TCRAP_Public/150429.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, April 29, 2015, Vol. 18, No. 083


                            Headlines


A U S T R A L I A

FLEXI ABS 2015-1: Fitch Assigns 'BBsf' Rating to Class E Notes
HOYTS GROUP: S&P Revises Outlook to Positive & Affirms 'B' CCR
OPTIMA PROPERTY: First Creditors' Meeting Set For May 6
PEPPER PRIME 2015-1: S&P Assigns B Rating to Class F Notes
PERPETUAL CORPORATE 2015-1: Moody's Rates AUD8.4MM E Notes at Ba1

PLANET PLATINUM: ASIC Applies to Wind Up Firm
PRIMESPACE PROPERTY: First Creditors' Meeting Set For May 5
SHIVA YOGA: Worrells Solvency Appointed as Liquidators
SOUTHERN DISTRIBUTION: First Creditors' Meeting Set For May 6
TCSS (SA): First Creditors' Meeting Set For May 5

WINSWAY ENTERPRISES: S&P Lowers Corporate Credit Rating to 'SD'
YORK HOTELS: Placed in Receivership


C H I N A

ADAMANT DRI: Kurland Expresses Going Concern Doubt
HIDILI INDUSTRY: S&P Lowers CCR to 'CCC-'; Outlook Negative
KAISA GROUP: Chief Under Probe Over Sale of Trust Company
KU6 MEDIA: Reports $10.7 Million Net Loss in 2014
STUDIO CITY: S&P Affirms 'BB-' CCR; Outlook Stable

YOU ON DEMAND: KPMG Huazhen Expresses Going Concern Doubt


I N D I A

AARON HELMETS: ICRA Reaffirms B- Rating on INR6.43cr FB Loan
AASRA FOUNDATIONS: CARE Lowers Rating on INR80.34cr Loan to D
ACCORD WATERTECH: ICRA Assigns B+ Rating to INR5.0cr Bank Loan
C.L. ENGINEERING: CRISIL Suspends D Rating on INR67.3MM Loan
CAPTAIN RAMESH: ICRA Suspends B Rating on INR2.50cr Term Loan

DG ESTATES: CRISIL Suspends B- Rating on INR164.3MM LT Bank Loan
EDU SMART: CARE Reaffirms D Rating on INR188.76cr LT Bank Loan
EDUCOMP SOLUTIONS: CARE Reaffirms D Rating on INR404.08cr Loan
ENSOL MULTICLEAN: CRISIL Reaffirms B Rating on INR35MM Loan
G. NAGESWARAN: CRISIL Suspends D Rating on INR94MM Secured Loan

GOKULAM INDUSTRIES: CRISIL Assigns B Rating to INR50MM Cash Loan
GOOD HEALTH: CRISIL Suspends D Rating on INR1.07BB LOC
H. K. INDUSTRIES: CRISIL Assigns B Rating to INR50MM Cash Loan
HELIOS PHOTO: CARE Reaffirms 'D' Rating on INR862.90r Bank Loan
HINDUSTHAN TRANSSFORMERS: CRISIL Rates INR16MM Cash Loan at B+

ISSAR PHARMACEUTICALS: ICRA Cuts Rating on INR16.35cr Loan to B
JINDAL STAINLESS: CARE Reaffirms D Rating on INR10,050cr LT Loan
KISHAN GUM: ICRA Assigns B Rating to INR4.50cr Cash Loan
M K ENTERPRISE: CRISIL Assigns 'D' Rating to INR140MM LT Loan
M. S. ENGINEERING: ICRA Assigns B+ Rating to INR6.50cr Cash Loan

MANISHA AGRO: CRISIL Suspends B Rating on INR35MM Cash Loan
MARKS ENTERPRISES: CRISIL Reaffirms B Rating on INR17.5MM Loan
MODERN DAIRIES: CARE Lowers Rating on INR121.25cr LT Loan to D
MOSER BAER: CARE Reaffirms 'D' Rating on INR2,026.03cr LT Loan
MOSER BAER SOLAR: CARE Reaffirms 'D' Rating on INR1,063.40cr Loan

NICE SESAME: ICRA Assigns B+ Rating to INR8.96cr Cash Loan
OBEROI CARS: ICRA Suspends B Rating on INR28cr Bank Loan
PARCOS INTERNATIONAL: CRISIL Suspends B Rating on INR29.5MM Loan
PILANIA STEELS: CRISIL Reaffirms B Rating on INR75MM Cash Loan
PRECISION BEARINGS: CRISIL Suspends B Rating on INR69.7MM Loan

RAJLAKSHMI GUINEA: CRISIL Suspends D Rating on INR190MM Loan
ROLTA INDIA: Fitch Affirms 'BB-' IDRs & Revises Outlook to Neg.
SATGURU FOUNDATIONS: CARE Lowers Rating on INR7.20cr Loan to D
SHARMA RICE: CRISIL Assigns B+ Rating to INR50MM Cash Loan
SHIVA SHAKTI: CRISIL Reaffirms B Rating on INR235MM Cash Loan

SHREE BALAJI: CRISIL Assigns D Rating to INR207.5MM Cash Loan
SHREE LAXMINARAYAN: CRISIL Reaffirms B Rating on INR110MM Loan
SIRUPOOLUVAPATTI: CRISIL Suspends D Rating on INR310MM Loan
SONA SATI: ICRA Suspends D Rating on INR96.08cr Term Loan
SRI JYOTHI: CRISIL Assigns B+ Rating to INR40MM Cash Loan

SRINATH METAL: CRISIL Suspends B+ Rating on INR117.5MM LT Loan
SULAKSHANA CIRCUITS: ICRA Assigns C+ Rating to INR2.0cr Loan
VAISHALI FLOUR: ICRA Suspends B+ Rating on INR2.75cr Cash Loan
VIKAS UDYOG: CRISIL Reaffirms B Rating on INR47MM Cash Loan
ZUCI ENERGY: CRISIL Suspends B+ Rating on INR100MM LT Loan


J A P A N

ASAHI MUTUAL: Fitch Affirms 'BB' IFS Rating; Outlook Positive


N E W  Z E A L A N D

HANOVER FINANCE: Mark Hotchin in Settlement Talks With FMA
PINNACLE LIFE: A.M. Best Affirms 'B' Fin'l. Strength Rating


P H I L I P P I N E S

BDO UNIBANK: Fitch Affirms 'BB+' LT FC IDR; Outlook Positive
LAND BANK: Fitch Affirms 'BB+' LT FC IDR; Outlook Stable


S I N G A P O R E

OTTO MARINE: Liquidation Bid Hearing Set For May 15


T A I W A N

TRANSAKT LTD: Has US$7.09-Mil. Loss in 2014


                            - - - - -


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


FLEXI ABS 2015-1: Fitch Assigns 'BBsf' Rating to Class E Notes
--------------------------------------------------------------
Fitch Ratings has assigned final ratings to Flexi ABS Trust 2015-1
commercial finance receivables-backed floating-rate notes.  The
issuance consists of notes backed by unsecured commercial
equipment lease receivables originated by Flexirent Capital Pty
Limited (Flexi).  The ratings are:

AUD157.5m Class A notes: 'AAAsf'; Outlook Stable
AUD12.6m Class B notes: 'AAsf'; Outlook Stable
AUD12.6m Class C notes: 'Asf'; Outlook Stable
AUD6.3m Class D notes: 'BBBsf'; Outlook Stable
AUD8.4m Class E notes: 'BBsf'; Outlook Stable
AUD12.6m Class F notes: not rated

The notes were issued by Perpetual Corporate Trust Limited in its
capacity as trustee of Flexi ABS Trust 2015-1.

At the cut-off date, the total collateral pool consisted of 12,990
contracts totaling approximately AUD207m, with an average contract
size of AUD15,938.  The pool comprises loan receivables originated
by Flexirent Capital Pty Limited (Flexi), a subsidiary of
FlexiGroup Limited.  All receivables are amortizing principal and
interest operating leases and finance loans with no residual value
at maturity of each of the contracts in the pool.  The highest
concentrations by equipment type in the pool collectively, are
printers, copiers, faxes (24%) and fitness equipment (13.4%). The
pool contains full service loan contracts that are subject to
equipment maintenance (19.8%), while the largest obligor exposure
makes up 1.5% of the total portfolio size.

The transaction also benefits from a diversification of a large
number of predominantly small to medium sized business borrowers.
The pool contains a wide range of vendors supplying predominantly
office and business-critical equipment.

KEY RATING DRIVERS

Experienced Originator: Flexi is a provider of retail point-of-
sale consumer finance, vendor and commercial leasing, interest-
free credit cards and mobile broadband and payment services.
Flexi provides operating and finance leases predominantly to small
and medium sized businesses across Australia through its
divisions, FlexiCommercial and FlexiEnterprise.  Flexi is listed
on the Australian Stock Exchange, and has a market capitalization
of more than AUD1bn.

Diverse and Granular Portfolio: The portfolio consists of finance
receivables predominantly originated by Flexi to a geographically
diversified pool of Australian business customers.  The pool
consists of fully amortising operating and finance lease
receivables, with a contract size averaging AUD15,938, while the
weighted-average (WA) remaining term is 38 months.

Steady Track Record: Historical loss rates have been stable;
however, limited performance history exists for the largest
product types by volume contained within the portfolio, with many
contracts yet to complete a full cycle.

Transaction Support Features: A liquidity reserve, funded by
proceeds from issuance, will ensure stable cash flows for all
rated notes and trust expenses.  A derivative reserve account will
be established to set aside any voluntary prepayments made by
borrowers, to ensure sufficient income is available to cover
future swap payments.  Commingling risk associated with vendors
collecting and holding funds on behalf of Flexi that fail to remit
collections when due, is addressed through the collections reserve
account, which will be funded by Flexi at closing.

Availability of Excess Spread: Initial Class A credit enhancement
is 25% with no credit to excess spread.  The ratings on the other
notes give credit to excess spread.

No Residual Value Risk: All securitized loans are fully amortizing
so that there is no exposure to residual value risk to the trust.

Flexi were able to provide Fitch with at least 11 years' worth of
historical performance data, however limited depth exists in terms
of the amount of performance data available for assets originated
through the FlexiComercial division of FlexiGroup.  A large
proportion of the originations in this segment of the business
have yet to run their full term, therefore, Fitch has had to adopt
a conservative approach when assigning a base case for this
product.

RATING SENSITIVITIES

Unexpected increases in the frequency of foreclosures on defaulted
loans could produce loss levels higher than Fitch's base case,
which could in turn result in negative rating actions on the
notes.  Fitch has evaluated the sensitivity of the ratings
assigned to Flexi ABS Trust 2015-1 to increased gross default
levels over the life of the transaction.

Its analysis found that the ratings of the Class D and E notes
were susceptible to downgrades under Fitch's mild default
scenarios (10% increase), as these notes are most reliant upon
excess spread for credit support, while the Class C notes were
susceptible to the moderate scenarios (25% increase).  All classes
were susceptible to severe default (50% increase) scenarios.


HOYTS GROUP: S&P Revises Outlook to Positive & Affirms 'B' CCR
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
rating outlook to positive from stable on Hoyts Group Holdings
LCC.  At the same time, S&P affirmed the 'B' corporate credit
rating on the company.  In addition, S&P has affirmed the 'B+' and
'CCC+' ratings and respective '2' and '6' recovery ratings on
Hoyts' senior secured and subordinated debt issued by its
subsidiaries US Finco LLC and Aufinco Pty Ltd.

"The positive outlook primarily reflects our expectation that
Hoyts' strong film product released during the second-half ending
June 30, 2015, and its improved margins from cost-cutting should
offset its soft revenues for the first half," said Standard &
Poor's credit analyst Richard Creed.

S&P expects Hoyts' fully adjusted debt to EBITDA will improve to
below 5x level in fiscal 2015.  Accordingly, an upgrade is likely
in the next 6-12 months if the company's new owner, ID Leisure
Ventures, demonstrates its commitment to sustaining Hoyts' debt to
EBITDA comfortably at less than 5.5x.

Private Chinese entity ID Leisure Ventures took control of Hoyts
in December 2014, which in S&P's view removes the previous
constraint of private-equity ownership on the group's prospective
credit profile.  Nevertheless, there is a lack of clarity
regarding the new owner's financial policies.  S&P's financial
risk profile assessment on Hoyts reflects the group's legacy
"highly leveraged" capital structure from the 2013
recapitalization by Hoyts' former owner, private-equity company
Pacific Equity Partners.

If the group can sustain modest EBITDA growth, S&P anticipates the
group should de-lever over time; however, the extent and pace are
limited in the near term by the current capital structure.  S&P
also notes that the debt facilities allow additional debt
drawings, subject to limitations under the terms of the debt
facilities.

In S&P's view, constraining Hoyts' business are its relatively
small earnings base, exposure to the fluctuating popularity of
feature films, and growing competition from alternative
entertainment sources, particularly online -- all being factors
that are outside the company's control.  Tempering these
weaknesses is the relatively concentrated structure of the
Australian and New Zealand cinema exhibition market.  The company
holds a large number-two market position in the key Australian
states of New South Wales and Victoria.

Mr. Creed added: "The positive outlook reflects our view that the
rating on Hoyts could transition up to 'B+' in the near term.  An
upward rating transition is contingent on an improved financial
risk profile, supported by effective financial policies, given our
view that the business risk profile is unlikely to materially
change.  That said, we expect modest organic growth, supported by
periodic refurbishments and other new initiatives, to support some
growth in earnings and cash flows."

If S&P believes the company's new owner is committed to sustaining
a more-conservative financial risk profile, including lease
adjusted debt-to-EBITDA comfortably below 5.5x, then an upgrade to
'B+' is likely in the next 6-12 months.

The outlook could be revised to stable if weaker-than-expected
operating performance or debt-funded investment causes Hoyts'
fully adjusted debt to EBITDA to be sustained at or above 5.5x.
Alternatively, if S&P believes the new ownership could allow
further leveraging at some point in the future, S&P is also likely
to maintain the rating at the 'B' level.


OPTIMA PROPERTY: First Creditors' Meeting Set For May 6
-------------------------------------------------------
Blair Pleash and David Ingram of Hall Chadwick Chartered
Accountants were appointed as administrators of Optima Property
Developments Pty Limited on April 24, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 40, 2 Park Street, in
Sydney, on May 6, 2015, at 10:00 a.m.


PEPPER PRIME 2015-1: S&P Assigns B Rating to Class F Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to seven
classes of residential mortgage-backed securities (RMBS) issued by
Permanent Custodians Ltd. as trustee for Pepper Prime Private
Placement Trust 2015-1.  Pepper Prime Private Placement Trust
2015-1 is a securitization of prime residential mortgages
originated by Pepper HomeLoans Pty Ltd. (Pepper).

The ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises note subordination for each class of rated note.

   -- The availability of an amortization amount and yield
      reserve, which will both be funded by excess spread.  The
      yield reserve is available for paying senior expenses and
      interest shortfalls on the rated notes, while the
      amortization amount applies excess spread trapped after the
      call date through the principal waterfall.

