TCRAP_Public/150616.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

             Tuesday, June 16, 2015, Vol. 18, No. 117


                            Headlines


A U S T R A L I A

ALLROUND MANAGEMENT: First Creditors' Meeting Set For June 22
AP AND PRIOR: Mark Shergill Buys Firm's Client List
BBY LTD: Former Executive Chairman Remains on ASIC Panel
CARMICHAEL BUILDERS: First Creditors' Meeting Set For June 22
D&C CARPENTRY: First Creditors' Meeting Set For June 23

GROW ACCOUNTING: Collapses Into Voluntary Administration
KABURRA PTY: First Creditors' Meeting Set For June 24
LS NEWCO: Moody's Assigns Ba2 CFR, Outlook Stable
THOMAS LANDSCAPE: In Liquidation; First Meeting Set June 22
* AUSTRALIA: Small Business Insolvencies Set to Rise


C H I N A

KAISA GROUP: Appoints Zheng Yi as Chief Executive Officer
KU6 MEDIA: Incurs $829,000 Net Loss in First Quarter
NORD ANGLIA: Moody's Affirms B1 CFR, Outlook Stable
NORD ANGLIA: S&P Rates Proposed CHF235MM Sr. Sec. Notes 'B+'
NORD ANGLIA: S&P Affirms 'B+' LT CCR; Outlook Negative


H O N G  K O N G

CHINA PRECISION: Announces Plan to Restructure Operations


I N D I A

AD MERCHANT: CRISIL Reaffirms 'B' Rating on INR25MM LT Loan
AGARWAL CORPORATION: CRISIL Reaffirms B- Rating on INR70MM Loan
APCO AUTOMOBILES: CRISIL Cuts Rating on INR145.5MM Loan to 'B'
BAGALAMUKHI STEEL: CRISIL Suspends 'B-' Rating on INR100MM Loan
COUNT N: CRISIL Reaffirms B+ Rating on INR86.7MM LT Bank Loan

DASHMESH RICE: ICRA Reaffirms 'B' Rating on INR25cr FB Loan
DEEPSHIKHA PAPER: CRISIL Cuts Rating on INR79MM Loan to 'D'
DILIGENT PINKCITY: ICRA Reaffirms B+ Rating on INR104.8cr Loan
DSM SOFT: CRISIL Suspends 'D' Rating on INR40MM Packing Loan
EMERALD INDUSTRIES: CRISIL Reaffirms B+ Rating on INR53MM Loan

ESSAR PROJECTS: Fitch Withdraws 'B-' IDR with Negative Outlook
GURUSUKH VINTRADE: CRISIL Cuts Rating on INR143MM Loan to 'D'
H.M.V. ASSOCIATES: CRISIL Cuts Rating on INR50MM Loan to 'B'
HYVOLT ELECTRICALS: ICRA Suspends 'B' LT Rating on INR25cr Loan
IFMR CAPITAL: ICRA Rates INR7.63cr PTC Series A2 at B-(SO)

IFMR CAPITAL MOSEC: ICRA Rates INR1.85cr PTC Series A2 'C+(SO)'
IFMR CAPITAL MOSEC ARAGORN: ICRA Rates INR1.37cr PTC Series A2 C+
MAHATMA SUGAR: CRISIL Reaffirms 'D' Rating on INR682.2MM Loan
MERACUS MINERAL: CRISIL Assigns B+ Rating to INR56MM Term Loan
METSIL EXPORTS: CRISIL Suspends 'D' Rating on INR120MM Term Loan

NEWTON ENGINEERING: ICRA Cuts Rating on INR14cr Loan to 'D'
RAIGARH COAL: CRISIL Suspends 'D' Rating on INR75MM LT Loan
RK COTTON: CRISIL Reaffirms B+ Rating on INR50MM Rupee Term Loan
SAKHI FOOD: CRISIL Suspends 'B' Rating on INR52.6MM Term Loan
SEECO ENTERPRISES: ICRA Suspends B+ LT Rating on INR7cr Loan

SHREE BALAJI: CRISIL Suspends B+ Rating on INR110MM Term Loan
SHREEMUKH INFRA: CRISIL Assigns B+ Rating to INR180MM Loan
SHRI SANTKRUPA: CRISIL Reaffirms B- Rating on INR65MM Cash Loan
SHROLENSON MARBANIANG: CRISIL Suspends 'D' Rating on INR34MM Loan
SRI KUMARAN: CRISIL Suspends B+ Rating on INR35MM Cash Loan

TARA HEALTH: CRISIL Assigns 'B' Rating to INR2.17BB Cash Loan
UJJAWAL SAVERA: CRISIL Assigns 'B' Rating to INR10MM Bank Loan
UNIQUE MULTIFILMS: CRISIL Suspends B+ Rating on INR25MM Loan
VASAVI NIRMAAN: CRISIL Assigns 'B+' Rating to INR75MM LT Loan
VIZEBH COMPOSITECH: CRISIL Puts 'B' Rating on INR172.3MM Loan

YOGESH TRADING: CRISIL Suspends B- Rating on INR80MM Cash Loan


J A P A N

TOSHIBA CORP: Accounting Scandal Rises to 24 cases, JPY54.8BB


P A K I S T A N

PAKISTAN: Moody's Upgrades Foreign Currency Issuer Rating to B3


X X X X X X X X

* BOND PRICING: For the Week June 8 to June 12, 2015


                            - - - - -


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A U S T R A L I A
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ALLROUND MANAGEMENT: First Creditors' Meeting Set For June 22
-------------------------------------------------------------
Mitchell Ball of BPS Recovery was appointed as administrator of
Allround Management Pty Limited on June 10, 2015.

A first meeting of the creditors of the Company will be held at
BPS Recovery, Level 18, 201 Kent Street, in Sydney, on June 22,
2015, at 11:00 a.m.


AP AND PRIOR: Mark Shergill Buys Firm's Client List
---------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the client list of
AP and Prior Print, a Sydney printer, has been purchased by Mark
Shergill.

It has been said that the purchase includes artwork, name and
other intellectual property. It will add to the offset business of
the company, Dissolve.com.au says.

AP and Prior -- http://apprint.com.au/-- printed offset
magazines, brochures, posters, presentation folders, labels,
stationery and flyers on a Komori Lithrone press.

The printer entered liquidation in May with over AUD200,000 debts.
BCR Advisory was appointed liquidators of the company.


BBY LTD: Former Executive Chairman Remains on ASIC Panel
--------------------------------------------------------
Clancy Yeates at The Sydney Morning Herald reports that former
executive chairman of BBY Limited Glenn Rosewall remains a member
of an official panel charged with taking action over breaches of
the market integrity rules, despite claims BBY might have misused
client funds, misled its lenders, and breached the Corporations
Act.

SMH relates that an explosive report from administrator KPMG on
June 12 said there might be a shortfall of up to AUD10 million in
BBY client money, while also alleging "misleading" information had
been provided to BBY's lender.

While the claims are concerning for BBY's directors, a spokesman
for the Australian Securities and Investments Commission confirmed
on June 14 Mr Rosewall was still a member of ASIC's markets
disciplinary panel, according to the report.

SMH says the panel, made up of part-time members, is responsible
for making decisions on issuing infringement notices and whether
to accept enforceable undertakings over alleged breaches.

According to the report, ASIC also confirmed it would consider
further investigation and action regarding BBY if the
administrators formally notified ASIC of breaches of the
Corporations Act.

"ASIC has been in contact with the administrators throughout their
administration and understood that they were developing some of
the concerns that have been highlighted," the report quotes the
spokesman as saying.

The disciplinary panel that Mr Rosewall is part of includes more
than 20 part-time members, who are appointed by ASIC, with
chairman Lisa Gay convening three-member panels to look at
individual matters, the report notes.

It is understood Mr Rosewall is not a member of any panel that is
hearing a matter, and he will not be appointed to panels to look
at new matters, SMH notes.

Contacted by Fairfax Media on June 14, Mr Rosewall said via text
message there were "errors in the KPMG report" and "we are going
to get to the bottom of it and get the best outcome for clients,"
adds SMH.

Founded in 1987, BBY Limited is a boutique investment firm that
offers brokerage and financial advisory services. The company
provides merger and acquisition, initial public offering, private
placement, equity trading, and market and business research
services. Additionally, it offers capital raising, restructuring,
due diligence, valuation, relationship management, and clearing
services.

On May 18, the Directors of BBY Limited have appointed KPMG as
Voluntary Administrators.


CARMICHAEL BUILDERS: First Creditors' Meeting Set For June 22
-------------------------------------------------------------
Richard Albarran and David Ingram of Hall Chadwick were appointed
as administrators of Carmichael Builders Pty Limited on June 10,
2015.

A first meeting of the creditors of the Company will be held at
Royal on the Park, 152 Alice Street, in Brisbane, Queensland, on
June 22, 2015, at 11:00 a.m.


D&C CARPENTRY: First Creditors' Meeting Set For June 23
-------------------------------------------------------
John Morgan & Geoffrey Davis of BCR Advisory were appointed as
administrators of D&C Carpentry (ACT) Pty Ltd on June 11, 2015.

A first meeting of the creditors of the Company will be held at
Tribe Stategic Accountants, Level 1 113 Canberra Avenue, in
Griffith, on June 23, 2015, at 10:00 a.m.


GROW ACCOUNTING: Collapses Into Voluntary Administration
--------------------------------------------------------
Eloise Keating at SmartCompany reports that Grow Accounting, a
Queensland-based business development and accounting firm that has
been operating since 1994, has collapsed into voluntary
administration.

Grow Accounting was established in August 1994 under the name
Keating & Camerons. The firm later changed its name to Keating &
Associates before rebranding as Grow Accounting in May 2012, when
current owner Tasha Hungerford bought out the other two partners
in the business, the report discloses.

Hall Chadwick was called in to manage the business on June 10,
with Blair Pleash, David Ingram and Anne-Marie Barley appointed as
administrators, according to SmartCompany.

The first meeting of Grow Accounting's creditors is scheduled to
be held in Brisbane on June 22, the report notes.

Grow Accounting specialises in advice to business owners, as well
as property investors.  The business employs a team of 14 and is
based in Maroochydore, on Queensland's Sunshine Coast.


KABURRA PTY: First Creditors' Meeting Set For June 24
-----------------------------------------------------
Frank Lo Pilato and Mitchell Herrett of RSM Bird Cameron Partners
were appointed as administrators of Kaburra Pty Ltd on June 12,
2015.

A first meeting of the creditors of the Company will be held at
RSM Bird Cameron Partners, Level 1, 103 Northbourne Avenue, in
Turner, on June 24, 2015, at 3:00 p.m.


LS NEWCO: Moody's Assigns Ba2 CFR, Outlook Stable
-------------------------------------------------
Moody's Investors Service assigned a definitive Ba2 corporate
family rating to LS Newco Pty Ltd.

At the same time, Moody's has assigned a definitive Ba2 senior
secured rating to the USD equivalent of AUD800 million First Lien
Term Loan B facility entered into by LS Newco Pty Ltd and LS Deco
LLC, a Delaware limited liability company. The issuer was
originally assigned a provisional (P)Ba2 rating on 1 April 2015;
the assignment of the definitive Ba2 rating follows the issuance
of the Term Loan B and review of the final documentation.

The Term Loan B facility comprises the following tranches:

  -- US$350 million, maturing May 21, 2022

  -- AUD359 million, maturing May 21, 2022

The ratings outlook is stable.

"LS's ratings reflect its well-established position in a number of
key services sectors, including as Telecommunications Services
Provider where it is a principal network services provider to
Telstra Corporation Limited (A2 stable), the National Broadcast
Network (NBN unrated) and New Zealand based Chorus Limited (Baa3
stable)", says Maurice O'Connell, a Moody's Vice President and
Senior Credit Officer. "The rating also reflects LS' position as a
principal service provider in Infrastructure Operations and
Management ("O&M) with particular strong market positioning in
Motorways & Tunnels, Environmental Remediation, Water,
Transmission and Distribution", adds O'Connell.

