TCRAP_Public/150604.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

            Thursday, June 4, 2015, Vol. 18, No. 109


                            Headlines


A U S T R A L I A

DR DAVID: Court Appoints Clifton Hall as Liquidator
MULTIMAQ PTY: First Creditors' Meeting Set For June 11
NEWSAT LIMITED: Administration Proceedings Recognized in U.S.
OZIBOX PTY: First Creditors' Meeting Slated For June 16
PRETIREMENT VILLAGES: First Creditors' Meeting Set For June 12

VIDAFIESTA PTY: First Creditors' Meeting Set For June 12


I N D I A

AARKEE EXTRUSION: CRISIL Assigns B+ Rating to INR40MM Cash Loan
AMURTHA TEXTILES: CRISIL Suspends 'D' Rating on INR45.8MM Loan
ARCA EDUCATION: CRISIL Suspends 'D' Rating on INR90.7MM Loan
ASSOCIATED PLASMATRON: CRISIL Puts B+ Rating on INR108MM LT Loan
ASTRA INFRAPOWER: CRISIL Suspends 'B' Rating on INR290MM Loan

BALDVA TEXTILES: CRISIL Assigns 'B+' Rating to INR120MM Loan
BHAGYODAYA INFRA: CRISIL Suspends B- Rating on INR54MM Loan
BHATIA COKE: ICRA Reaffirms 'D' Rating on INR204cr LT Loan
BRANDHOUSE RETAILS: ICRA Suspends 'D' Rating on INR110cr LT Loan
CHAITANYA SAI: CRISIL Suspends 'D' Rating on INR53MM Term Loan

DEEPAK FOODS: ICRA Assigns 'B' Rating to INR3.50cr Term Loan
ELECTRONIC RELAYS: CRISIL Suspends B+ Rating on INR20MM Loan
FOODS & INNS: ICRA Suspends B- Rating on INR14.3cr Term Loan
GLOBAL HEALTH: CRISIL Reaffirms B+ Rating on INR117.5MM Loan
GLOBAL TECHNOLOGIES: ICRA Assigns B+ Rating to INR2.50cr FB Loan

GOODONE TRADERS: CRISIL Cuts Rating on INR60MM Loan to 'B+'
HIGH VALUE: CRISIL Cuts Rating on INR80MM Packing Loan to B+
INTERLABS (INDIA): CRISIL Assigns B- Rating to INR47.5MM Loan
J.B. OIL: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
JAI JYOTI: CRISIL Assigns 'B' Rating to INR32.5MM Term Loan

JAI LOKENATH: CRISIL Suspends 'B' Rating on INR71.5MM Bank Loan
JD COTTON: ICRA Reaffirms 'B' Rating on INR5.0cr Fund Based Loan
JET AIRWAYS: Ends Contracts of 50 Expatriate Pilots
JINDAL MECTEC: ICRA Withdraws 'D' Rating on INR93cr Bank Loan
JRP INFRA: CRISIL Suspends 'B+' Rating on INR22.2MM Bank Loan

KEMS SERVICES: ICRA Cuts Rating on INR5.0cr Bank Loan to 'B'
KVC DIAGNOSTIC: CRISIL Suspends 'B' Rating on INR50MM LT Loan
LOK-BETA PHARMA: CRISIL Suspends B+ Rating on INR57.5MM Loan
M P SHAN: CRISIL Suspends 'D' Rating on INR855.8MM Cash Loan
M S SHIP: CRISIL Reaffirms B+ Rating on INR60MM Bank Loan

MAHAVIR SHIP: ICRA Revises Rating on INR8.0cr Working Loan to 'B'
MRGR CONSTRUCTIONS: CRISIL Rates INR50MM Cash Credit at 'B+'
MUGRODY CONSTRUCTIONS: CRISIL Suspends C Rating on INR100MM Loan
P&R ENGINEERING: ICRA Reaffirms 'D' Rating on INR22.17cr Loan
P&R GOGARIPUR: ICRA Reaffirms D Rating on INR9.48cr Term Loan

PARAS FLOWFORM: ICRA Withdraws 'B+' Rating on INR15cr Loan
PUNJ AUTOS: CRISIL Assigns 'B' Rating to INR30MM Cash Loan
PURVI METALS: ICRA Assigns B+/A4 Rating to INR15cr Loan
REGENERATIVE MEDICAL: CRISIL Ups Rating on INR50.5MM Loan to B+
S. P. JAISWAL: ICRA Reassigns 'B' Rating to INR57.75cr Term Loan

SAGAR STEEL: CRISIL Suspends B- Rating on INR90MM Cash Loan
SARVPRIYA INDUSTRIES: ICRA Withdraws D Rating on INR36.39cr Loan
SEJASMI INDUSTRIES: CRISIL Suspends 'C' Rating on INR69.5MM Loan
SHREE RAM: ICRA Reaffirms B+ Rating on INR7.50cr Cash Loan
SHREERAM POLYPLAST: CRISIL Cuts Rating on INR49.3MM Loan to D

SPINTEX WOOLLEN: ICRA Assigns 'B' Rating to INR4.0cr Cash Credit
SREE HANUMAN: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
SUNAYANA COLD: CRISIL Assigns 'B' Rating to INR34MM Term Loan
SVSVS PROJECTS: ICRA Assigns 'B+' Rating to INR17.0cr Loan
TEJA TIMES: ICRA Suspends B+/A4 Rating on INR10cr Bank Loan

UB ENGINEERING: Declared Sick Company
VAIBHAV ENERGY: CRISIL Suspends 'D' Rating on INR73MM Term Loan
VIJAYA FERLLOYS: CRISIL Assigns B+ Rating to INR55MM Cash Loan


I N D O N E S I A

METROPOLIS PROPERTINDO: S&P Cuts CCR to 'CCC+'; Withdraws Rating


M A L A Y S I A

MALAYSIA AIRLINES: Faces Necessary Pain, Industry Chief Says


N E W  Z E A L A N D

AQUADUCT NZ: Goes Into Receivership
HAMMERHEADS: Owes IRD NZ$400K, Liquidators Say
ROSS ASSET: Investor Fights to Keep His Name Secret


                            - - - - -


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


DR DAVID: Court Appoints Clifton Hall as Liquidator
---------------------------------------------------
Timothy Clifton of Clifton Hall was appointed Official Liquidator
of Dr David Bertram Pty Ltd on June 3, 2015, by Order of the
Federal Court of Australia.


MULTIMAQ PTY: First Creditors' Meeting Set For June 11
------------------------------------------------------
Mark Cooper of Frasers Insolvency Advisory was appointed as
administrator of Multimaq Pty Ltd on June 2, 2015.

A first meeting of the creditors of the Company will be held at
Level 7, 91 Phillip Street, in Parramatta, NSW, on June 11, 2015,
at 4:00 p.m.


NEWSAT LIMITED: Administration Proceedings Recognized in U.S.
-------------------------------------------------------------
Law360 reported that a Delaware bankruptcy judge granted
Chapter 15 recognition to Australian satellite outfit NewSat Ltd.,
which said it has been making progress on a deal to restructure
the company.

According to the report, U.S. Bankruptcy Judge Laurie Selber
Silverstein awarded Chapter 15 protection to NewSat at a hearing
in Wilmington, signing off on an order that recognizes the
company's Australian administration case as a foreign main
proceeding.

MEASAT Satellite Systems presented a "comprehensive restructuring"
proposal, attorney Ken Coleman told the court, and Lockheed Martin
Corp. has indicated a willingness to discuss new terms for its
recently canceled contract to construct NewSat's flagship
satellite project, the report related.

                           About NewSat

NewSat Limited was founded in 1987 as a multimedia business and
gradually evolved into a satellite communications company. NewSat
is now Australia's largest pure-play satellite communications
company, with teleports and satellites delivering internet, voice,
data and video communications coverage to 75% of the globe,
including Australia, Asia, the Middle East, Africa, Europe and the
United States.

NewSat's Jabiru-2, which was launched in September 2014, delivers
"Ku-Band" capacity across Australia, Timor Leste, Papua New Guinea
and the Solomon Islands, and provides connectivity to the
resources, commercial mobility, media, telecommunications and
government sectors. NewSat's own commercial satellite named
Jabiru-1 is currently being built and is targeted for launch in
2015 to 2016. Jabiru-1 will be Australia's first commercial
"Kaband" satellite and is expected to deliver 7.6 GHz of new
capacity in the covered regions.

As a result of certain defaults, cost overruns on the Jabiru-1
satellite project, and management issues, lenders halted funding
to NewSat. Citicorp International, as trustee for lenders, on
April 16, 2015, placed NewSat into administration in Australia.
It appointed Stephen James Parbery and Marcus William Ayres, of
PPB Advisory in Sydney, Australia, as administrators. Citi also
appointed Jason Preston and Matthew Wayne Caddy of McGrathNicol as
receivers.

On April 16, 2015, the Administrators filed Chapter 15 bankruptcy
petitions for NewSat and affiliates NSN Holdings Pty Ltd., NewSat
Services Pty Ltd., Jabiru Satellite Holdings Pty Ltd., NewSat
Space Resources Pty Ltd., NewSat Networks Pty Ltd., and Jabiru
Satellite Ltd. (Bankr. D. Del. Lead Case No. 15-10810) to stop
actions by creditors in the U.S. The U.S. cases are assigned to
Judge Kevin J. Carey. Young, Conaway, Stargatt & Taylor and Allen
& Overy LLP serve as counsel.

NewSat listed $500 million to $1 billion in assets and $100
million to $500 million in debt in its Chapter 15 petition.


OZIBOX PTY: First Creditors' Meeting Slated For June 16
-------------------------------------------------------
Andrew John Cummins of BRI Ferrier was appointed as administrator
of Ozibox Pty Ltd on June 3, 2015.

A first meeting of the creditors of the Company will be held at
Level 30, Australia Square, 264 George Street, in Sydney, NSW, on
June 16, 2015, at 12:00 p.m.


PRETIREMENT VILLAGES: First Creditors' Meeting Set For June 12
-------------------------------------------------------------
Stefan Dopking and John Park of FTI Consulting were appointed as
administrators of Pretirement Villages Pty Ltd on June 1, 2015.

A first meeting of the creditors of the Company will be held at
FTI Consulting, 22 Market Street, in Brisbane, Queensland, on June
12, 2015, at 10:00 a.m.


VIDAFIESTA PTY: First Creditors' Meeting Set For June 12
--------------------------------------------------------
Gavin Moss and Nick Combis of Vincents Chartered Accountants were
appointed as administrators of Vidafiesta Pty Ltd, formerly
trading as "Spanish Terrazas Restaurant", on June 1, 2015.