   -- The extraordinary expense reserve of A$150,000, funded by
      Pepper before closing, available to meet extraordinary
      expenses.  The reserve will be topped up via excess spread
      if drawn.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      facility equal to 2.2% of the outstanding balance of the
      notes, and principal draws, are sufficient under S&P's
      stress assumptions to ensure timely payment of interest.

A copy of Standard & Poor's complete report for Pepper Prime
Private Placement Trust 2015-1 can be found on RatingsDirect,
Standard & Poor's Web-based credit analysis system, at:

                http://www.globalcreditportal.com

The issuer has informed Standard & Poor's (Australia) Pty Limited
that the issuer will not be publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

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

       http://standardandpoorsdisclosure-17g7.com/3149.pdf

REGULATORY DISCLOSURES

Please refer to the initial rating report for any additional
regulatory disclosures that may apply to a transaction.

RATINGS ASSIGNED

Class     Rating        Amount (mil. A$)
A-1       AAA (sf)      280.0
A-2       AAA (sf)       29.5
B         AA (sf)        11.5
C         A (sf)         11.0
D         BBB (sf)        7.5
E         BB (sf)         4.5
F         B (sf)          3.0
G         NR              3.0
NR--Not rated.


PERPETUAL CORPORATE 2015-1: Moody's Rates AUD8.4MM E Notes at Ba1
-----------------------------------------------------------------
Moody's Investors Service assigned definitive ratings to notes
issued by Perpetual Corporate Trust Limited in its capacity as the
trustee of the Flexi ABS Trust 2015-1.

Issuer: Flexi ABS Trust 2015-1

  -- AUD157.5 million Class A Notes, Definitive Rating Assigned
     Aaa (sf)

  -- AUD12.6 million Class B Notes, Definitive Rating Assigned
     Aa2 (sf)

  -- AUD12.6 million Class C Notes, Definitive Rating Assigned A2
     (sf)

  -- AUD6.3 million Class D Notes, Definitive Rating Assigned
     Baa2 (sf)

  -- AUD8.4 million Class E Notes, Definitive Rating Assigned Ba1
    (sf)

The AUD 12.6 million Class F Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for the timely payment
of interest and the ultimate payment of the principal by the legal
final maturity.

Flexi ABS Trust 2015-1 is a securitisation of operating and
financial equipment lease receivables extended predominantly to
small-to-medium-sized corporate obligors located in Australia.
Notable features of the transaction include the following:

- strong back-up servicing arrangements

- substantial amount of excess spread

- presence of equipment maintenance components in around 19.8%
   of the contracts

- the short-weighted average lives of the notes.

The receivables have either been originated by Flexirent Capital
Pty Ltd (Flexirent, a subsidiary of FlexiGroup Ltd) through vendor
partnerships, retail at the point of sale, or have been purchased
by Flexirent from other financiers. During the life of the
receivables, the obligors will make at least monthly payments to
Flexirent or to the vendor itself, which then, typically on a
monthly basis, transfers the aggregate funds to Flexirent. The
receivables are unsecured.

Flexirent and FlexiGroup Ltd are unrated. Consequently, the
transaction structure includes back-up servicing arrangements with
Dun & Bradstreet (Australia) Pty Limited. Dun & Bradstreet carries
out servicing in parallel with Flexirent, providing near 'hot'
levels of support and mitigating the risks of a prolonged
servicing disruption.

Moody's expected default rate for the portfolio is 4.3%. The
assumption is based primarily on the historical performance data,
and incorporates additional stresses to reflect a more stressful
economic environment than that evident during the 2004-2014 period
covered by the historical data. The expected default rate also
incorporates potential losses due to the originator providing
equipment protection.

The coefficient of variation of the expected default rate was
assumed at 55%, significantly higher than historical observations
due to the lack of any stressed economic environment in the
historical data, and the presence of maintenance components in
some contracts, which could expose the transaction to tail losses.

The 25% subordination is commensurate with the Aaa (sf) rating of
the senior notes. It is materially higher that of a typical auto
lease ABS transaction. This is attributed to the unsecured nature
of the receivables leading to zero recovery values and to the
comparatively higher historical default rates.

In order to fund the purchase price of the portfolio, the Trust
has issued six classes of notes. The notes will be repaid on a
sequential basis until the later of: (1) the seventh payment date
following the Issue Date, (2) increase in the subordination to
Class A notes to 30% from 25%, and as long as (3) the 10% clean-up
call date has not been reached, (4) there are no carryover charge-
offs on any note, and (5) the 60 days past due arrears ratio does
not exceed 4%.

If all those conditions are met, then classes A to E will be
amortized on a pro-rata basis. Subsequently, if the subordination
to the Class E Notes becomes greater than 12%, the Class F Notes
will be repaid pro rata with the other tranches as well, as long
as conditions (3) to (5) are still met.

The principal methodology used in this rating was "Moody's
Approach to Rating ABS Backed by Equipment Leases and Loans"
published in January 2015.

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian macroeconomic
environment is a key driver of performance.

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors The Australian macroeconomic
environment is a key driver of performance. Other reasons for
worse performance than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in
credit quality of transaction counterparties, lack of
transactional governance and fraud.

If the default rate rises to 5.5% from 4.3%, then the model-
indicated rating for the Class A Notes drops one notch to Aa1. The
model-indicated rating for the Class B Notes, Class C Notes and
Class D Notes drop three, two and one notch to A2, Baa1 and Baa3
respectively under this scenario.


PLANET PLATINUM: ASIC Applies to Wind Up Firm
---------------------------------------------
Australian Securities and Investments Commission has applied to
the Supreme Court of Victoria to wind up publicly-listed company,
Planet Platinum Ltd on just and equitable grounds.

In particular, ASIC:

   -- alleges that the company has been involved in multiple
      contraventions of corporations legislation and is not
      complying with its obligations under that legislation;

   -- is concerned that the company is not being properly
      managed.

ASIC has applied for John Lindholm, of Ferrier Hodgson, Melbourne,
to be appointed as liquidator and, pending hearing of the winding
up application, as provisional liquidator of the company, to
provide a report to the court and to ASIC on the affairs of the
company.

The matter has been listed for hearing in the Supreme Court of
Victoria in Melbourne on May 29, 2015.

ASIC's investigation into the affairs of Planet Platinum Limited
is continuing.

Australia-based Planet Platinum Limited (ASX:PPN) --
http://www.planetplatinum.com.au/-- engages in hospitality and
entertainment business. The Company operates through two segments:
Hospitality and entertainment segment and the Rental segment. The
Hospitality and entertainment segment operates in the hospitality
and entertainment sector, principally through its Bar 20 operation
in Melbourne. Its principal revenues are from beverages,
admittance, entertainment and commissions. The Rental segment
collects rental proceeds from its property in Horne Street,
Elsternwick. The Company's operations are the day-to-day business
of Showgirls Bar 20 at 46 King Street, Melbourne; the maintaining
of rental property at Horne Street, Elsternwick, and the
evaluation of opportunities for the expansion of the company's
hospitality, property and adult entertainment activities.


PRIMESPACE PROPERTY: First Creditors' Meeting Set For May 5
----------------------------------------------------------
Shaun Robert Fraser and Anthony Gregory McGrath at Cliftons were
appointed as administrators of Primespace Property Investment
Limited on April 23, 2015.

A first meeting of the creditors of the Company will be held at
Cliftons, Level 2, 10 Moore Street, in Canberra City, on May 5,
2015, at 1:30 p.m.


SHIVA YOGA: Worrells Solvency Appointed as Liquidators
------------------------------------------------------
Keith Platt at mpnews.com.au reports that the final winding up of
the financial affairs of the organisation behind the Shiva School
of Meditation and Yoga, Mt Eliza, could depend on "litigation
flowing" from allegations against its former spiritual leader,
Russell Kruckman, also known as Swami Shankarananda and Swamiji.

Paul Burness and Con Kokkinos of Worrells Solvency & Forensic
Accountants were last week appointed voluntary liquidators of the
troubled Shiva Yoga Inc., mpnews.com.au relates.

According to the report, Mr. Burness on April 25 said the timing
of the winding up of the organisation would be determined by the
"litigation flowing" and contingent liabilities.

The report relates that once finalised, the liquidation will see
the end of an organisation that has been a significant part of the
Mt Eliza community for the past 25 years.

As well as running a cafe in the village its Saturday night
gatherings, or satsangs, were regularly attended by more than 350
people, including residents of the ashram, the report says.

mpnews.com.au notes that the decision to wind up the organisation
behind the ashram at 27 Tower Rd follows last December's
announcement by the school that Mr Kruckman "has had secret sexual
relations with a number of women from the ashram community" and
that police are investigating allegations of sexual assault and a
class action announced by St Kilda lawyer Angela Sdrinis.

The report adds that Mr. Burness said Shiva Yoga owned three
properties near the ashram, two in Petrel Ave and one in Clendon
Close.

They are collectively valued at just under AUD3 million, although
one has a mortgage, the report discloses.

The most valuable property connected to the yoga school, the
ashram in Tower Rd, is owned by Swami Shankarananda and is not
subject to the liquidation, mpnews.com.au states.

According to mpnews.com.au, financial statements of the tax-exempt
Shiva Yoga Inc for the year ended June 2014 show
AUD1.38 million has been spent improving the ashram building and
lists Swami Shankarananda as having loaned the organisation
AUD373,508.

The statements show "retained earnings" of AUD2.9 million, the
report notes.


SOUTHERN DISTRIBUTION: First Creditors' Meeting Set For May 6
-------------------------------------------------------------
Blair Pleash and David Ingram of Hall Chadwick Chartered
Accountants were appointed as administrators of Southern
Distribution Hub Pty Limited on April 24, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 40, 2 Park Street, in
Sydney, on May 6, 2015, at 11:00 a.m.


TCSS (SA): First Creditors' Meeting Set For May 5
-------------------------------------------------
Timothy Clifton and Daniel Lopresti of Clifton Hall were appointed
Joint and Several Liquidators of TCSS (SA) Pty Ltd
on April 24, 2015.

A meeting of creditors will be held at 10:30 a.m. on May 5, 2015,
at Clifton Hall, Level 3, 431 King William Street, in Adelaide.


WINSWAY ENTERPRISES: S&P Lowers Corporate Credit Rating to 'SD'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Winsway Enterprises Holdings Ltd. to 'SD' from
'CCC'.  At the same time, S&P lowered its long-term Greater China
regional scale rating on Winsway to 'SD' from 'cnCCC'.  S&P also
lowered its issue rating on the company's U.S. dollar-denominated
senior unsecured notes to 'D' from 'CCC-' and the Greater China
regional scale rating to 'D' from 'cnCCC-'.  Winsway is a coal
supply and logistics provider, based in China.

"We downgraded Winsway because we do not expect the company to
meet the interest payment on its outstanding U.S. dollar notes
within the grace period of 30 days," said Standard & Poor's credit
analyst Jian Cheng.

On April 8, 2015, Winsway announced that it had missed a scheduled
interest payment of about US$13.15 million due that day.  The
company intends to use the grace period to discuss with
bondholders the potential for restructuring the notes.

"In our view, Winsway is not likely to make the interest payment
by the end of the grace period because the potential debt
restructuring is conditional on equity financing.  We believe that
Winsway is unlikely to finalize the equity financing before the
end of the grace period for the interest payment.  In our view,
Winsway is unlikely to use its existing cash to make the interest
payment because its already-weak liquidity position would
substantially deteriorate.  We also believe that the potential
debt restructuring may result in a buyback value that is at a
significant discount to the par value.  We would view such a
buyback offer as a "distressed exchange," tantamount to a
default," S&P said.

"In our view, Winsway's financial performance will remain weak in
2015 and its recovery prospects are low due to sliding coal prices
and sluggish demand.  We expect the company to incur further
losses and generate negative cash flows in 2015.  We believe
Winsway's highly leveraged capital structure is unlikely to
improve over the next 12-18 months at least, even after the
company completes the disposal of Grande Cache Coal Corp. and
Grande Cache Coal LP. Winsway's access to bank credit is also
uncertain due to its distressed financial position," S&P added.


YORK HOTELS: Placed in Receivership
-----------------------------------
SmartCompany reports that a hospitality group that operates seven
cafes in the Melbourne central business district and beach towns
of Sorrento and Lorne is up for sale, after being placed in
receivership.

York Hotels (Vic) and OHG Holdings operate four cafes in the
Melbourne CBD, including Mr Banks, The Unspoken Travels of Oscar
Ryan, KOHii and Cafenatics Docklands. The group also operates two
cafes in Sorrento on the Mornington Peninsula -- Shells Sorrento
and Smashing Bean -- and the Shells Lorne cafe on the Great Ocean
Road, the report says.

SmartCompany relates that the group recorded combined annual
revenue of around AUD4 million in the 2014 financial year but
David Ross and Richard Albarran from Hall Chadwick were appointed
liquidators of OHG Holdings on April 13.

According to the report, Ferrier Hodgson partners James Stewart
and Brendan Richards have now been appointed as receivers and
managers of both companies and are seeking urgent expressions of
interest in the cafes, either individually or as a group, by May
4.

Stewart confirmed the appointment to SmartCompany on April 28 and
said all seven cafes are continuing to trade.

However, Stewart declined to comment as to whether Ferrier Hodgson
has received any expressions of interest in the cafes since
publishing an advertisement for the businesses last week, the
report says.



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


ADAMANT DRI: Kurland Expresses Going Concern Doubt
--------------------------------------------------
Adamant DRI Processing and Minerals Group reported a net loss of
$7.64 million on $nil in revenues for the year ended Dec. 31,
2014, compared with a net loss of $1.90 million on $nil of
revenues in the same period last year.

Kurland and Mohidin LLP expressed substantial doubt about the
Company's ability to continue as a going concern, citing the
Company incurred a net loss of $1.9 million for the year ended
Dec. 31, 2014.  It also had negative cash flows from operating
activities of $0.9 million and had a working capital deficiency of
$10.4 million.

The Company's balance sheet at Dec. 31, 2014, showed $60.6 million
in total assets, $59.9 million in total liabilities, and
stockholders' equity of $705,000.

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

                        http://is.gd/GqIHfe

Adamant DRI Processing and Minerals Group is engaged in the
mining, processing, and production of iron ore concentrate in
China.  It owns an iron ore concentrate production line on the
Zhuolu Mine, which is located in Zhuolu County, Hebei Province,
China.  Adamant DRI Processing and Minerals Group was founded in
2008 and is based in Zhangjiakou, China.


HIDILI INDUSTRY: S&P Lowers CCR to 'CCC-'; Outlook Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Hidili Industry International Development Ltd. to
'CCC-' from 'CCC'.  The outlook is negative.  S&P also lowered the
rating on the company's senior unsecured notes to 'CC' from 'CCC-
'.  Simultaneously, S&P lowered its long-term Greater China
regional scale rating on Hidili to 'cnCCC-' from 'cnCCC', and that
on the notes to 'cnCC' from 'cnCCC-'.  Hidili is a China-based
coking coal producer.

