TCRAP_Public/150603.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, June 3, 2015, Vol. 18, No. 108


                            Headlines


A U S T R A L I A

BIS INDUSTRIES: Moody's Downgrades CFR to Caa1, Outlook Negative
IKCSHEDS PTY: First Creditors' Meeting Slated For June 11
PLANET PLATINUM: ASIC Won't Back Rescue Plan, Court Hears
PRODIGY PAYROLL: First Creditors' Meeting Slated For June 10
SYRACUSE ENTERPRISES: First Creditors' Meeting Slated For June 12

* AUSTRALIA: Wind-Up Applications Double in May


C H I N A

HANERGY HOLDINGS: Regulator Confirms Probe Despite Boss' Denial
KAISA GROUP: Moody's Alters 'Ca' CFR Outlook to Negative
LDK SOLAR: Reports $270 Million Net Loss in 2014
ZHONGAO HOLDINGS: Defaults After Banks Refuse to Roll Over Loan


I N D I A

AAA PAPER: ICRA Suspends C+/A4 Rating on INR23.50cr Bank Loan
AASHKA HOSPITALS: CRISIL Assigns 'B' Rating to INR331.5MM Loan
AGRON LOGISTICS: ICRA Assigns 'B' Rating to INR10.0cr LT Loan
AJITH CARS: CRISIL Assigns 'B' Rating to INR150MM Cash Credit
ALCHEMIST INFRA: Sebi Orders Prosecution Proceedings, Wind Up

ALFA MOULDING: CRISIL Assigns 'B+' Rating to INR50MM Cash Loan
ATTIRE DESIGNERS: CRISIL Cuts Rating on INR60MM Loan to B+
BHANDARI STEELS: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
BHUMIKA ISPAT: ICRA Suspends B- Rating on INR18.27cr FB Loan
CALISTA HOTELS: CRISIL Assigns 'B-' Rating to INR250MM LT Loan

CYTECH COATINGS: CRISIL Reaffirms 'B+' Rating on INR30MM Loan
DESCON LTD: CRISIL Lowers Rating on INR75MM Cash Loan to B+
EARTHCON DEVELOPERS: ICRA Assigns 'B' Rating to INR12cr Term Loan
FALCON GLASS: CRISIL Assigns 'B' Rating to INR32.5MM Cash Loan
HOSHIARPUR ROLLER: CRISIL Reaffirms B- Rating on INR85MM Loan

KARMIC ENERGY: CRISIL Assigns 'B' Rating to INR162.5MM Term Loan
LAGAN ENGINEERING: CRISIL Cuts Rating on INR75MM Loan to 'B'
M.D PRINTING: CRISIL Cuts Rating on INR20MM Foreign LOC to 'D'
M.K. WOOD: Ind-Ra Withdraws 'IND BB(suspended)' LT Issuer Rating
PADIGELA GINNING: ICRA Assigns B+ Rating to INR7.50cr Cash Loan

PARTH DIAMOND: CRISIL Upgrades Rating on INR105MM LOC to B+
PRAPALSHA AGROS: ICRA Rates INR8.50cr Fund Based Loan at B+
PRINCE VITRIFIED: ICRA Suspends 'D' Rating on INR13.44cr Loan
ROSE METALS: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Credit
RUSHIKESH PAPER: ICRA Withdraws B+/A4 Rating on INR6.15cr Loan

SAINATH AUTOLINKS: ICRA Reaffirms B+ Rating on INR29.66cr Loan
SANJAY KUMAR: CRISIL Assigns B+ Rating to INR10MM Cash Credit
SARATHY MOTORS: CRISIL Lowers Rating on INR90MM Cash Loan to B+
SHAKTHI TECH: CRISIL Assigns 'B+' Rating to INR65MM Term Loan
SHILPI FLOCKING: ICRA Assigns B+/A4 Rating to INR12.5cr Loan

SHREE AMBICA: CRISIL Reaffirms B+ Rating on INR56.7MM Cash Loan
SHREE PRITHVI: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
SHYAM GINNING: ICRA Suspends B Rating on INR27.50cr Capital Loan
SIVA ENGINEERING: CRISIL Reaffirms 'D' Rating on INR170MM Loan
SLO STEEL: ICRA Revises Rating on INR25cr Fund Based Loan to B

SNEHA MARKETING: CRISIL Puts B Rating on Notice of Withdrawal
SRK INFRA: ICRA Assigns B+ Rating to INR19.50cr Term Loan
STANDARD LEATHER: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
THENPANDIAN TEXTILE: CRISIL Rates INR93MM Term Loan at 'B'
UNITED HOTELS: ICRA Reassigns B- Rating to INR34cr Loan

UPTIME INFRATEL: CRISIL Cuts Rating on INR40MM Term Loan to 'D'
VENMITRA SYSTEMS: CRISIL Assigns 'B+' Rating to INR35MM Loan
VENMITRA SYSTEMS: ICRA Suspends B+ Rating on INR3.50cr LT Loan
VINAYAK HATCHERIES: Ind-Ra Withdraws 'IND B-(suspended)' Rating
WARM GEARS: ICRA Lowers Rating on INR16cr Term Loan to 'D'

WELLDONE EXIM: CRISIL Cuts Rating on INR400MM Bill Loan to B+
YATHARTH HOSPITALS: ICRA Lowers Rating on INR37.5cr Loan to 'D'


I N D O N E S I A

TOWER BERSAMA: Moody's Affirms Ba2 CFR, Outlook Still Negative


J A P A N

SHARP CORP: Paid Board Members More Last Year Despite Huge Losses
SKYMARK AIRLINES: Intrepid Aviation Submits Restructuring Plan


M A L A Y S I A

MALAYSIA AIRLINES: Is "Technically Bankrupt"; To Cut 6,000 Jobs


N E W  Z E A L A N D

HEALTH SERVICES: A.M. Best Affirms 'B' Financial Strength Rating


S O U T H  K O R E A

WOORI BANK: S&P Assigns 'BB' Rating to US$7BB Proposed Jr. Notes


                            - - - - -


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A U S T R A L I A
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BIS INDUSTRIES: Moody's Downgrades CFR to Caa1, Outlook Negative
----------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Bis Industries Group Limited to Caa1 from B3. At the same time,
Moody's has downgraded the rating on Artsonig Pty Limited's
("Artsonig") 5 year USD 250 million senior unsecured PIK notes to
Caa3 from Caa2. Artsonig is a wholly owned subsidiary of Bis
Industries Group Ltd. The outlook on all ratings is negative.

"The rating action reflects the considerable pressure on Bis'
credit profile due to the continuing challenging conditions for
companies servicing the mining sector," says Saranga Ranasinghe, a
Moody's Analyst.

Conditions for companies servicing the mining industry continue to
become more challenging as mining companies focus on extensive
cost savings programs, beyond the considerable savings already
achieved, in order to compete in the current depressed price
environment with weak demand and supply fundamentals, especially
for iron ore.

"Such actions by miners are raising material challenges for Bis
including lower earnings and increased pressure on remaining
within its covenants under the debt facilities." adds Ranasinghe.

Bis' credit profile is heavily constrained by its high leverage.
"We expect Bis' gross adjusted debt-to-EBITDA for the financial
year ending 30 June 2016 to be higher than the threshold set for
the previous rating. Unless the company is able to successfully
mitigate the expected earnings decline in the current environment,
the company's low headroom within its financial covenants may
require it to seek covenant relief from its lenders." says
Ranasinghe.

Bis has historically benefited from the unique nature of its
fleet, which is underpinned by large-sized earth moving equipment.
However, the company is not immune to the industry-wide focus on
costs and has experienced material revenue and earnings erosion in
recent periods.

The negative outlook reflects these concerns and our view that
there could be risk to the downside with potential contract
deferrals and/or cancellations.

The Caa3 rating assigned to Artsonig's senior unsecured PIK notes
reflects a materially inferior position in the group's capital
structure, and recognizes the large proportion of senior secured
debt outstanding at the operating company level.

Given the challenging market conditions, a ratings upgrade is
unlikely. However, the outlook could revert to stable if B
successfully increases the headroom available within its covenants
and is able to successfully mitigate the expected earnings decline
in the current environment.

Further downward rating pressure could emerge if a worse-than-
expected macro environment, operating underperformance, and/or
competitive pressure lead to a large number of Bis' contracts
being terminated or not renewed on similar terms, thus reducing
its revenue and cash flow generation further. The rating could
also be downgraded if there is significant pressure on the
covenant levels. Specifically, the rating will likely be
downgraded if reduced revenue and cash flow cause Bis' debt-to-
EBITDA to exceed 7.0x.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.

Bis is a provider of logistics services to the Australian
resources sector, where the company provides services that are
critical to the production phase of the resource project life
cycle.


IKCSHEDS PTY: First Creditors' Meeting Slated For June 11
---------------------------------------------------------
Des Munro, Andre Strazdins and Stuart Otway of BRI Ferrier were
appointed as administrators of IKCSheds Pty Ltd on May 29, 2015.

A first meeting of the creditors of the Company will be held at
BRI Ferrier, Level 4, 12 Pirie Street, in Adelaide on June 11,
2015, at 2:30 p.m.


PLANET PLATINUM: ASIC Won't Back Rescue Plan, Court Hears
---------------------------------------------------------
Ben Butler at The Australian reports that the corporate regulator
has told a court that the chance of it endorsing a plan to rescue
Planet Platinum was the same as "a snowflake in hell".

Counsel for the Australian Securities & Investments Commission,
Michael Pearce, made the statement during a Victorian Supreme
Court hearing on May 29 at which the regulator sought to have the
company's administrator, Gideon Rathner, replaced with a
provisional liquidator, John Lindholm.

According to the report, Planet Platinum chief executive
John Trimble appointed Mr Rathner on May 4 after ASIC applied to
the court to wind up the company, which is listed on the ASX, in
the interests of shareholders.

The Australian relates that the court heard that following his
appointment, Mr Rathner met with the NAB, which is owed about
AUD5 million and holds security over the building Planet Platinum
owns on Melbourne's King Street that houses its strip-club
business, Showgirls Bar 20.

The Australian relates that Mr Rathner also dealt with a group of
second-ranking secured creditors who demanded repayment of about
AUD290,000, his counsel, Simon Marks QC, told the court. Mr Marks
said Mr Rathner did this by striking a deal in which the creditors
were paid out by investors who wished to rescue the company from
administration under a deed of company arrangement (DOCA), the
Australian relays.

The Australian says the investors were not identified in court but
minutes of a creditors' meeting held on May 13 appear to indicate
they are Melbourne businessmen Ric Tenuta and Peter Plevridis.

According to the report, Mr Marks told the court that under the
DOCA, the business would be preserved, unsecured creditors would
be paid in full and shareholders would receive "market value" for
their shares when the company was taken private. He said the
company had net assets of AUD7.196 million, the report relays.

The Australian adds that Mr Pearce told the court of "longstanding
issues of misconduct" and conflicts of interest involving Planet
Platinum's boss, Mr Trimble, who owns about 80 per cent of the
company. "There's no doubt there have been very serious
contraventions of director's duties," Mr Pearce told the court.

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.

Gideon Rathner of Lowe Lippmann was appointed as administrator of
Planet Platinum Limited on May 4, 2015.


PRODIGY PAYROLL: First Creditors' Meeting Slated For June 10
------------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of Prodigy Payroll Services Pty Ltd on May 29, 2015.

A first meeting of the creditors of the Company will be held at
Mackay Goodwin, Exchange House, Level 8, 10 Bridge Street, in
Sydney, on June 10, 2015, at 11:00 a.m.


SYRACUSE ENTERPRISES: First Creditors' Meeting Slated For June 12
-----------------------------------------------------------------
Paul Vartelas of B.K. Taylor & Co. was appointed as administrator
of Syracuse Enterprises Pty Ltd on June 1, 2015.

A first meeting of the creditors of the Company will be held at
B.K. Taylor & Co. Meeting Room, Level 8, 608 St. Kilda Road, in
Melbourne, on June 12, 2015, at 11:30 a.m.


* AUSTRALIA: Wind-Up Applications Double in May
-----------------------------------------------
Eloise Keating at SmartCompany reports that the Australian Tax
Office applied to wind-up 556 businesses in May, more than double
the number of applications that the ATO lodged in July 2014.

The steady rise in government-initiated wind-up applications since
11 months ago has led one Sydney insolvency practitioner to again
claim the ATO "has had enough of late payers and is demanding
money from SMEs".

According to SmartCompany, figures compiled by Jamieson Louttit &
Associates showed 722 applications to wind-up companies were filed
with the Australian Securities and Investments Commission in May.
Of those applications, 556 or 77% were initiated by the ATO, the
report relates.

Jamieson Louttit previously told SmartCompany 200 wind-up
applications had been filed in the first 21 days of May and he was
predicting the total number of applications for May would exceed
550.

The trend will "certainly" continue into June, given there is a
number of wind-up applications already "banked up" in the system,
Mr. Louttit told SmartCompany.

Another 26 applications appeared in the ASIC register on June 2,
although not all of these applications will have been initiated by
the ATO, SmartCompany relays.

SmartCompany relates that Mr. Louttit said by the middle of the
month there should be a fair indication of how many wind-up
applications the ATO will lodge in June.

"June will probably be around the same number [as May]," Mr.
Louttit told SmartCompany.

SmartCompany adds that Mr. Loutitt said his analysis of the ATO's
annual reports shows the number of wind-up applications filed in
May accounts for more than half of the ATO's annual average.

According to the report, Mr. Louttit said it appears the ATO has
also lowered the threshold at which it takes action against small
businesses that owe it money, from $300,000 to around $30,000.

"If they have reduced the threshold to $30,000 for example, they
are targeting small businesses," Mr. Louttit, who says this
approach seems to be at odds with the aims of the $5.5 billion
small business package included in last month's budget, told
SmartCompany. "There has got to be a better way for the government
to collect money or stimulate the economy."

SmartCompany contacted the ATO but did not receive a response
prior to publication. However, ATO commissioner Cheryl-Lea Field
previously told SmartCompany the increased activity by the ATO is
"not a crackdown".


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HANERGY HOLDINGS: Regulator Confirms Probe Despite Boss' Denial
---------------------------------------------------------------
Kwong Man-ki in Beijing and Benjamin Robertson at The South China
Morning Post report that the securities regulator on May 28
confirmed it is investigating Hanergy Thin Film Power Group, hours
after chairman Li Hejun dismissed rumours of a probe.