A first meeting of the creditors of the Company will be held at
the Meeting Room of Vincents Chartered Accountants, Level 19, MLC
Centre, 19-29 Martin Place, in Sydney, NSW, on June 12, 2015, at
3:00 p.m.



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


AARKEE EXTRUSION: CRISIL Assigns B+ Rating to INR40MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4+' ratings to
the bank facilities of Aarkee Extrusion Private Limited (AEPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B+/Stable
   Letter of Credit        30        CRISIL A4

The ratings reflect working capital intensive nature of operations
marked by high inventory holdings and modest scale of operations.
These rating weaknesses are partially offset extensive industry
experience of the promoter and diversified customer mix, and
moderate average financial risk profile.

Outlook: Stable

CRISIL believes that AEPL will continue to benefit over the medium
term from its promoters extensive experience in industry and
established relationships with customers. The outlook may be
revised to 'Positive' if the company's scale of operations and
profitability increase significantly, leading to significant
improvement in accruals and in debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the firm's
profitability declines steeply because of intense competition, or
if its working capital requirements increase significantly, or
undertakes major debt funded capex thereby adversely affecting its
capital structure.

Incorporated in 2008, AEPL is Vadodara, Gujarat based company and
is engaged in manufacturing of Aluminium extrusion. The current
promoter Mr. Piyush Shah took over the company in 2010 and the
company caters to various industries like power, electronic
appliances, real estate, automobile etc.

For 2013-14, AEPL reported a profit after tax (PAT) of INR1.7
million on an operating income of INR136.4 million; it had
reported a PAT of INR0.9 million on an operating income of INR73.4
million for 2012-13.


AMURTHA TEXTILES: CRISIL Suspends 'D' Rating on INR45.8MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Amurtha Textiles (Amurtha).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             33        CRISIL D
   Letter of Credit         8        CRISIL D
   Long Term Loan        45.8        CRISIL D
   Proposed Long Term
   Bank Loan Facility     3.7        CRISIL D

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

Amurtha is a proprietorship firm set up in 1993 by Mr. S
Sathasivam. The firm is into the spinning of cotton bales into
yarn of 40's count. The yarn is then outsourced to manufacture
grey fabric, which is then sold by Amurtha. The firm's spinning
mill is located in Coimbatore (Tamil Nadu) and has an installed
capacity of 18000 spindles. The firm is managed by Mr. S
Sathasivam and his son, Mr. Vijay Ananth.


ARCA EDUCATION: CRISIL Suspends 'D' Rating on INR90.7MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Arca
Education Society (AES).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan        90.7       CRISIL D

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

AES was established in 2005 by Mr. M Narasimha Murthy and his
family. The society has a franchisee agreement with Global Indian
Foundation to run an international school, Global Indian
International School. The school located at Uppal (Andhra
Pradesh), offers education from pre-school to grade XI.


ASSOCIATED PLASMATRON: CRISIL Puts B+ Rating on INR108MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Associated Plasmatron Pvt Ltd (APPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility       7        CRISIL B+/Stable
   Long Term Loan         108        CRISIL B+/Stable
   Bank Guarantee           5        CRISIL A4
   Cash Credit             16        CRISIL B+/Stable

The ratings reflect APPL's below-average financial risk profile,
marked by a small net worth and high gearing, its modest scale of
operations, and large working capital requirements. These rating
weaknesses are partially offset by the extensive experience of
APPL's promoters in the chemical coatings industry, the company's
established and reputed clientele, and healthy operating
efficiencies.

Outlook: Stable

CRISIL believes that APPL will benefit over the medium term from
its promoters' extensive experience in the chemical coatings
industry and its established clientele. The outlook may be revised
to 'Positive' if the company reports significant increase in its
scale of operations and sizeable cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
its financial risk profile due to low cash accruals or
considerable working capital requirements or large debt-funded
capital expenditure.

APPL was incorporated in 1988 and started operations in 1991. The
company is promoted by Mr. S P G Kundva and his family. The
company is engaged in providing thermal spray coatings services
used for restoration of critical worn-out components. APPL caters
to industries such as oil and natural gas, power generation
systems, hydraulic machines, and steel mills. The company also
manufactures coated components. The company has two manufacturing
facilities, in Rabale industrial area in Navi Mumbai and at
Ambernath in Thane (both in Maharashtra).


ASTRA INFRAPOWER: CRISIL Suspends 'B' Rating on INR290MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Astra Infrapower Pvt Ltd (AIPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      290       CRISIL B/Stable
   Bank Loan Facility

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

Incorporated in 2012, AIPPL is promoted by Mr. B Mishra and his
family members, based in Bharuch (Gujarat). The company is engaged
in the power transmission and distribution and real estate
businesses.


BALDVA TEXTILES: CRISIL Assigns 'B+' Rating to INR120MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Baldva Textiles Pvt Ltd (BTPL). The rating
reflects BTPL's weak financial risk profile marked by high gearing
and small net worth, its modest scale of operations, and large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of BTPL's promoters
in the textile industry.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             120       CRISIL B+/Stable

Outlook: Stable

CRISIL believes that BTPL will maintain its credit risk profile
over the medium term, backed by its promoters' extensive
experience, and its established customer relationship. The outlook
may be revised to 'Positive', if BTPL improves its operating
margin, while prudently managing its working capital cycle and
maintaining its financial risk profile. Conversely, the outlook
may be revised to 'Negative', if BTPL's cash accruals decline, or
its working capital requirements increase further, constraining
its financial risk profile, particularly its liquidity.

Incorporated in 1987 by Mr. Anil Baldva, BTPL manufactures
fabrics. The company has 56 looms and produces the trouser
material of 30'C and 40'C. Its plant in Bilwara (Rajasthan) has
installed capacity of 275,000 metres of woven cloth per month.


BHAGYODAYA INFRA: CRISIL Suspends B- Rating on INR54MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhagyodaya Infrastructure Development Limited (BIDL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45        CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility       1        CRISIL B-/Stable

   Term Loan               54        CRISIL B-/Stable

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

BIDL, formerly known as Bhagyodaya Marketing Company Limited, was
incorporated in February 1974. BIDL is managed professionally by
Mr. Sanjiv Bansal and Mr. Naman Shah. Mr. Gaurav Mehra, Mr.
Abedali Mamaji and Mr. Arvind Kiran are other directors on the
company's board. The company is engaged in civil construction
activities for real estate projects of Orbit Corporation Ltd (OCL)
and other associates. It is listed on the Bombay Stock Exchange.


BHATIA COKE: ICRA Reaffirms 'D' Rating on INR204cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]D rating for INR300.00 Crore fund-
based and non fund-based bank facilities of Bhatia Coke & Energy
Limited (BCEL). The rating suspension done in Jan'15 has been
revoked.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund-Based    204        [ICRA]D (Reaffirmed);
                                      Suspension Revoked
   Long Term Non Fund-
   Based                    31        [ICRA]D (Reaffirmed);
                                      Suspension Revoked

   Short Term Non Fund-     65        [ICRA]D (Reaffirmed);
   Based                              Suspension Revoked

The rating reaffirmation takes into account continued instances of
delays in debt servicing on account of cash flow mismatches driven
by decline in capacity utilization and accruals, which in-turn has
been driven by lower order inflows. While easing of liquidity
profile in FY14 subsequent to equity infusion and shoring up of
working capital with long term debt had facilitated improved
capacity utilization of 77% against 68% in FY13; however
subsequent slowdown in order inflow due to slowdown in domestic
steel industry and cheaper imports of Coke had driven considerable
decline in capacity utilization, thereby driving cash flow
mismatches in back drop of sizeable repayment burden.
ICRA notes that credit facilities of the company have been
restructured subsequently in March 2015, whereby debt servicing
burden has eased considerably due to elongated repayment schedule
and moratorium in debt servicing during FY16. Given the lower debt
servicing burden, as per ICRA's estimates, BCEL can now service
the debt with a capacity utilization level of ~65%, which is
comparable to estimated utilization of ~67% during 9MFY15. Going
forward, BCEL's ability to consistently achieve satisfactory
utilization of its capacities, prudently manage working capital
cycle and exposure to volatility in raw material prices / foreign
exchange rate would determine its cash accruals and thus debt
servicing ability.

Bhatia Coke and Energy Limited (BCEL) is promoted by Bhatia Group
of Indore, and is engaged in business of coke manufacturing and
power production using waste heat recovery mechanism. BCEL was
incorporated in June 2008; however, it didn't undertake any
operations till business transfer agreement was signed with
erstwhile flagship company of Bhatia Group i.e. Bhatia
International Limited, which has been renamed to Asian Natural
Resources (India) Limited (ANRIL). As a part of Bhatia Group's
restructuring plans, coke manufacturing unit having capacity of
1,68,000 MTPA and 10MW power plant based on waste heat recovered
from coke oven plant were transferred to BCEL. The effective date
of transfer of business to BCEL was October 2009; however, actual
transfer happened in February 2011 after appraisal and approval of
bankers. During the interim period, ANRIL undertook business on
behalf of BCEL and transferred to it profit of about INR21 crore
earned from this business division during the period October 2009
to February 2011.

Subsequently in 2012-13, BCEL completed brown-field capacity
expansion program at its unit in Gummidipoondi, Tamil Nadu,
whereby coke manufacturing capacity has been doubled to 3,40,000
MTPA and power generation capacity has been increased to about
22.5 MW.

In 2013-14, BCEL has reported Operating Income (OI) of INR366.3
crore and Profit after Tax (PAT) of INR17.9 crore against OI of
INR259.8 crore and PAT of INR2.2 crore reported in 2012-13.


BRANDHOUSE RETAILS: ICRA Suspends 'D' Rating on INR110cr LT Loan
----------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to the
INR110.0 crore long-term fund based facilities of Brandhouse
Retails Limited (BHRL). The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


CHAITANYA SAI: CRISIL Suspends 'D' Rating on INR53MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Chaitanya Sai Paper Mills (India) Pvt Ltd (CSPMPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL D

   Proposed Long Term
   Bank Loan Facility       7        CRISIL D

   Term Loan               53        CRISIL D

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

CSPMPL was set up in July 2007 as a private limited company by Mr.
Nageswara Rao. It was acquired by Mr. Kunkalaguntla Buttchama in
July 2011. CSPMPL manufactures kraft paper, which is used as input
by paper plate and corrugated box manufacturers. The company's
manufacturing unit is in Guntur (Andhra Pradesh).


DEEPAK FOODS: ICRA Assigns 'B' Rating to INR3.50cr Term Loan
------------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR0.50 crore cash
credit and INR3.74 crore term loans facility of Deepak Foods. ICRA
has also assigned an [ICRA]A4 rating to the INR1.50 crore non fund
based Export Packing Credit cum Foreign Bills Purchase/Discount
(EPC Cum FBP/FBD) of DF.


