OSOs).  Separate lists of
withdrawn BFSRs and OSOs are available at the bottom of this press
release.  Going forward the BCA will be the only indicator of
issuers' standalone intrinsic strength.  In a few cases where a
BFSR was previously on review, this review has now been assigned
to the BCA.

The reviews follow its March 16, 2015 publication of Moody's
updated bank rating methodology, which incorporates several new
elements designed to help accurately predict bank failures and
determine how each creditor class is likely to be treated when a
bank fails and enters resolution, reflecting insights gained from
the crisis and the fundamental shift in the banking industry and
its regulation.

Key changes include the addition of a Macro Profile, a new
Financial Profile and a Loss Given Failure (LGF) analysis
framework, all of which are described below.  The first two
elements primarily affect the positioning of a bank's BCA, while
the last one can lead, through the assessment of instrument volume
and subordination levels and of expected treatment by resolution
authorities, to changes in long-term issuer, deposit and debt
ratings.  Please refer to the press release "Moody's publishes its
new bank rating methodology," published on
March 16, 2015.

Separate from the implementation of the updated bank rating
methodology, Moody's has also lowered its expectations about the
likelihood of government support for European banks in light of
the introduction of the Bank Recovery and Resolution Directive
(BRRD) in the European Union and the move toward similar
frameworks with provisions for burden-sharing with senior
creditors in Switzerland, Norway and Liechtenstein.  In
anticipation of this decline in support, on May 29, 2014, Moody's
changed the outlook for the long-term ratings on 82 European banks
to negative and maintained the outlooks for the 74 banks that
already had negative outlooks or whose ratings were on review for
downgrade.

Moody's has concluded that the probability of support to even
systemically important banks across the region has declined.
However, the impact on ratings is moderated -- and in some cases
wholly or more than offset -- by a decline in expected loss
assumptions under the new LGF framework.  Moody's will publish a
more detailed report on the diminished probability of government
support in European bank ratings.

The updated bank rating methodology published on March 16, 2015
will be the primary methodology for all Moody's bank ratings,
including ratings that have not been placed on review.  This
updated bank rating methodology is being implemented on a global
basis, except in jurisdictions where certain regulatory
requirements must be fulfilled prior to implementation.

A list of the affected credit ratings is available at
http://is.gd/IXm14v

This list is an integral part of this Press Release and identifies
each affected issuer.

Moody's updated bank rating methodology introduces several new
elements that will affect ratings to varying degrees across
countries and regions.

-- BCA: NEW BCA SCORECARD FOCUSED ON MACRO PROFILE AND CORE
    FINANCIAL RATIOS

Moody's new Financial Profile takes as its starting point five
solvency- and liquidity-related financial ratios that are
predictive of bank failure: asset risk, capital, profitability,
funding structure and liquid resources.  The Financial Profile
also incorporates a broader range of supplementary ratios, Moody's
forward-looking expectations and other relevant qualitative
considerations. Joining these as a new input in determining the
BCA is the Macro Profile, which explicitly captures banking
system-wide pressures that have been shown to be predictive of a
bank's propensity to fail.

Impact on Baseline Credit Assessments

Globally, Moody's expects the enhanced approach to have a
generally modest positive impact on banks' BCAs, with changes
concentrated among European banks. These likely changes will
generally be the result of the application of the new scorecard
framework, which provides additional tools to assess banks' credit
fundamentals. (See below for regional breakdowns.)

-- LONG-TERM RATINGS: LOSS GIVEN FAILURE, RESOLUTION AND
    GOVERNMENT SUPPORT

The LGF analysis assesses the potential impact of a bank's failure
on its various debt classes and deposits in the absence of any
government support. Under its new methodology, Moody's applies an
Advanced LGF to banks subject to operational resolution regimes,
wherein authorities can impose losses on creditors selectively
outside of liquidation, and for which specific legislation
provides a reasonable degree of clarity on how the bank's failure
could affect depositors and other creditors. The Basic LGF
analysis applies to those banks that are not subject to
operational resolution regimes.