"Medium term revenue is underpinned by both existing contract
pipelines as well as good growth opportunities stemming from a
growing pipeline of infrastructure spending", says O'Connell,
adding "at the same time, its telecommunications business will
continue to benefit from NBN rollout as well as continuing network
rollout by telecommunications carriers."

The rating takes into consideration that LS is a new entity but
whose businesses have a solid track record benefiting from long-
established relationships with blue chip customers. However, LS
operates in a competitive environment. It remains subject to the
inherent risks associated with efficient project execution,
sustaining a high level of contract renewals and success in new
contract tenders at commercial margins.

LS has a level of concentration risk, particularly to the National
Broadcast Network (NBN). NBN is the major revenue and EBITDA
growth driver over the next 2-3 years.

LS has an moderate financial profile for the rating, with gross
adjusted Debt/EBITDA expected to be around 4.25 times in FY2015.
Moody's notes that LS plans to maintain AUD 300 million of cash to
be held as security for bonding lines. Moody's considers that the
likelihood of bonding lines being called is small. As such, the
amount of cash which will be secured for the benefit of the
bonding line providers would reduce leverage on a net basis to the
extent that it is intended to be ultimately used to reduce debt.

With low capital expenditure requirements we anticipate that LS
will generate free cash flow which will be available to reduce
debt over time.

The stable outlook reflects Moody's expectation that LS will
continue to win its share of new contracts at commercial margins
in a generally supportive market.

Upward rating trends could emerge in the medium term if there is a
sustained improvement in LS's adjusted debt to EBITDA; such that
adjusted gross debt/EBITDA falls below 3.5 times and/or adjusted
net Debt/EBITDA falls below 2.25 times, on a consistent basis.

On the other hand, the rating could face downgrade pressure if
adjusted debt to EBITDA exceeds 5 times and /or adjusted net
Debt/EBITDA exceeds 3.5 times on a consistent basis.

The principal methodology used in these ratings was Construction
Industry published in November 2014.

LS Newco Pty Ltd is a leading integrated provider of industrial
and civil services to clients in Australia and New Zealand across
the telecommunications, roads, water, power, utilities and
environmental sectors.


THOMAS LANDSCAPE: In Liquidation; First Meeting Set June 22
-----------------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators of Thomas Landscape Creations Pty
Ltd on June 11, 2015.

A meeting of creditors will be held at 11:00 a.m. on June 22,
2015, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


* AUSTRALIA: Small Business Insolvencies Set to Rise
----------------------------------------------------
Eloise Keating at SmartCompany reports that small business
insolvencies are predicted to rise over coming months.

SmartCompany relates that Sydney liquidator Jamieson Louttit made
the prediction earlier this month, based on growing numbers of
SMEs being subject to wind-up applications.

According to statistics compiled by Jamieson Louttit & Associates,
the Australian Tax Office applied to wind-up 556 businesses in
May, which accounts for 77% of all wind-up applications lodged
with the Australian Securities and Investments Commission in May,
SmartCompany relays.

Mr. Louttit previously told SmartCompany wind-up applications "are
a very, very good lead indicator for insolvencies".

"Everyone tracks insolvency appointments but wind-up applications
show where appointments will occur next month, and the month after
that," SmartCompany quotes Mr. Louttit as saying.



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C H I N A
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KAISA GROUP: Appoints Zheng Yi as Chief Executive Officer
---------------------------------------------------------
The board of directors of Kaisa Group Holdings Ltd. announced on
June 11 that Mr. Ye Lieli has tendered his resignation as an
executive Director and the vice chairman of the Board with effect
from June 11, 2015 due to his wishes to devote more time on his
other business commitment.

The Board further announced that Mr. Jin Zhigang has tendered his
resignation as an executive Director of the Board with effect from
June 11, 2015 due to his wishes to devote more time on his other
business commitment.

Each of Mr. Ye and Mr. Jin has confirmed that there is no
disagreement with the Board and that there is no matter relating
to his resignation that needs to be brought to the attention of
the shareholders of the Company.

"The Board would like to take this opportunity to express its
sincere gratitude to Mr. Ye and Mr. Jin for their contribution to
the Company during the tenure of their services with the highest
regard," Kaisa said in a statement.

            Appointment of the Chief Executive Officer

The Board also announced that Mr. Zheng Yi, an executive Director,
has been appointed as the chief executive officer of the Company
with effect from June 11, 2015.

Mr. Zheng, aged 34, has been the president of Kaisa Zhiye
Development (Shenzhen) Co., Ltd. since January 2014 and is mainly
responsible for its operational management. Mr. Zheng joined the
Group in July 2007 and held various positions within members of
the Group. Prior to joining the Group, Mr. Zheng worked at an
exchange centre in the People's Republic of China and a property
development company, respectively. Mr. Zheng has extensive
experience in urban redevelopment projects. Mr. Zheng received the
bachelor's degree in law from Zhongnan University of Economics and
Law in the PRC in July 2003. Save as disclosed, Mr. Zheng did not
hold any directorship in any other listed companies in Hong Kong
or overseas in the last three years.

The terms of Mr. Zheng's service agreement with the Company remain
unchanged, the term of which is valid until April 12, 2018,
subject to retirement by rotation and re-election at the annual
general meetings of the Company pursuant to the articles of
association of the Company. Pursuant to his service agreement with
the Company, he is entitled to a director's fee of HK$1,730,000
per annum which is determined with reference to his
responsibilities with the Company and the Company's remuneration
policies.

Save as disclosed in this announcement, Mr. Zheng does not hold
any position in the Company and do not have any relationship with
any directors, senior management, substantial shareholders or
controlling shareholders of the Company.

                        About Kaisa Group

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

As reported in the Troubled Company Reporter-Asia Pacific on
June 3, 2015, Moody's Investors Service changed to negative from
positive the outlook on Kaisa Group Holdings Ltd's Ca corporate
family and senior unsecured debt ratings.  At the same time,
Moody's has affirmed the company's Ca corporate family and senior
unsecured debt ratings.


KU6 MEDIA: Incurs $829,000 Net Loss in First Quarter
----------------------------------------------------
Ku6 Media Co., Ltd. reported a net loss of US$829,000 on US$2.3
million of total revenues for the three months ended March 31,
2015, compared with a net loss of US$4.4 million on US$2.8 million
of total revenues for the same period in 2014.

As of March 31, 2015, the Company had US$8.6 million in total
assets, US$13.5 million in total liabilities and a US$4.9 million
total shareholders' deficit.

Cash and cash equivalents were US$7.38 million (RMB45.73 million)
as of March 31, 2015.

"It's my pleasure to announce Ku6's earnings release for the first
quarter of 2015," Mr. Feng Gao, chief executive officer of Ku6
Media, commented. "In the first quarter of 2015, Ku6 Media
continued to generate revenues from its advertising business and
achieved a gross profit for the second consecutive quarter. We
intend to improve revenues from advertising and other available
businesses in 2015 to meet operating costs, and we keep looking
for new revenue sources for future development."

According to the report, substantial doubt exists as to the
Company's ability to continue as a going concern, primarily due to
(a) uncertainties associated with the amount of and growth in
revenues from (i) an advertising agency agreement with Huzhong,
the Company's new third party advertising agency since late August
2014, (ii) revenue sharing with Qinhe, a company controlled by the
Company's previous significant shareholder Xudong Xu, and (iii)
the amount of and growth in revenues from other sources; and (b)
uncertainties as to the availability and timing of additional
financing with terms acceptable to the Company.

A full-text copy of the press release is available at:

                       http://is.gd/Y6y9nF

                      Change of Board Members

The Company announced the resignation of Mr. Haifa Zhu as director
of the board and all board committee positions which he held. Mr.
Mingfeng Chen was appointed as director of the board and member of
the compensation and leadership development committee and the
corporate development and finance committee, effective as of June
12, 2015.

Mr. Mingfeng Chen has served on the Company's board of directors
since June 2015. He also has served as a partner of Shanda Capital
since 2014. Prior to that, Mr. Chen served as the vice president
of Cloudary Corporation from 2010 to 2014 and as an associate
director in the legal department of Shanda Interactive from 2003
to 2010. Prior to joining Shanda Interactive, Mr. Chen worked in
the legal department of Lifan Industry (Group) for approximately
two years. Mr. Chen holds a bachelor's degree in law from
Southwest University of Political Science & Law.

                          About Ku6 Media

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

Ku6 Media reported a net loss of $10.7 million in 2014 following a
net loss of $34.4 million in 2013.

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

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


NORD ANGLIA: Moody's Affirms B1 CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service confirmed Nord Anglia Education, Inc's
(NAE) B1 corporate family rating as well as the B1 rating on its
upsized $860 million senior secured term loan B and upsized $125
million revolving credit facility issued by Nord Anglia Education
Finance LLC.

The outlook for the ratings is stable.

These actions conclude the review with direction uncertain, which
was initiated on 27 April in response to NAE's announcement that
it had entered into a definitive agreement with Meritas Schools
Holdings, LLC (B3 stable) to acquire six schools.

NAE will acquire the six schools for an aggregate purchase price
of approximately $575 million. NAE is funding the transaction with
$125 million in equity issuance, a $200 million increase in its
existing term loan B, issuance of a CHF235 million senior secured
bond, and existing cash.

"The acquisition will increase NAE's financial leverage, but the
company's stable, predictable business model and high profit
margins support the B1 corporate family rating," said Joe
Morrison, a Moody's Vice President and Senior Analyst. "The
secured credit facility and the secured bonds constitute the only
debt in the company's capital structure and are therefore rated at
the same level as the corporate family rating."

Moody's estimates that pro forma for the acquisition and after
giving the full benefit of the company's annual earnings, FY2015
adjusted debt to EBITDA would be about 6.8x, a level high for the
B1 rating category.

However, Moody's also expects its adjusted debt/EBITDA to trend
down to 6x over the next 12-18 months, because its earnings will
increase following the integration of the recent acquisitions,
increased enrollments, and a continued hike in tuition rates. This
assumption also incorporates a likelihood that the company will
continue with its school acquisitions on a smaller scale, given
its strong appetite for acquisitions.

Moody's also notes that NAE's ratings continue to benefit from
stable and predictable demand for its product of premium
educational services. This stability provides it with a relatively
high tolerance for financial leverage at the B1 rating category
when compared with those in more cyclical industries.

Moody's also anticipates the company to continue exhibiting
adequate profitability and interest coverage, with adjusted EBITDA
margins of over 30% and adjusted EBITDA interest coverage of over
3.0x.

In addition, the acquisition will improve NAE's scale and
geographical diversity.

The stable outlook is based on expectation that NAE's financial
leverage will fall to a level that is in line with the B1 rating
category over the next 12-18 months absent large-scale, debt-
funded acquisitions.

Positive pressure on the ratings could develop if the company's
utilization rate and revenue per student improve, leading to the
adjusted debt to EBITDA ratio staying below 4.5x-5.0x, and the
company establishes a track record of pursuing acquisitions in a
more conservative manner.

Negative pressure on the ratings could arise if business
conditions deteriorate and/or the company undertakes large-scale
acquisitions such that its leverage -- as measured by adjusted
debt to EBITDA -- does not trend down to 6.0x over the next 12-18
months. Furthermore, a material deterioration in the company's
liquidity position would heighten downward pressure on the
ratings.

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

Nord Anglia Education, Inc. is headquartered in Hong Kong and
operates 35 international premium schools in Asia, Europe, the
Middle East, and North America, with over 23,900 students ranging
in level from pre-school through to secondary school. NAE also
provides outsourced education and training contracts with
governments and curriculum products through its Learning Services
division. For the 12 months ended Feb. 28, 2015, NAE generated
revenues of $521 million.