"We downgraded Hidili because we see heightened refinancing risk
over the next six months, and believe the company could
restructure its debts," said Standard & Poor's credit analyst Jian
Cheng.  "In our view, Hidili may not have sufficient resources to
repay its outstanding US$182.7 million in senior unsecured notes
due November 2015, due to continued operating losses at its core
business and large short-term maturities over the next six
months."

The improvement in Hidili's financial position has been limited
since the company restructured its debt in distressed exchange in
October 2014.  Hidili bought back about 51.91% of its outstanding
U.S. dollar notes.

S&P views Hidili's liquidity position as "weak," which suggests a
material deficit in its financial position relative to its short-
term obligations.  S&P's assessment reflects the company's poor
operating performance and pressure from its large short-term debt
maturities.  The company has a total of about Chinese renminbi
(RMB) 4.32 billion due in 2015, including its U.S. dollar-
denominated bond in November 2015.

S&P believes Hidili's funding channels are limited due to its
recent debt restructuring and limited prospects of a turnaround.
In S&P's view, the company may have a limited ability to raise new
funds in the offshore market.

S&P expects Hidili to set aside cash in offshore accounts to make
an interest payment on the U.S. dollar notes due May 4, 2015.
S&P's view partly reflects the company's ability to still secure
some funding.  For example, Hidili continued to draw down on
additional bank facilities in the first quarter of 2015 to meet
its operating needs and roll over short-term debt.

In S&P's opinion, Hidili will continue to sell assets to improve
its financial position.  However, given the difficult operating
environment for the coal industry, the prospect of a sale is
highly uncertain, as is whether the amount will be sufficient to
tide over the company.

S&P expects Hidili's operating loss to continue in 2015,
supporting S&P's assessment of a "highly leveraged" financial risk
profile.  In S&P's base-case assumption, it estimates that
Hidili's total production will be slightly higher this year, with
potential sales of about 1.7 million tonnes of raw coal.  Coal
prices are likely to remain subdued, at about RMB380 per tonne.

"The negative outlook reflects the material deficit in Hidili's
liquidity, a continued operating loss, and large short-term debt
maturities over the next six to 12 months," said Mr. Cheng.

S&P will lower the rating on Hidili if the company cannot roll
over its loans or misses its interest payment.  S&P will also
lower the rating if there is a distress exchange for its
outstanding U.S. dollar bond.

S&P may revise the outlook to stable if Hidili can repay its
outstanding U.S. dollar bond.


KAISA GROUP: Chief Under Probe Over Sale of Trust Company
---------------------------------------------------------
South China Morning Post reports that the mainland's regulator is
probing the chairman of Kaisa Group for possible violations in the
sale of a trust company that he bought months before his property
firm ran into financial trouble.

According to the report, Kwok Ying-shing neglected to tell the
China Banking Regulatory Commission about the sale of National
Trust to Sino Life Insurance and sold it despite a CBRC rule
requiring trust company shareholders to hold their shares for at
least three years.

SCMP relates that sources said the CBRC might block the sale. That
would be another blow to Kwok, following Kaisa's default on close
to US$52 million in US dollar bond interest payments last week,
the report notes.

The report says Kwok bought National Trust for about three billion
yuan (HK$3.7 billion) in mid-2014. According to the report, signs
of trouble emerged at Kaisa in October after it denied rumours
that Kwok was missing and unreachable. In January, sources said
Kaisa was being investigated for links to a former Shenzhen
official suspected of graft. The CBRC began looking into the
National Trust sale after business news website Moneyweek reported
it last month, the report recalls.

SCMP relates that the people said Kwok controlled four companies
that owned most of National Trust. He then transferred ownership
of three of those companies to Sino Life chairman Jun Zhang or
Sino Life employees, they said.

The move raised concerns at HSBC, which had a joint venture with
National Trust. The sale meant National Trust's 50 per cent
ownership of the venture was now controlled by an HSBC competitor,
they said.

                      About Kaisa Group

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

As reported in the Troubled Company Reporter-Asia Pacific on April
23, 2015, Moody's Investor Service said that Kaisa Group Holdings
Ltd's (Ca review for upgrade) interest payment defaults will
weaken Chinese property developers' near-term access to offshore
funding, but that the overall refinancing risk for the sector
remains manageable for 2015.

At the same time, Moody's said the defaults by Kaisa are within
expectation and have no immediate impact on the company's Ca
ratings. The ratings remain under review for upgrade.

On April 20, 2015, Kaisa announced that it had failed to honor
missed interest payments within the 30-day grace period on its
12.875% senior notes due 2017 and 8.875% senior notes due 2018.

Kaisa further stated that it will continue its efforts to reach a
consensual restructuring of its outstanding debt, and that it
hopes to enter into standstill agreements with offshore debt
holders.


KU6 MEDIA: Reports $10.7 Million Net Loss in 2014
-------------------------------------------------
Ku6 Media Co., Ltd., filed with the Securities and Exchange
Commission its annual report on Form 20-F disclosing a net loss of
$10.7 million on $8.58 million of total net revenues for the year
ended Dec. 31, 2014, compared to a net loss of $34.4 million on
$13.1 million of total net revenues for the year ended
Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $5.62 million in total
assets, $9.76 million in total liabilities, and a $4.13 million
total shareholders' deficit.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2014, citing that the Company's recurring losses, negative working
capital, net cash outflows, and uncertainties associated with
significant changes made, or planned to be made, in respect of the
Company's business model, raise substantial doubt about the
Company's ability to continue as a going concern.

A full-text copy of the Form 20-F is available for free at:

                        http://is.gd/2ZToJ5

                          About Ku6 Media

Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content.  Through its
premier online brand and online video Web site,
http://www.ku6.com/,Ku6 Media provides online video uploading and
sharing service, video reports, information and entertainment in
China.


STUDIO CITY: S&P Affirms 'BB-' CCR; Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term corporate credit rating on Macau-based gaming
company Studio City Co. Ltd.  The outlook is stable.  In addition,
S&P affirmed its long-term Greater China regional scale rating on
the company at 'cnBB+'.  S&P also affirmed its 'B' long-term issue
rating and 'cnBB-' long-term Greater China regional scale rating
on the senior unsecured notes that Studio City Finance Ltd.
issued.  Studio City Finance's existing and future restricted
subsidiaries, including Studio City, guarantee the notes.

"The affirmation reflects our view that Studio City's improved
cash flows after its casino opening in late 2015 should offset its
potentially diminished debt covenant headroom over the next 18
months," said Standard & Poor's credit analyst Sophie Lin.  "We
expect the materially higher cash flows to support a significant
improvement in the group's financial risk profile despite tough
operating conditions in Macau's gaming market."

An important focus for the rating remains Studio City's ability to
secure at least 400 gaming tables by Oct. 1, 2016, which is a
condition under its existing debt facilities.  The Macau
government has yet to provide clarity on the number of available
tables.  However, S&P expects to have better visibility on this
issue after the opening of Galaxy Phase II in May 2015.

S&P believes Studio City still has sufficient time to renegotiate
covenant terms with its creditors, if required.  In S&P's opinion,
Melco Crown Entertainment Ltd. (MCE) Group is likely to support
Studio City in case of credit stress, and this support underpins
the rating.  S&P continues to assess Studio City as a
"strategically important" subsidiary of MCE Group under S&P's
group rating methodology, and S&P believes the rest of the group
is likely to provide additional liquidity or capital in a stress
scenario.

The rating on Studio City reflects the company's high debt
leverage and significant risks in executing and ramping up its
project in Cotai, Macau.  Weaker-than-anticipated demand or fewer-
than-expected gaming tables in operation will hurt the company's
financial performance and impair its ability to meet its financial
obligations.  In addition, the company faces single-property risk,
in S&P's view.

S&P rates the senior unsecured notes two notches below the
corporate credit rating on Studio City because of structural
subordination risk in the event of a default.  S&P expects Studio
City's ratio of priority liabilities to total adjusted assets to
exceed 30% over the next two years.

"The stable outlook on Studio City reflects our expectation that
the project in Macau will be on budget and will not face any
significant delays," said Ms. Lin.  "We expect the company to
remain highly leveraged over the next 12 months.  The outlook also
factors in ongoing managerial and financial support from MCE
Group."

S&P could lower the rating if it no longer assess Studio City to
be a "strategically important" subsidiary of MCE Group,
particularly if the group materially reduces its stake in the
company.  S&P could also lower the rating if it believes the group
credit profile of MCE Group has weakened.

S&P could raise the rating on Studio City if S&P raises the group
credit profile of MCE Group.  S&P could also raise the rating if
it assess Studio City as a "core" entity of the group, although
that is less likely over the next 12 months.


YOU ON DEMAND: KPMG Huazhen Expresses Going Concern Doubt
---------------------------------------------------------
YOU On Demand Holdings, Inc., reported a net loss of $13.02
million on $1.96 million of revenue for the year ended Dec. 31,
2014, compared with a net loss of $7.89 million on $309,000 of
revenue in 2013.

KPMG Huazhen (SGP) expressed substantial doubt about the Company's
ability to continue as a going concern, citing that the Company
incurred net losses from continuing operations and had a
significant accumulated deficit.

The Company's balance sheet at Dec. 31, 2014, showed $23.7 million
in total assets, $6.47 million in total liabilities, $1.26 million
in convertible redeemable preferred stock and total stockholders'
equity of $16.0 million.

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

                       http://is.gd/KzinjP

New York, N.Y.-based YOU On Demand Holdings, Inc., operates in the
Chinese media segment through its Chinese subsidiaries and
variable interest entities: (1) a business which provides to cable
providers both an integrated value-added service solution and
platform for the delivery of pay-per-view ("PPV") and video on
demand ("VOD") as well as enhanced premium content for cable
providers and (2) a cable broadband business based in the Jinan
region of China.



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


AARON HELMETS: ICRA Reaffirms B- Rating on INR6.43cr FB Loan
------------------------------------------------------------
ICRA has reaffirmed its [ICRA]B- rating on the INR6.43 crore fund
based limits of Aaron Helmets Private Limited (earlier known as
Mutual Crafts Private Limited).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits     6.43         [ICRA]B- reaffirmed

ICRA's rating continues to take into account AHPL's modest scale
of operations and low and volatile profit margins due to limited
pricing power in a highly competitive and fragmented industry,
marked by the presence of a large number of unorganized players.
AHPL's weak profitability has resulted in stretched coverage
indicators and weak cash flows, which have resulted in significant
dependence on timely fund infusion from promoters to meet its debt
servicing obligations in a timely manner. ICRA also takes note of
the company's stretched liquidity position as reflected in near
full utilization of working capital limits, which continues to
constrain the rating. However, the rating continues to derive
comfort from the long standing experience of the promoters in the
two-wheeler accessories industry; improvement in performance in
2014-15 on the back of revival in demand, despite which the credit
metrics continue to remain weak, and the favorable growth
potential in the long-term, given the large market and volume
potential of the two-wheeler industry.
Going forward, the ability of the company to scale up its
operations, and bring about a sustained improvement in its
profitability and liquidity shall be the key rating sensitivities.

Incorporated in January 2004, AHPL was promoted by Mr Shiv Narayan
Pattnaik and Ms Chitra Bhatnagar. In 2006, Mr Sushil Kumar
Agarwal, Mrs Tulika Agarwal and Mrs Manju Agarwal acquired the
stake of the original promoters. AHPL manufactures helmets and
motor cycle side boxes for two-wheelers and sells these products
under the brand name 'Aaron'. The company manufactures open and
full face helmets and offers more than 20 varieties under both
categories. The helmets of the company are ISO certified. AHPL's
manufacturing unit is located at Uttarakhand and has an installed
capacity to produce 6 lakh units of helmets and accessories per
annum as on March 31, 2013. The name of the company was changed
from Mutual Crafts Private Limited to its present name in August
2013.

Recent Results
AHPL reported a net loss of INR1.0 crore in 2013-14 on an
Operating Income (OI) of INR10.9 crore, as compared to a net loss
of INR0.60 crore on an OI of INR13.58 crore in the previous year.
Also, as per provisional results, the company reported an OI of
INR11.1 crore for the 10 months ended January 2015.


AASRA FOUNDATIONS: CARE Lowers Rating on INR80.34cr Loan to D
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Aasra
Foundations.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     80.34      CARE D Revised from
                                            CARE BB

   Short term Bank Facilities     3.67      CARE D Revised from
                                            CARE A4
Rating Rationale
The revision in the rating of Aasra Foundations (AF) factors in
the recent delays in debt servicing due to stressed liquidity
position.

AF (Regd.) is a society established in 1996 by Dr Zora Singh and
his family members for operating educational institutions. AF's
established a private university by the name Desh Bhagat
University (DBU) in October 2012 vide Punjab Government Act, 2012,
and brought all the 9 institutions of AF under its gambit. DBU
offers variety of courses under 9 institutes situated at its
campus at Mandi Gobindgarh (Punjab).

During FY14 (refers to the period April 1 to March 31), the
society registered a total operational income of INR62.61 crore
with a surplus of INR13.70 crore.


ACCORD WATERTECH: ICRA Assigns B+ Rating to INR5.0cr Bank Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR4.00
crore working capital limits and INR5.00 crore of non fund based
limits of Accord Watertech & Infrastructure Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                4.00         [ICRA]B+ assigned

   Non Fund Based-
   Bank Guarantee        5.00         [ICRA]B+ assigned

The rating assignment take into account Accord Watertech &
Infrastructure Private Limited's (AWIPL) small scale of operations
and the highly competitive and fragmented nature of the industry
with stiff competition from unorganized and regional players. The
rating also take note of the significant order book pending for
execution for which funding element is critical for timely
execution. Further, the contracts executed by AWIPL are mainly
fixed price contracts with the execution period varying from six
months to eighteen months which exposes the company to raw
material price risk. However, the same is mitigated to a large
extent by the price variation clause in the contracts. Further,
AWIPL is exposed to the high working capital intensive nature of
operations on account of the debtor's position; however,
comfortable credit from the suppliers mitigates the same to a
large extent.

The rating, however, draws comfort from the experienced promoters
of AWIPL with a long track record in the water management business
and satisfactory demand outlook for the industry. The rating also
factor in the healthy order book position, which provides revenue
visibility in the medium to long term.

Incorporated in 2010 Accord Watertech & Infrastructure Private
Limited (AWIPL) is promoted by Mr. Anik Choudhary and Mr. Dhiren
Mevada. The company is active in the Water Supply and Management
and Operation & Maintenance (O&M) sector. The company is
registered with the Maharashtra Jeevan Pradhikaran which falls
under the Water Supply and Sanitation Department of Maharashtra.
Mr. Anik Choudhary, Mr. Dhiren Mevada and Mr Ajay Sharma, who
joined the board in April 2014, look after the operations of
AWIPL. The company has its registered office at Mahape, Navi
Mumbai.