"The SFC wishes to clarify that a formal investigation into the
affairs of Hanergy has been active and is continuing," the
Securities and Futures Commission said in response to reports of a
regulatory probe into alleged market manipulation, the report
relays.

Hanergy shares have been suspended from trading since May 20 after
the stock plunged 47 per cent in the morning that day to HK$3.91,
SCMP notes.

According to the report, the SFC's statement came after a video
interview of Li with Xinhua was posted online on May 27.

"This is purely rumour, it's impossible," Li said in the
interview, responding to a question about a probe by the SFC, the
report relays.

He would be the first to know had the firm been under
investigation, said the man who in February was named the mainland
China's richest person, SCMP relates. "But I have no knowledge
about that," he said.

SCMP says media reports have long cast doubt on the sustainability
of Hanergy's business model, with some suggesting its shares were
manipulated.

None of these reports, however, interrupted the stock's meteoric
rise as it surged 664 per cent in the 12 months before its crash
and suspension, the report states.

According to SCMP, corporate governance activist and deputy
chairman of the SFC's takeovers and mergers panel, David Webb,
said the SFC's investigation could be looking at Hanergy's
corporate affairs as the announcement made no mention of any
investigation into its share transactions.

The report, citing regulatory filings, relates that Li had in the
past six months more than doubled his short position in his
company's shares.

SCMP says the filings showed Li had increased his short position
by 123 per cent since December last year to 7.71 per cent of
Hanergy's issued capital.

Mr. Webb this month filed a complaint with the SFC, pointing out
that Hanergy did not make an announcement on a stake purchase by
the State Administration of Foreign Exchange's investment unit,
which it disclosed only in an advertisement, the report recalls.
"It's pretty unsurprising [the SFC investigation]. I was not the
only person to have made complaints," the report quotes Mr. Webb
as saying.

In the Xinhua interview, Li said Hanergy's financial condition was
sound and that it was not behind in interest payments or loan
repayments to any bank, the report relates.

He also said all of the company's plants were operating normally.

"Hanergy is in its best time in history," he said, adding the
company had entered "a rapid and sustainable growth period".

As reported in the Troubled Company Reporter-Asia Pacific on
May 27, 2015, Caixin Online said that the solar-panel manufacturer
whose listed subsidiary has suffered a sell-off of shares in Hong
Kong failed to repay bank loans, sources close to the parent
company said. According to Caixin Online, several people close to
Hanergy Holding Group said it used shares in its listed unit to
take out bank loans, but has been unable to repay some of them.
The share sales escalated after debtors made little progress in
negotiations with the company over the defaults, those sources
said, the report relayed.

                        About Hanergy Holdings

Hanergy Holdings Group Company Ltd., together with its
subsidiaries, engages in hydropower, wind power, and solar energy
power generation activities. It also engages in solar power
research and development; thin film photovoltaic cells and modules
production; photovoltaic power plant construction and operation;
integration of solar modules into facades; and energy conservation
and emission reduction. The company also provides solar panels
engineering, procurement, construction, and installation services;
and engages in power plant construction in China, the United
States, and Europe.


KAISA GROUP: Moody's Alters 'Ca' CFR Outlook to Negative
--------------------------------------------------------
Moody's Investors Service changed to negative from positive the
outlook on Kaisa Group Holdings Ltd's Ca corporate family and
senior unsecured debt ratings.

At the same time, Moody's has affirmed the company's Ca corporate
family and senior unsecured debt ratings.

On May 28, 2015, both Kaisa and Sunac China Holdings Limited's (B1
stable) announced the termination of Sunac's proposed acquisition
of Kaisa, and the close of the offer period for Kaisa.

According to the termination agreement, Kaisa will refund half of
the HKD2.325 billion pre-payments to Sunac before May 29, 2015,
and the remainder -- with interest -- no later than Dec. 28, 2015.

"The termination of the share purchase agreement will weaken
repayment prospects for Kaisa's creditors, including its offshore
bondholders," says Franco Leung, a Moody's Vice President and
Senior Analyst.

"Without an immediate sponsor of stronger financial strength,
Kaisa will face significant challenges in resolving its financial
woes. Furthermore, Kaisa has not yet released its audited
financial statements for FY2014, and has thus far provided little
information about its progress in restructuring its onshore and
offshore debt," adds Leung.

Certain recent developments -- including an interest payment
default, a profit warning and the delay in the release of its
FY2014 results -- reflect Kaisa's deteriorating financial profile
and the complexity of its financial position. Such a deterioration
is reflected in its Ca ratings.

The negative ratings outlook reflects Kaisa's deteriorating
financial profile and liquidity position.

Kaisa is exposed to significant liquidity risk. According to the
company, its cash balance as of 2 March 2015 was RMB1.897 billion,
with unrestricted cash of RMB566 million. Its total interest-
bearing debt as of 31 December 2014 amounted to RMB65 billion, and
creditor demands for immediate repayment amounted to approximately
RMB28 billion. These actions threaten the solvency of the company.

Kaisa's has received little bank support following various
creditor actions and the sanctions first imposed by the Shenzhen
authorities since early December 2014.

As of April 7, 2015, the amount of asset preservation for which
the company has received civil rulings increased to RMB14.8
billion, and the company has received 60 notices of participation
to action. These legal actions negatively impact Kaisa's
operations, pressure the company's financial flexibility and erode
asset value.

On the other hand, the return of Mr. Kwok Ying Shing as chairman
is a positive development for Kaisa, given his good understanding
of the company's strategy and operational strengths.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015. Please
see the Credit Policy.

Kaisa Group Holdings Ltd is a Shenzhen-based property developer
established in 1999. It listed on the Hong Kong Stock Exchange in
December 2009.


LDK SOLAR: Reports $270 Million Net Loss in 2014
------------------------------------------------
LDK Solar Co., Ltd., filed with the U.S. Securities and Exchange
Commission its annual report on Form 20-F for the fiscal year
ended Dec. 31, 2014.

KPMG LLP expressed substantial doubt about the Company's ability
to continue as a going concern citing that the Company has
suffered recurring losses from operations, and has a working
capital deficit and a net capital deficit.

The Company reported a net loss of $270 million on $680 million in
revenues for the year ended Dec. 31, 2014, compared with a net
loss of $1.64 billion on $598 million of revenues in the same
period in 2013.

The Company's balance sheet at Dec. 31, 2014, showed $3.05 billion
in total assets, $5.15 billion in total liabilities, and a
stockholders' deficit of $2.1 billion.

A copy of the Form 20-F is available at:

                       http://is.gd/nJ9lQR

                        About LDK Solar

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

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

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

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

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384). On Oct.
21, 2014, LDK Solar filed a petition in the same U.S. Bankruptcy
Court for recognition of the provisional liquidation proceeding in
the Grand Court of the Cayman Islands. The Chapter 15 case is In
re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-12387). The
U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq., at
Sidley Austin LLP, in Chicago, Illinois. The U.S. Debtors'
Delaware counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt & 73
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

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


ZHONGAO HOLDINGS: Defaults After Banks Refuse to Roll Over Loan
---------------------------------------------------------------
Gabriel Wildau at The Financial Times reports that a profitable
Chinese duck processing company has defaulted on its debts after
banks refused to roll over its loans -- in a sign of lenders'
wariness over refinancings as China's economy slows, the Financial
Times reported.

The FT relates that until recently, Chinese banks have been
reluctant to write off big debts, preferring to keep businesses
alive by rolling over their loans. But privately owned Zhongao has
cited banks' tighter lending policies as a reason why it lacked
the funds to repay CNY282 million ($45m) in principal and interest
despite turning a profit last year.

It has now defaulted on debt from 13 banks, and warned it may not
be able to repay CNY200m in bonds maturing on June 12, the FT
notes.

If it fails to pay its bondholders, it will add to a series of
recent defaults in China's bond market where -- until recently --
many investors had assumed the government would not allow them to
take losses, according to the report.

Unlike other defaulters, however, Zhongao remains profitable,
according to its latest financial statements, the FT relays. It
made a net profit of CNY388 million in the first nine months of
2014, up 42 per cent over a year earlier. In late April, though,
the company said the release of its fourth-quarter 2014 and first-
quarter 2015 results would be delayed, the report discloses.

"A portion of financial institutions are continuously taking
measures to compress credit toward our company, causing persistent
tightness in funds," Zhongao said in a disclosure to the National
Interbank Funding Center, the FT relays.

It also cited the slowing economy, weak customer demand and
intense competition as reasons for its difficulty in repaying
loans, the FT adds.

Zhongao Holdings Group Co., Ltd. is a private enterprise and
mainly deals with duckbreeding, duck cultivation and duck
processing.



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AAA PAPER: ICRA Suspends C+/A4 Rating on INR23.50cr Bank Loan
-------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]C+ and short-term
rating of [ICRA]A4 assigned to the INR23.50 crore bank facilities
of AAA Paper Marketing Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


AASHKA HOSPITALS: CRISIL Assigns 'B' Rating to INR331.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to bank loan
facility of Aashka Hospitals Private Limited (AHPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            331.5      CRISIL B/Stable

The rating reflects AHPL's exposure to implementation risks on the
hospital project, and its promoters' lack of track record at
managing hospital operations. These rating weaknesses are
partially offset by the promoter's extensive business experience
in the structural consulting industry.

Outlook: Stable

CRISIL believes that AHPL will benefit from the promoters'
extensive business experience. The outlook may be revised to
'Positive' if the company completes the final phase of the project
on time, and demonstrates a healthy demand for its services, and a
sustainable stream of revenues. Conversely, the outlook may be
revised to 'Negative' if significant time or cost overruns on the
project, or large debt funding weakens its financial risk profile.

AHPL, incorporated in 2012, is currently setting up a multi-
specialty hospital at Gandhinagar, Ahmedabad (Gujarat). The
hospital is scheduled to commence operations from May 2015. The
company is promoted by Mr. Bipin Shah, Dr. Kaushik Gajjar, Dr. Raj
Raval and Dr. Parag Thakkar, who are stakeholders in the hospital.


AGRON LOGISTICS: ICRA Assigns 'B' Rating to INR10.0cr LT Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR10.00
crore fund based bank facilities of Agron Logistics India Private
Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-Term Fund
   Based Limits (CC)       10.00        [ICRA]B Assigned

The rating assigned factors in the decade long experience of the
promoters in the logistics industry and the reputed clientele
profile. The rating also takes into account the healthy growth in
the operating income at a CAGR of 28% during the last three years
owing to repeat orders. The rating, is however, constrained by the
moderate financial profile characterized by low net profitability,
high gearing, weak debt coverage indicators and working capital
intensive nature of operations owing to an elongated receivable
cycle. Moreover, the rating also factors in the customer
concentration risk with top five customers accounting for around
60% of the revenues of the company coupled with the moderate scale
of operations of the company in a highly unorganized industry
being characterized by a few large players and numerous small
truck operators -- restricting its pricing power.

Incorporated in 2006, Agron Logistics India Private Limited and
promoted by Mr. Sadanand Pandey is a logistic service provider
primarily engaged in providing full truck load bulk cargo
transportation services on an annual contract basis. The company
operates a fleet of around 500 trucks, out of which 63 trucks are
owned and the remaining are leased by the company. The company
also provides value added services like couriering, freight
forwarding and warehousing to its customers as per their
requirements with its warehouses located across the country.

For the full year FY14, the company reported a profit after tax of
INR0.35 crore on a topline of INR29.26 crore, as compared to a
profit after tax of INR0.18 crore for FY13 on a topline of
INR20.72 crore.


AJITH CARS: CRISIL Assigns 'B' Rating to INR150MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Ajith Cars Private Ltd (ACPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          150        CRISIL B/Stable
   Long Term Loan        50        CRISIL B/Stable

The rating reflects the company's exposure to implementation risks
related to its ongoing project for setting up of an automobile
dealership showroom and exposure to intense competition in the
automotive dealership segment. These ratings strengths are
partially offset by the promoter's extensive experience in the
automobile dealership business.

Outlook: Stable
CRISIL believes that ACPL will benefit from its promoter's
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if ACPL stabilises operations of its
proposed showroom in a timely manner and generates higher-than-
expected revenue and profitability leading to higher cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case the company faces significant delays in the commencement of
its operations, leading to lower-than-expected cash accruals,
resulting in a pressure on its liquidity.

ACPL was incorporated during July 2014. The company is currently
setting up a dealership showroom for passenger cars of Hyundai
Motors India Ltd (rated CRISIL A1+), at Thiruvananthapuram
(Kerala) and is promoted by Mr.Ajith Kumar.S.


ALCHEMIST INFRA: Sebi Orders Prosecution Proceedings, Wind Up
-------------------------------------------------------------
The Times of India reports that clamping down on Alchemist Infra
Realty for defying its orders to refund investors, the Securities
and Exchange Board of India (Sebi) on May 28 directed prosecution
proceedings against the company and its directors as well as
attachment of their properties to recover the money.

Besides, Sebi has also decided to refer the case to state
government and local police to register a civil or criminal case
against the company, its promoters, directors and other top
officials "for offences of fraud, cheating, criminal breach of
trust and misappropriation of public funds," the report relates.

The matter would also be referred to the Ministry of Corporate
Affairs to initiate the process of winding up of the company, Sebi
said in an order on Alchemist Infra Realty Ltd, the report
relates.

According to the report, Sebi also directed the company and its
promoters and directors -- Brij Mohan Mahajan, Sunil Kanti Kar and
Narayan Madhav Kumar -- to provide a full inventory of all their
assets, properties and details of all bank accounts, demat
accounts and holdings of shares/securities within 10 days.

Rejecting the company's request for an extension of 24 months for
making refunds to investors, Sebi said Alchemist Infra Realty and
its promoters/directors have not repaid its investors within the
time allowed, the report relays.

TOI notes that after finding the company to have raised funds from
public to the tune of over INR1,000 crore in violation of the
collective investment scheme regulations, Sebi had passed its
refund order against Alchemist on June 21, 2013.

The report relates that the Sebi order was later upheld with some
modification, with regard to the time period for making refunds,
by the Securities Appellate Tribunal.

According to the report, Sebi had first asked the company to make
the refund within three months, but SAT later gave it time of 18
months. Besides, the company was asked to submit a report to Sebi
every six months giving details regarding the progress made while
executing the scheme of repayment.

TOI adds that Sebi said that the company, on February 21,
September 12 last year and on March 17, 2015, submitted copies of
bank certificates giving details of the amount repaid at about
INR1,126 crore.

The company also submitted details of repayment, which include
name of the investor, cheque number, the name of the bank and date
of issuance of cheque, the report relays.