NORD ANGLIA: S&P Rates Proposed CHF235MM Sr. Sec. Notes 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
issue rating and 'cnBB-' long-term Greater China regional scale
rating to Nord Anglia Education Finance LLC's proposed Swiss franc
(CHF) 235 million (about US$250 million equivalent) senior secured
notes.  These notes rank pari passu with the issuer's existing
bank loans.  Nord Anglia Education Inc. (B+/Negative/--; cnBB-/--)
will guarantee the notes.  The ratings on the notes are subject to
S&P's review of the final issuance documentation.

Nord Anglia plans to use the proceeds from the proposed issuance,
together with additional debt and new equity, to fund the
acquisition of six schools from Meritas Schools Holdings LLC.  The
notes issuance does not affect the ratings on Nord Anglia because
S&P has already reflected the acquisition debt in its base case.

The recovery rating for the proposed CHF notes is '4H'.  This
indicates S&P's view that creditors can expect "average" (30%-50%)
recovery of principal in the event of payment default.  S&P's
recovery expectations are at the upper end of the 30%-50% range.


NORD ANGLIA: S&P Affirms 'B+' LT CCR; Outlook Negative
------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term corporate credit rating on Nord Anglia Education
Inc. (Nord Anglia).  The outlook is negative.  S&P also affirmed
its 'B+' long-term issue rating on the senior secured term loans
and revolving credit facilities that the company guarantees.  At
the same time, S&P lowered its long-term Greater China regional
scale rating on Nord Anglia and the loans to 'cnBB-' from 'cnBB'.
S&P removed all the ratings from CreditWatch, where they were
placed with negative implications on April 30, 2015.

S&P revised its recovery rating on the existing bank loans
downward to '4H', from '3', indicating S&P's view of "average"
(30%-50%) recovery of the principal in the event of payment
default.  S&P's recovery expectations are at the upper end of the
30%-50% range.  Nord Anglia is a Hong Kong-domiciled premium
education services provider with operations across the world.

"We affirmed the rating with a negative outlook because we expect
Nord Anglia's debt leverage to increase meaningfully in fiscal
2015 (year ending Aug. 31, 2016) before improving in the next
fiscal year," said Standard & Poor's credit analyst Sophie Lin.

The company intends to use about US$450 million of debt and about
US$125 million new equity to finance the acquisition of six
schools from Meritas Schools Holdings LLC.  S&P views the proposed
financing plan as aggressive.  However, the new equity issuance
should somewhat help to keep the leverage in check.

S&P estimates the company's debt-to-EBITDA ratio will improve to
less than 6.0x by fiscal 2016, following a full consolidation of
the schools it acquired in fiscal 2015.  Also, S&P expects good
organic growth in Nord Anglia's revenues and profitability over
the next two years.

"Nord Anglia's 'highly leveraged' financial risk profile reflects
the company's high leverage and the ownership by a financial
sponsor," said Ms. Lin.  "Good cash flow visibility and strong
earnings growth temper the risks."

In S&P's opinion, execution risks from integration of the acquired
schools should be moderate, given Nord Anglia's good track record
of selecting and integrating premium schools.  Moreover, the six
acquired schools have been mostly profitable on a stand-alone
basis.

S&P expects Nord Anglia's geographic diversity to improve after
the integration of the acquired schools.  S&P estimates the
company's profit concentration to China will decline to about 35%
of its total EBITDA in fiscals 2016 and 2017, from over 50% in
fiscal 2014. EBITDA contribution from North America and Europe
will increase due to the acquisitions.  These factors will support
Nord Anglia's competitive position.  S&P assess the company's
business risk profile as "fair" based on the above factors.

S&P expects Nord Anglia's financial risk profile to trend toward
the stronger end of the "highly leveraged" category because of its
positive free operating cash flows and disciplined debt-funded
acquisitions over the next 12-18 months.  This improvement is
reflected in S&P's "positive" comparable rating analysis.

The negative outlook reflects S&P's view that Nord Anglia debt
leverage will remain high over the next 12 months because of its
aggressive expansion through debt-funded acquisitions.  S&P
believes the company's strong growth in revenue and profitability,
and high visibility on cash flows will help temper this risk.

S&P could lower the rating if we expect Nord Anglia's debt-to-
EBITDA ratio to remain above 6x by the end of fiscal 2016 or if
the company's EBITDA interest coverage falls below 2.5x for a
prolonged period.  This could be the result of another large
acquisition or unexpected operating setbacks.

S&P could revise the outlook to stable if Nord Anglia exercises
good financial discipline and smoothly integrates its recent
acquisitions, such that its debt-to-EBITDA ratio falls materially
below 6x in fiscal 2016.  The stable outlook will also depend on
whether the company can maintain the ratio below 6x while pursuing
growth.



================
H O N G  K O N G
================


CHINA PRECISION: Announces Plan to Restructure Operations
---------------------------------------------------------
China Precision Steel, Inc., disclosed with the Securities and
Exchange Commission that it plans to restructure substantially all
of its operations. In connection with the restructuring plan, the
Company expected to cease substantially all operations at its
Shanghai, China, facility effective June 10, 2015. The Company is
in the process of terminating the majority of its employees.

The Company said it does not have sufficient cash flows to
continue its current operations and is considering alternative
options, including sale of control of the Company or all its
assets.

The restructuring plan was a result of the Company's inability to
restructure its bank loan agreement with Raiffeisen Zentralbank
Osterreich AG. Principal and interest under the short-term loans
then totaling $27,715,781 with RZB were to be repaid in full on
July 31, 2012, but the Company has defaulted on this repayment
obligation. On April 16, 2014, the Company received a notice from
China International Economic and Trade Arbitration Commission
regarding an arbitration pleading filed by RZB for the defaulted
short-term loan. The arbitration hearing took place on Oct. 14,
2014. An arbitral award was subsequently issued on Dec. 31, 2014,
which orders the repayment of the loan principal with any late and
penalty interest and that RZB has first priority on the proceeds
realized from the sale of any assets which collateralize the loan.
Discussions to remove the covenant to maintain specific levels of
inventories that collateralize the loan have failed. RZB has the
right to take possession of the collateral granted in connection
with their respective loan agreements and the arbitral award. In
June 2012, the Company also defaulted on its repayment obligations
of a Senior Loan Agreement with DEG-Deutsche Investitions-Und
Entwicklungsgesellschaft Mbh for a loan principal balance of
$16,200,000 with any accrued and penalty interest. DEG has the
right to take possession of the collateral granted in connection
with its respective loan agreement.

The Company currently estimates it will recognize costs in the
range of approximately $1,080,000 (consisting primarily of
employee termination costs) in the fourth quarter of 2015.

Effective June 10, 2015, Jian Lin Li, Tung Kuen Tsui and Wei Hong
Xiao resigned from the Board of Directors of the Company.

                   About China Precision Steel

China Precision Steel -- http://chinaprecisionsteelinc.com/-- is
a niche precision steel processing company principally engaged in
the production and sale of high precision cold-rolled steel
products and provides value added services such as heat treatment
and cutting medium and high carbon hot-rolled steel strips. China
Precision Steel's high precision, ultra-thin, high strength (7.5
mm to 0.05 mm) cold-rolled steel products are mainly used in the
production of automotive components, food packaging materials, saw
blades, steel roofing and textile needles. The Company sells to
manufacturers in the People's Republic of China as well as
overseas markets such as Nigeria, Ethiopia, Thailand and
Indonesia. China Precision Steel was incorporated in 2002 and is
headquartered in Sheung Wan, Hong Kong.

China Precision reported a net loss of $37.5 million on
$47.2 million of sales revenues for the year ended June 30, 2014,
compared to a net loss of $68.9 million on $36.5 million of
sales revenues in 2013.

As of Dec. 31, 2014, the Company had $66.3 million in total
assets, $63.7 million in total liabilities, all current, and $2.61
million in total stockholders' equity.

MSPC Certified Public Accountants and Advisors, A Professional
Corporation, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2014. The independent auditors noted that the Company
suffered very significant losses for the years ended June 30,
2014, and 2013, respectively. Additionally, the Company defaulted
on interest and principal repayments of bank borrowings that raise
substantial doubt about its ability to continue as a going
concern.



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


AD MERCHANT: CRISIL Reaffirms 'B' Rating on INR25MM LT Loan
-----------------------------------------------------------
CRISIL's rating continues to reflect AD Merchant India Pvt Ltd's
(AMIPL's) small scale of operations in the intensely competitive
advertising industry, and large working capital requirements on
account of sizeable debtors. These rating weaknesses are partially
offset by the extensive experience of AMIPL's promoters in the
advertising industry and their established relationships with
customers and suppliers.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           25        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    25        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AMIPL will continue to benefit over the
medium term from its strong track record in the advertising and
communications industry. The outlook may be revised to 'Positive'
if AMPIL scales up its operations considerably, while also
improving its operating margin and working capital management.
Conversely the outlook may be revised to 'Negative' if stretch in
working capital cycle, or any large debt-funded capital
expenditure weakens its financial risk profile.

Update
AMIPL's sales are estimated at INR250.0 million in 2014-15 (refers
to financial year, April 1 to March 31) as against INR222.5
million in the previous year. Its operating margin has improved to
3.9 per cent in 2013-14 onwards, from 2.2 per cent in 2012-13.
Going forward, the operating margins are expected to remain at
similar levels over the medium term.

AMIL had moderate gross current assets (GCAs), estimated at 132
days as on March 31, 2015, driven by high debtors of 110 days as
on that. The company funds its working capital requirements
through short-term bank borrowings. Its bank limits were
moderately utilised at around 50% over the 12 months through March
2015.

AMIPL's financial risk profile remains moderate, marked by modest
net worth, strong debt protection metrics, and low gearing. Its
net worth and gearing are estimated at INR27 million and 0.50
times, respectively, as on March 31, 2015; its interest coverage
ratio is estimated at 8.6 times and net cash accruals to total
debt (NCATD) ratio is estimated at 0.44 times, for 2014-15.

Set up in 2000, AMIPL is an advertising and communications agency.
It offers advertising services across all media categories,
including electronic media (such as radio and television) and
print media (such as newspapers, magazines, danglers, and
posters), and outdoor publicity in Kolkata. The company also
provides content and concept development solutions to its
customers. It is promoted by Mr. Satyajit Shah and his brother,
Mr. Suman Shah.


AGARWAL CORPORATION: CRISIL Reaffirms B- Rating on INR70MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Agarwal
Corporation (AC) continues to reflect AC's modest scale of
operations and below-average financial risk profile marked by
modest net worth, high gearing, and subdued debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of AC's proprietor in the iron and steel
products trading business.

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

   Proposed Long Term
   Bank Loan Facility     30       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AC will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case of significant and
sustainable improvement in AC's revenue and profitability along
with improvement in its capital structure. Conversely, the outlook
may be revised to 'Negative' if the firm registers considerable
decline in its accruals or if its working capital cycle lengthens,
weakening its financial risk profile.

Update
AC, on a provisional basis, reported profit after tax (PAT) of
INR4 million on net sales of INR751 million for 2014-15 (refers to
financial year, April 1 to March 31); the firm reported PAT of
INR2 million on net sales of INR458 million for 2013-14. Its
operating margin was around 2.6 per cent in 2014-15, in line with
the historical level. CRISIL believes that the extensive
experience of AC's proprietor in the steel industry will help the
firm maintain its moderate scale of operations and profitability
over the medium term.

The firm's financial risk profile remains weak with estimated
modest net worth of around INR23 million and high total outside
liabilities to tangible net worth ratio of 4.9 times as on March
31, 2015, and low interest coverage of 1.4 times for 2014-15. Its
liquidity remains stretched, with expected modest net cash
accruals of close to INR4 million in 2015-16 against nil term loan
obligations. Its bank limits were utilised extensively, at an
average of 99 per cent, over the 12 months through March 2015.