Recent Results
AWIPL recorded a net profit of INR0.58 crore on an operating
income of INR12.83 crore for the year ending March 31, 2014. AWIPL
recorded an operating income (provisional) of INR12.50 crore for
the nine months ending December 31, 2014.


C.L. ENGINEERING: CRISIL Suspends D Rating on INR67.3MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
C.L. Engineering Equipment India Private Limited (CL Engineering).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            0.7     CRISIL D
   Cash Credit              67.3     CRISIL D

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

CL Engineering was set up as a partnership firm in 2000 by Mr.
Aanam Venkata Ramana Reddy and his family members; it was
reconstituted as a closely held private limited company in 2008.
The company trades in construction equipment manufactured by Tata
Hitachi Construction Machinery Company Ltd.


CAPTAIN RAMESH: ICRA Suspends B Rating on INR2.50cr Term Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR2.50
crore term loan and INR2.50 crore fund based working capital
facility of Captain Ramesh Rice Mills Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


DG ESTATES: CRISIL Suspends B- Rating on INR164.3MM LT Bank Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
DG Estates Private Limited (DGEPL).

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bank Guarantee           10.8       CRISIL A4

   Proposed Long Term
   Bank Loan Facility      164.3       CRISIL B-/Stable

   Rupee Term Loan          75.7       CRISIL B-/Stable

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

DGEPL was incorporated in 2001 and has set up a three-star hotel
at Hari Nagar, New Delhi, with a capacity of 57 rooms and other
amenities. The hotel commenced operations in September 2010. The
operations of the hotel are managed by the Goyal and Bansal
families.


EDU SMART: CARE Reaffirms D Rating on INR188.76cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of Edu
Smart Services Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    188.76      CARE D Reaffirmed

Rating Rationale
The ratings of the bank facilities of Edu Smart Services Private
Limited (ESSL) continue to factor in the delays in servicing of
the company's debt obligations.

ESSL was incorporated on July 2, 2009. The shareholding of ESSL
vests with two ex-employees of Educomp Solutions Limited (ESL,
rated 'CARE D') Mr Pramod Thatoi (50%) and Mr Ashok Mehta (50%).
ESSL is a special purpose vehicle (SPV) created with the objective
to implement the 'Smart Class' and other associated products and
services of ESL, across various private schools in India. ESSL is
mainly responsible for implementation, operations and maintenance
of the Smart Class for the period of the contract.

There have been ongoing delays in the debt servicing by ESSL. The
delays were on account of liquidity stress faced by ESL and delay
in execution of 'Smart Class' classrooms by the company leading to
delay in receiving payments from schools. The same has further led
to a shortfall in funds for ESSL to repay its debt obligations
timely.


EDUCOMP SOLUTIONS: CARE Reaffirms D Rating on INR404.08cr Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
receivables assigment facility of Educomp Solutions Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Receivables Assignment
   Facility                     404.08      CARE D Reaffirmed

Rating Rationale

The ratings of the above facilities continue to factor in the
delays in interest servicing and repayment of the facilities.

The receivable assignment facility is a transaction between
Educomp Solutions Limited (ESL, the assignor) and the assignee
(bank) wherein the receivables of ESL's Smart Class product have
been assigned. ESL, incorporated in 1994, is engaged in providing
a digital educational content in the classroom through its
patented product 'Smart_Class' and Instructional and Computational
Technology (ICT). Smart Class is a first of its kind, teacher-led
educational content based solution which provides a technology-
based learning into the classrooms. The sale of the 'Smart Class'
is effected through a tripartite agreement signed amongst ESSL,
ESL and the respective school.

ESSL is a Special Purpose Vehicle (SPV) created with the objective
to implement the Smart Class and other associated products and
services of ESL, across various schools in India. Under the
Smart_Class segment, ESL builds the IT infrastructure for schools
and licenses its digital curriculum content for a specified time
period (typically for five years) to schools. ESSL is mainly
responsible for implementation, operations and maintenance of the
Smart Class for the period of the contract.

Under this transaction, ESL, the assignor has assigned its future
net receivables of INR675 crore to be received from ESSL to the
bank. As per the assignment agreement, the bank has received all
rights, title and interest of ESL's receivables of ESSL
aggregating INR675 crores. Against the same, the bank has
sanctioned to ESL receivables assignment facilities (in various
tranches) aggregating to INR410 crore. The credit enhancement for
this transaction is in the form of unconditional and irrevocable
guarantee provided by ESL.

There were delays in debt servicing of this facility. The delays
were on account of liquidity stress faced by ESL and delay in
execution of Smart Class classrooms by the company leading to
delay in receiving payments from schools.


ENSOL MULTICLEAN: CRISIL Reaffirms B Rating on INR35MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Ensol Multiclean
Equipments Pvt Ltd (EMPL) continue to reflect EMPL's below-average
financial risk profile, marked by a small net worth, high gearing,
and below-average debt protection metrics.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            40      CRISIL A4 (Reaffirmed)
   Cash Credit               35      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility         9.7    CRISIL B/Stable (Reaffirmed)
   Term Loan                 10.0    CRISIL B/Stable (Reaffirmed)
   Standby Line of Credit     5.3    CRISIL B/Stable (Reaffirmed)

The ratings also factor in the company's modest scale and working-
capital-intensive nature of operations, and its average operating
margin. These ratings weaknesses are partially offset by the
extensive experience of EMPL's promoters in the waste-handling
mobile equipment industry and the funding support it receives from
them.
Outlook: Stable

CRISIL believes that EMPL will continue to benefit over the medium
term from the extensive industry experience of its promoters;
however, the company's financial risk profile will remain
constrained over this period by its small net worth. The outlook
may be revised to 'Positive' in case of a substantial increase in
EMPL's scale of operations along with improvement in its
profitability, working capital management, and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
substantial incremental working capital requirements due to delays
in project execution or realisation of payments, weakening the
company's financial risk profile, particularly its liquidity.

Update
EMPL is expected to report revenue of around INR110 million for
2014-15 (refers to financial year, April 1 to March 31). Its
revenue is expected to grow further over the medium term on
account of the ongoing focus of the government on hygiene and
sanitation. The company's net profit margin is expected to remain
in line with past trends at around 1 per cent over the medium
term.

EMPL's operations remain working capital intensive on account of
the tender-based nature of its business. This is reflected in its
high gross current assets (GCAs), estimated at over 200 days as on
March 31, 2015; the GCAs are expected to remain at this level over
the medium term because of high receivable days and security
deposit requirements. The company's accruals are estimated to have
been low at around INR3.1 million in 2014-15, but would have been
sufficient to meet its term debt repayment obligations of around
INR1.5 million during the year. EMPL's cash accruals are expected
to remain sufficient to meet its term debt obligations over the
medium term.

EMPL was set up in 1999 in Jaipur by Mr. Arun Sharma and Mr. Ajay
Sharma. The company manufactures and assembles customised waste-
handling mobile equipment such as garbage compactors and tippers,
mainly for state government projects.


G. NAGESWARAN: CRISIL Suspends D Rating on INR94MM Secured Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
G. Nageswaran (GN).


                                Amount
   Facilities                 (INR Mln)   Ratings
   ----------                 ---------   -------
   Bank Guarantee                10       CRISIL D
   Long Term Loan                11       CRISIL D
   Secured Overdraft Facility    94       CRISIL D

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

Established as a proprietorship firm in 1985, GN is engaged in
execution of civil construction works mainly for the Government of
Tamil Nadu and the National Highways Authority of India.


GOKULAM INDUSTRIES: CRISIL Assigns B Rating to INR50MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Gokulam Industries (GI).

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

The rating reflects GI's below-average financial risk profile
marked by its highly leveraged capital structure and subdued debt
protection metrics. The rating also factors in the firm's modest
scale of operations and susceptibility of its operating margin to
volatility in raw material prices. These rating weaknesses are
partially offset by its partners' extensive experience in the food
processing industry.
Outlook: Stable

CRISIL believes that GI 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 improvement in
the firm's financial risk profile on account of better than
expected cash accruals led by improvement in scale and operating
profitability or due to capital infusion from partners.
Conversely, the outlook may be revised to 'Negative' if GI
undertakes more-than-expected debt-funded expansions, reports a
substantial decline in revenues or profitability, or there is a
stretch in its working capital cycle, constraining its financial
risk profile.

Set up in September 2013 as a partnership firm, GI is engaged in
processing of pulses mainly Urad, Toor and Moong dal. The firm
commenced its daily operations from January 2015 onwards. The
daily operations are managed by the managing partner, Mr. R.
Hariharan.


GOOD HEALTH: CRISIL Suspends D Rating on INR1.07BB LOC
------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Good Health Agro Tech Private Limited (GHATPL; part of the Good
Health group).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              200       CRISIL D
   Letter of Credit        1070       CRISIL D
   Term Loan                 75       CRISIL D

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GHATPL, KGF Cottons Pvt Ltd, and Nikhil
Refineries Pvt Ltd. This is because these companies, collectively
referred to as the Good Health group, operate under a common
management, are in the same line of business with operational
linkages, and have fungible cash flows.

The Good Health group is primarily engaged in the refining of
edible oils. The group also undertakes cotton ginning, which
contributes around 7 per cent of its revenues.


H. K. INDUSTRIES: CRISIL Assigns B Rating to INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of H. K. Industries (HK).

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

The rating reflects HK's early stage and modest scale of
operations and low operating margin in the competitive and
fragmented copper rods and allied products industry along with low
operating margins. The rating also factors in the firm's below-
average financial risk profile, marked by modest net worth and
subdued debt protection metrics. These rating weaknesses are
partially offset by the extensive experience and financial support
of HK's proprietor.
Outlook: Stable

CRISIL believes that HK will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if improved scale of
operations and operating profitability results in stronger cash
accruals; or if capital infusion by the proprietor strengthens the
firm's financial risk profile. Conversely, the outlook may be
revised to 'Negative' if HK; reports a substantial decline in
revenues and profitability, or a stretch in its working capital
cycle, thereby weakening its financial risk profile.

HK, set up in 2014 by Mr. Anil Anand as a proprietorship firm,
trades in copper and its allied products. The firm is based in
Delhi.


HELIOS PHOTO: CARE Reaffirms 'D' Rating on INR862.90r Bank Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Helios Photo Voltaic Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    862.90      CARE D Reaffirmed
   Short-term Bank Facilities    47.60      CARE D Reaffirmed

Rating Rationale
The ratings of the bank facilities of Helios Photo Voltaic Limited
(HPVL) continue to factor in delays in debt servicing by the
company due to its weak liquidity.

HPVL (formerly known as Moser Baer Photo Voltaic Ltd) is a wholly-
owned subsidiary of Moser Baer Solar Ltd and a step-down
subsidiary of Moser Baer India Limited. HPVL is primarily engaged
in design, manufacture and export of photo voltaic (PV) cells,
modules and systems. The group's photovoltaic manufacturing
business was established between 2005 and 2007.

In FY14 (refers to the period January 1 to December 31), the
company reported total operating income of INR108.46 crore with
net loss of INR189.68 crore. During six months ended December 31,
2013, the company reported total operating income of INR76.11
crore with net loss of INR11.65 crore.


HINDUSTHAN TRANSSFORMERS: CRISIL Rates INR16MM Cash Loan at B+
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Hindusthan Transsformers (HT).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility        4       CRISIL B+/Stable

   Bank Guarantee           40       CRISIL A4

   Cash Credit              16       CRISIL B+/Stable

The ratings reflect HT's working-capital-intensive and small scale
of operations in the intensely competitive transformers industry,
and high customer concentration in its revenue profile. The
ratings also factor in the firm's below-average financial risk
profile, marked by high gearing and below average debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of HT's promoter.
Outlook: Stable

CRISIL believes that HT will continue to benefit over the medium
term from its promoter's industry experience. The outlook may be
revised to 'Positive' in case of a significant and sustained
improvement in the firm's scale of operations and profitability
along with better working capital management leading to
improvement in cash accruals and capital structure. Conversely,
the outlook may be revised to 'Negative' in case of significant
deterioration in HT's financial risk profile, particularly its
liquidity, due to large working capital requirements, or a steep
decline in its turnover or operating margin, leading to low cash
accruals.

Incorporated in 2003, HT manufactures electrical transformers at
its facility in Chennai. The firm is promoted and managed by Mr. V
Ramesh.


ISSAR PHARMACEUTICALS: ICRA Cuts Rating on INR16.35cr Loan to B
---------------------------------------------------------------
ICRA has revised the long term rating to [ICRA]B from [ICRA]B+ to
the INR16.35 crore (revised from INR20.50 crore) fund based limits
and INR8.65 crore (revised from INR4.50 crore) unallocated limits
of Issar Pharmaceuticals Pvt. Ltd.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund          16.35      [ICRA]B; (revised from
   Based Limits                       [ICRA]B+)

   Long Term Unallocated    8.65      [ICRA]B; (revised from
   Limits                             [ICRA]B+)

The rating revision takes into account stagnant revenues with high
operating expenses which led to net loss as on 31st March 2014.

The rating also takes into account IPPL's scale of operation which
continues to remain low owing to dependence on single product
Melgain for revenue generation. Further, the rating takes into
account IPPL's high dependence on equity infusion by the promoters
to meet the debt repayment obligations owing to delay in obtaining
necessary regulatory approvals and difficulty in finding a
suitable marketing partner for the commercial launch of Burn Wound
Tropical. The rating is further constrained by the weak financial
profile of the company as on 31st March 2014, however with
infusion of equity the gearing remained low at 0.54 times as on
31st March 2014. The rating also favourably takes into account the
long track record of the promoter in the pharmaceutical industry
and tie-up with Dr. Reddy's Laboratories which led to increase in
volumes and revenues during FY15.

Going forward, timely infusion of promoter's funds into the
business to meet the repayment obligations in a timely manner and
timely commencement of commercial operations of Burn Wound Topical
to generate cash flows would remain the key rating sensitivities.

Incorporated in 1995, Issar Pharmaceuticals Private Limited is a
Hyderabad based pharmaceutical company involved in the research
and development of peptide-based health care products and their
commercialization. IPPL is being promoted by Mr I Ramakrishna
Reddy who has been associated with Shantha Biotechnics Ltd in the
past. Presently IPPL's product profile includes single molecule-
Decapeptide which is being marketed in India by DRL under the
brand name of Melgain. However it has a strong product pipeline.
Prominent among these is a burn would topical which has cleared
all the clinical trials and is awaiting regulatory approvals for
marketing the product on an OTC basis.

Recent Results
As per audited financials for FY14, the firm reported an operating
income of INR5.36 crore with net loss of INR0.35 crore as against
INR5.97 crore of operating income with profit after tax of INR0.06
crore in FY13.


JINDAL STAINLESS: CARE Reaffirms D Rating on INR10,050cr LT Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the various bank
facilities/instrument of Jindal Stainless Ltd.