Later in December 9, 2014, Sebi asked the company to submit by
December 16, 2014, the registration number and address of the
investors to whom repayments were made, TOI relates.

The company has failed to provide such details till date despite
issuance of a reminder on March 20, Sebi said, adds TOI.


ALFA MOULDING: CRISIL Assigns 'B+' Rating to INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Alfa Moulding Industries Pvt Ltd (AMIPL; part of
the Haryana Milk group). The rating reflects the group's weak
financial risk profile and moderate scale of operation along with
exposure to regulatory risks in the milk processing industry.
These rating weaknesses are partially offset by its promoters'
extensive experience in the dairy industry.

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AMIPL and Haryana Milk Foods Ltd
(HMFL), together referred to as the Haryana Milk group. This is
because both the companies are in the same line of business and
have strong operational synergies. Till 2014-15 (refers to
financial year, April 1 to March 31) AMIPL was outsourcing its
processing requirements to HMFL; going forward, HMFL will procure
milk products from AMIPL for marketing under its own brand. Also,
both these entities are under the same management and have
fungible finances in the form of extended credit or regular
funding support.

Outlook: Stable
CRISIL believes that the Haryana Milk group will continue to
benefit from its promoters' extensive experience in the dairy
industry over the medium term. The outlook may be revised to
'Positive' if the group improves its scale of operations and
profitability along with efficient working capital management,
leading to healthy cash accruals and better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the group's operations and financial risk profile weaken on
account of adverse changes in regulatory or legal environment, or
its liquidity deteriorates owing to large working capital
requirements or debt-funded capital expenditure.

AMIPL, incorporated in 1991, is promoted by Mr. Omesh Kr Goyal. It
trades in milk products with entire sales being made to its group
entity HMFL. Till 2014-15, it used to procure milk from local
vendors and outsource the processing to HMFL to produce skimmed
milk powder (SMP) and ghee. These products were marketed by AMIPL
under HMFL's brand Madhu. The company is based in Kala Amb
(Himachal Pradesh).

Incorporated in 1965, HMFL is a closely-held public limited
company. It processes milk to produce ghee and SMP. From 2012-13
to 2014-15, the company was undertaking job work for its marketing
and group company AMIPL; from 2015-16 onwards, HMFL will undertake
its own milk processing, apart from procuring traded goods from
AMIPL. The company's processing facility is in Kurukshetra
(Haryana).

AMIPL, on a standalone basis, is estimated to report a profit
after tax (PAT) of INR18.3 million on net sales of INR944 million
for 2014-15 as against a PAT of INR14.7 million on net sales of
INR789 million for 2013-14. The group is estimated to report a
consolidated turnover of INR1227 million in 2014-15.


ATTIRE DESIGNERS: CRISIL Cuts Rating on INR60MM Loan to B+
----------------------------------------------------------
CRISIL has downgraded its long term rating on the bank facilities
of Attire Designers Pvt Ltd (earlier known as Sidh Designers
Private Limited) (ADPL, part of the RBD group) to CRISIL B+/Stable
from CRISIL BB-/Stable, while re-assigning short term rating at
CRISIL A4.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Foreign Bill Purchase     190     CRISIL A4 (Reassigned)
   Packing Credit             60     CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that RBD group's
liquidity will remain stretched because of significant delay in
payments from its two prime customers, due to slow-down in end
user market. The group had around INR 400 million debtors
outstanding more than 6 months as on March 31, 2015. This resulted
in almost fully utilized bank lines and stretch in creditors
leading to high estimated total outside liabilities to tangible
net worth (TOL/TNW) of more than 10 times as on 31st March 2015.
The group also registered around 62 per cent y-o-y de-growth in
sales in 2014-15 as it reduced sales to these customers due to
delay in payments in the year. The revenue profile will be
supported by addition of four new customers recently; however the
same will remain significantly lower than previous levels.

The ratings reflect the RBD group's working capital intensive
operations, weak financial risk profile, marked by a weak interest
coverage ratio and a high TOL/TNW ratio. The rating is also
constrained by the group's high customer concentration and its
susceptibility to adverse movements in foreign exchange rates.
These rating weaknesses are partially offset by the group's
established track record in the trading business and its healthy
relationships with customers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of High Value Exim Private Limited, ADPL,
Welldone Exim Pvt Ltd, RBD international, and Goodone Traders Pvt
Ltd. This is because; all these entities together referred to as
the RBD group, have a common board of directors and senior
management team, and have common procurement, marketing, and
finance functions. The group's promoters have indicated that all
the entities will support each other in case of any exigency.

Outlook: Stable
CRISIL believes that the RBD group will maintain its business risk
profile on the back of its established track record in the trading
business. However, the group's financial risk profile is expected
to remain weak because of its large working capital requirements.
The outlook may be revised to 'Positive' if the group's customer
concentration reduces significantly or if the financial risk
profile improves most likely on account of better than expected
profitability. Conversely, the outlook may be revised to
'Negative' in case of significant withdrawal of partners' capital
in RBD International or in case of further stretch in working
capital cycle.

The RBD group started trading activities in 1993. All the entities
in the group trade in ready-made garments (accounts for more than
80 per cent of revenues), hosiery, handicrafts, fabrics, leather
goods, and miscellaneous products. The entities have common
customers and suppliers, and also the same banker, Punjab National
Bank, and auditors.


BHANDARI STEELS: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhandari Steels Limited
(BSL; formerly Bhandari Steels Pvt. Ltd) continue to reflect the
company's average financial risk profile, marked by weak debt
protection metrics, and its working-capital-intensive operations.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            70       CRISIL B+/Stable (Reaffirmed)

   Electronic Dealer
   Financing Scheme
   (e-DFS)                60       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       70       CRISIL A4 (Reaffirmed)

   Term Loan              40       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by BSL's established
market position and its promoters' extensive experience in the
steel product trading business.

Outlook: Stable
CRISIL believes that BSL will benefit over the medium term from
its established position and its promoters' extensive experience
in the steel product trading industry. The outlook may be revised
to 'Positive' in case of significant increase in revenue and
improvement in net cash accruals while improving its debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of deterioration in operating margin or debt
protection metrics, thereby adversely affecting its debt-servicing
ability.

Update
BSL's business risk profile continues to remain moderate marked by
moderate scale of operations. BSL's revenues declined to INR1.85
Bn. from INR2 Bn. during 2014-15 owing to early completion of
Chennai Metro Project. However, the company's revenues were
significantly recovered with company's YTD revenues of INR1.38 Bn.
for the 9 months ended December 2014 despite having fulfilled the
large order during early 2014-15. This was on account of healthy
demand from existing customers. The operating margins improved to
4 per cent from 3 per cent during 2014-15. The company's operation
continues to remain working capital intensive as seen from high
GCA of 156 days. CRISIL believes that the scale of operations will
improve and the operating margins will remain at the similar level
over the medium term.

BSL's financial risk profile continues to remain moderate marked
by moderate net worth however, constrained by weak debt protection
metrics. BSL booked moderate net worth of INR241 Mn. during 2014-
15 which is expected to improve and remain in the range of 264-293
Mn. over the medium term. BSL's gearing remains healthy at 0.83
times as on March, 2015. However, BSL's debt protection metrics
remains weak as indicated by small interest coverage of 1.47 times
as on March, 2015. The TOLTNW and risk coverage remained moderate
at 2.59 and 3.67 times during 2014-15. CRISIL believes that the
financial risk profile will remain moderate marked by moderate net
worth and healthy gearing however, constrained by weak debt
protection metrics.

BSL's liquidity remains stretched with expected net cash accruals
of INR24-30 Mn. over the medium term as against term debt
obligation of INR18 million over the medium term. The bank limit
remains moderately utilised at 85.9 per cent for 9 months through
December 2014.

BSL, part of the Bhandari group, is currently managed by Mr.
Jitendra Bhandari, belonging to the Chennai-based Bhandari family.
The company was established in 1999 by the late Mr. Dinesh
Bhandari. The company trades in various steel products like CR SS
coils, SS tubes, seamless tubes, angles, beams, SS rods, and other
wide range of steel products. The company's registered office is
located in Chennai (Tamil Nadu).


BHUMIKA ISPAT: ICRA Suspends B- Rating on INR18.27cr FB Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR18.27 crore
fund based limits of Bhumika Ispat Udyog Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in the year 2006, Bhumika Ispat Udyog Private Limited
(BIUPL) is a private company engaged in the manufacturing of
electric-resistance welded black and galvanised pipes. Initially,
the company was incorporated as T.T.A Pipes and Fittings (P) Ltd.
which was further renamed to Amrit Tubes (P) Ltd in the February
2009. In March 2012, the company was taken over by Mittal family
and the name of the company was changed to Bhumika Ispat Udyog
Private Limited. The company is also involved in trading of HR
Coils, MS Angel, MS Bar Round and MS Sheet. BIUPL has its
manufacturing facilities situated in Hasan Garh, Haryana.


CALISTA HOTELS: CRISIL Assigns 'B-' Rating to INR250MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Calista Hotels & Resorts Pvt Ltd (CHRPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit/Overdraft     40       CRISIL B-/Stable
   facility
   Long Term Loan           250       CRISIL B-/Stable

The rating reflects CHRPL's small scale of operations and limited
track record in the hospitality industry and its leveraged capital
structure. These rating weaknesses are partially offset by the
funding support that CHRPL receives from its promoters.

Outlook: Stable
CRISIL believes that CHRPL will continue to benefit over the
medium term from funding support from its promoters. The outlook
may be revised to 'Positive' if CHRPL's business risk profile
improves, as a result of substantial and sustained improvement in
revenue and profitability from the current levels.. Conversely,
the outlook may be revised to 'Negative' if lower than anticipated
bookings leads to pressure on the company's liquidity, or if it
further undertakes a large debt-funded capital expenditure
programme, thus weakening its capital structure.

CHRPL is a New Delhi-based hotel, with 24 rooms, 3 banquet halls,
and 2 party lawns. CHRPL also operates a restaurant at its
premises. The hotel is close in proximity to the IGI airport. Its
construction was completed in November 2014 and it commenced
commercial operations in January 2015.


CYTECH COATINGS: CRISIL Reaffirms 'B+' Rating on INR30MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Cytech Coatings Pvt Ltd
(CCPL) continue to reflect the company's constrained financial
risk profile marked by modest net worth, average capital
structure, and stretched liquidity on account of working-capital-
intensive operations and modest cash accruals.

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

   Export Packing Credit
   & Export Bills
   Negotiation/Foreign
   Bill discounting       50        CRISIL A4 (Reaffirmed)


   Foreign Exchange
   Forward                 0.7      CRISIL A4 (Reaffirmed)

   Letter of Credit Bill
   Discounting            37.5      CRISIL A4 (Reaffirmed)

   Term Loan              27.4      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in CCPL's modest scale of operations and
susceptibility of the company's operating profitability to
volatility in raw material prices and foreign exchange rates.
These rating weaknesses are partially offset by the extensive
industry experience of CCPL's promoters and the company's moderate
debt protection metrics.

Outlook: Stable
CRISIL believes that CCPL will continue to benefit over the medium
term from its promoters' extensive experience in the printing inks
industry. The outlook may be revised to 'Positive' in case of
alleviation of pressure on the company's liquidity on account of
improvement in its working capital cycle or significant increase
in its cash accruals. Conversely, the outlook may be revised to
'Negative' if CCPL's financial risk profile, especially its
liquidity, deteriorates, because of decline in its profitability
or further stretch in its working capital cycle.

Update
During 2014-15 (refers to financial year, April 1 to March 31),
the company is estimated to post growth of 27 per cent in revenue
to INR315 million supported by a larger customer base and higher
exports. Simultaneously, the company sustained its operating
margin at historical levels of around 7 per cent for 2014-15. The
company's operations continue to remain working capital intensive,
as reflected by its high estimated gross current assets (GCAs) of
195 days as on March 31, 2015, leading almost fully utilise   d
bank lines.

Currently, the company is undertaking capital expenditure (capex)
towards setting up of resin manufacturing unit with a
manufacturing capacity of 200 tons per month. The total cost of
the capex is INR45 million, which is being funded through debt of
INR25 million, promoter funding of INR7.5 million and the
remaining through internal accruals. Due to debt-funded capex and
expected continued high working capital requirements, the capital
structure is expected to remain constrained. CCPL had small
estimated net worth of around INR60 million as on March 31, 2015,
on account of limited track record of operations and small
accretion to reserves. Gearing is estimated around 1.5 times as on
March 31, 2015. Its debt protection measures continue to remain
moderate with interest coverage ratio at 2 times and net cash
accruals to total debt (NCATD) ratio of 11 per cent for 2014-15.
CCPL's liquidity is constrained by modest accruals and almost
fully utilised bank lines despite enhancement in its bank lines.

Incorporated in April 2009, CCPL commenced commercial operations
in July 2010. The company is promoted by Mr. Birendrakant
Srivastava and his business acquaintance Mr. Manish B Ray. CCPL
manufactures various types of printing inks, resin, and adhesives,
which are used in the packaging industry.


DESCON LTD: CRISIL Lowers Rating on INR75MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Descon Ltd (Descon) to 'CRISIL B+/Stable/CRISILA4' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           75        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Letter of credit      75        CRISIL A4 (Downgraded from
   & Bank Guarantee                'CRISIL A4+')

The rating downgrade reflects deterioration in Descon's business
risk profile, with a decline in its operating income and a cash
loss in 2013-14 (refers to financial year, April 1 to March 31).
The company's operating income declined to INR144 million from
INR604 million in 2012-13. Its operating income is estimated to
have declined further during 2014-15, considering that it has
registered an operating income of only INR56.5 million for the
nine months ended December 31, 2014. Descon is expected to report
meagre profits for 2014-15 in view of a substantial reduction in
its fixed overheads during the year.

Descon's liquidity remains constrained by its stretched
receivables cycle. The company's receivables had increased to over
537 days as on March 31, 2014, from about 415 days a year earlier
because of slow release of payment by its counterparties. As a
result, the company's bank limits remained highly utilised at an
average of 98 per cent during the 12 months through March 2015. It
is currently managing its short-term funding requirements through
need-based recall of an inter-corporate loan extended to its group
company; the outstanding balance of this loan stood at INR158
million as on March 31, 2015. CRISIL believes that Descon's
business risk profile and liquidity will remain under pressure
over the medium term because of its increasing working capital
requirements.

The ratings reflect Descon's large, and increasing, working
capital requirements, and modest scale of operations. These rating
weaknesses are partially offset by the company's moderate
financial risk profile, marked by a healthy net worth, low
gearing, and adequate debt protection metrics. The ratings also
factor in Descon's long track record in providing engineering,
design, and consultancy (EDC) and geographical information system
(GIS) services.