AC, set up in 2001, is a proprietorship concern owned by Mrs.
Manjula Agarwal. It trades in iron and steel products, including
cold-rolled and hot-rolled coils, steel sheets, steel beams, steel
plates, and thermo-mechanically treated (TMT) bars, ingots, and
billets. Mr. Ashwini Agarwal (husband of Mrs. Manjula Agarwal)
manages the firm's day-to-day operations.


APCO AUTOMOBILES: CRISIL Cuts Rating on INR145.5MM Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Apco Automobiles Pvt Ltd (AAPL) to 'CRISIL B/Stable' from 'CRISIL
BB-/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           100       CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Inventory Funding     145.5     CRISIL B/Stable (Downgraded
   Facility                        from 'CRISIL BB-/Stable')

   Proposed Long Term      4.5     CRISIL B/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in AAPL's financial
risk profile owing to weak operating performance. The company
reported dip of 27.6 per cent in revenue and net losses leading to
negative cash accruals. AAPL's total outstanding liabilities to
tangible net worth (TOLTNW) and interest coverage is expected to
be around 11.31 times and 0.48 times, respectively, in 2014-15
(refers to financial year, April 1 to March 31) against 7.31 times
and 1.54 times, respectively, in 2013-14.

The rating continues to reflect AAPL's below-average financial
risk profile, marked by high TOLTNW ratio and modest debt
protection metrics, geographical concentration in the revenue
profile, and intense competition in the automobile dealership
industry. These rating weaknesses are partially offset by the
company's established position in the market for Tata Motors Ltd
(TML; rated 'CRISIL AA/CRISIL AAA(SO)/Stable/CRISIL A1+') in North
Kerala.
Outlook: Stable

CRISIL believes that AAPL will continue to benefit over the medium
term from its established position in the automobile dealership
market for TML in North Kerala and its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the company's volumes and operating margin improve substantially
or in case of any significant equity infusion by the promoters,
resulting in a better capital structure and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
AAPL's financial risk profile deteriorates further, most likely
because of increased working capital borrowings, large debt-funded
capital expenditure, or low cash accruals.

Incorporated in 2007 and based in Kozhikode (Kerala), AAPL is the
exclusive authorised dealer for TML's small commercial vehicles in
five districts of Kerala. Apart from SCVs, the company also sells
large commercial vehicles and intermediate commercial vehicles.
AAPL is promoted by Mr. A P Abdul Kareem and his five brothers.


BAGALAMUKHI STEEL: CRISIL Suspends 'B-' Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Bagalamukhi Steel Products Private Limited (BSPPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Proposed Cash         30        CRISIL B-/Stable
   Credit Limit
   Proposed Term Loan   100        CRISIL B-/Stable

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

BSPPL was founded in 2004 by four friends: Mr. Shankar Nag, Mr.
Sukamal Biswas, Mr. Kamal Das and Mr. Shyam Gupta. The company
manufactured lancing pipes and had a facility in the ADDA
industrial area, in Durgapur (West Bengal). In April 2012, BSPPL
discontinued these operations. In 2013-14 (refers to financial
year, April 1 to March 31), Mr. Das and Mr. Gupta retired as
Directors and Mr. Swapan Roy and Mr. Suman Nag joined the company
as Directors. The promoters are setting up a paper manufacturing
unit to manufacture poster papers, danglers, tissue paper, and
carry bags among other paper-based articles.


COUNT N: CRISIL Reaffirms B+ Rating on INR86.7MM LT Bank Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Count N Denier
Yarns Private Limited (CDYPL) continues to reflect CDYPL's modest
scale of operations in the intensely competitive textile trading
space, and below-average financial risk profile because of large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of CDYPL's promoter
in the textiles industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           7.1       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   86.7       CRISIL B+/Stable (Reaffirmed)

   Term Loan             6.2       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CNDYPL will continue to benefit from the
extensive experience of its promoter in the textile industry over
the medium term. The outlook may be revised to 'Positive' if the
company increases its scale of operations significantly while
maintaining its profitability. Conversely, the outlook may be
revised to 'Negative' if the company's profitability comes under
pressure, most likely because of intense competition in the
industry, or if its working capital requirements increase
significantly, leading to pressure on its financial risk profile,
particularly liquidity.

Update
CNDYPL's revenue and profitability was in line with CRISIL's
expectations in 2013-14 (refers to financial year, April 1 to
March 31). Revenue is, however, expected to decline in 2014-15,
due to slowdown in cotton imports by China. Operating margin is
likely to be 4 to 4.5 per cent due to limited value addition and
fragmented nature of the industry. Further the company's
profitability will remain vulnerable to changes in the cotton
prices, as sharp changes in the prices will likely have an impact
on the inventory valuation.

The company's working capital cycle has been in line with the
expectation , with gross current asset [GCA] of 116 days as on
March 31, 2015, as against CRISIL's expectation of 122 days,
driven primarily by receivables  of about 100 days. CRISIL
believes that CNDYPL's working capital cycle will continue to be
exposed to variations in cotton availability and price
fluctuations, based on which the stocking pattern of the company
may change.

CNDYPL's liquidity is supported by unsecured loans from the
promoters at regular intervals. The loans stood at INR7 million as
on March 31, 2015. The company's bank lines continue to be
utilised by 90 to 95per cent in the peak period'November to
June'due to its moderate working capital intensity, and the
availability of funding support from promoters. CRISIL expects
that funding support from the promoters will remain over the long-
term. CNDYPL had no long-term debt as on March 31, 2015.

The company's financial risk profile continues to remain modest,
marked by modest net worth of INR11 million and moderate gearing
of 2.8 times, respectively, as on March 31, 2015. The modest debt
protection metrics were marked by interest coverage ratio of 1.6
times and net cash accruals to total debt ratio of 0.08 times in
2014-15. With the absence of any debt-funded capex plan, CRISIL
believes that CNDYPL's financial risk profile will remain modest
over the medium term.

CDYPL was set up in 2008 by Mr. Anil Agrawal. It trades in cotton
yarn and grey fabrics. The company also undertakes jobwork for
doubling of yarn. CNDYPL procures cotton yarn and grey fabric from
manufacturers and traders based in Bhiwandi and Kalbadevi in
Mumbai

CNDYPL reported a net profit of INR0.8 million on net sales of
INR398 million for 2014-15 (refers to financial year, April 1 to
March 31), as against a net profit of INR1.2 million on net sales
of INR418.1 million for 2013-14.


DASHMESH RICE: ICRA Reaffirms 'B' Rating on INR25cr FB Loan
-----------------------------------------------------------
ICRA has re-affirmed the [ICRA]B rating for INR25.00 crore
(enhanced from INR22.00 crore) fund based bank facilities of
Dashmesh Rice Mills.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       25.00       [ICRA]B (re-affirmed)

The rating is constrained by DRM's presence in a highly
competitive nature of the industry, its moderate scale of
operations, weak profitability metrics, high gearing level and
consequently weak debt protection indicators. The rating is also
constrained by its stretched liquidity position as reflected by
consistently high working capital limits utilization arising out
of high inventory holding period and risks inherent in a
partnership firm like limited ability to raise equity capital,
risk of dissolution due to death/retirement/insolvency of partners
etc. However, the ratings favorably factor in DRM's experienced
promoters with long track record in rice milling industry.

Dashmesh Rice Mills is a partnership firm promoted by Mr. Raman
Sidana and his family members. The firm is primarily engaged in
milling of basmati rice. The firm is also engaged in converting
semi processed rice into parboiled Basmati rice. DRM's milling
unit is based out of Jalalabad, Distt. Ferozpur, Punjab which is
in close proximity to the local grain market.

Recent Results
During the financial year 2013-14, the firm reported a profit
after tax (PAT) of INR0.26 crore on an operating income of
INR60.34 crore as against PAT of INR0.21 crore on an operating
income of INR39.05 crore in 2012-13. As per the provisional
figures, the firm reported sales of INR~65.18 crore in FY15.


DEEPSHIKHA PAPER: CRISIL Cuts Rating on INR79MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Deepshikha Paper Private Limited (DPPL) to 'CRISIL D' from
'CRISIL C'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           38.2      CRISIL D (Downgraded from
                                   'CRISIL C')

   Funded Interest       27.3      CRISIL D (Downgraded from
   Term Loan                       'CRISIL C')

   Term Loan             79        CRISIL D (Downgraded from
                                   'CRISIL C')

   Working Capital       55.5      CRISIL D (Downgraded from
   Term Loan                       'CRISIL C')


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

DPPL has a weak financial risk profile, marked by small net worth,
below-average debt protection measures, and small scale of
operations. However, the company benefits from its promoters'
extensive experience in the paper industry.

DPPL manufactures kraft paper and duplex boards, which are used
for making corrugated boxes. The company was incorporated in 2007
and is promoted by Mr. Ravinder Singh and Mr. Sudip Kapisway and
their family members.


DILIGENT PINKCITY: ICRA Reaffirms B+ Rating on INR104.8cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA] B+ rating assigned to the INR104.80
crore fund based facilities of Diligent Pinkcity Center Private
Limited. ICRA has also reaffirmed the [ICRA] A4 rating assigned to
the INR12.80 crore non fund based facilities of DPCPL. The earlier
suspension of the rating, dated May 2015, stands revoked.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits       104.80       [ICRA]B+ reaffirmed
   Non Fund Based Limits    12.80       [ICRA]A4 reaffirmed

The rating reaffirmation factors in the successful implementation
of Phase I of the project with company commencing operations at
its Exhibition and Convention Center (ECC) in Q3, FY15. The
ratings continue to factor in the strong promoter set involving
some well established groups such as Dainik Bhaskar, Dangayach and
Derewala which not only lends financial flexibility to the project
but also mitigates the implementation risk with adequate
experience of promoters in development of real estate projects and
hotels in the past. The ratings continue to remain constrained on
account of delays witnessed in project implementation (especially
phase II) owing to issues such as delays in debt disbursement and
problems faced in acquiring land, which has resulted in shifting
the CoD of its hotel project (Phase II) to Dec 2015 from earlier
planned April 2015. The ratings are also inhibited by the poor
initial market response received by DPCPL in H2,FY15 for ECC
primarily on account of the absence of hotel as a number of events
required hotel services in addition to the ECC. Going forward ICRA
expects improvement in bookings once the hotel becomes
operational. Nevertheless the ratings continue to take into
account DPCPL's exposure to market risk with the project's success
depending on its ability to market it in the city, host industry
events at the ECC and generate adequate operating metrics for the
hotel.

ICRA notes that the debt repayments have begun from Dec 2014 and
in the absence of adequate fund generation, the promoters have
supported the debt servicing through infusion of INR35 crore in
FY15. ICRA expects the promoter support to continue going forward
owing to insufficient fund generation expected in the near term.
Going forward, ability of the company to complete the hotel
project within budgeted time and costs, and to generate adequate
cash flows from the ECC and hotel, once it becomes operational,
would constitute key rating sensitivities.

Diligent Pinkcity Center Private Limited (DPCPL) is a Jaipur based
SPV company promoted by Dainik Bhaskar group, Dangayach group and
Derewala group. The company has been awarded the development of
the Exhibition and Convention Center at Sitapura, Jaipur under
Public Private Partnership format by the Rajasthan State
Industrial Development & Investment Corporation Limited (RIICO).
The project is being developed in four phases with company
undertaking the implementation of second phase. As part of first
phase development, DPCPL has developed an Exhibition and
Convention Center as per the requirements set by RIICO while in
the second phase it is developing a 4-star hotel having 200 rooms.
The estimated cost of implementation of first two phases is
INR168.80 crore which is being funded by INR104.80 crore debt and
INR64 crore promoter's contribution/advances.

Recent Results
As per provisional financial statements for 2014-15, DPCPL
reported a net loss of INR10.78 crore on total revenues of INR2.33
crore.