                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based-Cash
   Credit                 0.50        [ICRA]B assigned

   Fund Based-Term
   Loan I                 0.24        [ICRA]B assigned

   Fund Based-Term
   Loan II                3.50        [ICRA]B assigned

   Fund Based-EPC
   cum FBP/FBD            1.50        [ICRA]A4 assigned

The rating assigned to Deepak Foods (DF) is constrained by the
risk of stabilization of plant as per the expected operating
parameters, high gearing levels coupled with low coverage
indicators and stretched liquidity as evident from high working
capital utilization. ICRA also takes note of the vulnerability of
operations, to regulatory norms governing the seafood industry in
importing countries and the risk associated with fluctuations in
foreign exchange rates. ICRA expects the capital structure and
credit metrics to remain stretched in the given term given the
aggressive debt funded nature of project. Also, being a
proprietorship firm, any substantial withdrawal may have an
adverse impact on the capital structure of the firm.

The ratings however, favorably factor in the established track
record of the promoter in the seafood industry and easy
availability of raw material by virtue of its favourable location.
The ratings also favourably consider the foray into the
manufacturing of surimi that will improve operating income in the
near term.

Deepak Foods (DF) was established as a proprietorship firm in 1997
as a service provider. It eventually became a major labour
supplier. Gradually, the firm commenced manufacturing and
supplying of preprocessing seafood. In October 2012, the firm
commenced manufacturing of fish paste used as animal feed. In the
current fiscal, the firm will commence the manufacturing of
surimi.

Recent Results
During FY14, DF reported an operating income of INR1.36 crore and
net profit of INR0.03 crore.


ELECTRONIC RELAYS: CRISIL Suspends B+ Rating on INR20MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Electronic Relays India Pvt Ltd (ERI).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5         CRISIL A4
   Bill Discounting       10         CRISIL B+/Stable
   Cash Credit            20         CRISIL B+/Stable
   Letter of Credit       12.8       CRISIL A4

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

Incorporated in 1979, ERI manufactures solid state relays,
input/output modules, and other automotive electronic products.
ERI's day-to-day operations are managed by Mr. G B Umesh.


FOODS & INNS: ICRA Suspends B- Rating on INR14.3cr Term Loan
-----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B- assigned to
the INR14.3 crore term loans and INR4.0 crore long-term fund based
facilities of Foods & Inns Limited (FIL). ICRA has also suspended
the short-term rating of [ICRA]A4 assigned to the INR124.3 crore
fund-based facilities and INR36.8 crore non-fund based facilities
of FIL. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


GLOBAL HEALTH: CRISIL Reaffirms B+ Rating on INR117.5MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Global Health Care
Products (GHCP) continue to reflect itspromoters' extensive
experience in the fast-moving consumer goods (FMCG) industry. This
ratings strength is partially offset by high customer
concentration in GHCP's revenue profile and modest scale of
operations.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         2.5       CRISIL A4 (Reaffirmed)
   Cash Credit          117.5       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    30.0       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GHCP will maintain its financial risk
profile, backed by its contract with Glaxo SmithKline (GSK). The
outlook may be revised to 'Positive' if the firm ramps up its
scale of operations byexpanding the customer base and securing
more long-term contracts resulting in high cashaccruals.
Conversely, the outlook may be revised to 'Negative' in case of
low cash accruals orlarge debt-funded capital expenditure (capex),
constraining its financial risk profile.

Update
GHCP's operating revenues are estimated to be modest at around
INR410 million to 430 million reduced from INR450 million in 2013-
14( refers to financial year, April 1 to March 31) on account of
reduced orders from Colgate-Palmolive. The sales have however been
higher than CRISIL estimates on account of improved orderflow from
GSK leading to stable revenue profile; consequently GHCP's margins
have remained at around 6.5 per cent in 2014-15 and are expected
to remain in the range of 6 per cent to 7 per cent over the medium
term

GHCP has a moderate risk profile, marked by low gearing, estimated
at 0.8 times as on March 31, 2015.The firm has moderate debt
protection metrics with interest coverage ratio at 2.24 times and
Net cash accrual to Total debt ratio at 13 per cent for 2014-15.
The firm's financial risk profile will remain healthy on account
of absence of any major capex programme and term debt obligations.

The firm's operations are moderately working capital intensive as
reflected by gross current assets of 160 days, estimated as on
March 31, 2015. The firm offers credit of 45 to 60 days to its
customers; against this, it receives a credit of 30 to 35 days
from the suppliers. In order to meet its working capital
requirements, the firm used to depend on bank limits; GHCP's bank
limit utilization has been moderate at an average 90 percent for
the 10 months ended January 31, 2015. However, it does not have
any term debt obligation, which supports its liquidity. The
liquidity profile remains adequate marked by moderately working
capital intensive operations and absence of any term debt
obligation.

Established in 1997, GHCP is a partnership firm promoted by Mr.
Vasudev Baburao Prabhu and his family. The firm manufactures
toothpaste and has a manufacturing facility in Silvassa (Dadra and
Nagar Haveli).


GLOBAL TECHNOLOGIES: ICRA Assigns B+ Rating to INR2.50cr FB Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR2.50 crore
fund based limits and short term rating of [ICRA]A4 to INR2.60
crore non-fund based limits of Global Technologies. ICRA has also
assigned ratings of [ICRA]B+/[ICRA]A4 to INR1.90 crore unallocated
limits of GT.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits        2.50      [ICRA]B+ assigned
   Non Fund Based Limits    2.60      [ICRA]A4 assigned
   Unallocated Limits       1.90      [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by GT's small scale of
operations in the bulk material handling and cranes business;
moderate operating margins traditionally at 7%-8% over the last 4
years; and modest net worth levels and high TOL/TNW of 2.74 times
as on FY2014 end. The ratings also factor in weak liquidity
position as reflected in near full utilization of CC limits in the
past 12 months owing to working capital intensive nature of the
business arising from high inventory levels; competitive and
fragmented industry coupled with limited bargaining power with the
customers who are mostly large corporates resulting in pressure on
margins; and risks associated with the firm's status as a
partnership firm including the risk of capital withdrawal. The
ratings however positively factor in experience of management in
the bulk material handling business; and consistent growth in
operating income from INR1.14 crore in FY2009 to INR24.70 crore in
FY2014 on account of increase in order execution on the back of
increased order inflow albeit on a low base.

Going forward, the company's ability to manage working capital
requirements will remain key rating sensitivities from credit
perspective.

Global Technologies is part of Global group which began operations
in 2008 and it operates in two divisions: 1) Bulk Material
Handling Division and 2) Cranes Division. Bulk material handling
systems includes Belt Conveyers, Chain Conveyers, Pneumatic
Conveyers, Crushers, Vibro Screens, etc. Cranes division includes
single and double girder EOT Cranes up to 60 MT, Gantry and Semi
Gantry Cranes up to 60 MT, HOT Cranes up to 25 MT, and Under Slung
Cranes of up to 24 MT.

Recent Results
The company reported an operating income and net profit of
INR24.70 crore and INR0.77 crore respectively in FY2014 as against
an operating income and net profit of INR22.27 crore and INR0.70
crore respectively in FY2013.


GOODONE TRADERS: CRISIL Cuts Rating on INR60MM Loan to 'B+'
-----------------------------------------------------------
CRISIL has downgraded its long term rating on the bank facilities
of Goodone Traders Pvt Ltd (earlier known as Yogmaya Traders
Private Limited) (GTPL, 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 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, Welldone Exim Pvt Ltd, RBD international, and
GTPL. 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.


HIGH VALUE: CRISIL Cuts Rating on INR80MM Packing Loan to B+
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
High Value Exim Private Limited (earlier known as Konark Exim
Private Limited) (HVEPL, part of 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   370       CRISIL A4 (Reassigned)

   Packing Credit           80       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 HVEPL, Attire Designers Pvt Ltd,
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.


INTERLABS (INDIA): CRISIL Assigns B- Rating to INR47.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Interlabs (India) Private Limited (ILPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     27.5       CRISIL B-/Stable

   Long Term Loan         15         CRISIL B-/Stable

   Cash Credit            47.5       CRISIL B-/Stable

   Letter of Credit       10         CRISIL A4

The ratings reflect ILPL's modest scale of operations, its high
working capital intensive operations and its weak financial risk
profile marked by modest capital structure and debt protection
metrics. These rating weaknesses are partially offset by the
benefits derived from the extensive industry experience of its
promoters and need based fund support from the promoters.

Outlook: Stable

CRISIL believes that ILPL will benefit over the medium term from
the extensive industry experience of its promoters and the need
based fund support from promoters. The outlook may be revised to
'Positive' in case ILPL's reports more-than-expected revenues and
profitability resulting in improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case the
company's profitability or revenues decline resulting in lower-
than expected cash accruals, or if it undertakes any larger- than-
expected debt-funded capital expenditure (capex), leading to
deterioration of its financial risk profile.

Incorporated in 2005, ILPL is engaged in manufacturing of bulk
drugs intermediaries. Promoted by Mr. D. Srinivas, the company is
based out of Hyderabad (Telangana).


J.B. OIL: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of J.B. Oil Industries (JBOI).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B/Stable
   Term Loan                8        CRISIL B/Stable

The rating reflects the firm's below-average financial risk
profile marked by a modest net worth, high gearing and weak debt
protection metrics. The rating also factors in the firm's modest
scale of operations in the highly fragmented rice and dal
industry. These rating weaknesses are partially offset by the
partners' extensive industry experience.

Outlook: Stable

CRISIL believes that JBOI will continue to benefit from its
partner's extensive industry experience and their funding support
over the medium term. The outlook may be revised to 'Positive' in
case of high revenue or accruals or equity infusion by the
partners, leading to improvement in its credit risk profile.
Conversely, the outlook maybe revised to 'Negative' in case of low
cash accruals or large working capital requirements or large debt-
funded capital expenditure exerting further pressure on the firm's
liquidity.

Established in 1956, JBOI is a partnership firm based in Sitapur
(Uttar Pradesh). Initially started as an oil mill for groundnut
oil, JBOI currently processes and mills rice and masoor dal. It is
owned and managed by Mr. Raj Kumar, Mr. Purushottam Das, Mr.
Santosh Kumar, Mr. Anand Kumar and Mr. Shiv Kumar.