Outlook: Stable
CRISIL believes that Descon will continue to benefit over the
medium term from its long track record in the niche EDC and GIS
services segments, and its recent entry into undertaking
engineering, procurement, and construction (EPC) contracts for the
power sector. The outlook may be revised to 'Positive' if there is
substantial improvement in the company's working capital cycle
while it maintains its scale of operations, profitability, and
capital structure. Conversely, the outlook may be revised to
'Negative' if Descon's financial risk profile, especially its
liquidity, deteriorates, most likely because of large incremental
working capital requirements, low cash accruals, a major dividend
payout, or substantial unanticipated capital expenditure.

Incorporated in 1995 and based in Kolkata, Descon provides
services in EDS, GIS, and application software development. The
company has now started undertaking turnkey EPC contracts for
transmission and distribution lines and sub-stations for clients
in the power sector. Presently, the JSW group along with three
other venture capital firms holds more than 91 per cent stake in
the company, while 9 per cent is held by a group of individuals.


EARTHCON DEVELOPERS: ICRA Assigns 'B' Rating to INR12cr Term Loan
-----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR12
crore term loans of Earthcon Developers Pvt Ltd.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               12.00       [ICRA]B; assigned

ICRA's rating is constrained by the initial stage of construction
of EDPL's project, with only ~20% of the construction cost having
been incurred as of December, 2014. EDPL's ability to ramp up the
execution will be critical in order to meet the targeted
completion timeline of March, 2017. The initial response to the
project has also been weak with less than 20% of the area being
sold as of December, 2014. Further, collection efficiency remains
modest with only ~54% of the called up amount having been received
as of December, 2014. The rating also factors in the risk of
slowdown in real estate and competitive pressures to which the
company is exposed.

However, ICRA's rating positively factors in the extensive
experience and track record of the promoters of EDPL, who have
executed a number of residential projects in various locations
across North India such as Moradabad, Dwarka, Noida, Nainital etc.
Further, the rating also derives comfort from the fact that the
company has a fully paid up land parcel, low approval risk for its
project and a moratorium period of more than two years on the
sanctioned term loan, with its first repayment due in June, 2017.
Going forward the ability of the company to effectively market its
project, and improve its pace of execution and collections will
comprise the key rating sensitivities.

EDPL is a special purpose vehicle floated by Earthcon Construction
Private Limited and ISP Construction Private Limited, with
respective stakes of 50.002% and 49.998%. It was incorporated on
May 3, 2013 and is developing a residential project, 'Rajpur
Greens', in Dehradun, Uttarakhand. The project comprises saleable
area of 96,720 square feet and consists of 50 two and three BHK
flats spread over two towers, of six floors each. The construction
started in January, 2014 and as of December, 2014, ~20% of the
construction cost had been incurred and ~18% area had been sold.
The total project cost is estimated at INR32.11 crore, with INR12
crore being funded through bank loans and balance through
promoter's contribution and customer advances.


FALCON GLASS: CRISIL Assigns 'B' Rating to INR32.5MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Falcon Glass Palace (FGP).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           32.5       CRISIL B/Stable
   Letter of Credit      32.5       CRISIL A4

The ratings reflect FGP's modest scale of operations in the
fragmented glass and plywood trading segment and the company's
below-average financial risk profile, marked by modest net worth
and high gearing. These rating weaknesses are partially offset by
the promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that FGP will continue to benefit from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company reports significant growth in
its revenue accompanied by improvement in profitability, resulting
in sizeable cash accruals, thereby improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
FGP's  revenue or profitability declines, or if its working
capital management  deteriorates, leading to weakening of its
financial risk profile, particularly its liquidity.

Set up in 1998 as proprietorship firm FGP is a dealer/distributor
of medium density fibre board (MDF), glass, and plywood. The firm
is based in Trivandrum (Kerala) and the day-to-day operations are
managed by Mr. Shibhu Abubacker.

FGP reported profit after tax (PAT) of INR4.0 million on net sales
of INR 273.5 million for 2013-14 (refers to financial year, April
1 to March 31); it reported PAT of INR5.9 million on net sales of
INR380.9 million for 2012-13.


HOSHIARPUR ROLLER: CRISIL Reaffirms B- Rating on INR85MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Hoshiarpur
Roller Flour Mill Pvt Ltd (HRFPL) continues to reflect HRFPL's
weak financial risk profile and modest business risk profile.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            85       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2.6     CRISIL B-/Stable (Reaffirmed)

The financial risk profile is marked by high gearing and small net
worth expected over the medium term on account of small scale of
operations in the fragmented flour mill industry leading to low
cash accruals. These rating weaknesses are partially offset by the
extensive industry experience of HRFPL's promoters and its
established customer profile.

Outlook: Stable
CRISIL believes that HRFPL will benefit over the medium term from
its established customer base and promoters' extensive experience
in the agricultural commodities industry. The outlook may be
revised to 'Positive' if there is a substantial improvement in the
company's revenue while it maintains its profitability margins, or
if there is an improvement in its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if there is a
steep decline in the company's profitability margins or a
significant deterioration in its capital structure on account of
larger-than-expected working capital requirements or large debt-
funded capital expenditure.

Set up in 1981 by Mr. Anil Kumar Gupta and his family members,
HRFPL manufactures fine and coarse flour at its facilities in
Hoshiarpur (Punjab).


KARMIC ENERGY: CRISIL Assigns 'B' Rating to INR162.5MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Karmic Energy Pvt Ltd (KEPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            162.5      CRISIL B/Stable

The rating reflects KEPL's nascent stage of operations and
exposure to risks related to implementation and stabilisation of
its upcoming biomass-based power generation plant. These rating
weaknesses are partially offset by the extensive experience of
KEPL's promoters in the power industry.

Outlook: Stable
CRISIL believes that KEPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of successful
completion of the project along with strong revenue and
profitability generation. Conversely, the outlook may be revised
to 'Negative' in case of delays in completion of the project or
low revenue or profitability resulting in weakening of KEPL's
financial risk profile.

Incorporated in 2010, KEPL is setting up a 5-megawatt (MW)
biomass-based power generation plant at Chanadungri in Bilaspur
(Chhattisgarh). KEPL is promoted by Ms. Radha Prakash, her husband
Mr. Ved Prakash manages the day-to-day operations of the company.


LAGAN ENGINEERING: CRISIL Cuts Rating on INR75MM Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Lagan Engineering Company Ltd (LECL) to 'CRISIL B/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        45        CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit           55        CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Letter of Credit       5        CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Proposed Long Term    30.8      CRISIL B/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Term Loan             75.0      CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects significant deterioration in the
business risk profile of the company, marked by decline in
revenues to estimated INR90 million in 2014-15, from INR340
million in 2013-14. The decline in the revenue has been on account
of continued suspension of work in the factory. The rating
downgrade also factors in the deterioration in the financial risk
profile of the company, with pressure on net worth on account of
cash losses suffered by the company from 2013-14. The company's
net worth is estimated to be INR53 million as on March 31, 2015,
reduced from INR109 million as on March 31, 2013. The gearing
increased to an estimated 2.61 times as on March 31, 2015 from
1.91 times a year earlier. The liquidity of the company is also
stretched, with bank limits fully utilized over the last year
ending February 2015 and low cash accruals against high term debt
repayments. In 2015-16, the company is expected to generate cash
accruals of INR6 million against term debt repayment of INR13
million. However, the same is supported by infusion of unsecured
loans from promoters. The promoters infused unsecured loans of INR
17.8 million in 2013-14 which aided the company in making timely
debt repayments. Going forward, CRISIL believes that the company's
liquidity shall continue to remain supported by infusion of
unsecured loans, which is expected to help in making timely debt
repayments.

The ratings continue to reflect LECL's small scale of operations
and working-capital-intensive operations. These rating weaknesses
are partially offset by LECL's established position in the jute
industry and moderate order book.


Outlook: Stable
CRISIL believes that LECL will continue to benefit from its
promoters' extensive experience in the jute industry over the
medium term. The outlook may be revised to 'Positive' if LECL
successfully scales up its operations while improving its
operating margin. Conversely, the outlook may be revised to
'Negative' if LECL's working capital requirements increase
substantially leading to deterioration in its financial risk
profile, particularly liquidity.

LECL, formerly, The Lagan Jute Machinery Company Ltd, was acquired
by the Kajaria family in 2000 through disinvestment by the
Government of India. Murlidhar Ratanlal Exports Ltd is the parent
company of LECL and holds around 79 per cent of its equity. The
company is one of only a handful of jute mill machine
manufacturers in the organised sector. LECL's manufacturing
facilities are located in Hooghly (West Bengal [WB]) and its
product profile includes spreaders, cards, drawings, spinning, and
twisting frames. The company supplies its products to jute mills
largely in WB and Bangladesh.


M.D PRINTING: CRISIL Cuts Rating on INR20MM Foreign LOC to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of M.D Printing and Packaging Pvt Ltd (MDPL) to 'CRISIL D' from
'CRISIL B-/Stable' and has assigned a rating of CRISIL D to its
short term bank facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            7.5      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Foreign Letter of     20.0      CRISIL D (Downgraded from
   Credit                          'CRISIL B-/Stable')

   Proposed Long Term
   Bank Loan Facility    10.0      CRISIL D (Assigned)

The rating downgrade reflects MDPL's consistent delays in meeting
its term debt obligations on account of its stretched liquidity.
Because of its working-capital-intensive operations, the company's
bank lines were fully utilised in 2014-15 (refers to financial
year, April 1 to March 31), as a result of which, MDPL could not
meet its debt obligations on time.

MDPL's financial risk profile remains below average, marked by
high gearing and weak debt protection metrics. The company is also
exposed to competition from large and established players in the
potato chips and snacks market. However, it benefits from its
promoters' extensive industry experience and the sustainability of
its revenue through assured orders from PepsiCo India Holdings Pvt
Ltd for around 70 per cent of its potato chips manufacturing
capacity.

MDPL, incorporated in November 2011, manufactures potatoes chips
and extruded snacks in Haridwar (Uttarakhand). The company has
installed capacity of 480 tonnes per month (tpm) of potato chips,
60 tpm of extruded snacks, and 60 tpm of namkeen. The company also
has a packaging unit in Himachal Pradesh.

MDPL reported book loss of INR1.9 million on net sales of INR36.50
million for 2013-14 against book profit of INR0.5 million on net
sales of INR16.4 million for 2012-13.


M.K. WOOD: Ind-Ra Withdraws 'IND BB(suspended)' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M.K. Wood India
Private Limited's (MKWIPL) 'IND BB(suspended)' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for MKWIPL.

Ind-Ra suspended MKWIPL's ratings on 29 October 2014.

MKWIPL's ratings:

  -- Long-Term Issuer Rating: 'IND BB (suspended)'; rating
     withdrawn

  -- INR100 million fund-based limits: 'IND BB(suspended)'/'IND
     A4+(suspended)'; ratings withdrawn

  -- INR600 million non-fund-based limits: 'IND A4+(suspended)';
     rating withdrawn


PADIGELA GINNING: ICRA Assigns B+ Rating to INR7.50cr Cash Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to INR12.00 crore
fund based limits of Padigela Ginning Industries(PGI).

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limits       7.50       [ICRA]B+ assigned
   Term loan Limits         0.80       [ICRA]B+ assigned
   Unallocated Limits       3.70       [ICRA]B+ assigned

The assigned ratings are constrained by limited value addition and
highly fragmented nature of the ginning industry with stiff
competition resulting in limited pricing power of the firm; high
customer concentration with top 10 customers contributing ~75% in
the past 2 years and weak financial profile characterized by low
operating margins of 2.20 %, high gearing at 1.82 times and low
coverage ratios with interest coverage at 1.52 times and NCA/Debt
at 5.17% for FY 2014. Further, the rating is constrained by
vulnerability of profitability to adverse fluctuations in raw
material prices which are subject to seasonal availability of raw
cotton and government regulations on minimum support price (MSP)
and risk arising from partnership nature of the firm.
The assigned rating however takes comfort from significant
experience and operating track record of the promoters in the
ginning industry and favourable location of the company giving it
easy access to high quality raw cotton and lower transportation
costs with firm operations based at Adilabad district.
Going forward, the ability of the company to efficiently manage
its working capital and increase revenues and margins will remain
the key rating sensitivity from credit perspective.

Padigela Ginning Industries was incorporated in 2009 as a
partnership firm. It is located in Bhainsa, Adilabad Dist,
Telangana and is involved in the ginning & pressing of raw cotton
to produce cotton lint & seeds and also processing of cotton seeds
to produce cotton seed oil & cakes. The firm has 36 gins and one
pressing unit. The current capacity of the plant is 300 bales of
lint per day for 36 gins operational.

Recent Results
In FY2014, the company reported an operating income of INR50.52
crore and operating profits of INR1.11 crore as against operating
income of INR46.73 crore and operating profits of INR1.41 crore in
FY 2013.


PARTH DIAMOND: CRISIL Upgrades Rating on INR105MM LOC to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Parth Diamond Private Limited (PDPL) to 'CRISIL B+/Stable' from
'CRISIL B-/Stable', while reaffirming the rating on the company's
short-term bank facility at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        15        CRISIL A4 (Reaffirmed)

   Line of Credit       105        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

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

The rating upgrade reflects the improvement in the PDPL's business
risk profile driven by a sustained improvement in its working
capital cycle, while it maintained its profitability margins. The
decline in the company's working capital requirements resulted in
its lower reliance on debt, and a subsequent improvement in its
capital structure. CRISIL believes that the company will sustain
the improvement in its financial risk profile over the medium term
on the back of consistent growth in its net worth and sustenance
of its improved working capital cycle.

There has been a sustained improvement in the PDPL's working
capital cycle, as reflected in the decline in its gross current
assets to an estimated 200 days as on March 31, 2015 from 227 days
as on March 31, 2013. The improvement is mainly because the
company has been operating with lower inventory levels and
extending lesser credit to its customers. CRISIL believes that the
company will sustain the improvement in its working capital cycle
over the medium term on the back of its better production
planning, cautious strategy to offer lower credit, and enhanced
collection efforts.

The improvement in the company's working capital cycle resulted in
lower reliance on debt ' this coupled with an increase in its net-
worth resulted in a decline in its total outside liabilities to
tangible net worth (TOL/TNW) ratio to an estimated 2.0 times as on
March 31, 2015 from 3.7 times as on March 31, 2013. The TOL/TNW
ratio of the company is expected to further decline to 1.8 times
as on March 31, 2016 supported by consistent growth in its net
worth and sustenance of its improved working capital management.