Impact on Long-Term Ratings

(1) In the US, Moody's expects generally positive effects on
     bank deposit ratings and mixed, though net negative, effects
     on senior unsecured debt ratings, reflecting explicit
     deposit preference in resolution, which benefits depositors
     at the expense of senior unsecured debt.

(2) In the EU, Switzerland, Norway and Liechtenstein, Moody's
     expects a positive effect on long-term deposit ratings,
     albeit more modest compared to the US, and a generally
     neutral effect on senior unsecured debt ratings. For banks
     whose long-term ratings are being affirmed or placed on
     review for upgrade, in general, the separate actions taken
     related to the diminished probability of government support
     are wholly or more than offset by the benefit of instrument
     volume and subordination protecting creditors from losses in
     resolution under the Advanced LGF approach.

(3) In all other regions covered through this press release,
     Moody's will apply its Basic LGF approach, in the absence of
     regulatory-driven operational resolution regimes. However,
     Moody's expects a small negative effect on senior unsecured
     and deposit ratings in some systems, reflecting the change
     in its view that the capacity for government support is
     limited to the government's bond rating, and that going
     forward there will be little scope for other policy tools to
     provide durable support beyond this constraint.

The sections below summarize the key likely rating changes by
region following the conclusion of Moody's review for banks
covered through this press release. The affected ratings refer to
banking entities, rather than consolidated banking groups.
Following the conclusion of its reviews, Moody's expects to make
the following rating changes:

NORTH AMERICA

  -- The ratings of Canadian banks are unaffected.

  -- In the US, 290 out of 417 rated banking entities are
    affected.

- Moody's has assigned BCAs to 91 US banking entities, of which
   81 BCAs remain unchanged; for the remaining 10 banking
   entities, the BCAs of half of these are on review for upgrade
   and half are on review for downgrade.

- The long-term deposit ratings for 100 banking entities are on
   review for upgrade and one is on review direction uncertain.
   None are on review for downgrade, owing to the substantial
   volume of deposits in US banks' liability structures, which
   should result in high recovery rates.

- The senior unsecured debt and issuer ratings for 54 banking
   entities (including operating and holding companies) are on
   review for upgrade, and 69 are on review for downgrade.  The
   issuer rating for one banking entity is on review direction
   uncertain and the senior unsecured debt and issuer ratings for
   19 banking entities are affirmed.

- In general, for US banking entities subject to resolution
   under Title II of the Dodd-Frank Act, their bank-level senior
   unsecured debt and issuer ratings are on review for upgrade
   given the substantial loss absorbing capital subordinated to
   them as well as the reduced loss assumption of an expected
   going concern resolution under the single point of entry
   resolution framework. At the holding company level, the senior
   unsecured debt ratings of several of these firms may benefit
   from the substantial thickness of this debt tranche as well as
   the amount of debt subordinated to it.

- For most US banking entities subject to Title I resolution,
   their deposit ratings are on review for upgrade and their
   bank-level senior unsecured debt and issuer ratings are on
   review for downgrade. The deposit ratings are most influenced
   by their substantial size. The senior unsecured debt and
   issuer rating actions result from the limited amount of senior
   unsecured debt outstanding, the lack of a substantial debt
   tranche subordinated to it, and the higher loss assumption
   under a Title I receivership-based resolution approach.
   Therefore, bank-level senior unsecured debt ratings could be
   reduced to the same level as the holding company senior
   unsecured debt ratings, which are largely unaffected by this
   review.

EUROPEAN UNION AND OTHER WESTERN EUROPE

- The ratings on 609 out of 800 banking entities are affected.

- A BCA is assigned to 278 banking entities. Moody's expects to
   make changes to the BCAs of some European banking entities,
   with 53 BCAs on review for upgrade and 30 on review for
   downgrade as a result of the additional tools provided in the
   new scorecard framework.  The BCAs on review for upgrade are
   concentrated in the Nordics, the United Kingdom, Germany,
   France, Spain and Luxembourg.  The BCAs on review for
   downgrade are primarily for banking entities in Austria,
   Greece and Italy.