JAI JYOTI: CRISIL Assigns 'B' Rating to INR32.5MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Jai Jyoti Woollen Mills (JJWM).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              32.5       CRISIL B/Stable
   Cash Credit            30         CRISIL B/Stable
   Proposed Short Term
   Bank Loan Facility      4.4       CRISIL A4

The ratings reflect the small scale of operations in the highly
fragment polyester blanket industry and its weak financial risk
profile marked by high gearing. These rating weaknesses are
partially offset by the extensive experience of JJWM's proprietor
in the textile industry.

Outlook: Stable

CRISIL believes that JJWM will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
capital structure either by equity infusion or higher-than-
expected cash accruals, backed by improvement in scale of
operations and operating profitability along with prudent working
capital management. Conversely, the outlook may be revised to
'Negative' if JJWM's financial risk profile deteriorates on
account of further decline in its revenues and profitability or in
case of a larger-than-expected, debt-funded capital expenditure,
or if the firm's liquidity weakens significantly on account of
increase in its working capital requirements.

JJWM was setup in 1991 as a proprietorship firm based in Panipat
(Haryana). The firm started with manufacturing of shoddy yarn
which is used in acryclic blankets. In January 2015, the firm
discontinued yarn manufacturing and set up a unit for
manufacturing of polyester mink blankets, which commenced
operations in May 2015. JJWM is owned and managed by Mr. Raj
Kumar.


JAI LOKENATH: CRISIL Suspends 'B' Rating on INR71.5MM Bank Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jai Lokenath Oil Extraction Pvt Ltd (JLOEPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5         CRISIL A4
   Cash Credit             8.5       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     71.5       CRISIL B/Stable

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

JLOEPL, established in 2002, processes wheat. The company is
managed by Mr. Ranjan Paul. The company derives 50 to 60 per cent
of its revenues from sale of its products to food supply
distributors authorised by the West Bengal government and the rest
from sales to private wholesalers.


JD COTTON: ICRA Reaffirms 'B' Rating on INR5.0cr Fund Based Loan
----------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the INR6.70
crore (earlier INR7.00 crore) bank facilities of JD Cotton
Industry.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limits       5.00       [ICRA]B; reaffirmed
   Term Loan               1.70       [ICRA]B; reaffirmed

ICRA's rating continues to take into account the JDCI's exposure
to seasonality in the business, agro climatic risks and changes in
government regulations. Further, the firm remains exposed to high
competition due to the fragmented nature of the industry due to
presence of several unorganized players, which along with the low
value additive nature of business, results in weak profitability.
ICRA also takes into account the firm's modest scale of operations
and its weak financial profile with elevated Total Debt to OPBDITA
of 5.55x and interest coverage of 1.28x in FY 2015. ICRA's rating
however continues to derive comfort from the partners long
standing experience in the cotton ginning and pressing industry.
The rating also favorably factors in the modest working capital
cycle of the firm owing to low debtor period and stock levels.
This apart, the rating also takes into account the favorable
location of the manufacturing facilities of the firm, in proximity
to the main guar growing belt in Rajasthan as well as cotton
growing belt of Haryana, which provides easy access to raw
material.

Going forward, JDCI's ability to scale up its operations so as to
improve its profits and coverage indicators will be the key rating
sensitivities.

JDCI is a partnership firm and is engaged in cotton ginning and
guar gum manufacturing. The firm is promoted by first generation
entrepreneurs-Mr. Manoj Kumar and Mr. Mahesh Kumar, who have over
six years of experience in cotton ginning and pressing industry.
The manufacturing facilities of the firm, which include a cotton
ginning unit, a pressing unit and a guar gum unit, are located in
Kalanwali city of Sirsa district in Haryana. The firm has an
installed capacity to manufacture 220 cotton bales and 1000
quintals of guar gum per day and commenced commercial production
from October 2013.

Recent Results
JDCI reported, on a provisional basis, a net profit of INR0.03
crore on an operating income of INR29.47 crore for FY 2015, as
compared to a net profit of INR0.09 crore on an operating income
of INR28.30 crore in the six months of operations in FY 2014.


JET AIRWAYS: Ends Contracts of 50 Expatriate Pilots
---------------------------------------------------
The Times of India reports that Jet Airways has prematurely
terminated the contracts of 50 expatriate pilots as part of a
major cost-cutting exercise.  The airline's loss was INR2,097
crore in FY15 and INR4,130 crore in FY14, the report says.

"We have prematurely terminated the service contracts of 50
expatriate pilots between April 1, 2014, and March 31, 2015," Jet
Airways acting chief financial officer Ravichandran Narayan told
the media, the report relays. As per contractual obligations,
retrenchment compensation was paid to the sacked pilots. After the
sacking, Jet now has 1,120 pilots of whom 88 are foreign pilots,
the report notes.

According to the report, the Directorate General of Civil Aviation
(DGCA) has asked airlines to phase out expat pilots by December
2016.

TOI relates that Narayan said Jet is improving aircraft
utilization by adding more red-eye flights and early hour
departures in schedule. Jet had launched three red-eyes in April-
end -- that fly in the post-midnight to dawn hours. Termed "red
eye" in the West -- alluding to the sleepy and watery eyed
passengers getting off -- these flights are very popular as they
are substantially cheaper than day time flights, according to the
report.

Jet Airways (along with Jet Lite (India) Limited -- its wholly-
owned subsidiary) currently provides scheduled services to around
56 destinations in India and 20 international destinations. The
Company's fleet stands at 113 aircraft as on March 2014.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 23, 2014, ICRA upgraded the long-term rating assigned to the
INR3,210.0 crore, long-term, fund-based bank facilities of Jet
Airways (India) Limited to [ICRA]C from [ICRA]D. ICRA has also
upgraded the short-term rating assigned to the INR4,250.0 crore,
short-term, fund-based/ non-fund based bank facilities of Jet
Airways to [ICRA]A4 from [ICRA]D.

The ratings upgrade reflects the regularisation of debt servicing
obligations by the Company for the last three months, as confirmed
by the lead banks and the management. As indicated by the
management, the delays in receipt of equity infusion from Etihad
Airways PJSC on the back of delays in receipt of regulatory
approvals, in an already weak operating environment, had impacted
the liquidity profile of the Company, resulting in delays in debt
servicing in the past. Improvement in the ratings from current
levels would depend on a sustainable improvement in liquidity and
credit profile of the Company, which may arise from improved
operating performance or support from its strategic partner.


JINDAL MECTEC: ICRA Withdraws 'D' Rating on INR93cr Bank Loan
-------------------------------------------------------------
ICRA has withdrawn the suspended ratings of [ICRA]D assigned to
the INR93.0 crore bank lines of Jindal Mectec Private Limited, as
the notice period of three years since suspension of ratings has
expired.


JRP INFRA: CRISIL Suspends 'B+' Rating on INR22.2MM Bank Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
JRP Infra Limited (JRP).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL B+/Stable

   Cash Credit             20        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      22.2      CRISIL B+/Stable

   Term Loan                7.8      CRISIL B+/Stable

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

JRP, set up in 2010, provides erection and commissioning services
in the power sector. It is promoted by Mr. Ramanathan and Mr.
Amarnath.


KEMS SERVICES: ICRA Cuts Rating on INR5.0cr Bank Loan to 'B'
------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR2.50
crore cash credit and INR5 crore (reduced from INR7 crore) bank
guarantee facilities of Kems Services Private Limited from
[ICRA]B+ to [ICRA]B. ICRA has also downgraded the long term rating
from [ICRA]B+ to [ICRA]B and reaffirmed the short term rating of
[ICRA]A4 (pronounced ICRA A four) to the untied limits of INR2.50
crore (enhanced from INR0.50 crore) of KSPL.

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Fund Based (Cash Credit)     2.50      [ICRA]B Downgraded
   Non Fund Based (Bank
   Guarantee)                   5.00      [ICRA]B Downgraded

   Untied                       2.50      [ICRA]B Downgraded/
                                          [ICRA]A4 Reaffirmed

The rating revision takes into account the significant decline in
the revenues during FY13 and FY14 since KSPL was barred by
Government departments of Bihar from participating in tenders on
account of contract execution related issues. The ratings are
further constrained by KSPL's weak financial profile characterised
by low margins, weak coverage indicators and high working capital
intensity of operations. ICRA notes that fragmented and highly
competitive nature of the industry, coupled with tender based
contract awarding system, leads to intense competition among peers
and keeps profitability of all the players under check. The
ratings also take into account the high geographical concentration
risks, wherein the entire works were limited to Bihar and the
execution risks arising from delays in receipt of regulatory
approvals, issues related to land availability and political as
well as bureaucratic interventions due to the high exposure to the
government sector. The ratings are however, favourably impacted by
the experience of the promoters for more than 15 years in the
industry. Moreover, diversification into sand mining business
during FY15 compensated for the loss in revenues from the
construction segment; moreover the bar has been lifted by Patna
High Court in March 2015 post which the entity has received orders
of around ~Rs. 37 crore as on March, 2015 and favourable capital
structure of the company as indicated by a conservative gearing of
0.48 times as on March 31, 2014.

Incorporated in 2001, KSPL is a civil contractor and is engaged in
executing various projects awarded by the GoB. The activities of
the company primarily include construction of roads, bridges, dams
and buildings, mainly in Bihar.

Recent Results
KSPL reported a net profit of INR0.07 crore during FY14 on an OI
of INR6.30 crore as against a net profit of INR0.10 crore and OI
of INR14.80 crore during FY13. During FY15, the company posted an
operating income of INR19.63 crore (provisional).


KVC DIAGNOSTIC: CRISIL Suspends 'B' Rating on INR50MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
KVC Diagnostic Centre (KVC).

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

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

KVC, established as a proprietorship firm in 2013 by Dr.
Venugopal, provides various diagnostic services in Mysore
(Karnataka).


LOK-BETA PHARMA: CRISIL Suspends B+ Rating on INR57.5MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Lok-Beta Pharmaceuticals India Pvt Ltd (LPIPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         2.5        CRISIL A4
   Letter of Credit      30          CRISIL A4
   Packing Credit        57.5        CRISIL B+/Stable

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

LPIPL was incorporated in 2002, promoted by Mr. Alok Kumar. The
company manufactures injectables and generic drugs for export to
Russia, Ukraine, and other Commonwealth of Independent States
countries.


M P SHAN: CRISIL Suspends 'D' Rating on INR855.8MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
M P Shan Tex Pvt Ltd (MPST).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          4.2       CRISIL D
   Cash Credit           855.8       CRISIL D
   Letter of Credit      100         CRISIL D
   Long Term Loan        400         CRISIL D

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

MPST was incorporated in Tirupur (Tamil Nadu) in 1992. The company
is managed by its promoter-director, Mr. P Umashankar. MPST
manufactures ready-to-stitch knitted fabrics. It is partially
integrated and has facilities to manufacture, dye, and compress
cotton and lycra fabrics.