The ratings reflect PDPL's modest scale of operations, its large
working capital requirements, and its exposure to intense
competition in the jewellery manufacturing industry resulting in
its modest profitability margins. The ratings also factor in the
company's average financial risk profile marked by its modest net
worth, moderate TOL/TNW ratio, and average debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of PDPL's promoters in the jewellery
manufacturing industry, and the company's established relations
with customers.

Outlook: Stable
CRISIL believes that PDPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relations with customers. The outlook may be revised
to 'Positive' in case of substantial and sustained increase in the
company's scale of operations, while it maintains its
profitability margins, or there is a sustained improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its capital
structure caused most likely by a stretch in its working capital
cycle.

PDPL was established in 2000 by Mr. Vaishal P Jariwala and his
family members. The company manufactures plain gold and diamond-
studded jewellery. The company primarily caters to the retailers
in the domestic market.


PRAPALSHA AGROS: ICRA Rates INR8.50cr Fund Based Loan at B+
-----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ assigned to
INR8.50 crore fund based facilities and 1.50 crore unallocated
limits of Prapalsha Agros Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits        8.50        [ICRA]B+ (assigned)
   Unallocated limits       1.50        [ICRA]B+ (assigned)

The assigned rating takes into account the entity's weak financial
profile characterized by low profitability margins inherent in
tobacco trading business, high gearing and weak coverage
indicators. The rating is also constrained by the highly working
capital intensive nature of the business on account of high
inventory due to seasonality associated with tobacco production
and susceptibility of tobacco to agro climatic risks affecting its
availability. However, the rating of the firm continues to derive
comfort from the long-standing experience of the promoter in
tobacco industry and the relatively stable and price inelastic
nature of demand for tobacco products. The rating also derives
comfort from the steady increase in sales of the firm since its
inception, albeit on a moderate scale.

Going forward, the firm's ability to improve its gearing and
effectively manage its working capital requirements are key rating
sensitivities from the credit perspective.

Prapalsha Agros Limited (PAL) was incorporated in November 1998 as
a partnership firm. At present, the firm has 3 active directors
namely Mrs.M.Swarna Kumari, Mr.G.P.Srinivasa Rao and Mr.B.Jaya
Paul. The unit is registered with the Tobacco Board of India as a
tobacco dealer and exporter and can participate in the auctions
conducted by the Board. The company is involved in trading of
tobacco leaves, primarily Virginia Flue Cured (VFC) and Virginia
Air Cured (VAC). The firm is situated in Guntur, Andhra Pradesh.
Recent Results
The firm reported profit after tax of INR0.27 crore on an
operating income of INR35.35 crore during FY2014 as against profit
after tax of INR0.17 crore on an operating income of INR22.42
crore during FY2013.


PRINCE VITRIFIED: ICRA Suspends 'D' Rating on INR13.44cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR19.44
crore long term fund based limits and [ICRA]D rating assigned to
the INR1.12 crore short term non fund based limits of Prince
Vitrified Pvt Ltd. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan              13.44        [ICRA]D suspended
   Cash Credit             6.00        [ICRA]D suspended
   Bank Guarantee          1.00        [ICRA]D suspended
   CEl                     0.12        [ICRA]D suspended

Prince Vitrified Pvt. Limited (PVPL) is a vitrified tiles
manufacturer with its plant situated at Wakaner, Gujarat. The
company was incorporated in 2010 and commenced operations in
December 2010. PVPL is managed primarily by two experienced
directors Mr. Narendra Likhiya and Mr. Chandresh Patel. The plant
has an installed capacity to produce 48,300 MT of vitrified tiles
per annum. PVPL currently manufactures soluble salt vitrified
tiles of size 24" X 24" with the current set of machineries at its
production facilities.


ROSE METALS: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR5.00
crore fund based bank facilities and the short term rating of
[ICRA]A4 to the INR9.00 crore non fund based bank limits of Rose
Metals.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   LT-Fund Based Limits
   Cash Credit             5.00       [ICRA]B reaffirmed

   ST-Non Fund Based
   Limits- Letter of       9.00       [ICRA]A4 reaffirmed
   Credit

The ratings reaffirmation takes into account Rose Metals (RM)'s
relatively weak financial profile characterized by low net
profitability, depressed level of coverage indicators and
leveraged capital structure. The ratings also take into account
the firm's moderate scale of operations with fluctuating revenue
growth in a highly fragmented industry with low entry barriers
resulting in intense competition. Moreover, the ratings are
further affected by relatively high inventory levels entailing
high working capital intensity, which amplify the firm's exposure
to volatility in steel prices. ICRA further notes that the firm is
exposed to foreign exchange fluctuation risks in the absence of
natural hedge and a firm hedging mechanism. The ratings are
further constrained by the fact that RM is a proprietorship
concern and the quantum of withdrawals from the capital account
will remain a key sensitivity.

The ratings, however, factor in the long experience of the key
management in the iron and steel trading business and the
moderately diversified customer base, which mitigates client
concentration risk to certain extent.

Rose Metals promoted by Mr. Pawankumar Metha was established in
1979 and started its commercial operation in the same year. The
firm is engaged in the trading and supplies of ferrous and non-
ferrous metals such as steel pipes, tubes, aluminums, nickel
alloy, copper, brass and other related products. The firm has its
head office in Mumbai and warehouse facilities located in
Bhiwandi, Thane.

Recent results:
Rose Metals recorded a net profit of INR0.09 crore on an operating
income of INR38.16 crore for the year ending March 31, 2014 and a
profit before depreciation of INR0.50 crore on an operating income
of INR23.63 crore for the 10 months period ending January 31, 2015
(Provisional Numbers).


RUSHIKESH PAPER: ICRA Withdraws B+/A4 Rating on INR6.15cr Loan
--------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ and short term
rating of [ICRA]A4 assigned to term loans and fund based bank
facilities of Rushikesh Paper Mills Private Limited (RPMPL)
aggregating to INR6.15 crore, as the notice period of three years
since suspension of ratings has expired.


SAINATH AUTOLINKS: ICRA Reaffirms B+ Rating on INR29.66cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ outstanding
on the INR0.57 crore (revised from INR6.00 crore) term loan and
INR29.66 crore (revised from INR15.00 crore) fund based facilities
of Sainath Autolinks Private Limited.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Term Loan                  0.57        [ICRA]B+ reaffirmed
   Fund based facilities     29.66        [ICRA]B+ reaffirmed

The rating reaffirmation continues to take into account the
company's stretched financial risk profile as reflected by its
thin profitability -- as pricing policies are determined by MSIL,
the drop in the operating margins in FY14 owing to higher share of
pre-used cars where margins remain very volatile coupled with
higher marketing expenses; high utilization levels of the working
capital borrowings, stretched gearing and weak debt protection
metrics. ICRA also takes a note of the company's exposure to
inherent cyclicality of the automobile industry, competition from
other passenger car dealers and operations being limited to the
state of West Bengal resulting in high geographical concentration
risk. The ratings also consider Sainath Autolinks Private
Limited's (SAPL) position as a dealer of Maruti Suzuki India
Limited (MSIL) - the market leader in the passenger car segment in
India and the healthy growth in revenue during FY14, however, the
revenues have witnessed marginal decline in FY15. Going forward,
with the increase in scale of operations, the company's ability to
sustain and improve margins, and manage its working capital
requirements shall remain key credit monitorables.

SAPL was incorporated in 2010 and has been engaged in the business
of vehicle dealership for Maruti Suzuki India Limited (MSIL). The
company is promoted by Mr. Amarjeet Chalwa and Mr Mohan Chawla,
who are engaged in the day-to-day management of the company.

Recent Results
The company has reported a profit after tax (PAT) of INR0.11 crore
in FY14 on an operating income (OI) of INR87.53 crore as against a
PAT of INR0.10 crore in FY13 on an operating income of INR49.81
crore.


SANJAY KUMAR: CRISIL Assigns B+ Rating to INR10MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sanjay Kumar and Company Exim Limited
(SKL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            10       CRISIL B+/Stable
   Letter of Credit      200       CRISIL A4

The ratings reflect SKL's weak financial risk profile marked by
high total outside liabilities to tangible net worth (TOLTNW)
ratio and weak debt protection metrics, and susceptibility of its
margins to adverse changes in regulations on timber import. These
ratings weaknesses are partially offset by its promoters'
extensive experience in the timber business and its moderate risk
management policies.

Outlook: Stable
CRISIL believes that SKL's financial risk profile will remain
constrained over the medium term marked by high TOLTNW ratio and
weak debt protection metrics. The outlook may be revised to
'Positive' if the company's financial risk profile improves backed
by improvement in TOLTNW ratio or increase in operating margin.
Conversely, the outlook may be revised to 'Negative' if there is a
substantial increase in SKL's working capital requirements or the
company undertakes a significant debt-funded capital expenditure,
leading to weak financial risk profile.

Set up in 2004 as a closely-held public limited company, SKL is
engaged in import and trading of timber logs. The company, based
in Patel Nagar (Delhi), is promoted by Mr. Sanjay Garg. It has a
branch office in Gandhidham (Gujarat).

SKL reported a net profit of INR2.3 million on net sales of INR430
million for 2013-14 (refers to financial year, April 1 to March
31), as against a net profit of INR2.3 million on net sales of
INR402 million for 2012-13. The company is estimated to report a
turnover of INR442 million for 2014-15.


SARATHY MOTORS: CRISIL Lowers Rating on INR90MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Sarathy Motors (Kollam) (SMK) to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            90       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that SMK's liquidity
will remain weak over the medium term due to significant
dependence on debt for meeting its working capital requirements.
The firm's bank limits were utilised extensively, at an average of
100 per cent over the 12 months through February 2015, with
occasional use of ad hoc limits to fund its large working capital
requirements. The firm will remain dependent on bank debt for
meeting its working capital requirements over the medium term due
to low cash accruals; the firm is likely to report low cash
accruals of around INR4 million in 2014-15 (refers to financial
year, April 1 to March 31) due to modest scale of operations and
limited operating profitability.

The rating reflects SMK's limited bargaining power with its
principal and its exposure to intense competition in the
automotive dealership industry. These rating weaknesses are
partially offset by SMK's established regional presence as the
leading dealer for vehicles manufactured by Bajaj Auto Ltd (BAL;
rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+') in Kollam (Kerala).

Outlook: Stable
CRISIL believes that SMK will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm increases its
scale of operations significantly, while improving its operating
margin, leading to substantially better cash accruals and
liquidity. Conversely, the outlook may be revised to 'Negative' if
SMK undertakes a large debt-funded capital expenditure programme
or if its cash accruals decline significantly, weakening its
financial risk profile.

Established in 1987, SMK is a partnership firm and is the only
authorised dealer of BAL's two-wheelers in Kollam. About 60 per
cent of its total sales are from sale of two-wheelers, while the
rest is from sale of spare parts and vehicle servicing. The firm's
day-to-day operations are managed by Mr. Rajesh Somanathan.


SHAKTHI TECH: CRISIL Assigns 'B+' Rating to INR65MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shakthi Tech Manufacturing India Pvt Ltd
(STMPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           25        CRISIL B+/Stable
   Packing Credit        10        CRISIL A4
   Term Loan             65        CRISIL B+/Stable

The ratings reflect STMPL's modest scale of, and working-capital-
intensive, operations. The ratings also factor in the company's
below-average financial risk profile, marked by high gearing.
These rating weaknesses are partially offset by the extensive
industry experience of the company's promoter and established
supply-chain relationships.

Outlook: Stable

CRISIL believes that STMPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
significant and sustainable revenue growth while improving its
capital structure. Conversely, the outlook may be revised to
'Negative' in case of decline in the company's revenue or
profitability margins or lengthening of its working capital cycle,
leading to pressure on its financial risk profile, particularly
its liquidity.

Incorporated in June 2013, STMPL is engaged in machining and sale
of automotive and valve components. The company derives around 50
per cent of its revenue from exports to the USA, Italy, and
Belgium and the remaining 50 per cent from domestic sales. STMPL's
daily operations are managed by its managing director, Ms. Usha
Angou.

STMPL reported a profit after tax (PAT) of INR4.6 million on net
sales of INR161.7 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR4 million on net sales
of INR104 million in 2012-13.


SHILPI FLOCKING: ICRA Assigns B+/A4 Rating to INR12.5cr Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ and a short term
rating of [ICRA]A4 to the fund-based and non-fund based limits of
Shilpi Flocking Co Pvt Ltd aggregating to INR12.5 crore.

The assigned ratings are constrained by SFCPL's weak financial
profile characterized by thin profitability, leveraged capital
structure and weak debt coverage indicators. The ratings are also
constrained on account of high working capital intensity of
operations owing to longer receivable turnover period and high
inventory level. This has resulted in stretched liquidity leading
to consistently high utilization of working capital limits. The
ratings also factor in the highly competitive business environment
on account of the fragmented industry structure with limited entry
barriers. The ratings also take into consideration, the
susceptibility of the company's profitability and cash flows to
adverse fluctuations in prices of raw materials.

The ratings, however, favourably take into account the experienced
management of the company with long track record in trading of
flat steel products, its locational advantage by the virtue of
proximity to steel trading centre and its established
relationships with suppliers and customers.

Shilpi Flocking Co. Pvt. Ltd. was taken over by Mr. Rangbahadur
Singh in 1989 for trading in steel products. Subsequently in 1994,
Mr. Brijesh Singh, son of Mr Rangbahadur Singh joined the business
and continues to manage the operations till date. The company has
also set up steel processing facility in Kalamboli, , which is
equipped with Decoiling levelling, shearing, Cut-to-Length (CTL)
machinery with an installed production capacity of 30,000 MT per
annum.

Recent Results
During FY 2014, the company reported Profit after Tax (PAT) of
INR0.62 crore on an operating income of INR109.2 crore. For eleven
month period ending 28th February 2015, the company has reported
PBT of INR0.9 crore on an operating income of INR89 crore.


SHREE AMBICA: CRISIL Reaffirms B+ Rating on INR56.7MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Ambica Decoprints
Pvt Ltd (SADPL) continue to reflect SADPL's large working capital
requirements and modest scale of operations. These rating
weaknesses are partially offset by the extensive experience of
SADPL's promoters in the decorative ceramic tiles segment, leading
to strong brand image.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           56.7      CRISIL B+/Stable (Reaffirmed)

   Inland Guarantees      8.0      CRISIL A4 (Reaffirmed)

   Proposed Long Term    25.1      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan             10.2      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that SADPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if SADPL improves its scale of operations
significantly while maintaining its profitability, leading to
large cash accruals, or if its working capital cycle improves,
strengthening its financial flexibility. Conversely, the outlook
may be revised to 'Negative' if the company generates low cash
accruals because of reduced order flow or profitability, or if its
financial risk profile weakens, most likely because of a stretch
in its working capital cycle or substantial debt-funded capital
expenditure.