- The bulk of long-term deposit ratings (for 187 banking
   entities) and senior unsecured debt and issuer ratings (for
   154 banking entities) are on review for upgrade, because the
   combination of instrument volume and subordination results in
   an expected loss under the LGF analysis sufficiently low to
   more than offset the diminished expectations of government
   support.  The latter will be further discussed in a more
   detailed report that will be published.

- A much smaller number of long-term deposit ratings (for 48
   banking entities) are on review for downgrade, because fewer
   banking entities are affected by the decline in government
   support compared to the benefit their deposit ratings receive
   under the LGF framework.  Nevertheless, senior unsecured debt
   and issuer ratings for 95 banking entities are on review for
   downgrade, reflecting more limited degrees of instrument
   volume and subordination compared to deposits in the banks'
   liability structures.

- Additionally, 96 banking entities' long-term deposit ratings
   and 116 banking entities' senior unsecured debt and issuer
   ratings have been affirmed, typically because the result of a
   change in government support assumption is offset through the
   LGF framework.  Some deposit ratings (for 10 banking entities)
   and senior unsecured debt and issuer ratings (for 24 banking
   entities) are on review direction uncertain.

COMMONWEALTH OF INDEPENDENT STATES (CIS) AND WESTERN ASIA

- Only 14 out of 149 CIS banking entities are affected by the
   review.  Moody's has assigned BCAs to 138 banking entities, of
   which five BCAs are on review for upgrade and nine are on
   review for downgrade.

- Eleven deposit ratings (including both local and foreign
   currency ratings) are on review for upgrade, and eleven are on
   review for downgrade, generally in the same direction as the
   change Moody's expects to make to the banks' BCAs.

- Similarly, the senior unsecured debt rating of one banking
  entity is on review for upgrade and for one banking entity on
  review for downgrade, again as a result of the review on the
  BCA.

ASIA PACIFIC (EXCLUDING JAPAN)

- Among the total of 290 rated banking entities in the region,
   excluding those of Japanese banks, which are covered through a
   local press release, ratings on 65 banking entities are
   affected.  Within this total group of banking entities, 158
   are assigned BCAs, of which 20 BCAs are affected: 15 are on
   review for upgrade and five are on review for downgrade.  The
   reviews for upgrade are concentrated among banks in Taiwan
   (4), the Philippines (3), Malaysia (3) and Indonesia (2), and
   are driven by the positioning of a bank's credit strength in a
   global context under the new scorecard framework.

- Long-term deposit, issuer and senior unsecured debt ratings
   are generally unaffected, given that banks in the region are
   not subject to operational resolution regimes and government
   support expectations therefore remain largely unchanged.
   However, among Asia Pacific banking entities covered through
   this press release, 17 long-term deposit and 29 senior
   unsecured debt and issuer ratings (including both local and
   foreign currency ratings) are on review for downgrade. This is
   largely driven by the change in Moody's view that the capacity
   for government support is limited to a government's bond
   rating, rather than the previous expectation that banks in
   India, Thailand and Malaysia could benefit from additional
   support through other policy tools.

- Ten banking entities' long-term deposit and five banking
   entities' senior unsecured debt and issuer ratings are on
   review for upgrade, generally reflecting the expectations of
   an increase in those banking entities' BCAs. Long-term deposit
   ratings of 28 banking entities and senior unsecured debt and
   issuer ratings of 12 banking entities are affirmed.

LATIN AMERICA

- The ratings on 32 out of 103 banking entities covered through
   this press release are affected. Moody's has assigned a BCA to
   75 banking entities, of which six BCAs are on review for
   upgrade and 12 are on review for downgrade.  Of these, three
   Brazilian banking entities' BCAs, which currently are higher
   than the government bond rating, are on review for downgrade,
   with the expectation of aligning them with the government's
   rating.  Other BCAs are generally on review for upgrade or
   downgrade as the new scorecard framework provides additional
   tools to position a bank's credit strength in a global
   context.

- Long-term deposit, issuer and senior unsecured debt ratings
   are generally unaffected.  Nevertheless, six banking entities'
   long-term deposit ratings are on review for upgrade, generally
   owing to the expectation that these banks' BCAs will be
   raised.