                                  Amount
   Facilities                  (INR crore)    Ratings
   ----------                  -----------    -------
   Long-term Bank Facilities    10,050.00     CARE D Reaffirmed
   Short-term Bank Facilities    6,245.00     CARE D Reaffirmed
   Long-term Bank Facilities
   (ECBs)                        1,414.00     CARE C Reaffirmed
   Non-Convertible Debentures
   (NCDs)                          242.00     CARE C Reaffirmed

Rating Rationale

The ratings of Jindal Stainless Ltd (JSL) ([i] and [ii] above)
take into account the ongoing delays in servicing the debt
obligations by the company.

The ratings ([iii] and [iv] above) continues to be constrained by
JSL's weak financial risk profile marked by losses at the net
level amid subdued industry scenario and the company's weak
capital structure as well as debt coverage indicators. The ratings
also take into account the company's working capital intensive
nature of operations and cyclicality inherent in stainless steel
industry.

The ratings take note of JSL's established position in the
domestic stainless steel industry and the company's semi
integrated nature of operations.

Going forward, the company's ability to improve its debt servicing
track record and register improvement in its capital structure
along with successful implementation of business reorganization
scheme shall remain the key rating sensitivities.

JSL, promoted by the late Mr O. P. Jindal, was originally
incorporated in 1970 as Jindal Strips Ltd. During 2002, JSL was
formed pursuant to the demerger of the Jindal Strips Ltd.
Currently, JSL is the flagship company of Ratan Jindal group (son
of Mr O P Jindal). It is the largest domestic stainless steel
producer with a steel melting capacity of 0.8 million tonnes per
annum each at Hisar (Haryana) and Jajpur (Odisha). It also has
captive thermal power plant, captive ferro chrome facilities, hot
rolling, cold rolling and downstream value-added stainless steel
manufacturing facilities. The company produces standard and
specialty steel for commercial and industrial applications.

During FY14 (refers to the period April 1 to March 31), on a total
operating income of INR11,968 crore, the company reported a PBILDT
of INR906 crore and net loss of INR1,390 crore. In 9MFY14
(provisional) (refers to the period April 1 to December 31), it
reported a PBILDT of INR694 crore and net loss of INR708 crore on
a total operating income of INR9,515 crore.


KISHAN GUM: ICRA Assigns B Rating to INR4.50cr Cash Loan
--------------------------------------------------------
The long-term rating of [ICRA]B has been assigned to the INR4.50
crore cash credit facility and the INR1.44 crore term loan
facility of Kishan Gum Industries.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit              4.50      [ICRA]B assigned
   Term Loan                1.44      [ICRA]B assigned

The assigned ratings are constrained with the risk of
stabilization as per the operating parameters as inherent in
Greenfield venture and the high fragmentation and high competitive
intensity in the guar split manufacturing business which is
expected to pressurise profitability. Further KGI is present in
the lowest value added and highly commoditized segment of the
business which will further constrain its profitability. The
ratings also take into account the possible stress on the
financial profile given the debt funded nature of the project and
high debt repayments scheduled in the near term. ICRA also notes
that KGI is a partnership concern and any substantial withdrawal
from capital account in future could adversely impact the credit
profile of the firm.

The ratings, however, favourably take into account past experience
of the promoters in the guar industry and the favourable location
of the firm's manufacturing facility in Surendranagar giving easy
access to raw material.

Incorporated in September 2014, Kishan Gum Industries (KGI) is in
process of setting up a unit for processing guar gum seeds to
manufacture guar gum splits as main product and churi and kroma as
by product. The guar gum refine splits are generally used as raw
material in guar gum powder manufacturing industries and churi and
korma are used as cattle feed. The plant is proposed to have an
installed capacity of processing 10,800 MT of raw guar seeds. The
promoters are also engaged in trading of guar and other agro
commodities since last one decade through other companies namely
M/s Pragati Trading Co. and M/s Janki Trading Co.


M K ENTERPRISE: CRISIL Assigns 'D' Rating to INR140MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of M K Enterprise (MKE). The rating reflects instances
of delay by MKE in servicing its term debt; the delays are
primarily because of the firm's weak liquidity.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Long Term Loan            140       CRISIL D

MKE also has a below-average financial risk profile, marked by
high gearing and modest net worth. However, the firm benefits from
the extensive industry experience of its promoters.

Set up in 2010, as a partnership firm, MKE operates a warehouse in
Chennai. The firm is promoted by Mr. A. Kumar and his family.


M. S. ENGINEERING: ICRA Assigns B+ Rating to INR6.50cr Cash Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR6.50
crore cash credit facility of M. S. Engineering.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-
   Cash Credit           6.50         [ICRA]B+ assigned

The assigned rating takes into account MSE's small scale of
current operations with stagnant top-line in 2013-14, depressed
level of coverage indicators and stretched liquidity position
owing to high level of inventories and extended receivables as
reflected by high utilization of working capital limits that also
restricts financial flexibility. The rating also factors in the
high competition in the road construction business due to
fragmented industry structure and a tender based contract awarding
system followed by Government departments, which exerts pressure
on profitability, and high geographical concentration risks with
entire operations being confined to West Bengal only. ICRA also
takes note of the risks of capital withdrawal, given MSE's legal
status as a partnership firm.

The rating, however, derives comfort from the experience of the
promoters in the road construction business and MSE's status as a
Class-I contractor in West Bengal, which enables MSE to bid for
large contracts floated by the departments across the state. The
rating also takes into account the moderate level of profit
margins of the firm in the last few fiscals.

Established in 1984 as a partnership firm, MSE is engaged in the
construction and maintenance of roads and bridges for various
Government departments in the state of West Bengal. The firm is
registered as a Class -I contractor in the state.

Recent Results
During 2013-14, the firm reported a net profit of INR0.55 crore on
an operating income of INR24.57 crore; as compared to a net profit
of INR0.63 crore on an operating income of INR24.53 crore during
2012-13.


MANISHA AGRO: CRISIL Suspends B Rating on INR35MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Manisha
Agro Industries (MAI).

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           35       CRISIL B/Stable
   Term Loan             25       SCRISIL B/Stable

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

Set up in the year 2011 as a partnership firm, MAI is engaged in
ginning and pressing of raw cotton. Based in Adilabad (Andhra
Pradesh), the firm is promoted by Mr Siraj Ali Rajani, Mr Mohd Ali
Rajani, Mr Ismail Bhai Rajani, and Mr Ameen Ali Rajani.


MARKS ENTERPRISES: CRISIL Reaffirms B Rating on INR17.5MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Marks Enterprises Pvt
Ltd (MEPL) continue to reflect MEPL's weak financial risk profile,
marked by a high total outside liabilities to tangible net worth
ratio, a small net worth, and weak liquidity.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           17.5     CRISIL B/Stable (Reaffirmed)
   Letter of Credit      70       CRISIL A4 (Reaffirmed)

The ratings also factor in the company's marginal scale of
operations in the highly fragmented trading industry. These rating
weaknesses are partially offset by the extensive experience of
MEPL's promoter in the trading business.
Outlook: Stable

CRISIL believes that MEPL will continue to benefit over the medium
term from its promoter's extensive experience in the trading
business. The outlook may be revised to 'Positive' if the company
significantly scales up its operations and operating
profitability, while it prudently manages its working capital
cycle. Conversely, the outlook may be revised to 'Negative' if
MEPL's liquidity weakens significantly, or if its working capital
cycle lengthens, or if its revenue and profitability are
constrained.

MEPL, incorporated in 2011 and promoted by Mr. Somnath Harjai,
trades in yarn and metal (such as aluminium scrap, ingots, and
billets).

For 2014-15 (refers to financial year, April 1 to March 31), MEPL
reported, on a provisional basis, a profit after tax (PAT) of
INR2.4 million on net sales of INR694 million, against a PAT of
INR2.8 million on net sales of INR1.03 billion for the previous
year.


MODERN DAIRIES: CARE Lowers Rating on INR121.25cr LT Loan to D
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Modern Dairies Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    121.25      CARE D Revised from
                                            CARE B

   Short term Bank Facilities     4.10      CARE D Revised from
                                            CARE A4
Rating Rationale

The revision in the ratings of Modern Dairies Limited (MDL)
factors in the ongoing delays in debt servicing due to stressed
liquidity position.

MDL was setup by Mr Krishan Kumar Goyal in 1992 with an initial
milk processing capacity of 3.25 lakh litre of milk per day
(LLPD). For liquid milk, the company has a tie-up with Mother
Dairy for complete off-take of 2 LLPD. Furthermore, it sells ghee
on its own through retail and bulk sales under the brand name of
"SHWETA". The company supplies products like skimmed milk powder
(SMP) and other milk products like whole milk powder, mozzarella
cheese, casein to various institutional buyers.

As of 9MFY15 (provisional), MDL registered a total operating
income of INR485.45 crore with net losses of INR18.11 crore.


MOSER BAER: CARE Reaffirms 'D' Rating on INR2,026.03cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Moser Baer India Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   2,026.03     CARE D Reaffirmed
   Short-term Bank Facilities    355.00     CARE D Reaffirmed

Rating Rationale
The ratings of the bank facilities of Moser Baer India Limited
(MBIL) continue to factor in delays in debt servicing by the
company due to its weak liquidity.

MBIL, promoted in 1983 by Mr Deepak Puri, is one of the leading
players in the optical storage media segment. It is engaged in the
manufacture and sale of optical storage media with a broad product
range comprising floppy disks, Compact Discs (CDs), Digital
Versatile Discs (DVDs), High Definition Digital Versatile Discs
(HD-DVD), Blu-Ray Disc (BDR - next-generation of storage format),
etc.

During FY14 (refers to the period April 01 to December 31), the
company reported total operating income of INR1,011.62 crore with
net loss of INR737.27 crore. In nine months ended December 31,
2013; the company reported total operating income of INR998.57
crore with net loss of INR446.66 crore.


MOSER BAER SOLAR: CARE Reaffirms 'D' Rating on INR1,063.40cr Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Moser Baer Solar Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   1063.40      CARE D Reaffirmed
   Short-term Bank Facilities   178.10      CARE D Reaffirmed

Rating Rationale

The ratings of the bank facilities of Moser Baer Solar Limited
(MBSL) continue to factor in delays in debt servicing by the
company due to its weak liquidity.

MBSL is a wholly owned subsidiary of Moser Baer India Limited.
MBSL's manufacturing subsidiary is Moser Baer Photo Voltaic Ltd
(MBPV). The Group's photovoltaic manufacturing business was
established between 2005 and 2007. MBSL is primarily engaged into
manufacture, design and export of thin film and EPC systems, thick
film photo voltaic modules etc.

During FY14 (refers to the period January 01 to December 31), the
company reported total operating income of INR233.23 crore with
net loss of INR166.85 crore. During nine months ended
December 31, 2013, the company reported total operating income of
INR256.42 crore with net loss of INR324.76 crore.


NICE SESAME: ICRA Assigns B+ Rating to INR8.96cr Cash Loan
----------------------------------------------------------
ICRA has assigned the rating of [ICRA]B+ to Rs.9.28 crore long
term fund based term loan of Nice Sesame Agro Industries. ICRA has
also assigned the rating of [ICRA]A4 to the INR0.04 crore short
term fund based facilities of NSAI.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.96        [ICRA]B+ assigned
   Term Loan             0.32        [ICRA]B+ assigned
   Bank Guarantee        0.04        [ICRA]A4 assigned

The assigned ratings are constrained on account of NSAI's modest
size of operations, high fragmentation and competitive intensity
in sesame seed market, and also its vulnerability to global crop
situation of sesame seed as well as domestic agro climatic
conditions. The ratings also take into account the firm's weak
financial risk profile characterized by low profit margins,
leveraged capital structure and weak debt coverage indicators and
vulnerability of the firm's profitability to regulatory changes
primarily in export incentives as the firm's customer base mainly
consists of merchant exporters. ICRA also notes that NSAI is a
partnership concern and any substantial withdrawal from capital
account in future could adversely impact the capital structure and
hence credit profile of the firm.

The ratings, however, favourably factor in the longstanding
experience of the promoters in sesame seed processing business,
the healthy growth in the firm's revenues over FY12-14 and its
location in Gujarat which is one of the leading producer of
quality sesame seeds.

Nice Sesame Agro Industries (NSAI) was established as a
partnership firm, in 2005 by Shaikh brothers and is engaged in
processing (hulling) and export of sesame seeds. The processing
unit of the firm is located at Kapadwanj-Nadiad Road, Gujarat. The
firm is also engaged in trading of sesame seeds, pigeon peas (Toor
dal), and other agro commodities. Currently, Mr. Manaf Shaikh and
Mr. Hanif Shaikh manage the business; they have considerable
experience in agro commodity processing and trading.

Recent Results
During FY 14, NSAI reported an operating income of INR92.10 crore
and profit before tax of INR0.55 crore as against operating income
INR70.07 crore and profit before tax of INR0.10 crore in FY13.


OBEROI CARS: ICRA Suspends B Rating on INR28cr Bank Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B rating for the INR28.0 Crore bank
facilities of Oberoi Cars Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


PARCOS INTERNATIONAL: CRISIL Suspends B Rating on INR29.5MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Parcos
International Private Limited (PIPL).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee             2      CRISIL A4

   Cash Credit               12.5    CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility         6      CRISIL B/Stable

   Term Loan                 29.5    CRISIL B/Stable

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

PIPL, incorporated in September 2011, is promoted by family
friends, Mr. Dhiren Mamania, Mr. Brijesh Gandhi, Mr. Hitesh Soneji
and Mr. Nehal Mehta, who have more than five years of experience
in the electrical components industry. The company is currently
setting up a manufacturing unit for modular electrical switches,
switch panels and sockets in Daman. The unit is expected to start
commercial production by the third quarter of current financial
year. The registered office of the company is in Malad, Mumbai.


PILANIA STEELS: CRISIL Reaffirms B Rating on INR75MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Pilania Steels
Pvt Ltd (PSPL) continues to reflect PSPL's exposure to risks
related to the highly competitive and fragmented steel industry,
resulting in a low operating margin.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              75       CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's below-average financial
risk profile, marked by high gearing and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive business experience of the company's promoters.
Outlook: Stable

CRISIL believes that PSPL will continue to benefit over the medium
term from the extensive business experience of its promoters. The
outlook may be revised to 'Positive' if PSPL's financial risk
profile improves significantly, most likely because of capital
infusion or a substantial increase in its cash accruals due to
higher revenue and profitability. Conversely, the outlook may be
revised to 'Negative' if the company's profitability or revenue
declines, resulting in low cash accruals, or if its working
capital cycle is stretched, or if it undertakes a large debt-
funded capital expenditure programme.

Update
In 2013-14 (refers to financial year, April 1 to March 31), PSPL's
revenue was INR288.5 million, as against INR257.8 million in 2012-
13. The company's revenue is estimated to have increased to around
INR350 million in 2014-15, backed by sustained demand from
existing customers as well as addition of new customers. PSPL's
operating margin was 4.7 per cent in 2013-14, against 5.0 per cent
in 2012-13, and is expected to remain around the same level over
the medium term.