Update
SADPL's net sales are estimated to have improved to around INR240
million in 2014-15 (refers to financial year, April 1 to March 31)
from INR199 million in 2013-14, driven by sales of the company's
own brand of products as against jobwork for various ceramic
players. The company's operating margin is estimated to remain at
similar level around 6.5 percent for 2014-15. SADPL's
profitability is expected to improve over the medium term as the
company has already established its marketing network for its own
brand. SADPL's operations are expected to remain working capital
intensive over the medium term, with gross current assets expected
at around 200 days.

SADPL's financial risk profile remains moderate, marked by
moderate debt protection metrics, with interest coverage and net
cash accruals to total debt ratios estimated at 2.1 times and 0.12
times, respectively, for 2014-15. The financial risk profile will
be constrained by the company's small net worth. However, the
company will have enough cushion in its cash accruals after
meeting its long-term debt obligations.

For 2014-15, SADPL is likely to report, on a provisional basis,
profit after tax of INR3.4 million on net sales of INR250 billion;
the company reported a profit after tax of INR3.6 million on net
sales of INR199 million for 2013-14.

SADPL, established in 1992, is promoted by Ahmedabad (Gujarat)-
based Shah family and others. The company prints decorative
ceramic tiles, and has printing capacity of 2000 square metres per
day.


SHREE PRITHVI: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shree Prithvi
Alloys Pvt Ltd (SPAPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The agency has also assigned SPAPL's bank
limits the following ratings:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term loans              60.27      'IND BB'/Stable

   Fund-based              82         'IND BB'/Stable
   working capital limit

   Non-fund-based          50         'IND A4+'
   working capital limit

Key Rating Drivers

The ratings reflect SPAPL's small scale of operations and moderate
credit profile. In FY14 (year end March), revenue was INR728.57m,
net financial leverage (total adjusted net debt/operating EBITDAR)
was 4.55x and interest coverage (operating EBITDA/gross interest
expense) was 1.94x. Profitability has been low  with EBITDA
margins of 3.19% in FY14 due to the low-value-added commodity
manufacturing nature of the company's business. The ratings also
factor in SPAPL's moderate liquidity profile as reflected in its
average maximum working capital utilisation of 95.4% during the 12
months ended April 2015.

The ratings are supported by over-three-decade-long experience of
SPAPL's founders in the steel industry.

Rating Sensitivities

Positive: A substantial rise in the profitability leading to a
substantial improvement in the overall credit metrics could lead
to a positive rating action.

Negative: Deterioration in the overall credit metrics could lead
to a negative rating action.

Company Profile

Incorporated in 2005, SPAPL manufactures mild steel ingots and
billets at its 28,800mtpa plant in Jaipur, Rajasthan. It sells
over 70% of its production to its group companies which
manufacture mild steel angles and channels.


SHYAM GINNING: ICRA Suspends B Rating on INR27.50cr Capital Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR28.60 crore
long term loans & working capital facilities & [ICRA]A4 rating
assigned to the INR0.20 crore, short term non fund based
facilities of Shyam Ginning & Pressing Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based-Working
   Capital Limit             27.50      [ICRA]B suspended

   Fund Based- EPC/FBP/
   FUBD/PCFC/EBR            (10.00)     [ICRA]B suspended

   Fund Based-Term Loan       1.10      [ICRA]B suspended

   Fund Based-Demand Loan
   (WHR)                     (3.00)     [ICRA]A4 suspended

   Non Fund Based- CEL        0.20      [ICRA]A4 suspended


Incorporated in 1996, Shyam Ginning & Pressing Private Limited
(SGPPL) is engaged in raw cotton ginning and pressing and crushing
of cottonseeds business. The company is currently managed by two
directors namely Mr. Bharatbhai Wala and Mr. Jayvantbhai Patgir.
The company's manufacturing facility is located at Hadamtala in
Rajkot, Gujarat. It currently has 54 jumbo ginning machines, one
pressing machine (automatic) and 5 oil expellers. The company has
an installed capacity of producing 420 cotton bales, 9 MT
cottonseed oil and 63 MT cottonseed oil cake per day (24 hours
operation).


SIVA ENGINEERING: CRISIL Reaffirms 'D' Rating on INR170MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Siva Engineering
Company (Siva) continue to reflect Siva's delays in servicing its
debt; the delays have been caused by the firm's weak liquidity,
driven by its working-capital-intensive operations.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        100       CRISIL D (Reaffirmed)
   Cash Credit           170       CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     53.4     CRISIL D (Reaffirmed)

Siva also has a below-average financial risk profile, marked by a
high gearing and subdued debt protection metrics. Moreover, it has
large working capital requirements and is exposed to risks related
to geographical concentration in revenue and to intense market
competition. However, the firm benefits from its promoters'
extensive experience in the infrastructure construction sector.

Update
Siva continues to delay servicing its term debt and to overdraw
its working capital limits, because of its weak liquidity. CRISIL
believes that Siva's liquidity will remain weak over the medium
term because of weak cash accruals and large working capital
requirements.

Set up in 1978 as a partnership firm, Siva constructs bridges,
buildings, and water-treatment plants, primarily in Tamil Nadu.
Its operations are managed by Mr. R Muthuswamy and Mr. Siva
Subramaniam.


SLO STEEL: ICRA Revises Rating on INR25cr Fund Based Loan to B
--------------------------------------------------------------
ICRA has revised the long-term rating of [ICRA]B+ outstanding on
the INR25.00 crore fund based facility of SLO Steel Industries
Limited to [ICRA]B. ICRA has also reaffirmed the short-term rating
of [ICRA]A4 outstanding on the INR15.00 crore non-fund based
facility of SSIL.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based facility       25.00      [ICRA]B; revised from
                                        [ICRA]B+
   Non-fund based facility   15.00      [ICRA]A4; reaffirmed

The revision in long term rating considers the weak financial
profile of SSIL, characterised by high gearing and stretched
coverage indicators, the increase in working capital intensity on
the back of stretched receivable position, the thin margins due to
low value-added nature of business with high competition
restricting pricing flexibility. The ratings are further
constrained by margins which are exposed to volatility in steel
prices, off-take risks associated with sudden market downturns and
high customer concentration risk, partly mitigated by longstanding
customer relationships. The ratings also consider the established
track record of SLO Group with the promoters having considerable
experience in steel industry and scale-up of traded volumes
leading to strong revenue growth during the last financial year.

Incorporated in the year 2011, SLO Steel Industries Limited is
primarily engaged in the business of trading Mild Steel (MS)
scrap, steel intermediaries, structural steel products and TMT
bars. The company primarily caters to traders and manufacturers,
located in and around Chennai. The company is a part of SLO Group,
which has an established track record in the steel industry. The
company stores trading materials in a dedicated warehouse near
Ponneri, Chennai. The directors of the company are Mr. Anil Kumar
Ojha (Chairman & Managing Director), Mr. Arun Kumar Sharma and Mr.
Pratap Kumar Rakesh.

Recent results
SSIL reported an operating income of INR167.0 crore during 2014-15
(according to provisional results). The company had reported a net
profit of INR0.2 crore on an operating income of INR116.5 crore
during 2013-14.


SNEHA MARKETING: CRISIL Puts B Rating on Notice of Withdrawal
-------------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Sneha
Marketing (SM) on 'Notice of Withdrawal' for a period of 60 days,
at the firm's request and upon receipt of a no-objection
certificate from the banker. The ratings will be withdrawn at the
end of the notice period, in line with CRISIL's policy on
withdrawal of its bank loan ratings.

                      Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Bank Guarantee       10       CRISIL A4 (Notice of Withdrawal)

   Cash Credit          20       CRISIL B/Stable (Notice of
                                 Withdrawal)

   Letter of Credit     50       CRISIL A4 (Notice of Withdrawal)

   Proposed Long Term   20       CRISIL B/Stable (Notice of
   Bank Loan Facility            Withdrawal)



SM, set up in 2000 in Mumbai, trades in polystyrene and other
polymer granules. The firm is promoted by Mr. Ketan Satra, who has
been in the polymer trading business for over a decade.


SRK INFRA: ICRA Assigns B+ Rating to INR19.50cr Term Loan
---------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B+ to the INR19.50
crore fund based bank facilities of SRK Infra Projects Private
Limited (SRKPL).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits-
   Term Loan               19.50        [ICRA]B+ assigned

The assigned rating is constrained by SRKPL's weak capital
structure due to debt funded construction of commercial building -
SRK Destiny in Vishakhapatnam; leasing risk with 18.8% of the
space yet to be leased out across 2 floors of the developed 11
floors; and concentration risk arising out of operating a single
property. The rating however takes comfort from the attractive
location of SRK Destiny at VIP Road in Vishakhapatnam; completion
of the project with 9 floors of the property leased to tenants
like Shopper's Stop, Xinthe Technologies, Chegg India Pvt Ltd and
Concentrix Daksh Servicies India Pvt Ltd, and healthy occupancy
levels of around 81.2% of the total leasable area of 141,000 sft.
ICRA notes that the cash flows from the rental income are
sufficient to service current debt levels, however any additional
debt would impact the debt servicing capabilities of the company.
Going forward, improvement in occupancy levels will be the key
monitorable from credit perspective.

SRKPL was initially formed as a partnership firm in 1983 by the
name - Shri Ram Krishna Constructions. The firm was largely
engaged into civil subcontract works for various sectors like
railways, irrigation, roadways and for projects like steel plants,
blast furnace, etc. In 2004, the partnership was converted into
SRK Infra Projects Private Limited (SRKPL). The company started
real estate projects development and has completed 1 residential
apartment project in Bangalore -- SRK Gardens. The Company has
recently completed 1 fully owned commercial project on VIP road in
Visakhapatnam -- SRK Destiny with total project cost of INR40.00
crore. The project comprises of 11 floor commercial building -
retail and office space and 4 floors for parking. The project was
completed in May 2014.


STANDARD LEATHER: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Standard Leather
Pvt Ltd (SLPL) a Long-Term Issuer Rating of 'IND B'.  The Outlook
is Stable.  The agency has also assigned ratings to SLPL's bank
loans as follows:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long-term loans          29        'IND B'/Stable

   Fund-based working       20        'IND B'/Stable
   capital limits

   Non-fund-based            5        'IND A4'
   working capital limits

Key Rating Drivers

The ratings reflect SLPL's small scale of operation and weak
credit profile. Provisional FY15 figures indicate revenue of
INR160m (FY14: INR104m), interest coverage of 1.9x (2.1x) and net
financial leverage of 3.8x (3.5x). The ratings factor in SLPL's
tight liquidity position with few instances of overuse of the
working capital facility during the six months ended April 2015,
which were regularised within two to nine days.

The ratings are supported by the company's directors' experience
of more than three decades in the leather industry.

Rating Sensitivities

Positive: An improvement in the liquidity position could lead to a
positive rating action.

Negative: Any further deterioration in the liquidity position
could lead to a negative rating action.

The present promoters MD Zahied and Mumtaz Zahied acquired SLPL in
2011. The company manufactures finished leather, which is used for
manufacturing industrial leather gloves and other leather
products. Its target customers are leather exporters.

SLPL has one 20,000 sq ft per day manufacturing unit in 24
Paraganas, West Bengal.

The company incurred capex of INR12 million in FY14 for the
expansion of production facility, in a debt-equity ratio of 0.7x.


THENPANDIAN TEXTILE: CRISIL Rates INR93MM Term Loan at 'B'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Thenpandian Textile India Private Limited
(TTIPL). The rating reflects TTIPL's modest scale of operations in
the intensely competitive textile industry, and below-average
financial risk profile marked by modest net worth and risks
related to ongoing capacity expansion project. These rating
weaknesses are partially offset by its promoters' extensive
experience in the textile industry.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Cash Credit    21         CRISIL B/Stable
   Limit
   Proposed Term Loan      93         CRISIL B/Stable

Outlook: Stable
CRISIL believes that TTIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if a considerable increase in
scale of operations and stable profitability lead to a stronger
financial risk profile for TTIPL. Conversely, the outlook may be
revised to 'Negative' if decline in cash accruals or stretch in
working capital cycle, or any large debt-funded capital
expenditure leads to deterioration in its financial risk profile.

Incorporated in 2005, TTIPL is engaged in manufacture of grey
fabric. The company is based in Namakkal, Tamil Nadu. Its
operations are managed by Mr.  K. Nallusamy, Mr. P. Pandian and
family.

TTIPL reported profit after tax (PAT) of INR0.4 million on net
sales of INR 36.3 million for 2013-14 (refers to financial year,
April 1 to March 31); it reported PAT of INR0.9 million on net
sales of INR22.1 million for 2012-13.


UNITED HOTELS: ICRA Reassigns B- Rating to INR34cr Loan
-------------------------------------------------------
ICRA has revised the long-term rating assigned to INR34 crore term
loans and INR1 crore fund based bank limits of United Hotels &
Properties Private Limited from [ICRA]B- to [ICRA]D and
simultaneously reassigned the long-term rating from [ICRA]D to
[ICRA]B-.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loans               34        [ICRA]B- (downgraded
                                      from [ICRA]B- to [ICRA]D
                                      and then reassigned to
                                      [ICRA]B-)

   Fund Based Limits         1        [ICRA]B- (downgraded
                                      from [ICRA]B- to [ICRA]D
                                      and then reassigned to
                                      [ICRA]B-)

The rating action follows financial indiscipline exhibited by the
company delaying on servicing its debt obligations (on its term
loan repayment) during H2FY14. However, following the
regularization of the same in H1FY15, ICRA has revised the ratings
from [ICRA]D to [ICRA]B-.