M S SHIP: CRISIL Reaffirms B+ Rating on INR60MM Bank Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of M S Ship Breaking
Private Limited (MSSBPL) reflects the continued improvement in the
company's credit risk profile over the medium term backed by
increase in its scale of operation with sustained operating
profitability and equity infusion by the promoters leading to
improvement in net worth. CRISIL, however, believes that any
adverse movementin foreign exchange (forex) rates may impact the
company's accruals and liquidity, and will, thus, remain a rating
sensitivity factor over the medium term.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Letter of Credit      130       CRISIL A4 (Reaffirmed)
   Letter of Credit       60       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     60       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MSSBPL will maintain its business risk
profile on the back of its extensive industry experience of the
promoters and healthy growth prospects for the ship-breaking
industry over the medium term. The outlook may be revised to
'Positive' if the company registers high growth in revenue or if
its net worth improves further through equity infusion or
significantly improved profitability. Conversely, the outlook may
be revised to 'Negative' if MSSBPL's financial risk profile
deteriorates on account of adverse foreign currency fluctuations
or large working capital requirements.

Update
MSSBPL reported net sales of around INR308 million for 2014-15
(refers to financial year, April 1 to March 31) as against
INR491.5 million for 2013-14; the decline was due to decrease in
ship-breaking activities. Itsoperating margin was around 3.1 per
cent in 2014-15 as compared with 2.1 per cent in 2013-14 on
account of favourable forex fluctuations. CRISIL believes that any
adverse movement in forex rates will impact the company's accruals
and liquidity and will, thus, remain a rating sensitivity factor
over the medium term.

MSSBPL's financial risk profile is marked by a moderate total
outside liabilities to tangible net worth (TOLTNW) ratio of 2.67
times estimated for March 31, 2015.The TOLTNW ratio is expected to
remain at 2.5 to 2.8 times over the medium term, with further
procurement of ships. Its interest coverage ratio was around 1.19
times in 2014-15. The company's networth remained modest, at INR64
million,as on March 31, 2015, which also restricts its financial
flexibility in case of exigencies.MSSBPL's liquidity is, however,
supported by the absence of any term debt liability.

MSSBPL, incorporated in 1998, is engaged in ship-breaking
activities and trades in related materials. Until 2009-10 (refers
to financial year, April 1 to March 31), the company was only into
trading of iron and steel products. However, from 2009-10 onwards,
it also started undertaking ship-breaking activities.Mr. Pankaj
Agrawal, along with his son Mr. Punit Agrawal, manages the
company's day-to-day operations. The ship-breaking process is
carried out at a ship-breaking yard in Mumbai for which the
company uses a plot in the Bombay Port Trust area on a rental
basis.


MAHAVIR SHIP: ICRA Revises Rating on INR8.0cr Working Loan to 'B'
-----------------------------------------------------------------
ICRA has revised the the long term rating assigned to the INR8.00
crore cash credit facility of Mahavir Ship Breakers to [ICRA]B
from [ICRA]BB- (Stable). ICRA has also reaffirmed the short term
rating assigned to the INR61.20 crore non fund based bank
facilities of MSB at [ICRA]A4.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Working Capital          8.00      [ICRA]B revised from
                                      [ICRA]BB-(Stable)

   Letter of Credit        60.00      [ICRA]A4 reaffirmed

   Forward Contract Limit   1.20      [ICRA]A4 reaffirmed

The downgrade in ratings reflects the pressure on company's
liquidity arising out of declining profitability as well as large
repayments due on expiry of LCs. The ratings continue to be
constrained by MSB's vulnerability to adverse fluctuations in
foreign exchange rates leading to heavy forex losses in FY14 and
exposure to adverse fluctuations in domestic steel scrap prices,
the price risks are compounded because of the long lead time
involved in the entire operations. Further the profitability has
witnessed a decline over previous years on account of rising ship
prices and forex losses booked by the firm. ICRA also notes that
the operations remain exposed to cyclicality inherent in the ship
breaking business and regulatory risks in obtaining requisite
approvals prior to commencement of ship breaking.

However, the ratings favourably factor in the established presence
of MSB in the ship breaking business, healthy top line growth in
the past three years and positive outlook for the ship breaking
industry in the near to medium term.

Incorporated as a partnership firm in 1983, Mahavir Ship Breakers
(MSB) is promoted by Mr. Mukesh Jain. MSB is engaged in the
business of ship breaking and operates on a plot no. 18 leased
from Gujarat Maritime Board at the Alang ship breaking yard. The
firm is involved only in ship breaking activity and does not have
any associate concern.

Recent Results
During FY 2014, the firm reported a net profit of INR0.69 crore on
an operating income of INR138.65 crore. Based on provisional
estimates, the firm has reports net sales of INR127.49 crore in FY
2015.


MRGR CONSTRUCTIONS: CRISIL Rates INR50MM Cash Credit at 'B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of MRGR Constructions (MRGR).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          25        CRISIL A4
   Cash Credit             50        CRISIL B+/Stable

The ratings reflect MRGR's modest scale- and working capital
intensive nature- of operations in highly fragmented civil
construction industry.  The ratings also factor MRGR's moderate
financial risk profile albeit constrained by small networth. These
ratings weakness are partially offset by extensive experience of
MRGR's promoters in the civil construction industry

Outlook: Stable

CRISIL believes that MRGR will benefit over the medium term from
the extensive experience of its promoters in the civil
construction industry and its moderate order book position. The
outlook may be revised to 'Positive', if MRGR increases its scale
of operations and operating profitability on a sustained basis
over the medium term there by leading to an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative', if the firm undertakes any significant debt funded
capital expenditure or if its revenues and operating profitability
decline leading to deterioration in its financial risk profile.

Incorporated in the year 2011, MRGR is based out of Hyderabad
(Telangana) and promoted by Mr. Sreenivasulu Reddy and his family.
The firm is primarily engaged in civil construction pertaining to
irrigation, canals and water works.


MUGRODY CONSTRUCTIONS: CRISIL Suspends C Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mugrody Constructions (MC).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL C

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

MC was set up as a proprietorship firm by Mr. D Sudhakar Shetty in
in 1995. The firm is a class-1 contractor engaged in civil
construction activities such as buildings and roads for the
Government of Karnataka's agencies including the Public Works
Department (PWD) and the National Highways Authority of India.


P&R ENGINEERING: ICRA Reaffirms 'D' Rating on INR22.17cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]D assigned to
the INR22.17 crore (revised from INR26.77 crore) Term Loans of P&R
Engineering Services Private Limited.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loans              22.17      [ICRA]D reaffirmed

The rating action takes into account the mismatch in cash flows
which has resulted in delays in debt servicing. Seasonality of
operations coupled with suboptimal generation has resulted in weak
cash flow generation. Rating concerns also emanate from the
relatively high credit risk profile of the company given the high
gearing and inability to meet the design energy parameters by the
company's hydel project in Brenwar, J&K. These factors have put
pressure on the liquidity position of the company in the past. The
rating also factors in hydrological risks as PRESPL is not covered
under deemed generation clause in case of factors like shortage of
water or loss of generation due to silting. Given that the
revenues of the company are linked to actual unit sales, this
exposes the company to risks of variable cash flows. Further,
given the seasonality of power production (and hence cash flow
generation), the cash flows of the company are likely to remain
volatile and this may result in liquidity mismatches.

The rating draw comfort from the limited demand risks due to
significant energy deficit in northern India, upside potential in
tariffs in the merchant route (tariff of INR4.14/ unit in FY
2015). Further, the counterparty credit risks are also
significantly mitigated as the company is selling power through
PTC, a financially strong entity. Despite the above strengths, the
ratings of the company are constrained by its inability to service
its debt obligations timely.

Going forward, the ability of the company to meet the designed
performance parameters, availability of adequate water in the
catchment area and regularizing of debt servicing will be the key
rating drivers.

P&R Engineering Services Pvt Ltd (PRESPL) is promoted by the P&R
Group to develop, own and operate a 7.5 MW small hydro project in
Jammu & Kashmir, District Budgam. This is a run of the river type
scheme on Doodhganga, a tributary of Jhelum, which will utilize
flows of the river to harness approximately 204m of net head. The
company reported an operating income of INR8.21 crore in FY 2014
as against INR11.8 crore in FY 2013 on account of lower generation
as well as weak REC sales. The company reported profit after tax
of INR0.50 crore in FY 2014 as against INR0.90 crore in FY 2013.


P&R GOGARIPUR: ICRA Reaffirms D Rating on INR9.48cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed long term rating of [ICRA]D assigned to the
INR9.48 crore (revised from INR13.41 crore) Term Loans of
P&R Gogaripur Hydro Power Private Limited.


                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loans              9.48       [ICRA]D/ Reaffirmed
                  revised from 13.41

ICRA's rating action factors in the relatively high credit risk
profile of the company given the relatively high project cost and
the high gearing of the company's hydel project in Gogaripur,
Haryana. With the company not able to achieve the design net head
(2.75m), the generation has been impacted in the last four years.
These factors in addition to delayed payments from the state
utility have put pressure on the liquidity position of the company
and resulted in delays in debt servicing. The rating also factors
in hydrological risks as PRGHPPL is not covered under deemed
generation clause in case of factors like shortage of water or
loss of generation due to silting. Given that the revenues of the
company are linked to actual unit sales, this exposes the company
to risks of variable cash flows. Further, given the seasonality of
power production (and hence cash flow generation), the cash flows
of the company are likely to remain volatile and this may result
in continued liquidity mismatches. On the positive side, presence
of a long term PPA (Power Purchase Agreement) contract, reasonable
tariff levels (Rs 4.71 per unit in FY 2015), and low regulatory
risk provide support to the ratings. The rating also draws comfort
from the limited demand risks due to significant energy deficit in
northern India, likelihood of additional revenue stream from
receipt of capital subsidy from Ministry of New and Renewable
Energy (MNRE). Despite the above strengths, the ratings of the
company are constrained by its inability to service its debt
obligations timely.

Going forward, the ability of the company to meet the designed
performance parameters and regularizing of debt servicing will be
the key rating drivers.

P&R Gogaripur Hydro Power Pvt Ltd (PRGHPPL) is promoted by the P&R
Group to develop, own and operate a 2 MW small hydro project in
District Karnal, Haryana. This is a canal based project on NBK
Diversion Channel of Western Jamuna canal (WJC) Main Branch, to
harness approximately 2.75m of net head.

The company reported an operating income of INR2.3 crore in FY
2014 as against INR3.1 crore in FY 2013. The company thus reported
a loss after tax of INR0.8 crore in FY 2014 as against a profit
after tax of INR0.1 crore in FY 2013.