DSM SOFT: CRISIL Suspends 'D' Rating on INR40MM Packing Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
DSM Soft Pvt Ltd (DSM).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         5        CRISIL D
   Cash Credit           10        CRISIL D
   Packing Credit        40        CRISIL D
   Proposed Long Term
   Bank Loan Facility    17.7      CRISIL D
   Working Capital
   Term Loan             34.1      CRISIL D

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

DSM was incorporated in Chennai (Tamil Nadu) in 1991. The company
provides IT services to service providers operating in the
engineering data conversion and geographic information system
segments. DSM has a wholly-owned UK-based subsidiary, DSM Geodata
Ltd (DGL). The company acquired DGL in 2002, to enter the European
market.


EMERALD INDUSTRIES: CRISIL Reaffirms B+ Rating on INR53MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Emerald Industries
(Emerald) continue to reflect its small scale of operations in the
competitive and fragmented stone-crushing industry and the firm's
low operating profitability. These rating weaknesses are partially
offset by the extensive industry experience of Emerald's
promoters, and its healthy order book.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         81        CRISIL A4 (Reaffirmed)

   Cash Credit            47        CRISIL B+/Stable (Reaffirmed)

   Proposed Bank
   Guarantee             109        CRISIL A4 (Reaffirmed)

   Proposed Cash
   Credit Limit           53        CRISIL B+/Stable (Reaffirmed)

   Term Loan              10        CRISIL B+/Stable (Reaffirmed)

CRISIL had on 4th June 2015, upgraded its rating on the long-term
bank loan facilities of Emerald Industries (Emerald) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable', while reaffirming its rating on
the firm's short-term bank facilities at 'CRISIL A4'.
Outlook: Stable

CRISIL believes that Emerald will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
scale of operations and profitability while sustaining its working
capital cycle, resulting in sizeable cash accruals and hence in a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if Emerald's liquidity deteriorates because
of low cash accruals or large working capital requirements,
leading to pressure on its debt repayment ability, or if the firm
undertakes a considerable debt-funded capital expenditure
programme.

Set up in 1974 by its managing partner Mr. Anil Bhansali and his
brothers, Emerald mines and extracts boulders, supplies crushed
stone aggregates, and undertakes site preparation and road
development activities. The firm has four leased stone quarries
and four stone-crushing units in Gwalior (Madhya Pradesh).

Emerald reported a profit after tax (PAT) of INR8.3 million on an
operating income of INR405.9 million for 2014-15, against a PAT of
INR3.5 million on an operating income of INR127.5 million for
2013-14.


ESSAR PROJECTS: Fitch Withdraws 'B-' IDR with Negative Outlook
--------------------------------------------------------------
Fitch Ratings has withdrawn Essar Projects Ltd's Long-Term Foreign
Currency Issuer Default Rating (IDR) of 'B-' and Short- Term IDR
of 'B'.  The Outlook was Negative.

Fitch is withdrawing the ratings as Essar Projects has chosen to
stop participating in the rating process.  Therefore, Fitch will
no longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Essar Projects.

RATING SENSITIVITIES
Not Applicable


GURUSUKH VINTRADE: CRISIL Cuts Rating on INR143MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Gurusukh Vintrade Services Pvt Ltd (GVSPL) to 'CRISIL D' from
'CRISIL B-/ Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            7        CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Term Loan            143        CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The rating downgrade reflects instances of delay in term loan
interest and principal payment. The delays are on account of
company's stretched liquidity, due to project stage of operations.

The ratings continue to reflect GVSPL's exposure to risks
associated with the timely completion and stabilisation of its
ongoing hotel project in Raipur (Chhattisgarh), and the challenges
that it is expected to face in attaining optimum occupancy levels
in its initial years of operations. The rating also factors in the
significant stretch in the company's liquidity on account of high
interest obligations during the implementation phase of the
project. These rating weaknesses are partially offset by the
extensive entrepreneurial experience of GVSPL's promoters.

GVSPL, incorporated in 2010, is engaged in hospitality services at
Raipur. The company, promoted by the Raipur-based Kalash family,
is currently engaged in setting up a 4-star hotel in this city.


H.M.V. ASSOCIATES: CRISIL Cuts Rating on INR50MM Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facility of
H.M.V. Associates (HMVA) to CRISIL B/Stable from CRISIL B+/Stable.

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

The rating downgrade reflects the deterioration in HMVA's
liquidity owing to low accruals and continued stretch in its
working capital cycle, which are expected to persist over the
medium term.  The revenues of the firm declined significantly to
around INR47 million in 2014-15 from INR141 million in 2013-14
owing to lower ordersfrom BMC ( Brihanmumbai Municipal
Corporation) and MHADA (Maharashtra Housing and Area Development
Authority)  , leading to decline in cash accruals to INR2.5
million from INR3.9 million. Its working capital requirements too
increased, with gross current assets increasing to 770 days as on
March 31, 2015, as against about 280 a year earlier. HMV's scale
of operations is expected to remain subdued at around current
levels with high working capital requirements, which would
constrain its liquidity over the medium term as well.

The rating also reflects HMVA's large working capital requirements
and its exposure to risks related to its tender-based business
model and to intense competition. These rating weaknesses are
partially offset by the extensive experience of the firm's
proprietor in the civil construction industry and funding support
from proprietors.
Outlook: Stable

CRISIL believes that HMVA will continue to benefit over the medium
term from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' in case of a substantial
increase in the firm's revenue and sustained improvement in its
profitability, supported by a significantly larger order book.
Conversely, the outlook may be revised to 'Negative' in case of
further decline in HMVA's revenue, profitability, and working
capital management, leading to further weakening of its financial
risk profile. Any significantly higher-than-expected investments
in group companies may also result in a revision in the outlook to
'Negative'.

HMVA was established in 1990 as proprietorship firm by Mr. Paras
Mehta. The firm undertakes civil construction contracts for the
Brihan Mumbai Corporation and Maharashtra Housing and Area
Development Authority in and around Mumbai.


HYVOLT ELECTRICALS: ICRA Suspends 'B' LT Rating on INR25cr Loan
---------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B and short-term
rating of [ICRA]A4 assigned to the INR25 crore bank facilities of
Hyvolt Electricals. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


IFMR CAPITAL: ICRA Rates INR7.63cr PTC Series A2 at B-(SO)
----------------------------------------------------------
ICRA had assigned Provisional [ICRA]BBB(SO) rating and Provisional
[ICRA]B-(SO) rating to proposed PTC A1 and PTC A2 issuance by IFMR
Capital Mosec Muse 2014 backed by micro loan receivables
originated by Fusion Microfinance Private Limited (Fusion),
Intrepid Finance and Leasing Private Limited (Intrepid), Light
Microfinance Private Limited (Light), Saija Finance Private
Limited (Saija), Satin Creditcare Network Limited (Satin), Sonata
Finance Private Limited (Sonata) and SV Creditline Private
Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   PTC Series A1           68.47        [ICRA]BBB(SO)
   PTC Series A2            7.63        [ICRA]B-(SO)

Since the executed transaction documents are in line with the
rating conditions and the legal opinion and due diligence audit
certificate have been provided to ICRA, the said ratings have now
been confirmed as final.


IFMR CAPITAL MOSEC: ICRA Rates INR1.85cr PTC Series A2 'C+(SO)'
---------------------------------------------------------------
ICRA had assigned Provisional [ICRA]BBB(SO) rating and Provisional
[ICRA]C+(SO) rating to proposed PTC A1 and PTC A2 issuance by IFMR
Capital Mosec Hercules 2015 backed by micro loan receivables
originated by Asirvad Microfinance Private Limited (Asirvad),
Chaitanya India Fin Credit Private Limited (Chaitanya), Fusion
Microfinance Private Limited (Fusion), Saija Finance Private
Limited (Saija), Satin Creditcare Network Limited (Satin), Sonata
Finance Private Limited (Sonata) and Varam Capital Private
Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   PTC Series A1           59.81        [ICRA]BBB(SO)
   PTC Series A2            1.85        [ICRA]C+(SO)

Since the executed transaction documents are in line with the
rating conditions and the legal opinion and due diligence audit
certificate have been provided to ICRA, the said ratings have now
been confirmed as final.


IFMR CAPITAL MOSEC ARAGORN: ICRA Rates INR1.37cr PTC Series A2 C+
-----------------------------------------------------------------
ICRA had assigned Provisional [ICRA]BBB(SO) rating and Provisional
[ICRA]C+(SO) rating to proposed PTC A1 and PTC A2 issuance by IFMR
Capital Mosec Aragorn 2015 backed by micro loan receivables
originated by Intrepid Finance and Leasing Private Limited
(Intrepid), Light Microfinance Private Limited (Light), Sahayog
Microfinance Limited (Sahayog) and Saija Finance Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   PTC Series A1           32.88        [ICRA]BBB(SO)
   PTC Series A2            1.37        [ICRA]C+(SO)

Since the executed transaction documents are in line with the
rating conditions and the legal opinion and due diligence audit
certificate have been provided to ICRA, the said ratings have now
been confirmed as final.


MAHATMA SUGAR: CRISIL Reaffirms 'D' Rating on INR682.2MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mahatma Sugar and Power
Limited (MSPL) continue to reflect instances of delays by MSPL in
servicing its term debt.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           10        CRISIL D (Reaffirmed)
   Cash Credit             401.6      CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      158.9      CRISIL D (Reaffirmed)
   Term Loan               682.2      CRISIL D (Reaffirmed)

The ratings also reflect MSPL's below-average financial risk
profile, marked by a leveraged capital structure and below-average
debt protection metrics. Moreover, the company operates in the
highly regulated sugar industry and has limited integration of
operations. However, MSPL benefits from the extensive industry
experience of its promoters.

MSPL was incorporated in Nagpur (Maharashtra) in 2004. The company
manufactures sugar and operates a power plant. MSPL is controlled
by the Purti group.


MERACUS MINERAL: CRISIL Assigns B+ Rating to INR56MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Meracus Mineral LLP (MML).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan              56       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      2       CRISIL B+/Stable

   Bank Guarantee          7       CRISIL A4
   Proposed Cash
   Credit Limit           35       CRISIL B+/Stable

The ratings reflect MML's exposure to execution and offtake risks
relating to its project, and to the inherent risks associated with
the ceramic industry such as vulnerability to economic downturns.
These rating weaknesses are partially offset by the extensive
industry experience of the firm's promoters and its expected
comfortable financial risk profile with adequate liquidity.
Outlook: Stable

CRISIL believes that MML will continue to benefit over the medium
term from the extensive industry experience of its promoters and
its established relationships with customers. The outlook may be
revised to 'Positive' if the firm commissions its project in time
and demonstrates timely ramp up in its scale of operations.
Conversely, the outlook may be revised to 'Negative' in case of
significant time and cost overruns in the project, resulting in
weakened capacity utilisation and leading to stress on MML's
liquidity.

MML, a limited liability partnership firm, was set up in 2014,
promoted by Mr. Nikunj Vadaliya and his business associate, Mr.
Jitendra Aghara. The firm is setting up a facility to manufacture
purified feldspar, a raw material used in the ceramic industry. It
is based in Morbi (Gujarat), which is a hub for ceramic
production. The project is expected to be completed by the end of
June 2015, when commercial operations will start.


METSIL EXPORTS: CRISIL Suspends 'D' Rating on INR120MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Metsil
Exports Pvt Ltd (Metsil).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Export Packing Credit     80        CRISIL D
   Export Packing Credit     60        CRISIL D
   Letter of Credit          29        CRISIL D
   Letter of credit &
   Bank Guarantee            20        CRISIL D
   Term Loan                120        CRISIL D

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

Metsil was set up as a closely held company in 1993 by Mr. Suresh
Kumar Sharma. The company was engaged in trading and brokerage. It
started trading in ferroalloys in 2003-04 after Mr. Santosh K
Sharma (brother of Mr. Suresh Sharma) joined the business. Metsil
is a recognised export house. The company has set up a 9-megavolt
ampere ferroalloy plant in Durgapur (West Bengal).