While assigning the ratings, ICRA has factored in the business and
financial risk profiles of UHPL and its group companies S. P.
Jaiswal Estates Private Limited (SPJEPL; rated [ICRA]B/[ICRA]A4),
Orianna Hospitalities Private Limited (OHPL; a 100% subsidiary of
UHPL), Sharadhayane Lakshmi Hotels Pvt Ltd (SLHPL; a 100%
subsidiary of SPJEPL) and HHI Resorts Private Limited (HRPL; a
100% subsidiary of SPJEPL). The rating takes into account UHPL's
stretched liquidity position as the cash accruals from the
business remains inadequate to meet the large debt repayment
obligations and its weak financial profile as reflected by nominal
net-worth and insignificant profits during FY14, notwithstanding
transfer of established Bhubaneshwar property to UHPL, and its
vulnerability to cyclicality associated with the hotel industry.
UHPL had commissioned the hotel in Pune in April'12. ICRA notes
that although the occupancy levels for Pune property have
witnessed significant improvement in FY15, the RevPar continues to
remain low. ICRA notes that the Pune hotel market has seen large
room additions in the past that is likely to keep a check on any
significant increase in the ARR's, atleast over the near term. The
rating draws comfort from UHPL being a part of the HHI group,
experience of promoters in the hotel industry, and the favourable
location of the hotel, in close proximity to the airport. ICRA
expects the funding support from the group entities and/or
promoters to meet the cash deficit, if any, to meet the debt
obligations in a timely manner. Given the high capital cost per
room for its Pune property, UHPL's ability to improve its
operational and financial performance to maintain the commercial
viability of the project would be a key rating sensitivity going
forward.

Incorporated in 1992, UHPL was acquired by the present management
in 2007. UHPL had leased out its assets (land, building and other
equipments) at Bhubaneshwar to S. P. Jaiswal Estates Private
Limited (SPJEPL), the flagship company of the HHI group till FY12.
From FY13, the company is managing the Bhubaneshwar property. The
company has also set up a 3 star hotel at Pune branded as 'The HHI
Pune'.

Recent Results
During FY14, UHPL reported a net profit of INR0.05 crore on an
operating income (OI) of INR21.89 crore.


UPTIME INFRATEL: CRISIL Cuts Rating on INR40MM Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Uptime Infratel Services India Pvt Ltd (Uptime) to 'CRISIL
D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+'.

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

   Cash Credit          40         CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Proposed Long Term   30         CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB-/Stable')

   Working Capital      40         CRISIL D (Downgraded from
   Term Loan                       'CRISIL BB-/Stable')

The rating downgrade reflects Uptime's overdrawn cash credit limit
for more than 30 consecutive days and the company's delays in
meeting its debt obligations because of deterioration in its
liquidity driven by significant stretch in its working capital
cycle.

Uptime has small scale of operations and stretched liquidity
because of large working capital requirements. The company,
however, benefits from its promoters' extensive industry
experience.

Uptime was incorporated in 2001 as a service provider for the
telecommunications (telecom) sector. Due to subdued demand from
the telecom sector, Uptime diversified into Automated Teller
Machine (ATM) installation and refurbishment in February 2014.


VENMITRA SYSTEMS: CRISIL Assigns 'B+' Rating to INR35MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Venmitra Systems (VS).

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Overdraft Facility        35        CRISIL B+/Stable
   Bank Guarantee            35        CRISIL A4
   Bill Discounting
   under Letter of Credit    10        CRISIL A4

The ratings reflect VS's weak financial risk profile, marked by a
high total outside liabilities to tangible net worth ratio, and
its working-capital-intensive operations. These rating weaknesses
are partially offset by the extensive experience of VS's promoters
in the information technology (IT) industry and their established
relationships with customers.

Outlook: Stable
CRISIL believes that VS will maintain its established position in
the IT consulting and other services industry over the medium term
on the back of its promoters' extensive industry experience and
established relationships with customers. The outlook may be
revised to 'Positive' if there is a substantial and sustained
improvement in the firm's revenue and profitability margins.
Conversely, the outlook may be revised to 'Negative' if VS's
liquidity weakens, most likely as a result of a stretch in its
working capital cycle.

Established in 1987, VS primarily provides system integration
services; it also provides a range of services including
consulting, design, implementation, commissioning, and management
of systems solutions to public sector units and other large and
mid-sized corporates.


VENMITRA SYSTEMS: ICRA Suspends B+ Rating on INR3.50cr LT Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to INR3.50 Crore
long term fund based working capital limits and the [ICRA]A4
rating assigned to INR4.50 Crore short term fund and non-fund
based working capital limits of Venmitra Systems. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Promoted by Mr. Dhananjay Kamath in 1987, Venmitra Systems, a
proprietorship concern is engaged in providing various Information
Technology (IT) Solutions including system integration,
networking, security and other IT infrastructure solutions in the
nature of services as well as products. The firm is based out of
Malad, Mumbai.


VINAYAK HATCHERIES: Ind-Ra Withdraws 'IND B-(suspended)' Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Vinayak
Hatcheries' (Vinayak) 'IND B-(suspended)' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for Vinayak.

Ind-Ra suspended Vinayak's ratings on 25 September 2014.

Vinayak's ratings:

  -- Long-Term Issuer Rating: 'IND B-(suspended)'; rating
     withdrawn

  -- INR50.2 million long-term loans: 'IND B-(suspended)'; rating
     withdrawn

  -- INR12 million fund-based limits: 'IND B-(suspended)'/'IND
     A4(suspended)'; ratings withdrawn


WARM GEARS: ICRA Lowers Rating on INR16cr Term Loan to 'D'
----------------------------------------------------------
ICRA has revised its long-term rating on the bank facilities of
Warm Gears Private Limited to [ICRA]D from [ICRA]B- to the
INR29.48 crore of bank facilities.


                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Term Loans               16.00       [ICRA]D; revised from
                                        [ICRA]B-

   Cash Credit Facility      8.00       [ICRA]D; revised from
                                        [ICRA]B-

   Standby Line of Credit    1.00       [ICRA]D; revised from
                                        [ICRA]B-

   Unallocated               4.48       [ICRA]D; revised from
                                        [ICRA]B-

The rating revision is driven by delays in debt servicing by WGPL
on account of its stretched liquidity position. ICRA takes note of
WGPL's elongated working capital cycle and the net losses incurred
by the company in FY 13-14. ICRA also takes cognizance of the
company's limited ability to pass on increase in raw material
costs to customers given its presence at tier-2 level in the value
chain and high dependence on Warm Forging Private Limited for sale
of its products. ICRA also takes note of the extensive experience
of WGPL's promoters in the forgings business and locational
advantage which the company enjoys due to proximity to its
customers.

Going forward, a track record of timely debt servicing, driven by
a sustained improvement in liquidity, will be the key rating
sensitivity.

WGPL was incorporated in July 2008, and was promoted by Mr. Amit
Rajput and Smt. Anupam Chauhan. The company manufactures products
related to gears for two wheelers such as hubs, gear blanks
(forged and turned), sliding clutches, rotors and pulleys. WGPL
also manufactures bevel gears and other gear products for four
wheelers at its manufacturing facilities in Bhiwadi (Rajasthan).
The company is also engaged in forging and machining for
transmission, engine and suspension applications.

Recent Results
The company reported a net loss of INR0.45 crore on an Operating
Income (OI) of INR81.01 crore in 2013-14 as compared to a net
profit of INR1.13 crore on an OI of INR66.69 crore in 2012-13.


WELLDONE EXIM: CRISIL Cuts Rating on INR400MM Bill Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Welldone Exim Private Limited (Earlier known as G D Manglam
Exim Private Limited) to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Foreign Bill Purchase    400      CRISIL B+/Stable (Downgraded
                                      from 'CRISIL BB-/Stable')

   Packing Credit            50      CRISIL B+/Stable (Downgraded
                                      from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that RBD group's
liquidity will remain stretched because of significant delay in
payments from its two prime customers, due to slow-down in end
user market. The group had around INR 400 million debtors
outstanding more than 6 months as on March 31, 2015. This resulted
in almost fully utilized bank lines and stretch in creditors
leading to high estimated total outside liabilities to tangible
net worth (TOL/TNW) of more than 10 times as on 31st March 2015.
The group also registered around 62 per cent y-o-y de-growth in
sales in 2014-15 as it reduced sales to these customers due to
delay in payments in the year. The revenue profile will be
supported by addition of four new customers recently; however the
same will remain significantly lower than previous levels.

The rating reflects the RBD group's working capital intensive
operations, weak financial risk profile, marked by a weak interest
coverage ratio and a high TOL/TNW ratio. The rating is also
constrained by the group's high customer concentration and its
susceptibility to adverse movements in foreign exchange rates.
These rating weaknesses are partially offset by the group's
established track record in the trading business and its healthy
relationships with customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of High Value Exim Private Limited, Attire
Designers Pvt Ltd, WEPL, RBD international, and Goodone Traders
Pvt Ltd. This is because; all these entities together referred to
as the RBD group, have a common board of directors and senior
management team, and have common procurement, marketing, and
finance functions. The group's promoters have indicated that all
the entities will support each other in case of any exigency.

Outlook: Stable
CRISIL believes that the RBD group will maintain its business risk
profile on the back of its established track record in the trading
business. However, the group's financial risk profile is expected
to remain weak because of its large working capital requirements.
The outlook may be revised to 'Positive' if the group's customer
concentration reduces significantly or if the financial risk
profile improves most likely on account of better than expected
profitability. Conversely, the outlook may be revised to
'Negative' in case of significant withdrawal of partners' capital
in RBD International or in case of further stretch in working
capital cycle.

The RBD group started trading activities in 1993. All the entities
in the group trade in ready-made garments (accounts for more than
80 per cent of revenues), hosiery, handicrafts, fabrics, leather
goods, and miscellaneous products. The entities have common
customers and suppliers, and also the same banker, Punjab National
Bank, and auditors.


YATHARTH HOSPITALS: ICRA Lowers Rating on INR37.5cr Loan to 'D'
---------------------------------------------------------------
ICRA has downgraded its long-term rating on the INR41.20 crore
fund based limits of Yatharth Hospitals & Trauma Care Services
Private Limited (YHIPL) from [ICRA]BB+ (Stable) to [ICRA]D.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loans              37.50       [ICRA]D; Downgraded
   Cash Credit              1.50       [ICRA]D; Downgraded
   Unallocated              2.20       [ICRA]D; Downgraded

ICRA's rating downgrade factors in the delays in debt servicing in
the Q4 of FY15 due to stretched liquidity on account blockage of
funds in working capital. While the revenues of YHIPL increased
from INR30.4 crore in FY2014 to INR58.1 crore in FY2015 on the
back of improving operating metrics, however significant funds
were blocked in receivables as reflected in debtors of INR17.85
crore as on March 31, 2015 compared to INR7.00 crore as on
March 31, 2014. As a result, the company delayed in repayments in
some of the months.

Going forward, timely debt servicing, the ability of the company
to efficiently manage its working capital and improvement in
operating metrics will be the key rating sensitivities.

YHIPL was formed in the year 2008 as a private limited hospital by
Dr Ajay Tyagi, Dr Kapil Tyagi, Dr Neena Tyagi and Dr Manju Tyagi.
It has one 150 bed hospital in Greater Noida and other 340 bed
hospital in Noida. The Greater Noida hospital is well reputed in
its catchment area, as reflected by its growing occupancy levels
which stood at 70% in FY15. The company commenced a super
specialty hospital in Noida Sector 110 in January 2014. The new
hospital is able to achieve 45% of occupancies in its first year
of operation i.e. in FY15.

The hospitals currently specialize in services such as Obstetrics
and Gynaecology, General Medicine, Paediatrics and Neonatology,
General Surgery, ENT, Microbiologist and Pulmonology.

Recent Results
As per audited results for FY14, the company reported a net profit
of INR2.9 crore on an Operating Income (OI) of INR30.4 crore.
According to provisional financials, the Operating Income (OI) for
FY15 was INR58.1 crore with net profit of INR2.75 crore.



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


TOWER BERSAMA: Moody's Affirms Ba2 CFR, Outlook Still Negative
--------------------------------------------------------------
Moody's Investors Service affirmed Tower Bersama Infrastructure
Tbk (P.T.)'s Ba2 corporate family rating. At the same time Moody's
has upgraded the $300 million senior unsecured notes of TBG Global
Pte. Ltd., a wholly-owned subsidiary of TBI, to Ba2 from Ba3. The
notes are unconditionally and irrevocably guaranteed by TBI.

The ratings outlook remain negative.

TBI's Q1 2015 operating and financial performance was weaker than
expected, in line with the general slowdown in the industry, but
was further exacerbated by the impact of one-time write-offs for
PT Bakrie Telecom Tbk (unrated) and changes in accounting
treatment for Telekomunikasi Selular (P.T.)'s ("Telkomsel", Baa1
stable) contracts.

During Q1 2015, TBI completed 118 new towers and added 348 new
tenants, although on a net basis (after accounting for the
cancellation of Bakrie's tenancies) the tower additions were lower
at 43 and additional tenancies were negative 250.

"TBI's adjusted debt/EBITDA at 6.2x for LTM ended March 2015
(based on the last twelve months EBITDA) remains high for the Ba2
ratings. Although this is partly due to the impact of currency
depreciation, we note that adjusted leverage on a hedged basis
also remains high at 5.6x," says Nidhi Dhruv, a Moody's Assistant
Vice President and Analyst.

However, TBI's Ba2 ratings remain supported by its position as one
of the two leading independent telecommunications tower companies
in Indonesia founded on a business model which has a high degree
of revenue transparency and predictability. In addition, TBI
maintains a high quality cash flow stream given its tenant base
substantially comprises Indonesia's largest telecommunications
operators, with Telekomunikasi Indonesia (P.T.) (Baa1 stable),
Telkomsel, XL Axiata Tbk (P.T.) (Ba1 stable), and Indosat Tbk.
(P.T.) (Ba1 stable) collectively the "Big 4" accounting for 84% of
total revenue for Q1 2015.

"In Moody's view, the acquisition of Mitratel, with its relatively
low leverage, will be a catalyst in helping TBI reduce its debt-
to-EBITDA ratio, which surged following its debt-funded
acquisition of 2,500 towers from Indosat in 2012 and has yet to
return to pre-acquisition levels. However, the Mitratel
transaction has been delayed and TBI has not yet committed to a
completion timeline," adds Dhruv, who is also Moody's Lead Analyst
for TBI.

After accounting for the benefits of the Mitratel deal as per the
published transaction parameters, Moody's expects TBI's adjusted
leverage ratio to decline to around 4.5x by 2016 -- which would be
in line with our expectations for the rating. Should the Mitratel
deal fall through, deleveraging will be further delayed.

Moody's has closed the gap between the CFR and bond rating, as the
company management has addressed the subordination issue to a
significant extent. The senior unsecured notes were previously
rated one notch lower than the CFR to reflect the legal and
structural subordination of bond holders.

As part of TBI's refinancing exercise in November 2014, the
company replaced the secured debt at the operating subsidiaries
with unsecured debt, thus completely eliminating the legal
subordination of bond holders.