PSPL has a below-average financial risk profile, marked by high
gearing and weak debt protection metrics. Its net worth is
estimated at around INR36.3 million and gearing at around 2.3
times as on March 31, 2015. Its interest coverage and net cash
accruals to total debt ratios are estimated at 2.3 times and 6 per
cent, respectively, for 2014-15. The company's financial risk
profile is expected to remain below-average over the medium term.

PSPL's liquidity is stretched, with extensively utilised bank
limits and a moderate current ratio. Its bank limits were utilised
at an average of around 95 per cent during the 12 months through
January 2015. The company is estimated to have had modest net cash
accruals of around INR4.7 million, as against no term debt
obligations, in 2014-15. It had a moderate current ratio of 1.14
times as on March 31, 2014.

PSPL was incorporated on August 28, 1995, in Bhilai
(Chhattisgarh). The company undertakes wire drawing; it is
promoted by Mr. Kailash Agarwal and Mr. Ram Bhagat Agarwal.


PRECISION BEARINGS: CRISIL Suspends B Rating on INR69.7MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Precision Bearings Private Limited (PBPL).

                             Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Export Packing Credit       260       CRISIL A4

   Letter of Credit             10       CRISIL A4

   Proposed Long Term
   Bank Loan Facility           30.3     CRISIL B/Stable

   Term Loan                    69.7     CRISIL B/Stable

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

Set up by Mr. Danesh Shah in 1996, PBPL manufactures taper roller,
spherical, cylindrical, thrust ball, and angular bearings. These
bearings find application in industries, such as power
transmission, gearboxes, construction machinery, pumps and motors,
marine, industrial equipment, and lifting and machine tools. The
company exports most of its production to traders in nearly 36
countries. The manufacturing facility is ISO 9001-2000 certified
and the products are ABEC-1 certified by the American Bearing
Manufacturer Association.


RAJLAKSHMI GUINEA: CRISIL Suspends D Rating on INR190MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rajlakshmi Guinea Museum Jewellers Pvt Ltd (Rajlakshmi).

                           Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Cash Credit              190         CRISIL D
   Long Term Loan            11.7       CRISIL D

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

Rajlakshmi, based in Kolkata (West Bengal), was set up in 1993 as
a proprietorship firm named Rajlakshmi Guinea Museum. It was
reconstituted as a private limited company in 2002-03 (refers to
financial year, April 1 to March 31). Its day-to-day operations
are managed by Mr. Taraknath Ghosh. Rajlakshmi retails gold bars,
coins, and jewellery at its two showrooms in Kolkata.


ROLTA INDIA: Fitch Affirms 'BB-' IDRs & Revises Outlook to Neg.
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on Rolta India Limited's
(Rolta) Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) to Negative from Stable, and affirmed the IDRs and
senior unsecured rating at 'BB-'.  Fitch has also affirmed Rolta
LLC's 10.75% USD127m notes due 2018 and Rolta Americas LLC's
8.875% USD373m notes due 2019 at 'BB-'.  The notes are guaranteed
by Rolta.

The Negative Outlook reflects that, due to higher working capital
requirements, Rolta's leverage and free cash flow (FCF) will be
worse than our previous expectations despite higher forecast
EBITDA.  The Outlook revision also reflects potential
uncertainties about the company's ability to access capital if
investors believe allegations set out in a short-seller's report
published on April 16, 2015.

The short-seller has raised further questions based on Rolta's
reply to accusations contained its original report, and we expect
a further response from the company.  Fitch's analysis relies on
information provided by Rolta, and publicly available information
-- including the audit report.  This includes discussions that we
have had, and that are on-going, with management and their
auditors with regard to the allegations that have been made.

KEY RATING DRIVERS

Sustained High Leverage: We estimate Rolta's FFO-adjusted leverage
of 4.1x-4.2x in the financial year ended 31 March 2015 (FY15) will
breach our negative rating guidance of 4.0x mainly due to an
increase in receivable days despite EBITDA expansion.  Fitch
believes that leverage is likely to remain high as an increase in
the Indian government defence business is an important element of
the company's growth, and it is likely to consume higher working
capital and could require pre-investment to bid for new orders.

High Receivable Days:  Fitch believes that Rolta's receivable days
are likely to remain around 120-130 days (FY15: 120 days) during
FY16-17 as the Indian government will account for a greater
proportion of revenue (FY15: 20%).  During FY15, receivables
increased by 50% to INR12bn (USD193m), 92% of which are less than
180 days old.  About INR800m of these receivables were paid in
April 2015.  Most of Rolta's receivables are from either
government agencies or U.S.-based multi-national corporates.

Lower Profitability: Fitch forecasts FY16 revenue to rise by mid-
to-high single digits based on its order book of INR34bn, or 0.9x
of its FY15 revenue. FY16-17 operating EBITDAR margin will decline
to around 30% (FY15: 34.7%) as the company will expense a greater
proportion of its development expenditure.  Fitch estimates FY15
operating EBITDAR increased by 13% to INR12.7bn mainly because
Rolta used a higher proportion of its own products rather than
from partners' to serve customers.

Rolta's FY18 EBITDA will increase significantly if it executes the
Indian defence ministry's battlefield management system (BMS)
order in partnership with state-owned Bharat Electronics Limited
(BEL).  The government pre-selected the Rolta-BEL team and another
consortium to develop a prototype during 2015-16, based on which
the USD8bn order will be distributed between two consortia.

Minimal FCF: We believe that Rolta's FCF will be minimal during
FY16-17 given flat EBITDA, high receivables and high interest
cost.  Fitch forecasts that Rolta's FY16 cash flow from operations
of INR5bn-5.5bn will be just sufficient to fund its capex of
IDR4.5bn-5bn and dividends of around IDR450m-500m. FY16-17
capex/revenue is likely to remain around 12%-13% (FY15: 13.2%) as
it invests in developing prototypes for the Indian BMS systems and
other regular IT orders.  Rolta pays about 20% of its net income
in dividends.

Liquidity and Capital Access: We believe that the short-seller
report may affect Rolta's ability to access funds in the short
term.  However, Rolta has adequate liquidity with its cash balance
of INR6bn covering the short-term debt maturities of INR3.6bn,
which are mostly bank loans.  Rolta's USD127m and USD373m bonds
are due only in 2018 and 2019 respectively.  It exchanged USD73m
of its notes originally due in 2018 to 2019 notes.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case include:

   -- Revenue to rise by mid-to-high single digit percentage in
      FY16 on a growing order book.

   -- Operating EBITDAR margin to trend down to 30% (FY15:34.7%)

   -- Minimal FCF as CFO of INR5bn-5.5bn in FY16 may be just
      sufficient to fund capex of IDR4.5bn-5bn and dividends
      around IDR450m to IDR500m.

   -- Capex/revenue to remain around 12%-13% (FY15:13.2%)

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to downgrade to 'B+'

   -- CFO-adjusted leverage remaining above 5.0x (FY15: 6.6x)
      (Fitch has changed the guideline from FFO-adjusted net
      leverage of over 4.0x, to reflect that cash consumed in
      working capital is an important credit factor.)

   -- Negative FCF in FY16 and/or beyond.

Positive: Future developments that may, individually or
collectively, lead to revision of the Outlook to Stable from
Negative

   -- CFO-adjusted leverage improves to below 5.0x (FY15: 6.6x)


SATGURU FOUNDATIONS: CARE Lowers Rating on INR7.20cr Loan to D
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Satguru Foundations.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.20       CARE D Revised from
                                            CARE BB-

   Short term Bank Facilities    3.45       CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings of Satguru Foundations (SAF) factors
in the recent delays in debt servicing due to stressed liquidity
position.

SAF (Regd.) is a society which had been established in the year
1995 by Mr Zora Singh and his family members for operating
educational institutions. The society manages dental college and
hospital namely "Desh Bhagat College & Hospital (DBCH)". College
is being run along with a Dental hospital at Muktsar in Punjab.
The college has nine departments comprising of oral medicine &
radiology, orthodontic, oral pathology etc and the hospital has
206 dental chairs for various procedures and dental surgeries. The
college is affiliated from Baba Farid University of Health
Sciences, Faridkot, and approved by Dental Council of India (DCI)
& Ministry of Health & Family Welfare, Government of India, New
Delhi.

Satguru Foundations registered a total operating income of
INR11.19 crore with surplus of INR1.85 crore in FY14 as compared
with total operating income of INR9.75 crore with SBID of INR1.62
crore in FY13.


SHARMA RICE: CRISIL Assigns B+ Rating to INR50MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Sharma Rice Mills (SRM).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Rupee Term Loan          30       CRISIL B+/Stable
   Cash Credit              50       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       20       CRISIL B+/Stable

The rating reflects SRM's below average financial risk profile due
to working capital intensive nature of business and small scale of
operations in fragmented rice industry. These rating weaknesses
are partially offset by the extensive industry experience of, and
financial support from, SRM's partners, and the healthy growth
prospects of the basmati rice industry.
Outlook: Stable

CRISIL believes that SRM will maintain its business risk profile,
backed by the extensive experience of its promoters in the rice
industry. Its financial risk profile is, however, expected to
remain constrained due to high gearing and below average debt
protection metrics. The outlook may be revised to 'Positive' in
case of significant improvement in the firm's financial risk
profile, due to capital infusion or higher than expected net cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the SRM's financial risk profile due to
significant increase in inventory, leading to large incremental
bank borrowings or in case of a debt-funded capital expenditure
programme.

SRM was established in 1996 by Mr. Happy Sharma. Firm is engaged
in business of rice milling and rice shelling at its plant located
in Muktsar, Punjab. The firm has an installed capacity of
producing 5 tonnes of rice per hour and the current utilization
level is around 70 per cent. The firm processes basmati rice and
by products like bran, phuk, bardana which are sold to both
merchant exporters and domestic traders.


SHIVA SHAKTI: CRISIL Reaffirms B Rating on INR235MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shiva Shakti
Grains India Private Limited (SSG) continues to reflect SSG's weak
financial risk profile as a result of large working capital
requirement.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           235      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     13.2    CRISIL B/Stable (Reaffirmed)

   Term Loan             146.8    CRISIL B/Stable (Reaffirmed)

   Warehouse Financing   105      CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's modest scale of
operations in a fragmented industry. These rating weaknesses are
partially offset by the extensive business experience of SSG's
promoters, and the healthy growth prospects of the rice industry.
Outlook: Stable

CRISIL believes that SSG will continue to benefit over the medium
term from its promoters' extensive business experience. The
outlook may be revised to 'Positive' if the company's liquidity
improves, driven by significant improvement in its cash accruals
supported by significant improvement in its scale of operations
resulting from better capacity utilisation, or if its capital
structure improves significantly because of more-than-expected
accretion to reserves or additional equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' if
SSG's capital structure deteriorates, most likely on account of
larger-than-expected debt-funded capital expenditure or in case of
pressure on its profitability, or if its working capital
requirement is larger than expected.

SSG, incorporated in 2010, processes and sells basmati rice
(mainly Pusa 1121 quality). The company is promoted by Mr. Anil
Vig and his family. It has a paddy processing (milling and
sorting) unit at Gurdaspur (Punjab) with total capacity of 10
tonnes per hour. SSG primarily sells basmati rice in the domestic
market, mainly to exporters. It plans to double its processing
capacity over the next two years.


SHREE BALAJI: CRISIL Assigns D Rating to INR207.5MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Shree Balaji Pigments Pvt. Ltd. (SBPPL). The rating reflects
instances of delay by SBPPL in meeting its debt obligations
because of weak liquidity.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit             207.5       CRISIL D
   Term Loan                32.5       CRISIL D

SBPPL also has a weak financial risk profile, marked by high
gearing, average scale of operations with geographic concentration
in its revenue profile, and large working capital requirements.
However, the company benefits from the extensive experience of its
promoters in the metal industry.

SBPPL, promoted by Mr. Khem Chand Jain and Mr. Sunil Kumar
Agarwal, manufactures TMT (Thermo-mechanically treated) bars. The
company, incorporated in 2007 has a manufacturing plant with a
capacity of 1.05 lakhs MT (metric ton) per annum, in Kathua, Jammu
& Kashmir.

SBPPL reported net profit and net sales of INR30.1 million and
INR1042.8 million, respectively, for 2013-14 (refers to financial
year, April 1 to March 31); the company reported a net profit of
INR19.0 million on net sales of INR986.5 million for 2012-13.


SHREE LAXMINARAYAN: CRISIL Reaffirms B Rating on INR110MM Loan
--------------------------------------------------------------
CRISIL's ratings on long term bank facilities of Shree
Laxminarayan Agro Cold Storage (SLCS) continues to reflect the
firm's modest scale of operations in a highly competitive cold
storage industry and its below average financial risk profile,
marked by low networth and high gearing.

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

   Term Loan                 70      CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
the firm derives from its location advantage leading to moderate
demand risk.
Outlook: Stable

CRISIL believes that SLCS will continue to benefit over the medium
term from its plant's favourable location. The outlook may be
revised to 'Positive' if the firm registers significant
improvement in its top line, leading to healthy cash accruals and
improved financial risk profile. Conversely, the outlook may be
revised to 'Negative' if SLCS's revenue declines on account of
pressure on profitability, or it undertakes any large debt-funded
capital expenditure, further weakening its liquidity and financial
risk profile.

Update
In 2013-14 (refers to financial year April 1 to March 31),
revenues of the firm registered a 30 per cent year-on-year
increase to reach INR20.9 Million on account of increase in
volumes. The firm has recorded revenues of around INR12.5 Million
for the ten months ended January 2015 and CRISIL expects the firm
to record revenues of around INR15 Million in 2014-15 on the back
of moderation in volumes, driven by decline in crop output. The
firm's operating profitability remains healthy at 86.5% in 2013-
14. CRISIL expects the operating profitability to decline
marginally in 2014-15 on the back of decline in revenues, given
the fixed nature of most of the costs.

SLCS has minimal working capital requirements, as the firm does
not have its own inventory. Further, its debtors are minimal, as
it collects rent when its customers lift the stock.

SLCS gearing improved to 2.41 times as on March 31, 2014 from 3.12
times as March 31, 2013, due to repayment of term loan alongwith
equity infusion of INR3.40 Million. The debt protection metrics of
the firm remain comfortable with interest coverage of 2.6 times
and Net cash accruals to Total Debt (NCATD) of 0.17 times
respectively as on March 31, 2014, on the back of healthy
profitability. CRISIL believes that the financial risk profile of
the firm will improve over the medium term on the reduction in
overall debt levels and fresh equity infusion.