NEWTON ENGINEERING: ICRA Cuts Rating on INR14cr Loan to 'D'
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR4.00
crore cash credit facility of Newton Engineering and Chemicals
Limited (NECL) to [ICRA]D from [ICRA]B. ICRA has also revised the
short term rating assigned to the INR4.00 crore Letter of Credit
facility and the INR14.00 crore Bank Guarantee facility of NECL to
[ICRA]D from [ICRA]A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based-Cash         4.00       Revised to [ICRA]D
   Credit Facility                    from [ICRA]B

   Non Fund Based-         4.00       Revised to [ICRA]D
   Letter of Credit                   from [ICRA]A4

   Non Fund Based-        14.00       Revised to [ICRA]D
   Bank Guarantee                     from [ICRA]A4

The rating action takes into account the strained liquidity
position of the company as exhibited by delays in meeting its
interest payment obligations to the bank. The ratings continue to
remain constrained by the vulnerability of the company's revenues
and profitability to delays in execution of projects on account of
the clients or NECL, as reflected by significant LD charges booked
by the company in FY 2013 as well as in FY 2014. The ratings
further take into account the weak financial profile of the
company as reflected by low profitability and poor debt coverage
indicators.

Newton Engineering & Chemicals Limited (NECL) was incorporated in
1996 as a result of amalgamation of Hitech Orgochem Limited (HOL)
and Newton Engineering and Construction Company Limited (NECCL).
NECCL was established in 1979 as a Proprietorship firm by the name
of Newton Engineering and Construction Company. The same was
converted in to Private Limited Company in 1982 (15/04/1982) with
Mr. N. Gopinath as its Managing Director. HOL was incorporated in
the year 1992 in the State of Gujarat with an object to
manufacture chemicals, fine chemicals. Currently, NECL is managed
by Mr. N. Gopinath and his wife Mrs. N. Vijayalakshmi.

NECL has three divisions: Project Division, Manufacturing Division
and Chemicals Division. The Project Division undertakes various
types of projects including lump sum turnkey projects, shut down
maintenance/plant revamping, installation of tanks (with cone or
floating roof), piping projects (unit, offsite, cross country and
underground piping) and machinery & equipment erection. The
Manufacturing Division is located at Vadodara and is engaged in
manufacturing of unit operating equipments like heat exchangers,
pressure vessels, tall columns and various other fabricated items.
This division is certified by KPMG for ISO 9002. The Chemical
Division currently remains non operational.


RAIGARH COAL: CRISIL Suspends 'D' Rating on INR75MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Raigarh
Coal Benefication Pvt. Ltd (RCBPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan         75       CRISIL D

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

RCBPL was incorporated in 2005 by Mr. Bharat Agrawal as promoter
director. The company set-up a coal washery unit in 2007 and the
commercial operations commenced in May2009.  The company is
primarily engaged in the beneficiation of coal through resizing,
washing and beneficiation of raw coal by using Heavy media cyclone
technology. The company has been facing disruption in its
operations due to environmental issues. The company's
manufacturing facility is located at Raigarh, Chattisgarh.


RK COTTON: CRISIL Reaffirms B+ Rating on INR50MM Rupee Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of RK Cotton's (RKC)
continue to reflect RKC's modest scale of operations, the high
customer concentration in its revenue profile, and its large
working capital requirements.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Foreign Bill           20        CRISIL A4 (Reaffirmed)
   Discounting
   Packing Credit         80        CRISIL A4 (Reaffirmed)
   Rupee Term Loan        50        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of RKC's promoter in the garments industry and the
firm's average financial risk profile, marked by average gearing
and debt protection metrics.
Outlook: Stable

CRISIL believes that RKC will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm books sizeable
cash accruals, driven by increased revenue and profitability, and
improves its working capital management. Conversely, the outlook
may be revised to 'Negative' if the firm's financial risk profile
deteriorates because of large debt-funded capital expenditure or
working capital requirements or capital withdrawals by the
promoter.

Update
RKC is likely to report operating revenue of INR424 million for
2014-15 (refers to financial year, April 1 to March 31) lower than
INR572 million in 2013-14. Its operating margin is estimated at
6.8 per cent in 2014-15 against 3.83 per cent in 2013-14 largely
on account of its reduced material costs. CRISIL believes that
RKC's revenue will register modest growth over the medium term
with expected revival in demand. The firm's profitability is
expected to remain stable over the medium term.

RKC's financial risk profile is average, marked by average debt
protection metrics. Its gearing is estimated at 1.36 times as on
March 31, 2015, and is expected to remain at a similar level over
the medium term. Its net cash accruals to total debt and interest
coverage ratios are estimated at 13 per cent and 2.5 times,
respectively, for 2014-15. RKC is adding another unit at a cost of
INR80 million, of which, INR45 million was spent in 2014-15 and
INR35 million will be spent in 2015-16; the capex will be funded
through debt of INR64 million and through accruals. The firm will
have a capacity of 15,000 pieces per day after the capex. CRISIL
believes that the firm's financial risk profile will remain
average over the medium term due to its ongoing capex.

RKC has moderate liquidity, marked by moderate bank limit
utilisation, averaging 60 per cent over the 11 months through
February 2015. RKC is likely to generate annual net cash accruals
of INR15 million to INR17 million against term loan obligations of
INR15 million per annum over the medium term. CRISIL believes that
RKC's liquidity will remain moderate over the medium term backed
by stable cash accruals.

RKC is a proprietorship firm established by Mr. Raj Kumar in 1997.
The firm manufactures and exports knitted garments.


SAKHI FOOD: CRISIL Suspends 'B' Rating on INR52.6MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sakhi Food
Products (SFP).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            52.6       CRISIL B/Stable

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

SFP is a partnership firm set up by Mr. Sanjay Kumar and his wife,
Mrs. Disha Ahlani, in 2010. It operates a rice mill with capacity
of 38,400 tonnes per annum based in Birbhum.


SEECO ENTERPRISES: ICRA Suspends B+ LT Rating on INR7cr Loan
------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short-term
rating of [ICRA]A4 assigned to the INR7 crore bank facilities of
Seeco Enterprises Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


SHREE BALAJI: CRISIL Suspends B+ Rating on INR110MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Balaji Engicon Pvt Ltd (SBEPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          400        CRISIL A4
   Cash Credit              42.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      150        CRISIL B+/Stable
   Proposed Short Term
   Bank Loan Facility    1,117.5      CRISIL A4
   Term Loan               110.0      CRISIL B+/Stable

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

SBEPL was originally set up as a partnership firm in 1993 by Mr.
Anil Agarwal and his family; the firm was reconstituted as a
private limited company in 1998. It undertakes civil construction,
road construction, and related jobs in Odisha. The company also
operates a petrol pump.


SHREEMUKH INFRA: CRISIL Assigns B+ Rating to INR180MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Shreemukh Infra Projects Pvt Ltd (Shreemukh
Infra).

                              Amount
   Facilities                (INR Mln)     Ratings
   ----------                ---------     -------
   Secured Overdraft Facility    180       CRISIL B+/Stable

The rating reflects Shreemukh Infra's exposure to funding,
implementation, and demand risks associated with its ongoing
project, accentuated by the initial stage of project
implementation. The rating also factors in the high degree of
geographic concentration in the company's revenue profile and its
vulnerability to cyclicality inherent in the Indian real estate
industry. These rating weaknesses are partially offset by the
benefits that Shreemukh Infra derives from the extensive
experience of its promoters in the real estate industry.
Outlook: Stable

CRISIL believes that Shreemukh Infra will benefit over the medium
term from its promoters' extensive experience in the real estate
industry. The outlook may be revised to 'Positive' in case of
significant booking of units and receipt of customer advances for
its ongoing project, leading to better-than-expected cash flows
and liquidity. Conversely, the outlook may be revised to
'Negative' in case of deterioration in Shreemukh Infra's
liquidity, either because of lower-than-expected customer advances
or significant cost overrun in its ongoing project.

Shreemukh Infra was set up in 2008 by Mr. Yarram Vijay Kumar, Mr.
Parmodh Bansal, Mr. Rajiv Agarwal, and Mr. Santosh Kumar. The
company is engaged in real estate development. It is currently
developing a residential project in Secunderabad (Telangana).


SHRI SANTKRUPA: CRISIL Reaffirms B- Rating on INR65MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shri Santkrupa
Cotton Industries (SSCI) continues to reflect SSCI's below-average
financial risk profile, marked by a modest net worth and weak debt
protection metrics, and the firm's modest scale of operations.
These rating weaknesses are partially offset by the extensive
industry experience of SSCI's promoters.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            65       CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      6       CRISIL B-/Stable (Reaffirmed)
   Term Loan              14       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSCI will benefit over the medium term from
its promoters' extensive experience in the cotton ginning
industry. The outlook may be revised to 'Positive' if the firm's
working capital cycle reduces or there is a material improvement
in its profitability, resulting in an improvement in its debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if SSCI's working capital cycle lengthens or its
revenue or profitability declines, resulting in weak liquidity.

Update
For 2014-15 (refers to financial year, April 1 to March 31), SSCI
is estimated to register revenue degrowth to about INR200 million.
The deterioration is mainly on account of decline in cotton
production. The firm's operating profitability during 2014-15 also
declined to about 4 per cent from 5 per cent a year ago. Over the
medium term, SSCI's profitability will largely depend on the
availability of cotton and prevailing cotton realisations and
hence, will remain a key rating sensitivity factor. The firm's
gearing is estimated at about 1.7 times as on March 31, 2015,
while its net worth was estimated at about INR31 million during
the same period. The firm's high gearing is mainly due to its
reliance on external debt for funding its incremental working
capital requirements. The firm's low accretion to reserves has
also resulted in modest debt protection metrics, with estimated
interest coverage and net cash accruals to debt ratios at 1.3 and
0.04 times, respectively, for 2014-15. SSCI has stretched
liquidity; its estimated cash accruals for 2013-14 were about INR2
million, as against debt repayments of about INR1 million. The
firm's bank lines have remained fully utilised through 2014-15.

SSCI was set up in 1997 as a partnership firm by Mr. Akash
Fundkar, Mr. Harbanssingh Juneja, Mr. Karamjeetsingh Juneja, and
Mr. Onkarappa Todkar. The firm processes raw cotton (kapas) into
cotton bales and cotton seeds. It also has a crushing unit to
extract de-oiled cake and oil from cotton seeds. The firm's unit
is based in Khamgaon (Maharashtra).


SHROLENSON MARBANIANG: CRISIL Suspends 'D' Rating on INR34MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M/s
Shrolenson Marbaniang (SM).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       12.9       CRISIL D
   Cash Credit          34         CRISIL D
   Proposed Long Term
   Bank Loan Facility   12.5       CRISIL D
   Term Loan             3.0       CRISIL D

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

SM, a partnership firm, was set up by the late Mr. Shrolenson
Marbaniang in 1980. The firm is now run by his three daughters,
Mrs. Connie, Mrs. Denmarks, and Mrs. Bistilla. It undertakes civil
construction and electrical engineering activity in Meghalaya.


SRI KUMARAN: CRISIL Suspends B+ Rating on INR35MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Kumaran Steels India Pvt Ltd (SKSIPL; part of the Kalliyath
group).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           35        CRISIL B+/Stable
   Letter of Credit      50        CRISIL A4
   Proposed Long Term
   Bank Loan Facility    24.6      CRISIL B+/Stable

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

Based in Coimbatore (Tamil Nadu), SKSIPL manufactures mild steel
ingots. The company was incorporated in 2007 by Mr. S Thangavelu
and later sold to the Kerala-based Kalliyath group in 2009; the
name of the company remained unchanged. SKSIPL derives its entire
revenues through sales of steel ingots to group companies, Kairali
and Gasha Steels Pvt Ltd (GSPL).