"Bondholders at the holding company level remain structurally
subordinated. However, with around 49% of debt now at the
operating companies, the extent of subordination has declined
substantially. TBI has also remained committed to its stated
strategy of gradually refinancing operating company debt with
bonds at the holding company level," adds Dhruv. "Most recently in
February 2015, TBI used its $350 million bond proceeds to
refinance debt at the operating company level".

We anticipate that TBI will continue to explore refinancing
opportunities at the at the holdco level and thus continue to
reduce its proportion of structurally senior debt.

Furthermore, the quality of TBI's revenues has significantly
improved, with revenues from the Big 4 accounting for 84% of total
revenues, as compared to 70.5% in 2012. At the same time, the
ratio of priority debt to estimated EBITDA from the Big 4
operators has improved from 7.8x in FY2012 to 3.4x for FY2014
(pro-forma for Mitratel).

Given the negative outlook, a rating upgrade is unlikely in the
near term. However, the outlook could return to stable if TBI
improves its fundamental credit profile; in particular if 1)
adjusted debt/EBITDA trends towards 4.5x, 2) interest cover as
measured by (FFO + interest)/interest increases to a minimum of
2.0x-3.0x and 3) RCF/debt rises above 10%-15% on a consistent
basis.

Further downward pressure on the CFR could arise if the industry
slowdown continues such that TBI continues to perform below
Moody's expectations. Moody's would also be concerned if TBI does
not recapitalize in the event that the Mitratel transaction does
not proceed. Specific indicators include 1) adjusted debt/EBITDA
staying above 4.5-5.0x, 2) (FFO + interest)/interest falling below
2.0x, and 3) RCF/debt remaining below 10% on a consistent basis.

In addition, Moody's would be concerned should the proportion of
revenues contributed by its key customer group -- comprising
Telkom Indonesia, Telkomsel, Indosat and XL Axiata -- fall below
50%-55%.

The principal methodology used in these ratings was Global
Communications Infrastructure Rating Methodology published in June
2011.

TBI is the holding company of the Tower Bersama Group, one of the
two leading independent tower operators in Indonesia, with 10,868
telecommunication sites serving 17,831 tenants as of March 2015.
It leases space on its telecommunications towers to cellular
telecommunications operators on long-term contracts.



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


SHARP CORP: Paid Board Members More Last Year Despite Huge Losses
-----------------------------------------------------------------
The Japan Times reports that despite incurring huge losses in its
slumping liquid-crystal display and solar panel businesses, Sharp
Corp. paid its board members more last fiscal year than the
previous year, a document showed June 1.

Sharp doled out a total of JPY313 million ($2.5 million) to 13
board members in the business year ended March 31, the report
relates citing a document attached to an invitation to its June 23
general shareholders' meeting.

The report says the figure compared to JPY245 million it paid to
16 board members in the previous business year, when the Osaka-
based company returned to profitability for the first time in
three years, and represented a 57 percent rise in average payment
per member.

Sharp fell into the red again in its most recent business year,
posting a net group loss of JPY222.3 billion amid stiff
competition from other Asian rivals, the Japan Times discloses.

The report notes that the company is undergoing broad
restructuring, including the trimming of its global workforce by
10 percent. Its board members began taking pay cuts of up to
55 percent in February.

At the meeting, Sharp and shareholders are to discuss a planned
financial aid package of JPY200 billion from its main creditor
banks and a capital reduction, both part of the latest overhaul
measures, the Japan Times adds.

                         About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in Troubled Company Reporter-Asia Pacific on May 18,
2015, Standard & Poor's Ratings Services said that it has lowered
by two notches to 'CCC-' its long-term corporate credit rating on
Japan-based electronics company Sharp Corp.  S&P kept the rating
on CreditWatch with negative implications.  At the same time,
S&P's 'CCC+' long-term debt rating and its 'C' short-term
corporate credit and commercial paper program ratings remain on
CreditWatch with negative implications.  In addition, S&P lowered
its long-term corporate credit rating on Sharp's overseas
subsidiary Sharp International Finance (U.K.) PLC to 'CCC-' and
kept it on CreditWatch with negative implications. Our 'C' short-
term corporate credit and commercial paper program ratings on
Sharp International Finance remain on CreditWatch with negative
implications.


SKYMARK AIRLINES: Intrepid Aviation Submits Restructuring Plan
--------------------------------------------------------------
The Japan Times reports that Skymark Airlines Inc. said on June 1
that its largest creditor has submitted a plan for the airline's
rehabilitation to a court, rivaling the one submitted by the
debtor late last week.

According to the report, the plan submitted by U.S. aircraft
leasing firm Intrepid Aviation opposes Skymark's plan, which
reflects the agreement of ANA Holdings Inc., parent of Japan's
biggest airline, All Nippon Airways Co., to sponsor the
rehabilitation.

The report relates that Skymark said in a statement that the
feasibility of the Intrepid plan, which was presented to the Tokyo
District Court on the same day as the Skymark plan, "is not clear
at all" and offers a lower repayment rate for creditors' claims.

The Japan Times says Skymark expressed confidence that if the
court approves both plans, a majority of creditors would give
their consent for its rehabilitation plan at their meeting in
July.

At a news conference, ANA Holdings President Shinya Katanozaka
said his company expects to work effectively as a rehabilitation
sponsor and is convinced that the Skymark plan is the best, the
report says.

The report notes that the Skymark plan centers on a new capital
injection from ANA, investment funds and others after it filed for
court protection in January amid tough competition from rising
low-cost carriers.

Skymark's other main creditor, Airbus S.A.S., is also resisting
the failed carrier's plan and may reject it unless it is revised,
the report adds.

                       About Skymark Airlines

Skymark Airlines is a Japanese low-cost carrier based in Tokyo.
The carrier, which commenced operations in 1998, operates domestic
service from its base at Tokyo International Airport.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2015, Bloomberg News said Skymark Airlines Inc., Japan's
third-largest carrier, filed for bankruptcy protection after
running short of cash, highlighting the failure of growth plans
that climaxed in the ill-fated purchase of six Airbus Group NV
A380 superjumbos.

Skymark said it filed at the Tokyo District Court with
JPY71 billion ($603 million) in liabilities.  President Shinichi
Nishikubo is standing down and Chief Financial Officer
Masakazu Arimori is taking on the role, Bloomberg related.

Skymark will submit a rehabilitation plan to the court by May 29,
according to The Japan Times.

Skymark was delisted from the Tokyo Stock Exchange in March.



===============
M A L A Y S I A
===============


MALAYSIA AIRLINES: Is "Technically Bankrupt"; To Cut 6,000 Jobs
---------------------------------------------------------------
Pooi Koon Chong at Bloomberg News reports that Malaysia's national
airline is terminating about 6,000 workers and reviewing plane
purchases in a bid to return to profit as Chief Executive Officer
Christoph Mueller declared the company "technically bankrupt."

According to Bloomberg News, Mr. Mueller said Malaysia Airlines
Bhd. is kicking off a corporate revamp with a "hard reset" as it
seeks to cut costs by 20 percent and break even by 2018 after two
air disasters last year. The carrier is retaining at least 14,000
employees for the new company and will refurbish the business-
class section on some planes as part of its turnaround, he said.

Bloomberg says Malaysia Airlines is seeking to reinvent itself
after stiff competition led to years of losses, even before flight
MH370 disappeared in March last year and MH17 was shot down over
Ukraine.  Bloomberg relates that Mr. Mueller said the carrier
needs time to turn around with a plan that includes adjusting the
size of operations and renegotiating key contracts.

"We have to "stop this short-term firefighting," the report quotes
Mr. Mueller as saying. "Now we have to be in forestry, we have to
plant trees, water them every day and wait, and do a proper job.
We cannot turn this airline around with off-the-cuff" measures."

The old structure, Malaysian Airline System Bhd., will cease
operations in August, and selected assets and liabilities will be
transferred to the new company, Bloomberg notes.

The carrier plans to refurbish the business-class section on some
planes and equip them with flat beds. The company will review all
its existing contracts to purchase planes, and is considering
selling or subleasing two of its A380 superjumbo planes, Mr.
Mueller said, Bloomberg relays.

Bloomberg notes that Mr. Mueller joined Malaysia Airlines from
Dublin-based Aer Lingus Group Plc., which he turned around in the
face of competition from budget airline Ryanair Holdings Plc. He
faces a similar task as Malaysia Airlines struggles to fend off
AirAsia Bhd., one of the region's largest low-fare carriers.

In August, parent and sovereign wealth fund Khazanah Nasional Bhd.
announced plans to cut 6,000 jobs after the airline ran up more
than MYR4.9 billion ($1.34 billion) in losses since the start of
2011, Bloomberg notes. Khazanah has committed to invest MYR6
billion to restructure the airline after taking it private in a
MYR1.38 billion buyout, Bloomberg says.

Bloomberg reports that Mr. Mueller said the carrier has rewritten
employee contracts to address labor costs, which are now
benchmarked against industry peers.

The new company will reduce capacity and expand more profitable
domestic and regional routes in Asia Pacific, Khazanah said in
March, Bloomberg recalls.  Mr. Mueller said the airline will
remain a full-service, international carrier and plans to remain
part of the Oneworld airline alliance, tapping its partners for
codesharing on global routes, adds Bloomberg.

                       *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
September 1 2014, The Associated Press said Malaysia Airlines will
cut 6,000 workers as part of a $1.9 billion overhaul announced on
August 29, 2014, to revive its damaged brand after being hit by
double passenger jet disasters.

Investigators have scoured the southern Indian Ocean for
Malaysia Airlines Flight 370, which veered far off course while en
route from Kuala Lumpur to Beijing on March 8 with 239 people on
board, said the report.  In July, 298 people were killed
when Flight 17 was blasted out of the sky as it flew over an area
of eastern Ukraine controlled by pro-Russian separatists.

These tragedies have scarred the airline's brand, once associated
with high-quality service, AP added.

Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
-- http://www.malaysiaairlines.com/-- engages in the business of
air transportation and the provision of related services.



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


HEALTH SERVICES: A.M. Best Affirms 'B' Financial Strength Rating
----------------------------------------------------------------
A.M. Best Co. has affirmed the financial strength rating of B
(Fair) and the issuer credit rating of "bb+" of Health Services
Welfare Society Limited (New Zealand), trading as Accuro Health
Insurance (Accuro).  The outlook for both ratings remains stable.

This affirmation reflects Accuro's good business profile in New
Zealand's retail medical insurance sector, favorable growth and
the experience of its current product offerings (launched since
2010), as well as its low investment risk profile.

Partially offsetting these positive factors are the high
underwriting leverage and less favorable experience of its legacy
and group products.

Accuro's net premium written remained in excess of three times
capital, which leaves the level of capitalization very sensitive
to higher-than-expected claim severity or frequency.  Despite the
favorable experience on products launched since 2010, the
company's legacy products, which still represent over half of
overall premium earned, consistently experience high claims
ratios.

An upgrading of the company's ratings is unlikely in the short to
medium term until it can demonstrate a solid track record of
positive operating results.  Meanwhile, any significant adverse
changes to its industry environment or continued underwriting
losses could lead to a downgrading of its ratings.



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


WOORI BANK: S&P Assigns 'BB' Rating to US$7BB Proposed Jr. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB' program and issue ratings to Woori Bank's (Woori;
A-/Stable/A-2) proposed junior subordinated tranche of a US$7
billion global medium-term note (GMTN) program and proposed U.S.
dollar-denominated Basel III Tier 1 subordinated bonds to be
issued from the GMTN tranche.  The ratings are subject to final
documentation.

The subordinated notes are intended as Basel III Tier 1 regulatory
capital for Woori and will be direct, unsecured, and subordinated
to senior creditors' claims.  S&P classifies the proposed bond
issue as having "intermediate" equity content.  Under the bonds'
terms and conditions, S&P notes that there is a write-down clause
that allows the following upon the occurrence of a nonviability
event: the full principal amount will be permanently written down
to zero and the bonds will be canceled; and the payment of
principal and interest will be irrevocably waived.  The
nonviability event trigger will be the designation of the bank as
an "insolvent financial institution" pursuant to the Act on
Structural Improvement of the Financial Industry.

The 'BB' ratings are three notches below Woori's 'bbb' stand-alone
credit profile (SACP).  The notching down is based on S&P's hybrid
capital criteria: one notch reflects S&P's downward assessment for
the risk related to subordination, and the other two notches
reflect S&P's downward assessment for the risk of dividend
nonpayment for a Tier 1 instrument.

At the same time, S&P's 'BB' ratings do not reflect the risk of
write-down and waiver of principal and interest payments upon the
occurrence of a nonviability event.  S&P currently believes
nonviability would likely be triggered only if the issuer falls
into a negative net-worth position.  S&P also thinks Korean banks-
-including Woori--will likely receive extraordinary support from
the government in a preemptive manner and at a relatively early
stage if they were to come under financial stress, based on the
government's track record; and that such preemptive government
support would not constitute a nonviability event in Korea.

Being the first rated Basel III Additional Tier 1 hybrid capital
instrument of its kind issued by a Korean financial institution,
S&P expects the instrument to behave as it currently understands
its terms in the context of the Korean regulatory and industry
environment.  In particular, if S&P was ever to have any future
concerns that extraordinary support would not be provided in a
preemptive manner or such preemptive government support would
constitute a nonviability event and therefore lead to a principal
write-down or equity conversion of the hybrid, then S&P would
expect to lower the rating by at least one additional notch.

The "intermediate" equity content classification reflects the
loss-absorbing features of the proposed bond issue.  Therefore,
S&P would include the proposed issuance amount in the bank's total
adjusted capital until the aggregate amount of such instruments is
equivalent to 33% of the bank's adjusted common equity.  In line
with Korea's Basel III-aligned capital framework, the bonds'
maturity would likely be at least 30 years and they are
noncallable for five years after the issuance date.  The dividends
of the proposed issue are discretionary and noncumulative, such as
when certain triggers are activated.  S&P views the dividends'
discretionary and noncumulative features as having capacity to
absorb the bank's losses on a going-concern basis.

S&P do not expect any immediate impact to Woori's SACP and S&P's
issuer credit rating on the bank following the proposed issuance.
S&P estimates that Woori's risk-adjusted capital ratio before
diversification adjustment will likely stay between 6% and 7% in
the coming one to two years.



                             *********

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

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

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


                            *********


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

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

Copyright 2015.  All rights reserved.  ISSN: 1520-9482.

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

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



                 *** End of Transmission ***