PARAS FLOWFORM: ICRA Withdraws 'B+' Rating on INR15cr Loan
----------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR5.00
crore proposed term loans, INR10.00 crore long term fund based
facilities and [ICRA]A4 rating assigned to the INR15.0 crore short
term non-fund based facilities of Paras Flowform Engineering
Limited, as the notice period of three years since suspension of
rating has expired.


PUNJ AUTOS: CRISIL Assigns 'B' Rating to INR30MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Punj Autos Pvt Ltd (PAPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           30        CRISIL B/Stable
   Term Loan             27.5      CRISIL B/Stable

The rating reflects PAPL's weak financial risk profile, marked by
high total outside liabilities to tangible net worth ratio along
with weak debt protection metrics, low bargaining power with
principal Honda Cars India Ltd (HCIL), and intense competition in
the automobile dealership industry. These rating weaknesses are
partially offset by promoter's extensive experience in automobile
dealership industry.

Outlook: Stable

CRISIL believes that PAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if PAPL reports substantial
growth in cash accruals or in case of equity infusion from the
promoters leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's liquidity deteriorates owing to a decline in its revenue
and profitability, or a large debt-funded capital expenditure, or
increase in its working capital requirements.

PAPL was incorporated in 2013 and commenced operations in June
2014. The company has a HCIL dealership in Hoshiarpur (Punjab).
The company has one showroom with sales, service and spares
facilities for cars. It is managed by Mr. Ayodhya Nath Sharma and
his family.

For 2014-15 (refers to financial year, April 1 to March 31), PAPL
is estimated to report a net profit of INR1.0 million on net sales
of INR165.6 million.


PURVI METALS: ICRA Assigns B+/A4 Rating to INR15cr 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
Purvi Metals Private Limited aggregating to INR15 crore.

The ratings are constrained by PMPL's weak financial profile
characterized by thin profitability, and modest debt coverage
indicators. The ratings are also constrained on account of the
high working capital intensity and stretched liquidity position of
the company, apart from its small scale of operations. The ratings
also factor in the highly competitive business environment in a
fragmented industry 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 a long track record in trading of
flat steel products, its locational advantage by the virtue of
proximity to steel trading centre and the promoter's established
relationships with suppliers.

Established in year 2011 by Mr. Brijesh Singh, the company is
engaged in the steel trading business. The company buys its steel
coils from manufacturers in bulk and supplies the required quantum
to its customers throughout India. The promoters have been engaged
in steel trading for over two decades, through their associate
concerns and have an understanding of the steel industry.

Recent Results
During FY 2014, the company reported Profit after Tax (PAT) of
INR0.07 crore on an operating income of INR7.7 crore. For eleven
month period ending 28th February 2015, the company has reported
PAT of INR0.9 crore on an operating income of INR19 crore.


REGENERATIVE MEDICAL: CRISIL Ups Rating on INR50.5MM Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Regenerative Medical Services Private Limited (RMSPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable' and has reaffirmed its rating on
the company's short-term facilities at 'CRISIL A4'.

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

   Letter of Credit      10       CRISIL A4 (Reaffirmed)

   Overdraft Facility    22       CRISIL A4 (Reaffirmed)

   Proposed Long Term    50.5     CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan             25.0     CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The rating upgrade reflects improvement in RMSPL's financial risk
profile, particularly its liquidity. RMSL's liquidity has improved
driven by equity infusion of INR15 million in 2014-15; Further
there has been an improvement in the working capital management
through improved receivable collection further leading to a
moderate bank limit utilization, averaging 79 per cent over the 12
months through March 2015. CRISIL believes that going ahead the
working capital cycle is likely to improve through better
receivable management. Also, the company is likely to generate
cash accruals of INR25 million to INR35 million a year over the
next two years, sufficient to meet its debt obligations over the
period.

The ratings reflect RMSPL's modest scale of operations in a
nascent industry and the company's stretched receivables. These
rating weaknesses are partially offset by RMSPL's technological
tie-up with a leading South Korean entity, and its moderate
financial risk profile, marked by low gearing and moderate debt
protection metrics.

Outlook: Stable

CRISIL believes that RMSPL will continue to benefit over the
medium term from its technological tie-up with a leading South
Korean entity. The outlook may be revised to 'Positive' if the
company reports substantial cash accruals, driven by increase in
its scale of operations or improvement in its receivables
collection cycle, resulting in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if RMSPL's
financial risk profile weakens, most likely because of a decline
in its cash accruals, or lengthening of its working capital cycle,
or any significant debt-funded capital expenditure.

RMSPL was originally established as a private limited company by
the Mumbai-based Sanghavi family; it was reconstituted as a
closely held public limited company in March 2013. In January
2014, it was again reconstituted as a private limited company.
RMSPL collects, processes and stores stem cells sourced from
umbilical cord, to be used in cell therapy for orthopedics, and
trades in healthcare products such as patches and dressing
materials.


S. P. JAISWAL: ICRA Reassigns 'B' Rating to INR57.75cr Term Loan
----------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR57.75 crore
term loans and INR4.25 crore fund based bank limits of S. P.
Jaiswal Estates Private Limited from [ICRA]B to [ICRA]D and
simultaneously reassigned the long-term rating from [ICRA]D to
[ICRA]B. ICRA has also revised the short-term rating assigned to
the INR3 crore non fund based bank limits of SPJEPL from [ICRA]A4
to [ICRA]D and simultaneously reassigned the short-term rating
from [ICRA]D to [ICRA]A4.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loans              57.75      [ICRA]B (downgraded from
                                      [ICRA]B to [ICRA]D and then
                                      reassigned to [ICRA]B)

   Fund Based Limits        4.25      [ICRA]B (downgraded from
                                      [ICRA]B to [ICRA]D and then
                                      reassigned to [ICRA]B)

  Non Fund Based Limits     3.00      [ICRA]A4 (downgraded from
                                      [ICRA]A4 to [ICRA]D and
                                      then reassigned to
                                      [ICRA]A4)

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/[ICRA]A4.

The ratings primarily take into account SPJEPL's exposure to
weaker group entities that have adversely impacted the liquidity
position of the company, which coupled with large debt repayment
obligations over the medium term, is likely to keep the liquidity
position under pressure. Being a flagship company of the HHI
Group, SPJEPL has been extending support to the group entities and
hence while assigning the ratings, ICRA has factored in the
business and financial risk profiles of SPJEPL and its group
companies United Hotels & Properties Private Limited (UHPL; rated
[ICRA]B-), Orianna Hospitalities Private Limited (OHPL),
Sharadhayane Lakshmi Hotels Pvt Ltd (SLHPL; a 100% subsidiary of
SPJEPL) and HHI Resorts Private Limited (HRPL; a 100% subsidiary
of SPJEPL). The ratings take into account the group's weak
financial profile as reflected by an unfavourable capital
structure and subdued debt protection metrics, and moderate
business returns primarily because of muted performance of the
Pune and Bengaluru properties, notwithstanding the improvement in
their performance during FY15. While the ratings take note of the
improvement in the occupancy (OCC) for its Pune and Bengaluru
properties during FY15, the RevPar (Revenue per available room)
continues to remain low on an absolute basis, especially in the
light of large capex incurred to set up/acquire these properties.
The ratings note that the receipt of bar license for its Pune
property in November'13 had favourably impacted the F&B income, a
trend likely to continue in the near term. The ratings continue to
take note of SPJEPL's established brand -- 'The Hotel Hindusthan
International (HHI)' in the Indian hospitality industry,
particularly in the Eastern region of India. While the performance
of the hospitality industry continues to be exposed to economic
cycles, ICRA notes that the high F&B income for all the properties
in FY15 lends stability to the revenues and is likely to support
the revenue growth for the HHI Group going forward.

ICRA notes that the Kolkata hotel market would be subject to
increased competition from additional hotel rooms expected over
the medium term, which is likely to keep a check on any
significant increase in the average room rates (ARRs) of SPJEPL's
Kolkata property over the medium term; however its locational
advantage and established market position continues to provide
some comfort. Although the addition of the Bengaluru and Pune
properties have resulted in some geographical diversification for
the HHI Group, the ability to further improve the operational and
financial performance in these two properties especially in light
of adverse demand-supply position in the Bengaluru and Pune hotel
industry would be a key rating sensitivity going forward.


SAGAR STEEL: CRISIL Suspends B- Rating on INR90MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sagar Steel Private Limited (SSPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         100        CRISIL A4
   Cash Credit             90        CRISIL B-/Stable
   Letter of Credit        50        CRISIL A4

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

SSPL, incorporated in 1974, is involved in the supplying,
erecting, fabricating and commissioning of transmission towers for
Karnataka Power Transmission Corporation Ltd. The day-to-day
operations of the company are managed by Mr. Surpat Chouraria
along with his family.


SARVPRIYA INDUSTRIES: ICRA Withdraws D Rating on INR36.39cr Loan
----------------------------------------------------------------
ICRA has withdrawn the suspended ratings of [ICRA]D assigned to
the INR36.39 crore bank lines of Sarvpriya Industries Limited as
the notice period of three years since suspension of ratings has
expired.


SEJASMI INDUSTRIES: CRISIL Suspends 'C' Rating on INR69.5MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sejasmi Industries India Private Limited (SIPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL C

   Proposed Long Term
   Bank Loan Facility      69.5      CRISIL C

   Rupee Term Loan         29.4      CRISIL C

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

SIPL, incorporated in 2006 and based in Gandhinagar (Gujarat),
manufactures aluminum die casting products, which are used in the
automotive, electrical, and engineering industries, among others.


SHREE RAM: ICRA Reaffirms B+ Rating on INR7.50cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR7.50 crore fund-
based cash credit facility and INR0.45 crore (reduced from INR0.90
crore) term loan facility of Shree Ram Cotton Industries.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit              7.50      [ICRA]B+; reaffirmed
   Term Loan                0.45      [ICRA]B+; reaffirmed

The reaffirmation of rating continues to factor in Shree Ram
Cotton Industries's (SRCI) weak financial profile as reflected by
adverse capital structure along with weak debt coverage indicators
and stretched liquidity. The rating also takes into account the
low value additive nature of operations and intense competition on
account of the fragmented industry structure leading to thin
profit margins. The rating is further constrained by the
vulnerability of margins to adverse fluctuations in raw material
prices which are subject to seasonal availability of raw cotton
and government regulations on MSP and export quota. ICRA also
notes that Shree Cotton Industries is a partnership firm and any
significant withdrawals from the capital account may affect its
net worth and thereby the gearing levels.