Formed in 1927 by Mr. Kalliyath Abdul Khadar, the Kalliyath group
is based in Kerala. The group is primarily managed by Mr.Khadar's
grandson Mr. K M Noorisha. The Kalliyath group derives 90 per cent
of its revenues from sale of thermomechanically-treated bars, and
the remainder from sale of other steel items used in the
construction industry.


TARA HEALTH: CRISIL Assigns 'B' Rating to INR2.17BB Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Tara Health Foods Ltd (THFL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit         2175.4      CRISIL B/Stable
   Term Loan            844.6      CRISIL B/Stable


The rating reflects THFL's weak financial risk profile, marked by
weak debt protection metrics and stretched liquidity. The rating
also factors in the company's large working capital requirements.
These rating weaknesses are partially offset by THFL's established
market position in the cattle-feed industry.

Outlook: Stable

CRISIL believes that THFL will continue to benefit over the medium
term from its established market position in the cattle-feed
industry. The outlook may be revised to 'Positive' in case of a
sustained improvement in the company's liquidity or in case of
improved margin and working capital management leading to
improvement in its financial and liquidity risk. Conversely, the
outlook may be revised to 'Negative' if THFL's cash accruals are
lower than expected due to lower profitability, or if it
undertakes a large debt-funded capital expenditure programme, or
if its working capital management deteriorates further. Any delay
in realisations from sale of non-core assets, leading to weakening
of the company's liquidity, may also result in a 'Negative'
outlook.

THFL was incorporated in 1977 and was acquired in 2004 by the
current promoter. The company is currently owned and managed by
Mr. Balwant Singh, managing director, who is a first-generation
entrepreneur with about nine years of experience in the cattle-
feed industry. THFL produces and supplies compounded cattle feed
and refines and processes edible oil, including olive oil and
blended oil, primarily in northern India.


UJJAWAL SAVERA: CRISIL Assigns 'B' Rating to INR10MM Bank Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Ujjawal Savera Samiti (Meerut; USS).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      10        CRISIL B/Stable
   Bank Loan Facility

The rating reflects the society's small scale, and not-for-profit
nature of, and working capital intensity in, operations. These
rating weaknesses are partially offset by the established network
of USS's kitchens, its track record of successful contract
execution, and no interest or repayment obligations.
Outlook: Stable

CRISIL believes that USS's business risk profile will remain
constrained over the medium term by its small scale of operations.
The outlook may be revised to 'Positive' if the society reports
significant improvement in its scale of operations and collects
receivables on time. Conversely, the outlook may be revised to
'Negative' if a decline in sales or profitability, or increase in
working capital requirements weakens its financial risk profile.

USS is a Meerut based organisation operating as a not-for-profit
society and is managed by the Chairman, Mr. Mahesh Kumar and
Secretary, Mr. Ravindra Pal. The society provides free meals under
the mid-day meal scheme and other government mandated schemes. The
society has license from Food Safety Authority of India.

USS reported net surplus of INR0.4 million on net sales of INR12.8
million for 2013-14 (refers to financial year, April 1 to March
31) as against net profit of INR0.04 million on net sales of
INR4.1 million for 2012-13. The society's turnover is estimated at
INR14.1 million for 2014-15.


UNIQUE MULTIFILMS: CRISIL Suspends B+ Rating on INR25MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Unique
Multifilms Virudhunagar Pvt Ltd (UMVPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           25        CRISIL B+/Stable
   Letter of Credit     150        CRISIL A4

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

UMVPL, incorporated in 2004, trades in polythene granules and
prints polythene rolls. The company's day-to-day operations are
managed by Mr. T Mathiprakash and his brother, Mr. T Muralidharan.


VASAVI NIRMAAN: CRISIL Assigns 'B+' Rating to INR75MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-term
bank facilities of Vasavi Nirmaan Pvt Ltd (Vasavi Nirmaan).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan         75       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      5       CRISIL B+/Stable

The rating reflects Vasavi Nirmaan's exposure to the funding,
implementation, and demand risks associated with its ongoing
projects, accentuated by the initial stage of project
implementation. The rating also factors in the high degree of
geographic concentration in the company's revenue profile and its
vulnerability to cyclicality inherent in the Indian real estate
industry. These rating weaknesses are partially offset by the
benefits that Vasavi Nirmaan derives from the extensive experience
of its promoters in the real estate industry.
Outlook: Stable

CRISIL believes that Vasavi Nirmaan will benefit over the medium
term from its promoters' extensive experience in the real estate
industry. The outlook may be revised to 'Positive' in case of
significant booking of units and receipt of customer advances for
its ongoing projects, leading to better-than-expected cash flows
and liquidity. Conversely, the outlook may be revised to
'Negative' in case of deterioration in Vasavi Nirmaan's liquidity,
either because of lower-than-expected customer advances or
significant cost overrun in its ongoing projects.

Vasavi Nirmaan was set up in 2013 by Mr. Yarram Vijay Kumar, Mr. S
Rajamouli, Mr. P Venkateshwaralu, and Mr. Raju Aggarwal. The
company is engaged in real estate development. It is currently
developing two residential projects, one commercial project, and
one residential-cum-commercial project'all these projects are in
Hyderabad.


VIZEBH COMPOSITECH: CRISIL Puts 'B' Rating on INR172.3MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank loan facilities of Vizebh Compositech Pvt Ltd (VCPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            172.3      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     1.3      CRISIL B/Stable
   Bank Guarantee         1.4      CRISIL A4
   Cash Credit           55.0      CRISIL B/Stable

The ratings reflect the project phase of VCPL's operations and its
expected modest scale of operations in the highly competitive
composite manufacturing industry. These rating weaknesses are
partially offset by the industry experience of VCPL's promoters.
Outlook: Stable

CRISIL believes that VCPL will maintain its business risk profile
backed by its promoters' experience in the composite manufacturing
industry. The outlook may be revised to 'Positive' if the firm
stabilises its operations earlier than expected leading to large
accruals. Conversely, the outlook may be revised to 'Negative' if
VCPL's scales of operations or profitability are lower than
expected or if there are project delays or cost overrun, which
adversely affects its financial risk profile.

VCPL was incorporated in October 2013 by Mr. Pradeep Mahalik, Mr.
Amrish Patel, and Mr. Jinesh Patel. The company has its registered
office near Vadodara (Gujarat). The company is setting up capacity
to manufacture different variants of composites, including non-
composites, sheet-moulding compound/dough-moulding compound/bulk-
moulding compound, fibre-reinforced polymers, carbon composites,
composites advanced material, and thermoplastic polymer products.


YOGESH TRADING: CRISIL Suspends B- Rating on INR80MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Yogesh
Trading Co. (Punjab) (YTC).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------         ---------    -------
   Cash Credit            80       CRISIL B-/Stable
   Overdraft Facility     35       CRISIL B-/Stable

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

YTC was established by Mr. Rohit Kapoor in Kharar, (Punjab) in
2000. YTC is a proprietorship firm, engaged in trading, milling,
and processing of paddy into rice. The firm has a milling unit in
Kharar, Ropar Road, (Punjab).



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


TOSHIBA CORP: Accounting Scandal Rises to 24 cases, JPY54.8BB
-------------------------------------------------------------
The Japan Times reports that Toshiba Corp. has discovered 15 new
cases of inappropriate accounting and estimates that the
electronics group will have to revise past operating profits by
JPY3.6 billion.

The latest findings from Toshiba's internal investigation have
brought the number of accounting irregularities to 24 and the size
of its operating profit corrections to JPY54.8 billion, according
to the firm's announcement on June 12.

The Japan Times relates that during the internal investigation,
which was conducted in parallel with a probe by a third-party
panel, Toshiba found 12 cases of suspect accounting between fiscal
2009 and fiscal 2013. In these cases, Toshiba failed to
appropriately record loan-loss allowances, valuation losses and
other items.

In addition, Toshiba's special investigative team, launched soon
after it recognized the accounting problem, has discovered three
cases of irregularities concerning projects that had completed by
fiscal 2010, the report says.

It also disclosed some of the details regarding the nine problem
cases already announced and requiring corrections to operating
profit totaling JPY51.2 billion, the Japan Times relates.

The Japan Times says among the nine, a project to develop and
install a communications system for smart meters for a utility
accounted for JPY25.5 billion of the corrections. Toshiba won the
project in September 2013.  This was followed by a renewal project
for electronic toll collection equipment, which accounted for
JPY14.4 billion.

Due to the accounting irregularities, Toshiba has delayed it
earnings announcement for fiscal 2014 ended in March this year. It
also plans to cancel the dividend for the latest year, adds the
Japan Times.

                        About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2014, Moody's Japan K.K. assigned a rating of Ba1 to the
JPY180 billion in subordinated loans issued by Toshiba
Corporation.  At the same time, Moody's has affirmed all of
Toshiba's ratings.

Senior Unsecured Baa2
Senior Unsecured Shelf (P)Baa2
Subordinate Ba1
Commercial Paper P-2

The ratings outlook is stable.



===============
P A K I S T A N
===============


PAKISTAN: Moody's Upgrades Foreign Currency Issuer Rating to B3
---------------------------------------------------------------
Moody's Investors Service upgraded Pakistan's foreign currency
issuer and senior unsecured bond ratings to B3 from Caa1, and
assigned a stable outlook.

Key drivers for the rating action are expectations of:

1. Continued strengthening of the external payments position;
    and

2. Sustained progress in structural reforms under the
    government's program with the IMF.

As progress on these fronts becomes firmly entrenched, risks of
default are receding relative to other sovereigns in the Caa1-
rated category that are facing heightened external
vulnerabilities.

Concurrently, Moody's has upgraded the rating assigned to the US
dollar Trust Certificates issued by The Second Pakistan
International Sukuk Company Limited to B3.

In the rating action, Moody's has also changed Pakistan's foreign-
currency bond ceiling to B2 from B3, the foreign-currency deposit
ceiling to Caa1 from Caa2, and the local-currency country risk
ceiling to Ba3 from B1. The short-term country ceilings for
foreign-currency bonds and deposits remain unchanged at Not-Prime
(NP).

RATING UPGRADE TO B3 FROM Caa1:

First Driver -- A strengthening external liquidity position

Pakistan's external liquidity position continues to strengthen.
Net foreign reserves have climbed steadily, to $11.9 billion as of
end-May 2015 from a low of $3.2 billion in January 2014.

Improvement in external liquidity has recently been bolstered by
successful recent privatization offerings that have been met with
strong investor appetite, in turn reinforced by Pakistan's
underlying growth potential and progress on structural reforms.
Moody's expects real GDP growth to rise to 4.7% year-on-year in
the fiscal year ending June 2016, and further to a range of 5-6%
in the following four years.

The China-Pakistan Economic Corridor with pledges worth $46
billion from Beijing, will also serve over time to accelerate
growth by boosting investment in transportation links with China
and addressing shortages in electrical power generation once
implementation is underway.

Lower oil prices additionally relieve pressure on the current
account of the balance of payments. However, a durable improvement
in the external payments position will likely depend on sustained
political stability and continuity in policy.

Second Driver - Implementation of reforms under the IMF program

Pakistan continues to make steady progress on structural reforms.
In mid-May, the IMF issued a statement upon the conclusion of its
staff mission, indicating that the seventh review under the
Extended Fund Facility that it signed in March 2013 had been
conducted successfully and would be reviewed by the IMF's
management board.

Cumulative financial assistance under the IMF's 4.4 billion ($6.2
billion at current rates) special drawing rights program currently
amount to $3.5 billion.

With the program now at its mid-point, we consider that the
government has achieved significant traction in reforms .
Continued commitment to the program would entail, amongst other
goals, the government meeting deficit-reduction targets. Coupled
with ongoing efforts to lengthen the maturity structure of
Pakistan's debt, this would contribute to a decline in large gross
financing needs.