SLCS's liquidity remains constrained by cash accruals being
tightly matched with repayment obligations. In 2013-14, the firm
generated cash accruals of INR10.3 Million, which was tightly
matched with its repayment obligations of INR10.8 million. In
2014-15, the firm's accruals of around INR7 million are expected
to remain short of its repayment obligations of around INR10.1
million; however, its liquidity profile would be supported by
fresh capital infusion of INR4.6 million and receipt of additional
government subsidy of INR4 million in December 2014 (taking the
total subsidy received to around INR16 million). Consequent to
receipt of such subsidy, the firm's term loan repayments have also
been adjusted resulting in relatively lower payments. CRISIL
expects the firm to generate accruals of around INR9.4 million in
2015-16 as against repayment obligation of INR6.5 million. CRISIL
believes that timely repayment of term debt obligations will
remain a key rating sensitivity factor.

Established in 2010, SLCS, based in Sabalpur (Gujarat), stores
various fruits, vegetables and agricultural commodities at its
facilities in Sabalpur. It is managed by Mr. Arvind Goel and Mr.
Vijay Kumar Kacha. The firm started commercial operations in April
2012.


SIRUPOOLUVAPATTI: CRISIL Suspends D Rating on INR310MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sirupooluvapatti C.E.T.P. Private Limited (SCETPL).

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Long Term Loan            310       CRISIL D

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

SCETPL, a private limited company promoted by a group of dyeing
units in and around the Tirupur area, commenced its commercial
operations in November 2009. The company is engaged in treating
the effluents discharged by the garment dyeing units as per the
pollution control norms laid down by Tamil Nadu Pollution Control
Board for Zero Liquid Discharge.


SONA SATI: ICRA Suspends D Rating on INR96.08cr Term Loan
---------------------------------------------------------
ICRA has suspended the rating of [ICRA]D rating assigned to the
INR13.5 crore cash credit limit and INR96.08 crore term loans of
Sona Sati Organics Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

SSOPL was incorporated in 2004 by the Singh, Kumar and Jaiswal
families based at Patna, Bihar. The company's recently
commissioned 80 kilo litres per day (klpd) distillery for
production of rectified spirit (RS) commenced production in May
2013. The company is in the process of setting up a 12,000 cases
per day bottling plant and expanding the capacity of its
distillery by 40 klpd to 120 klpd.


SRI JYOTHI: CRISIL Assigns B+ Rating to INR40MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sri Jyothi Cotton Ginners (SJC).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility       30       CRISIL B+/Stable

   Long Term Loan           20       CRISIL B+/Stable

   Cash Credit              40       CRISIL B+/Stable

   Letter of Credit         20       CRISIL A4

The ratings reflect SJC's weak financial risk profile marked by a
low net worth and high gearing. The ratings also factors in the
company's moderate scale of operations in a highly fragmented
ginning industry. These rating weaknesses are partially offset by
the extensive experience of its promoter in the cotton ginning
industry.
Outlook: Stable

CRISIL believes that SJC will continue to benefit over the medium
term from its promoter's extensive experience. The outlook may be
revised to 'Positive' if the company's revenues and profitability
increase substantially leading to an improvement in its financial
risk profile or in case of significant infusion of capital
resulting in an improvement in SJC's capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes aggressive, debt-funded expansions, or if its
revenues and profitability decline substantially leading to
deterioration in its financial risk profile.

Established in 2011, SJC is engaged in ginning and pressing of raw
cotton and sells cotton seeds. The company was promoted by
Mr.K.Gopal who is currently managing the day-to-day operations of
the firm. It's ginning unit in located in Raichur, Karnataka.

SJC reported, a profit after tax (PAT) of INR2 million on
operating income of INR   1.24 billion for 2013-14 (refers to
financial year, April 1 to March 31); the company reported a PAT
of INR1 million on operating income of INR576 million for 2012-13.


SRINATH METAL: CRISIL Suspends B+ Rating on INR117.5MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Srinath
Metal Pvt Ltd (SMPL).

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Long Term Loan           117.5      CRISIL B+/Stable

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

Incorporated in 2008, SMPL commenced commercial operations in June
2010. SMPL initially manufactured mild steel billets at its
manufacturing facility, which has an installed capacity of 100
tonnes per day. In October 2010, SMPL entered an operating lease
with its group concern, DIPL. The operating lease is for seven
years, entitling SMPL to a monthly lease rental of INR4.0 million.


SULAKSHANA CIRCUITS: ICRA Assigns C+ Rating to INR2.0cr Loan
------------------------------------------------------------
ICRA has assigned the [ICRA]C+ to the INR2.00 crore fund based
limits and [ICRA]A4 to INR3.20 Cr non fund based limits of
Sulakshana Circuits Limited. ICRA has also assigned ratings of
[ICRA]C+/[ICRA]A4 to the INR2.21 Cr unallocated limits of SCL.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Fund based limits        2.00      [ICRA]C+;assigned
   Non Fund based limits    3.20      [ICRA]A4;assigned
   Unallocated              2.21      [ICRA]C+/[ICRA]A4; assigned

The assigned rating is constrained by the weak financial profile
of the company characterized by negative profitability (operating
margin of -3.11% in FY14) and stretched coverage indicators (as
indicated by OPBITDA-to-Interest & Finance Charges of -0.70 and
Net Cash Accruals-to-Total Debt of -19%). The rating is further
constrained by the stretched liquidity profile of the company as
indicated by consistent overutilization of working capital limits
coupled with small scale of operations of the company. Also the
company is vulnerable to forex losses on account of unhedged forex
exposures.

The rating, however, favourably takes into account the three
decades of experience of management in the manufacturing of
printed circuit boards and its diversified customer base with
supplies to defence, automobiles, aerospace and other sectors.

Sulakshana Circuits Limited was incorporated in the year 1988 by
Mr. C. S. Rao in technical collaboration with Lazer-Tech (Canada).
The company is involved in the manufacturing of printed circuit
boards. The company manufactures multilayer, double-sided and
single-sided PCBs for defense, aerospace, automotive, medical and
other sectors. The company's clientele includes ECIL, Astra
Microwave Limited, etc.

According to audited FY14 financials, the company registered an
operating income of INR13.94 Cr and operating loss of INR0.43 Cr
as against the operating income of INR14.07 Cr and operating
profit of INR0.54 Cr in FY13.


VAISHALI FLOUR: ICRA Suspends B+ Rating on INR2.75cr Cash Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR2.75 crore
cash credit facility and [ICRA]A4 rating assigned to the INR2.51
crore bank guarantee facility of Vaishali Flour Mills. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


VIKAS UDYOG: CRISIL Reaffirms B Rating on INR47MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vikas Udyog
(VU) continues to reflect VU's modest scale of operations with low
operating margin, susceptibility of its margins to volatility in
cotton prices, and its exposure to risks related to the regulatory
framework governing the cotton industry.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            47      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    21.3     CRISIL B/Stable (Reaffirmed)

   Term Loan              2.2     CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by its promoters'
extensive experience in the cotton ginning industry, and its
moderate financial risk profile, marked by a moderate gearing and
adequate debt protection metrics, though constrainedby a small net
worth.
Outlook: Stable

CRISIL believes that VU's business risk profile will remain
constrained over the medium term on account of its modest scale of
operations. The outlook may be revised to 'Positive' if the firm's
topline and profitability increase significantly, or if there is a
substantial capital infusion by the promoters, leading to
improvement in its capital structure and liquidity. Conversely,
the outlook may be revised to 'Negative' if there is further
pressure on VU's liquidity, or if it undertakes any unanticipated
debt-funded capital expenditure (capex) programme.

Update
VU is estimated to register revenue of INR402 million in 2014-15
(refers to financial year, April 1 to March 31) as against INR496
million in 2013-14 driven by low capacity utilization on account
of decline in cotton production.The firm is expected to register
revenue of INR400 million to INR450 million a year over the medium
term. The operating margin, however, has been stable at around 3
per cent in 2014-15 and this is expected to remain in the range of
3 to 4 per cent over the medium term.

VU's financial risk profile is average with estimated high gearing
of 1.26 times as on March 31, 2015. The debt protection metrics
are expected to remain average with net cash accruals to total
debt and interest coverage ratios of 0.08 times and 2.33 times,
respectively, for 2014-15.The financial risk profile is expected
to remain average over the medium term.

VU's liquidity is moderately stretched with cash accruals being
tightly matched with term debt repayments and high bank limit
utilisation. The company is expected to generate cash accruals of
INR3.5 million to INR4.0 million in 2014-15 as against repayments
of around Rs1.2 million for the year.Its bank lines of around
INR47 million are moderately utilized 62 per cent over the 10
months ended February 2015. CRISIL believes that VU's liquidity
will remain moderately stretched on account of substantial
upcoming term debt obligations.

VU was set up as a partnership firm in 2007 by Mr. VikasAgrawal
and his family. The firm is engaged in the ginning and pressing of
cotton and crude cotton oil extraction. It is based in
Jintur(Maharashtra).


ZUCI ENERGY: CRISIL Suspends B+ Rating on INR100MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Zuci Energy Pvt Ltd (ZEPL).

                              Amount
   Facilities               (INR Mln)     Ratings
   ----------                ---------    -------
   Long Term Loan                100      CRISIL B+/Stable
   Proposed Cash Credit Limit     10      CRISIL B+/Stable

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

Incorporated in 2012, ZEPL is engaged in processing of MSW. Based
in Hyderabad, ZEPL is promoted by Mr. Sujith Govindraju and his
associates. Currently, ZEPL is operating an MSW processing unit on
lease.



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


ASAHI MUTUAL: Fitch Affirms 'BB' IFS Rating; Outlook Positive
-------------------------------------------------------------
Fitch Ratings has affirmed Japan-based Asahi Mutual Life Insurance
Co.'s (Asahi Life) Insurer Financial Strength (IFS) rating at
'BB'.  The Outlook is Positive.

KEY RATING DRIVERS

The IFS rating reflects Asahi Life's steadily improving but still-
weak capital adequacy compared with its peers' as well as its
resilient insurance underwriting, supported by the company's
strategic focus on the profitable third (health) sector.  This is
partly offset by moderately shrinking - but still sizeable -
negative spread burden, which will continue to hurt the financial
performance of the company.

Asahi Life's capital adequacy and financial leverage continue to
improve, which underpin the Positive Outlook on the IFS rating.
Its statutory solvency margin ratio (SMR) rose to 638.9% at end-
December 2014 from 569.0% at end-March 2014, mainly due to its
increased unrealized gains on securities and its accumulated
capitalization and reserves.  Also, the company's financial
leverage declined to 41.6% at end-December 2014 from 46.9% at end-
March 2014, thanks to its strengthened capitalization.

The company's insurance underwriting business has been stable due
to its effective focus on the more profitable third sector.
Annual premiums of in-force policies in this segment increased by
1.4% during the first nine months in the financial year ended
March 2015 (FYE15), partly due to the effective sales promotions
via non-traditional agencies channels.  Fitch believes that the
company's efforts in marketing third-sector products via several
non-traditional channels, including banks, are likely to further
enhance its strength in this segment.

Nevertheless, in comparison with its peers' average SMR of more
than 900%, Asahi Life's capital position is weak.  In addition,
Asahi Life's negative spread burden of JPY71.1bn in FYE14 (FYE13:
JPY80.3bn) is large and continues to offset gains from better-
than-projected mortality and morbidity rates.  However, Fitch
expects Asahi Life's negative spread burden to shrink as a
consequence of gradually declining average guaranteed yields over
the medium term.

Asahi Life is the seventh-largest traditional domestic life
insurer in Japan with a 3% market share by value of policies in
force at end-March 2014.

RATING SENSITIVITIES

Key rating triggers for an upgrade include: a further
strengthening of capitalization, particularly if the SMR remains
well above 400%; further improvement in Fitch's internal
capitalization measure; a decline in financial leverage (with
kikin treated as debt) to below 45%, on a sustained basis; and
maintenance of the good quality of its capital through the
restructuring of its capitalization.  Growth in the company's
third-sector business and reduction in the surrender and lapse
rates of its death protection products would also be viewed
positively by Fitch.

Key rating triggers for a downgrade include: material erosion of
capitalization, specifically, a decline in the SMR to below 300%
or deterioration in Fitch's internal capitalization measure on a
sustained basis.  Significant deterioration in profitability would
also put the rating under pressure.



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


HANOVER FINANCE: Mark Hotchin in Settlement Talks With FMA
----------------------------------------------------------
Richard Meadows at Stuff.co.nz reports that confidential
settlement talks between former Hanover Finance boss Mark Hotchin
and the Financial Markets Authority (FMA) are underway in the High
Court at Auckland.

Stuff.co.nz says Mr. Hotchin and five other directors and
promoters of the failed finance company are being sued by the FMA,
which alleges they were responsible for false statements that led
to major losses for investors.

According to the report, the FMA wants compensation for
NZ$35 million of losses in Hanover companies, declarations of
liability, and pecuniary penalties in a lawsuit that has dragged
on for three years.

Last year the market watchdog's boss Rob Everett said he would
prefer to settle, and was hopeful an agreement could be reached,
the report says.

Stuff.co.nz notes that the High Court list shows the parties are
meeting for a "judicial settlement conference" before Justice
Sarah Katz on May 4, which is closed to the media.

According to Stuff.co.nz, FMA spokesman Andrew Park said it was a
standard step in the litigation process for courts to direct
parties to discuss their issues at such a conference.

"Neither side is seeking any permission from the court on any
matter," the report quotes Mr. Park as saying.

Mr. Park would not comment on the specifics of the discussions,
saying the matter was still before the courts, the report notes.

In a parallel legal battle that has gone all the way to the
Supreme Court, Mr. Hotchin is also attempting to make trustees
jointly liable for any damages that result from the civil lawsuit,
Stuff.co.nz states.

In March, the five Supreme Court judges were told Mr. Hotchin had
abandoned his claim against Perpetual Trust after reaching a
settlement, leaving only Guardian Trust remaining, the report
recalls.

According to the report, the Court of Appeal had previously ruled
against Mr. Hotchin, saying the trustees had different
responsibilities from Hanover's principals and could not be held
liable for their fault.

Stuff.co.nz adds that Mr. Hotchin's assets and a related trust are
in limbo, with freezing orders issued in 2010 remaining in force.

The other men being sued by the FMA are Eric Watson, Greg Muir,
Sir Tipene O'Regan, Bruce Gordon and Dennis Broit, the report
notes.

                       About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.

SFO on April 30, 2013, said it has completed its investigation
of Hanover Finance, bringing to an end its investigations into the
2007/08 finance company collapses. That process, which saw SFO
investigate 15 separate companies, resulted in criminal
prosecutions in relation to nine companies. Overall, 23
individuals have faced charges laid by SFO.


PINNACLE LIFE: A.M. Best Affirms 'B' Fin'l. Strength Rating
-----------------------------------------------------------
A.M. Best Co. has affirmed the financial strength rating of B
(Fair) and the issuer credit rating of "bb+" of Pinnacle Life
Limited (New Zealand).  The outlook for both ratings remains
stable.

The rating affirmations reflect Pinnacle Life's low product risk
profile, direct distribution capabilities and a lapse ratio
consistently below the market average.