The rating, however positively consider the long experience of the
partners in the cotton ginning and pressing industry, and the
advantage the firm enjoys by virtue of its location in a cotton
producing region giving it easy access to raw cotton.

Shree Ram Cotton Industries (SRCI) was established as partnership
firm in January 2011 by Mr. Keshav Lalapara, Mr. Rakesh Lalpara
and Mr. Harshad Ratanpara along with other family members. Later
in August 2014, Mr. Suresh Ratanpara along with other eleven
partners has taken over the management of firm from all six
previous partners. SRCI is engaged in cotton ginning and pressing
to produce cotton bales and cotton seeds and crushing of cotton
seeds to produce cotton seed oil and cotton seed cake. The firm's
manufacturing facilities are located at Tankara, Rajkot in
Gujarat. The plant is equipped with 32 ginning machines and 1
fully automatic pressing machine having a production capacity of
300 cotton bales per day and 8 crushing machine having seed
crushing capacity of 80 metric ton per day (MTPD) of cotton seeds.

Recent Results
For the year ended 31st March, 2015, as per provisional results,
SRCI reported an operating income of INR36.88 crore and profit
before tax of INR0.11 crore.


SHREERAM POLYPLAST: CRISIL Cuts Rating on INR49.3MM Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shreeram Polyplast to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.5       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Letter of Credit        2.5       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Long Term Loan         49.3       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term     41.7       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Standby Line of Credit  2.0       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade is driven by Shreeram Polyplast's delay in
servicing its debt owing to its weak liquidity.

The ratings reflect the small scale and working-capital-intensive
operations of the firm. The ratings also factor in the below-
average financial risk profile of the firm marked by small net
worth and below-average debt protection metrics. The rating
weaknesses are partially offset by the promoters' extensive
experience in the polyurethane (PU) cast elastomer segment.

Shreeram Polyplast, established in 1975, is promoted by Mr. G K
Basha. The firm designs, fabricates, and processes components from
PU, and has a manufacturing unit at Chennai. The firms' products
are used in various industries such as steel, aluminum, oil field,
automobile, and material handling operations. Mr. G K Basha and
his son, Mr. A N Basha manage the firm's day-to-day operations.


SPINTEX WOOLLEN: ICRA Assigns 'B' Rating to INR4.0cr Cash Credit
----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR4
crore bank facilities and INR0.6 crore term loan of Spintex
Woollen Mills. It has assigned its short term rating of [ICRA]A4
to the INR0.70 crore non fund based limits of SWM. ICRA has also
assigned its ratings of [ICRA]B/[ICRA]A4 to the INR3.70 crore
unallocated limits of SWM.

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Cash Credit Facilities
   (LT Scale)                   4.0       [ICRA]B; assigned

   Term Loan (LT Scale)         0.6       [ICRA]B; assigned

   Non-fund based
   facilities (ST Scale)        0.7       [ICRA]A4; assigned

   Unallocated (LT/ST Scale)    3.7       [ICRA]B/[ICRA]A4;
                                          assigned

ICRA's rating takes into account the modest scale of SWM's
operations and the highly fragmented nature of the industry it
operates in, with the presence of numerous players from the
unorganized sector. The rating also factors in SWM's high working
capital intensity on account of high receivables and inventory
levels. The high working capital requirements coupled with the
decline in operating margins have resulted in modest coverage
indicators with interest coverage at 2x and NCA/TD* at 7% for
FY14. ICRA also takes note of the partnership constitution of the
firm which exposes it to risks of capital withdrawal, dissolution
etc. However, the rating derives comfort from the long track
record of SWM in the spinning industry and steady increase in the
firm's revenues in the past two years.

Going forward, the company's ability to successfully bid for
tenders and register a continued improvement in its profitability,
while optimally managing its working capital requirements will be
the key rating sensitivities.

SWM was established in 1968 as a partnership firm and currently
has two units located in Ludhiana. Unit 1 is engaged in the
spinning of wool, which is used in-house for making sweaters for
the Indian Army and the Border Security Force, while Unit 2 is
into spinning of acrylic fibre.

Recent Results
In 2013-14, SMW reported an operating income of INR18.2 crore and
a net profit of INR0.1 crore, as against an operating income of
INR13.5 crore and a net profit of INR0.1 crore in the previous
year. SMW, on a provisional basis, reported an operating income of
INR18.5 crore in 2014-15.


SREE HANUMAN: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facilities
of Sree Hanuman Infra Private Limited (SHIPL; formerly known as
Sri Hanuman Constructions) at 'CRISIL B+/Stable' and has assigned
its 'CRISIL A4' rating to the company's short term facilities.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          50       CRISIL A4 (Assigned)
   Cash Credit             50       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      40       CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility      10       CRISIL B+/Stable (Reaffirmed)

The rating reflects SHIPL's moderate scale of operations in the
fragmented civil construction industry, its working capital
intensive operations and its customer concentration in revenue
profile. These rating weaknesses are partially offset by the
benefits derived from the extensive industry experience of its
promoter. The rating also factors SHIPL's above average financial
risk profile marked by healthy gearing and debt protection metrics
albeit constrained by its modest networth.

Outlook: Stable

CRISIL believes that SHIPL will benefit over the medium term from
the extensive experience of its promoter in the civil construction
industry. The outlook may be revised to 'Positive', if SHIPL
increases its scale of operations and operating profitability on a
sustained basis coupled with improvement in working capital
management over the medium term there by leading to an improvement
in its financial risk profile, particularly liquidity. Conversely,
the outlook may be revised to 'Negative', if the firm undertakes
any significant debt-funded capital expenditure or if its revenues
and operating profitability decline leading to deterioration in
its financial risk profile.

Incorporated in the year 2005, SHIPL is promoted by Mr. Chavali
Ramanjaneyulu and his family. The firm is engaged in civil
construction works like construction of roads and railway
tunneling.


SUNAYANA COLD: CRISIL Assigns 'B' Rating to INR34MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sunayana Cold Storage Private Limited (SCSPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B/Stable
   Term Loan               34        CRISIL B/Stable

The rating reflects SCSPL's exposure to risks related to the
highly regulated and intensely competitive cold storage industry
in Bihar. The rating also factors in the company's below-average
financial risk profile, marked by a small net worth. These rating
weaknesses are partly offset by the extensive experience of
SCSPL's promoters in the cold storage business.

Outlook: Stable
CRISIL believes that SCSPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of an increase in
SCSPL's cash accruals or infusion of capital by its promoters,
leading to improvement in its financial risk profile, particularly
its liquidity. Conversely, the outlook may be revised to
'Negative' in case of pressure on SCSPL's liquidity on account of
considerably low cash accruals or significant debt-funded capital
expenditure.

SCSPL, incorporated in 2009, provides cold storage services to
potato famers. The company is owned by Bihar-based Mr. Ramjeewan
Mahto.


SVSVS PROJECTS: ICRA Assigns 'B+' Rating to INR17.0cr Loan
----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR20.00
crore fund based and non fund based limits of the SVSVS Projects
Private Limited.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Limits          2.50      [ICRA]B+ assigned
   Unallocated Limits         0.50      [ICRA]B+ assigned
   Non-Fund Based Limits     17.00      [ICRA]B+ assigned

The assigned rating is constrained by the company's small scale of
operation in a highly competitive construction industry which
keeps the margins under pressure. The rating is constrained by
high geographical, sectoral and client concentration risk as
entire order book of the company consist of projects pertaining to
road construction & maintenance works from Road Construction
Department (RCD) of Bihar and stretched liquidity position as
evidenced by high utilisation of fund based limits owing to large
receivable and inventory levels. The rating is further constrained
by high TOL/TNW ratio of 2.13 times as on March 31, 2015 despite
low gearing on account of high mobilisation advances received from
the customers in the past 2 years.

The rating however, positively factors in long track record of
promoters in construction industry; healthy order book of
INR158.20 crore providing revenue visibility for medium term;
moderate operating margin of 12.34% and coverage indicators as
reflected by interest coverage of 2.80 times and NCA/total debt of
21.14% as on January 31, 2015.

Going forward, ability of the company to execute current orders in
a timely manner and manage the rising working capital requirement
would be key sensitivities.

SVSVS Projects Private Limited (SPPL) is a Hyderabad based
construction company engaged in executing construction of roads,
bridges, dams, buildings and irrigation works. The company is
currently executing projects on construction and maintenance of
roads for Road Construction Department of Bihar. In the past
company has worked with public works department of Andhra Pradesh
and has executed the projects pertaining to construction of roads,
bridges, dams, buildings and irrigation works.

Recent results
As per provisional financials for 10MFY2015, the company reported
operating profit of INR3.11 crore on operating income of INR25.24
crore as compared to operating profit of INR2.78 crore on
operating income of INR15.13 crore for FY2014.


TEJA TIMES: ICRA Suspends B+/A4 Rating on INR10cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings assigned to
INR10.00 crore bank limits of Teja Times. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of requisite information from the company.


UB ENGINEERING: Declared Sick Company
-------------------------------------
The Hindu Business Line reports that UB Engineering has been
declared sick and has been referred to the Board for Industrial &
Financial Reconstruction (BIFR).

UB Engineering, which does not have a board, has not declared
results since June 2014, the report says.

Business Line notes that the company had just two directors on the
board as of March 31, 2014, but after the resignation of Alfred
Tuinman, Executive Director (Commercial), it was left with only
the Managing Director, J K Sardana, on the board. However, on its
website, it still lists Tuinman as a board director. Apart from UB
Holdings and McDowells Holdings, UB Engineering is the only other
company in which Vijay Mallya holds a majority stake.

The company, which started operations in 1963, came into the UB
Group fold in 1988, the report notes.

The company's main operations include EPC projects,
infrastructure, on-site fabrication of structures for power,
refineries and steel projects.

BSE has also suspended trading of its shares stating that it has
been done so because of procedural issues, Business Line adds.


VAIBHAV ENERGY: CRISIL Suspends 'D' Rating on INR73MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vaibhav Energy Saving Equipments Private Limited (VESEPL; part of
the Vaibhav group).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             15        CRISIL D
   Proposed Long Term
   Bank Loan Facility      15        CRISIL D
   Term Loan               73        CRISIL D

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of VESEPL and Vaibhav Engineers Pvt Ltd
(VEPL), collectively referred to as the Vaibhav group. The
consolidated approach is because the two entities are in the same
line of business, under a common management, and have significant
operational synergies between them.

The Vaibhav group's promoter, Mr. Jagdish Kulkarni, started VEPL
in 2002 which is engaged in manufacturing low-voltage and medium-
voltage electrical panels. Mr. Kulkarni has an experience of over
two decades in this field. Subsequently, in 2010, he took over
Anco Insulators Pvt Ltd, which manufactured insulators, for
setting up VESEPL. VESEPL is engaged in manufacturing of energy
saving equipments/power factor correction equipments, medium
voltage panels, and compact sub-stations. Both the companies have
their registered offices in Nasik (Maharashtra).