- Additionally, 11 banking entities' long-term deposit and 18
   banking entities' senior unsecured debt or issuer ratings are
   on review for downgrade, largely owing to the review for
   downgrade on these banking entities' BCAs and/or the change in
   Moody's view that the capacity for government support is
   limited to a government bond rating, rather than the previous
   expectation that banks in Chile, Colombia and Guatemala could
   benefit from additional support through other policy tools.

MIDDLE EAST AND AFRICA

- Only 11 out of 133 banking entities are affected by the
   review.  Moody's has assigned a BCA to 106 banking entities,
   of which two BCAs are on review for downgrade under the new
   scorecard framework.

- The deposit ratings of nine banking entities are on review for
   downgrade, one of which is driven by the review of the BCA.
   The other eight banking entities' long-term deposit ratings of
   the banks in Pakistan, Morocco and Jordan are on review for
   downgrade as a result of the change in Moody's view that the
   capacity of the government to provide support is limited to
   the government's own creditworthiness, as implied by its bond
   rating, rather than the previous expectation that banks could
   benefit from additional support through other policy tools.

SUBORDINATED DEBT, BANK HYBRIDS AND CONTINGENT CAPITAL SECURITIES

Changes in a bank's BCA will, in most instances, affect the
ratings of its junior securities. This reflects the general
assumption that these instrument ratings do not benefit from
government support. Therefore, for banks whose BCAs have been
placed on review, Moody's has also extended the review to the
ratings on subordinated debt, bank hybrids and contingent capital
securities. Additionally, some holding company junior instrument
ratings have been placed on review for upgrade owing to a smaller
notching differential versus the BCA under Moody's LGF analysis,
depending on the amount of issuance of the same instrument class
and the amount of more subordinated instruments.

SCOPE OF THE REVIEW

Whenever credit rating methodologies are revised, the updated
methodology is applied to all relevant credit ratings.
Accordingly, Moody's places on review the ratings of those banks
that are likely to be affected. Moody's expects to conclude the
majority of its reviews in the coming few months. During the
review period, Moody's will assess the impact of the new
methodology on rated instruments and will focus on the following
in particular:

(1) BCA analysis, which will incorporate 2014 full-year data, if
     available, and entail further assessment of fundamental
     credit trends in the context of the new scorecard;

(2) Advanced LGF analysis, which will incorporate 2014 full-year
     data, if available, and entail further analysis of banks and
     their securities for which subordination levels and volume
     thresholds are likely to lead to a change in LGF notching;
     and/or,

(3) Government support analysis, which will entail further
     analysis on Moody's revised view on potential government
     support in Europe.

LIST OF AFFECTED CREDIT RATINGS

Below is the link to access the list of Affected Credit Ratings
which includes the full list of affected ratings covered by this
press release. This list also provides guidance on the likely
outcomes for the deposit and senior unsecured debt ratings on
review.

The affirmations of long-term ratings are due to a change in the
standalone assessment or support assumption being offset through
other components of the new rating framework, such as LGF. This
particularly affects European bank long-term deposit and senior
unsecured debt ratings, where a reduction in government support is
offset by uplift through the advanced LGF.

Moody's has withdrawn its BFSRs as well as ratings on OSOs.

Moody's has withdrawn these ratings for its own business reasons.

The List of Affected Credit Ratings, which includes a list of all
affected credit ratings, and the lists of withdrawn BFSRs and OSOs
rating are an integral part of this press release and identify
each affected issuer covered by this press release:

- Overall List of Affected Credit Ratings: http://is.gd/IXm14v

- List of withdrawn BFSRs: http://is.gd/0zKA9A

- List of withdrawn ratings for OSOs: http://is.gd/Ym4Gr8

Owing to local regulatory requirements, certain bank ratings in a
small number of countries (Japan, Bolivia, Brazil, Argentina, and
Russia) will be discussed in local press releases; those rating
actions are not covered by this press release.



                             *********

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

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

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


                            *********


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

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

Copyright 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
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



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