Pinnacle Life mainly underwrites simple life insurance in the term
life segment of the New Zealand market, relying primarily on a
direct-to-consumer channel.  In addition, the company continues to
maintain a steady niche in its targeted market segment.

Offsetting rating factors include Pinnacle Life's capital-
intensive operating model, relatively small in-force portfolio and
high reinsurance leverage.

While not exposed to the high upfront commissions of the adviser
channel, marketing of the business through a direct-to-consumer
channel also requires significant upfront advertising
expenditures, which makes the company's business model very
capital intensive to operate.  In addition, Pinnacle Life's small
capital base has restricted the company's ability to grow rapidly,
thereby deferring it from achieving economies of scale. Higher
growth will require continued capital raising.

A substantial improvement in Pinnacle Life's solvency capital and
financial flexibility could lead to positive rating actions.
However, the ratings could be downgraded if there are large
impairments in net insurance contract assets due to higher-than-
expected lapses for its in-force business, or a higher drain on
the solvency margin due to higher-than-budgeted operating expenses
or higher-than-assumed claim frequency.



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


BDO UNIBANK: Fitch Affirms 'BB+' LT FC IDR; Outlook Positive
------------------------------------------------------------
Fitch Ratings has affirmed the ratings on three Philippine banks -
- Bank of the Philippine Islands (BPI), BDO Unibank, Inc. (BDO)
and Metropolitan Bank & Trust Company (Metrobank).  The Long-Term
Issuer Default Ratings (IDR) on both BPI and Metrobank were
affirmed at 'BBB-' with Stable Outlooks, and their Viability
Ratings (VR) affirmed at 'bbb-'.  BDO Unibank, Inc.'s (BDO) IDR
was affirmed at 'BB+' on Positive Outlook, and its VR affirmed at
'bb+'.

Concurrently, the agency has assigned Short-Term Foreign-Currency
IDRs to BPI and Metrobank of 'F3' and BDO of 'B', which directly
correspond to their Long-Term IDRs.

KEY RATING DRIVERS - VRs, IDRs and National Ratings

The banks' Long-Term IDRs and National Long-Term Ratings are
driven by their VRs.

BPI's ratings reflect its greater appetite for growth in recent
years, but also the bank's track record over the past decade of
prudently managing risk.  The ratings also incorporate the bank's
generally solid credit profile, with a stable funding base
stemming from its established domestic franchise, sound
capitalization, and steady and high profitability.

Metrobank's ratings are supported by its liquid balance sheet,
improved asset quality and good loss-absorption buffers.
Capitalization, already sound, was further boosted by a PHP32bn
equity raising in April 2015, which will likely help to fund
above-trend loan growth in the coming 12-18 months.

The Stable Outlooks on BPI and Metrobank reflect Fitch's
expectation that their risk profiles will be maintained over the
near to medium term amid robust economic growth in the
Philippines.

BDO's ratings reflect the bank's moderate but improving core
profitability and asset quality, stemming from its historically
higher appetite for growth and acquisition relative to peers.  The
ratings also take into account its sound funding position and
reasonably healthy capitalization and reserves.

The Positive Outlook on BDO's ratings acknowledges the improvement
in its underlying profitability and asset quality over the past
few years.  However, this has occurred in a strong economy, which
has benefited the banking system generally, so any credit issues
stemming from high loan growth in recent years may take time to
surface.  Asset quality risks can be partly mitigated through high
loss absorption buffers.  In this regard, BDO's capitalization
remains fairly sound overall, but its Fitch core capital (FCC)
ratio fell to 12.8% at end-2014 from 14.3% at end-2013 on account
of high loan growth and higher dividends.

Favorable operating conditions and abundant liquidity continue to
support rapid banking system loan growth, which accelerated to
roughly 19% in 2014 from 16% in 2013.  This raises the risk of
credit misallocation and asset bubbles, although Fitch notes that
anecdotal property price inflation - as one indicator - does not
appear extreme.

These issues are somewhat mitigated by the banks' reasonably
healthy financial profiles, including their considerable loss
absorption buffers.  Fitch's internal stress tests suggest that
the three large banks have adequate loss absorption cushions to
weather a fairly significant rise in credit costs.  Fitch expects
the banks to maintain relatively high core capitalization in the
medium term, in light of new regulation requiring domestic
systemically-important banks (D-SIBs) - which are likely to
include BPI, BDO and Metrobank - to hold even more capital from
2017 onwards.  In addition, on-going initiatives by the regulator
to monitor potential asset quality issues and strengthen the
banks' prudential practices are appropriate in Fitch's view.

RATING SENSITIVITIES - VRs, IDRs and National Ratings

Continued improvements in the operating and regulatory
environment, including progress on the structural issues such as
high borrower concentration and conglomerate ownership, and
sustainable improvement in the banks' other credit metrics could
support positive rating action in the medium term.  However, there
is limited upside for BPI's and Metrobank's ratings in the near
term as they are already the highest of the Philippine banks rated
by Fitch, and high relative to banks in other similarly rated
countries.  Moreover, their ratings are equal to the sovereign
(BBB-/Stable) and they have sizeable exposure to Philippine
government bonds.

For BDO, Fitch will continue to monitor its appetite for growth
and risk, the seasoning of its loan portfolio and developments in
its loss-absorption buffers (including capitalization relative to
its immediate peers) before taking any ratings action.

The ratings on BPI and Metrobank and the VR on BDO may face
negative rating action in the event of a continued rise in risk
appetite, such as aggressive acquisition activity, further rapid
loan growth or further increases in risk concentration, including
to the real estate sector, which may lead to asset quality
deterioration and weakened loss absorption buffers.  However,
BDO's IDR of 'BB+' is at the same level as its Support Rating
Floor (SRF), and any downgrade of its VR will not affect its IDR
unless considerations behind its 'BB+' SRF also weaken.

KEY RATING DRIVERS AND RATING SENSITIVITIES - Support Ratings (SR)
and Support Rating Floors (SRF)

The SRs and SRFs of the three Philippine banks are the same at '3'
and 'BB+', reflecting Fitch's view of a moderate likelihood of
extraordinary state support for these banks, if needed.  Fitch
believes that BPI, BDO and Metrobank are systemically important in
the Philippines due to their large individual shares of domestic
deposits, but the ratings also incorporate the sovereign's modest
ability to provide support in times of need, as reflected in its
IDR of 'BBB-'.

The SRs and SRFs may change depending on Fitch's assessment of the
sovereign's ability to provide extraordinary support, which may be
indicated by a change in the sovereign ratings, and its propensity
to extend timely support.  Evidence of diminishing implicit state
support for banks would be negative for these ratings, although
Fitch does not expect this issue to arise in the Philippines in
the near term.

RATING SENSITIVITIES - Debt Ratings

BDO's senior notes are rated at the same level as its Long-Term
IDR.  This is because the notes constitute direct, unsubordinated
and unsecured obligations of the bank, and rank equally with all
its other unsecured and unsubordinated obligations.  Any change in
the IDR would affect the issue ratings.

The rating actions are:

BPI
Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook Stable
Short-Term Foreign-Currency IDR assigned at 'F3'
Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook Stable
National Long-Term Rating affirmed at 'AAA(phl)'; Outlook Stable
Viability Rating affirmed at 'bbb-'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'

BDO
Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook Positive
Short-Term Foreign-Currency IDR assigned at 'B'
Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook Positive
National Long-Term Rating affirmed at 'AA+(phl)'; Outlook Stable
Viability Rating affirmed at 'bb+'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
Ratings on senior notes affirmed at 'BB+'

Metrobank
Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook Stable
Short-Term Foreign-Currency IDR assigned at 'F3'
Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook Stable
Viability Rating affirmed at 'bbb-'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'


LAND BANK: Fitch Affirms 'BB+' LT FC IDR; Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed the ratings on government-owned Land
Bank of the Philippines (LBP) and Development Bank of the
Philippines (DBP).  Their Long-Term Issuer Default Ratings (IDR)
and Support Rating Floors (SRFs) have been affirmed at 'BB+' and
Viability Ratings at 'bb+'.  At the same time, the agency has
assigned Short-Term Foreign Currency IDRs of 'B' to the two banks.
The Outlooks on both banks are Stable.

KEY RATING DRIVERS - VRs, IDRs and National Ratings

The banks' Long-Term Foreign Currency IDRs and National Ratings
are driven by their VRs and SRFs.  The banks' VRs reflect their
moderate asset quality, including their policy-oriented loan books
and high concentration risk, which are typical for policy banks.
Nevertheless, the banks exhibit satisfactory capitalization,
funding and earning profiles.  The Stable Outlooks on LBP and DBP
reflect Fitch's expectation that they will maintain steady risk
profiles over the near to medium term and the Stable Outlook on
Philippines' sovereign rating of 'BBB-'.

The loan quality of LBP and DBP is likely to be less sound than
that of well-managed privately owned banks because of loans
extended to sectors in line with government mandates and
priorities account for about 80% of their total loan portfolio.
The two banks are majority funded by deposits from government and
government-related entities, because the banks are wholly owned by
the government and government agencies are required to place
deposits with government banks.  DBP also has long-term funding
from Official Development Assistance provided by bilateral and
multilateral sources.

The capitalization of LBP and DBP is likely to remain high
relative to similarly rated banks, to fulfill their policy-related
obligations.  Fitch expects them to be subject to the regulatory
minimum of a core tier 1 capital ratio of 11%, including a 2.5%
buffer for domestic systemically important banks (D-SIBs) under
Basel III standards, which will be phased in 2017.  LBP's core
tier 1 capital ratio was 11.6% and DBP's 13.8% at end-2014, and
their Fitch core capital ratio is estimated at around 14%-15% at
end-2014.

KEY RATING DRIVERS -Support Rating (SR) and SRF

The SR of '3' and SRF at 'BB+' reflect Fitch's expectations of
moderate probability of extraordinary government support available
to LBP and DBP, if needed.  The two banks are 100% owned by the
government and they have quasi-policy roles.  They are also
important in the local banking system - the regulator is likely to
designate LBP and DBP as D-SIBs on account of their sizeable share
of assets and deposits in the Philippines.

These rating actions do not take into account the possible merger
between LBP and DBP because it is still subject to various
legislative approvals.  The merger has been proposed to remove
their overlapping policy functions, and improve operating
efficiency and economies of scale with a larger balance-sheet
capacity.

LBP is mandated to provide financial support for agrarian reform
and grant credit facilities to the agricultural, low-cost housing,
micro enterprise, SME, communication and other sectors.  DBP is
mandated to provide medium- and long-term credit facilities for
the infrastructure, logistics, micro enterprise, SME, and social
services sectors, among others.

KEY RATING SENSITIVITIES - VRs, IDRs and National Ratings

The banks' VRs might be pressured if credit losses increase
sharply, leading to capital impairment, possibly as a result of
state-directed lending or an unexpected downturn in the operating
environment.  However, Fitch sees limited prospects of this
happening while the domestic economy remains strong and given the
banks' sound loss-absorption capacity.  The VRs could be upgraded
over medium term if their businesses were more commercially
driven, and asset quality risk was lowered together with
sustainable improvement in their franchises and risk appetites.

KEY RATING SENSITIVITIES - SRs and SRFs

The SRs and SRFs will be impacted by changes in the government's
ability and propensity to extend timely support.  Should the
proposed merger between DBP and LBP materialize, Fitch may review
the SR and SRF of the consolidated entity.

KEY RATING DRIVERS AND SENSITIVITIES - Debt Ratings

The senior notes of DBP are rated the same as its Long-Term IDR.
This is because the notes constitute direct, unsubordinated and
senior unsecured obligations of the bank, and rank equally with
all its other unsecured and unsubordinated obligations.  Any
change in the IDR would affect the issue ratings.

DBP's legacy perpetual hybrid notes are rated three notches below
its VR, reflecting the presence of both subordination and going-
concern loss-absorption mechanisms.  The rating of these
securities is ultimately sensitive to a change in its VR.

LBP does not have any outstanding debt issues to which Fitch
assigned ratings.

FULL LIST OF RATING ACTIONS:

LBP
Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook Stable
Short-Term Foreign-Currency IDR assigned at 'B'
Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook Stable
National Long-Term Rating affirmed at 'AA+(phl)'; Outlook Stable
Viability Rating affirmed at 'bb+'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'

DBP
Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook Stable
Short-Term Foreign-Currency IDR assigned at 'B'
Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook Stable
National Long-Term Rating affirmed at 'AA+(phl)'; Outlook Stable
Viability Rating affirmed at 'bb+'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
Ratings on senior notes affirmed at 'BB+'
Ratings on legacy perpetual callable subordinated hybrid notes
affirmed at 'B+'



=================
S I N G A P O R E
=================


OTTO MARINE: Liquidation Bid Hearing Set For May 15
---------------------------------------------------
Jamie Lee at The Business Times reports that Otto Marine Limited
said on April 25 that its creditor has filed an application with
the Singapore High Court to wind up the marine company over a debt
of about SGD1.57 million in total. The application will be heard
on May 15, the report says.

"The company is not disputing the debt," Otto Marine said in a
statement, the report relays. "The company is currently in
negotiations with the creditor's solicitors to reach a settlement
in respect of the debt."

The report relates that Otto also said on the same day that a
separate winding-up application filed by a creditor against its
subsidiary, Go Offshore Asia, is being withdrawn after the latter
paid up the debt of US$118,000 to the creditor.

Otto Marine Limited -- http://www.ottomarine.com/--through its
subsidiaries, engages in the shipyard, shipping and chartering,
ship leasing, and subsea activities. The company was founded in
1979 and is headquartered in Singapore.



===========
T A I W A N
===========


TRANSAKT LTD: Has US$7.09-Mil. Loss in 2014
-------------------------------------------
TransAKT Ltd. reported a net loss of US$7.09 million on US$450,000
in revenue for the year ended Dec. 31, 2014, compared to a net
loss of US$10.52 million on US$360,000 of revenue in the same
period last year.

KCCW Accountancy Corp. expressed substantial doubt about the
Company's ability to continue as a going concern, citing the
Company has accumulated deficit of US$21.5 million and US$14.4
million at December 31, 2014 and 2013, respectively, including net
losses of US$7.09 million and $10.5 million during the years ended
Dec. 31, 2014 and 2013, respectively.

The Company's balance sheet at Dec. 31, 2014, showed US$1.26
million in total assets, US$1.13 million in total liabilities, and
stockholders' equity of US$136,000.

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

                        http://is.gd/3n39HQ

                        About TransAKT Ltd.

Based in Yangmei City, Taoyuan, Taiwan, TransAKT Ltd., a Nevada
corporation, has operated principally as a research and
development company since its inception but abandoned its
telecommunications technology business in fiscal 2012.  Through
its wholly owned subsidiary, Vegfab Agricultural Technology Co.
Ltd., it is now engaged in the manufacture, marketing and sale of
hydroponic and LED based agricultural equipment for commercial and
home use.



                             *********

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,
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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