VIJAYA FERLLOYS: CRISIL Assigns B+ Rating to INR55MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vijaya Ferlloys (VF).

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

   Cash Credit              55       CRISIL B+/Stable

   Inland/Import Letter
   of Credit                10       CRISIL A4

The ratings reflect VF's modest scale of operations in the
competitive pipes and pipe fittings industry, its working-capital-
intensive operations, and subdued financial risk profile, marked
by modest net worth, high gearing, and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of VF's proprietor in pipe and pipe fitting
industry.

Outlook: Stable

CRISIL believes that VF will continue to benefit over the medium
term from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' if VF reports substantial and
sustained improvement in revenue and profitability while improving
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case of decline in VF's revenue or profitability
or if the firm's working capital cycle lengthens, resulting in
deterioration in its financial risk profile.

VF was set up in 1986 as a proprietorship firm by Mr. K Eashwar.
The firm manufactures cast iron pressure pipes and fittings, which
find application in bulk water supply projects. The firm's
manufacturing facility is located in Vijaywada (Andhra Pradesh).


For 2013-14 (refers to financial year, April 1 to March 31), VF
reported a profit after tax (PAT) of INR1.1 million on net sales
of INR248.9 million, against a PAT of INR0.3 million on net sales
of INR225.0 million for 2012-13.



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


METROPOLIS PROPERTINDO: S&P Cuts CCR to 'CCC+'; Withdraws Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on PT Metropolis Propertindo Utama (MPU) to 'CCC+'
from 'B-'.  S&P also lowered its long-term ASEAN regional scale
rating on the company to 'axCCC+' from 'axB-'.  S&P then withdrew
the ratings at MPU's request.  The outlook on the corporate credit
rating was negative at the time of the withdrawal.  MPU is an
Indonesia-based privately owned property developer.

S&P lowered the ratings to reflect the lack of information on
MPU's recent operating performance and uncertainty regarding the
company's proposed reorganization.  In S&P's view, MPU's capital
structure was unsustainable because the company was highly
unlikely to lower its ratio of debt to EBTIDA below 9.4x by
December 2015.

S&P assessed MPU's liquidity as "weak" because of the company's
substantial debt maturities and uncertain funding sources.  Over
the next 12 months, S&P expected MPU's sales to remain subdued and
the company to have substantial short-term debt maturities.  S&P
did not anticipate a recovery in MPU's financial ratios over the
period.  MPU's build-and-sell model entails substantial upfront
capital expenditure, and the company does not get any returns
until the assets are sold. Such a business model results in high
volatility, potential delays, and substantial pressure on cash
flows.  Nevertheless, MPU has some saleable assets that could
support the company's reorganization.

The negative outlook at the time of the withdrawal reflected the
risk of further delays in MPU's proposed asset sales and internal
reorganization.



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


MALAYSIA AIRLINES: Faces Necessary Pain, Industry Chief Says
------------------------------------------------------------
The South China Morning Post reports that the pain of Malaysia
Airlines' radical restructuring plan, involving the axing of 6,000
jobs, may be eased by the hope that it can follow the example of
troubled Japanese and US airlines that returned to healthy profits
after restructuring, a leading industry figure said.

The report relates that Andrew Herdman, director general of the
Association of Asia Pacific Airlines, said the revamp unveiled by
the Malaysian national carrier's new German boss Christophe Muller
on June 1 brought to mind the Chapter 11 filings by once-bankrupt
US airlines and is similar to the dramatic restructuring that
Japan Airlines went through four years ago.

"Very painful at the time, but it's turned JAL into a smaller but
much more efficient and now very very profitable carrier. So the
prize for Malaysia is to try and do the same thing, though it
would be extremely painful on the staff and creditors," Herdman
told the South China Morning Post.

According to the report, Mr. Muller, who was brought in as the
airline's first non-Malaysian chief executive a month ago, said
termination letters had been issued to the airline's 20,000-odd
employees and new contracts offered to 14,000 of them. The job
cuts are unprecedented for a state-owned carrier.

Mr. Herdman said it remained to be seen how many of the 14,000
staff would accept the offer in the less than two weeks they were
given to decide, as the offer would "most certainly" represent
lower pay to reflect a 20 per cent cost-cutting goal advised by
analysts, the report relays.

"If you are going to shrink an airline to profitability you've got
to be radical about it and you have to be prepared for a tough
couple of years to carry it out. But you come through it, as
happened to the US carriers; they came through it and now they are
strong businesses," the report quotes Mr. Herdman as saying.

Consolidation in the US airline industry since 2005 has lifted
loss-making airlines out of debt and resulted in a market that is
dominated by American Airlines, United and Delta and one that is
forecast by the International Air Transport Association to account
for half of the global airline industry's US$25 billion profit
this year, Mr. Herdman, as cited by SCMP, said. Only five years
ago that was the position enjoyed by Asia-Pacific airlines, whose
profits have since been squeezed to the extent that they barely
broke even in 2014, the report notes.

SCMP says Mr. Herdman cautioned that while downsizing the
workforce is critical, it is equally important for Malaysia
Airlines to maintain "business as usual" while undergoing the
dramatic changes backstage before the deadline of September 1. "It
is easy to think of restructuring as internal, but it is the
passengers that are the source of profits and what could possibly
turn an airline around," Mr. Herdman told the South China Morning
Post.

                           *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
June 3, 2015, Bloomberg News said 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 said 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 related 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.

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 noted.

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
====================


AQUADUCT NZ: Goes Into Receivership
-----------------------------------
Cliff Sanderson at Dissolve.com.au reports that Aquaduct NZ
Limited, the piping supplier for the first part of the Central
Plains Water scheme, has been placed into receivership. The
company is up for sale, the report says.

BDO has been appointed receiver of the company, the report
relates.

According to the report, Aquaduct is being advertised as a
specialist in offering large-scale agricultural irrigation
infrastructure.  Dissolve.com.au says the listed assets of the
company include testing and ultrasonic monitoring equipment,
shipping containers, transportable accommodation, three extrusion
lines and a recycling plant.

The first receivership report is set to be filed on June 20, the
report notes.


HAMMERHEADS: Owes IRD NZ$400K, Liquidators Say
----------------------------------------------
Matt Nippert at The New Zealand Herald reports that Auckland
waterfront eatery Hammerheads collapsed last in April owing the
taxman nearly NZ$400,000, liquidators said.

According to the Herald, the restaurant had been one of the
longest-running on Auckland's waterfront, having operated from its
premises on Tamaki Drive for 25 years until Inland Revenue
appointed liquidators on April 24.

The first report of PWC liquidators Craig Sanson and Colin McCloy
said Inland Revenue was owed NZ$377,818 and problems with the
business were manifold, the Herald discloses.

The Herald says the directors told liquidators the business had
initially operated well, but began to experience problems
following a downturn in business due to the global financial
crisis and then faced a crisis following a blaze in 2011.

"A fire occurred causing severe fire and smoke damage requiring
the restaurant to be closed for a period of six months. This
created extra pressure on the company's cash flow position," the
report, as cited by the Herald, said.

Directors had sought to sell the business earlier this year but
found no buyers, the report said, the Herald adds.

The chief assets of the business are various bar and restaurant
fittings and fixtures which the liquidators said they would try to
sell to whoever took over the buildings' lease, reports the
Herald.


ROSS ASSET: Investor Fights to Keep His Name Secret
---------------------------------------------------
John Weekes and Hamish Fletcher at The New Zealand Herald reports
that an investor determined to keep his name secret has held up a
decision on whether liquidators can clawback nearly NZ$1 million
from David Ross' Ponzi scheme.

The report relates that the investor withdrew NZ$954,000 the year
before Ross Asset Management (Ram) was raided and the business'
assets frozen.

A hearing in the Court of Appeal on June 3 was one of the tests
cases where liquidators of Ram were trying to get claw back
NZ$3.8 million from investors, the Herald says.

According to the report, the investor's lawyer Justin Smith, QC,
told the Court of Appeal his client was in a unique position.

The Herald relates that Mr. Smith said there was no suggestion his
client was guilty of wrongdoing but some people might get the
wrong idea if the investor's name was published.

He said "vitriolic utterances" from some investors would be
directed at his client if name suppression was lifted, the report
relays.

The Herald reports that Mr. Smith said his client was in debt and
had spent a lot of money on establishing a new business,
complicating his situation.

The investor was worried publication of his name would lead some
people he did business with to believe the legal wrangles were a
distraction and be more reluctant to deal with him, the report
says.

According to the report, Mr. Smith said the investor "would never
reasonably have been expected" to be subjected to public scrutiny
and had no idea of the Ponzi scheme at work.

Several details pertinent to the name suppression case were
suppressed, because these details would identify the investor, the
Herald state.

"This town is a village," Justice Forrest Miller told the court,
the report relays.

The Herald relates that Justice Rhys Harrison told Mr. Smith that
with all such financial collapses, there were "high levels of
emotions" involved but he was not wholly persuaded ongoing name
suppression was appropriate.

He said many public figures and professionals had been victims of
fraud and were not compelled to seek name suppression, the Herald
reports.

"These are just the slings and arrows of public life," the report
quotes Justice Harrison as saying. "You've just got to get over it
and move on."

The Herald adds that the judge did not seem convinced publication
of the investor's name would permanently inconvenience the
investor.

But Mr. Smith said his client was especially "vulnerable" and had
effectively been dragged "kicking and screaming" into the
spotlight, the report relays.

Jennifer Stevens, lawyer for liquidators John Howard Ross Fisk,
said there were concerns from a "large group of investors" about
what they perceived to be "something of a cover-up," according to
the Herald.

The Herald says the liquidators' had changed their minds about
consenting to the investor's name suppression bid.

The argument in favour of clawback was that investors who received
money in the period before Ram's 2012 collapse would get more than
their entitlement in a liquidation, says the Herald.

The Herald notes that the investor withdrew his funds in 2011. It
was later discovered Ross was running a Ponzi scheme and reporting
false profits to investors of NZ$351 million.

Mr. Ross was now serving a 10 year, 10 month jail sentence -- the
longest ever given to someone in a Serious Fraud Office case, the
Herald notes.

Any money that liquidators clawed back would improve the return
for about 1,200 investors, who lost NZ$100 million to NZ$115
million in Ross' fraudulent scheme.

The judges have reserved their decision, the report notes.

                          About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).



                             *********

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

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

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


                            *********


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

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

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

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

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



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