The stable outlook represents our expectation of balanced upside
and downside risks.

Upward pressures stem from support from multilateral and bilateral
lenders, which bolster an improving foreign reserve position and
ongoing reform progress.

Despite positive ongoing developments, rating constraints which
would put downward pressures stem from Pakistan's very low fiscal
strength, due to its high debt levels and weak debt affordability
in light of a narrow revenue base. Deeply entrenched weaknesses in
the power sector also act as a bottleneck to growth. While
Pakistan's government financing is mainly from domestic sources
and system-wide external debt is declining as a percent to GDP,
the level of external public debt poses a moderate degree of
credit risk. In addition, political event risks remain relatively
high in Pakistan despite recent stability.

Weak government finances, marked by elevated debt levels which
will continue to exceed the median for B3-rated peers, are the
primary constraint on Pakistan's B3 government bond rating.

Economic growth, while in line with other B-rated sovereigns, is
below potential, largely due to supply constraints that stem from
a lack of structural reforms in the energy sector.

The passage of ongoing reforms indicates that government
effectiveness is improving. Nonetheless, a fractious political
environment presents risks to smooth policy making. Moody's also
sees an elevated vulnerability to geopolitical risks

Upward triggers to the rating would stem from sustained progress
in structural reforms that would remove infrastructure impediments
and supply-side bottlenecks. This would improve Pakistan's
investment environment and eventually aid a shift to a higher
growth trajectory. A fundamental strengthening in the external
liquidity position and meaningful reduction in the deficit and
debt burden would also be credit positive.

Conversely, we would view a stalling of the ongoing IMF program or
the withdrawal of other multilateral and bilateral support, a
deterioration in the external payments position or a more unstable
political environment to be credit negative.

- GDP per capita (PPP basis, US$): 4,736 (2014 Actual) (also
   known as Per Capita Income)

- Real GDP growth (% change): 4.03% (2014 Actual) (also known as
   GDP Growth)

- Inflation Rate (CPI, % change Jun/Jun): 8.2% (2014 Actual)

- Gen. Gov. Financial Balance/GDP: -5.5% (2014 Actual) (also
   known as Fiscal Balance, excluding grants)

- Current Account Balance/GDP: -1.3% (2014 Actual) (also known
   as External Balance)

- External debt/GDP: 26.1% (2014 Actual, overall, including
   publicly guaranteed debt and)

- Level of economic development: Very Low level of economic
   resilience

- Default history: At least one default event (on bonds and/or
   loans) has been recorded since 1983.

On June 9, 2015, a rating committee was called to discuss the
rating of the Pakistan, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially increased. The
issuer's governance and/or management, have materially increased.
The issuer has become less susceptible to event risks.

The principal methodology used in these ratings was Sovereign Bond
Ratings published in September 2013.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.


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


* BOND PRICING: For the Week June 8 to June 12, 2015
----------------------------------------------------

Issuer                Coupon    Maturity   Currency   Price
------                ------    --------   --------   -----


  AUSTRALIA
  ---------

ANTARES ENERGY LTD      10.00    10/30/23   AUD        1.83
BOART LONGYEAR MANAG     7.00    04/01/21   USD       70.75
BOART LONGYEAR MANAG     7.00    04/01/21   USD       68.30
CML GROUP LTD            9.00    01/29/20   AUD        1.02
CRATER GOLD MINING L    10.00    08/18/17   AUD       28.00
IMF BENTHAM LTD          6.46    06/30/19   AUD       73.00
KBL MINING LTD          12.00    02/16/17   AUD        0.32
LAKES OIL NL            10.00    03/31/17   AUD        7.60
MIDWEST VANADIUM PTY    11.50    02/15/18   USD        4.25
MIDWEST VANADIUM PTY    11.50    02/15/18   USD        3.60
RESOLUTE MINING LTD     10.00    12/04/17   AUD        0.90
STOKES LTD              10.00    06/30/17   AUD        0.46
TREASURY CORP OF VIC     0.50    11/12/30   AUD       61.50


CHINA
-----

CHANGCHUN CITY DEVEL     6.08    03/09/16   CNY       40.22
CHANGSHA COUNTY XING     8.35    04/06/19   CNY       83.80
CHANGZHOU INVESTMENT     5.80    07/01/16   CNY       70.40
CHANGZHOU WUJIN CITY     5.42    06/09/16   CNY       50.05
CHINA GOVERNMENT BON     1.64    12/15/33   CNY       71.69
DATONG ECONOMIC CONS     6.50    06/01/17   CNY       70.01
ERDOS DONGSHENG CITY     8.40    02/28/18   CNY       71.00
HANGZHOU XIAOSHAN ST     6.90    11/22/16   CNY       70.45
HEILONGJIANG HECHENG     7.78    11/17/16   CNY       71.59
HUAIAN CITY URBAN AS     7.15    12/21/16   CNY       70.71
HUAIAN QINGHE NEW AR     6.79    04/29/17   CNY       71.46
KUNSHAN ENTREPRENEUR     4.70    03/30/16   CNY       40.02
LIAOYUAN STATE-OWNED     7.80    01/26/17   CNY       71.50
NANJING NANGANG IRON     6.13    02/27/16   CNY       49.92
NANTONG CITY TONGZHO     6.80    05/28/19   CNY       79.00
NANTONG STATE-OWNED      6.72    11/13/16   CNY       69.72
NANTONG STATE-OWNED      6.72    11/13/16   CNY       71.00
PANJIN CONSTRUCTION      7.70    12/16/16   CNY       71.31
QINGZHOU HONGYUAN PU     6.50    05/22/19   CNY       40.13
SHANGHAI REAL ESTATE     6.12    05/17/17   CNY       71.57
TAIZHOU CITY CONSTRU     6.90    01/25/17   CNY       70.74
URUMQI STATE-OWNED A     6.48    04/28/18   CNY       75.00
WUXI COMMUNICATIONS      5.58    07/08/16   CNY       50.09
XIANGTAN JIUHUA ECON     6.93    12/16/16   CNY       71.32
YANGZHOU URBAN CONST     5.94    07/23/16   CNY       70.31
ZHUCHENG ECONOMIC DE     6.40    04/26/18   CNY       60.78


INDONESIA
---------

BERAU COAL ENERGY TB     7.25    03/13/17   USD       60.00
INDONESIA TREASURY B     6.38    04/15/42   IDR       73.17
BERAU COAL ENERGY TB     7.25    03/13/17   USD       54.50


INDIA
-----

3I INFOTECH LTD          5.00    04/26/17   USD       20.00
BLUE DART EXPRESS LT     9.30    11/20/17   INR       10.12
BLUE DART EXPRESS LT     9.50    11/20/19   INR       10.18
BLUE DART EXPRESS LT     9.40    11/20/18   INR       10.15
COROMANDEL INTERNATI     9.00    07/23/16   INR       16.27
GTL INFRASTRUCTURE L     3.53    11/09/17   USD       30.13
INCLINE REALTY PVT L    10.85    08/21/17   INR       12.38
INCLINE REALTY PVT L    10.85    04/21/17   INR        9.14
INDIA GOVERNMENT BON     7.64    01/25/35   INR       22.18
JAIPRAKASH ASSOCIATE     5.75    09/08/17   USD       73.53
JCT LTD                  2.50    04/08/11   USD       21.38
ORIENTAL HOTELS LTD      2.00    11/21/19   INR       72.91
PYRAMID SAIMIRA THEA     1.75    07/04/12   USD        1.00
REI AGRO LTD             5.50    11/13/14   USD       20.63
REI AGRO LTD             5.50    11/13/14   USD       20.63
SHIV-VANI OIL & GAS      5.00    08/17/15   USD       23.63


JAPAN
-----

AVANSTRATE INC           5.00    11/05/17   JPY       30.25
AVANSTRATE INC           3.02    11/05/15   JPY       36.25
ELPIDA MEMORY INC        0.70    08/01/16   JPY        9.63
ELPIDA MEMORY INC        0.50    10/26/15   JPY        9.63
ELPIDA MEMORY INC        2.03    03/22/12   JPY        9.63
ELPIDA MEMORY INC        2.10    11/29/12   JPY        9.63
ELPIDA MEMORY INC        2.29    12/07/12   JPY        9.63


KOREA
-----

2014 KODIT CREATIVE      5.00    12/25/17   KRW       28.53
2014 KODIT CREATIVE      5.00    12/25/17   KRW       28.53
DONGBU CORP              4.00    05/03/16   KRW       36.55
DOOSAN CAPITAL SECUR    20.00    04/22/19   KRW       35.60
EXPORT-IMPORT BANK O     0.50    11/21/17   BRL       74.07
EXPORT-IMPORT BANK O     0.50    12/22/17   BRL       72.98
HYUNDAI HEAVY INDUST     2.03    12/15/44   KRW       54.60
HYUNDAI HEAVY INDUST     4.80    12/15/44   KRW       55.66
HYUNDAI MERCHANT MAR     7.05    12/27/42   KRW       37.25
KIBO ABS SPECIALTY C    10.00    02/19/17   KRW       34.04
KIBO ABS SPECIALTY C    10.00    09/04/16   KRW       36.47
KIBO ABS SPECIALTY C     5.00    01/31/17   KRW       30.40
KIBO ABS SPECIALTY C     5.00    03/29/18   KRW       27.52
KIBO ABS SPECIALTY C    10.00    08/22/17   KRW       27.45
KIBO GREEN HI-TECH S    10.00    12/21/15   KRW       40.10
LSMTRON DONGBANGSEON     4.53    11/22/17   KRW       28.22
POSCO ENERGY CORP        4.66    08/29/43   KRW       69.84
POSCO ENERGY CORP        4.72    08/29/43   KRW       69.18
POSCO ENERGY CORP        4.72    08/29/43   KRW       69.30
POSCO PLANTEC CO LTD     3.89    09/13/16   KRW       71.06
SINBO SECURITIZATION     5.00    12/25/16   KRW       30.86
SINBO SECURITIZATION     5.00    02/21/17   KRW       30.85
SINBO SECURITIZATION     5.00    02/21/17   KRW       30.85
SINBO SECURITIZATION     5.00    08/31/16   KRW       32.79
SINBO SECURITIZATION     5.00    08/31/16   KRW       32.79
SINBO SECURITIZATION     5.00    09/28/15   KRW       41.67
SINBO SECURITIZATION     4.60    06/29/15   KRW       70.02
SINBO SECURITIZATION     4.60    06/29/15   KRW       70.02
SINBO SECURITIZATION     9.00    07/27/15   KRW       63.83
SINBO SECURITIZATION     5.00    03/13/17   KRW       30.62
SINBO SECURITIZATION     5.00    03/13/17   KRW       30.62
SINBO SECURITIZATION     5.00    12/13/16   KRW       31.63
SINBO SECURITIZATION     5.00    01/29/17   KRW       31.11
SINBO SECURITIZATION     5.00    02/11/18   KRW       27.88
SINBO SECURITIZATION     5.00    02/11/18   KRW       27.88
SINBO SECURITIZATION     5.00    12/07/15   KRW       36.22
SINBO SECURITIZATION    10.00    12/27/15   KRW       39.64
SINBO SECURITIZATION     5.00    01/19/16   KRW       33.35
SINBO SECURITIZATION     5.00    03/12/18   KRW       27.67
SINBO SECURITIZATION     5.00    03/12/18   KRW       27.67
SINBO SECURITIZATION     5.00    10/01/17   KRW       29.02
SINBO SECURITIZATION     5.00    10/01/17   KRW       29.02
SINBO SECURITIZATION     5.00    10/01/17   KRW       29.02
SINBO SECURITIZATION     5.00    10/05/16   KRW       32.42
SINBO SECURITIZATION     5.00    10/05/16   KRW       30.86
SINBO SECURITIZATION     5.00    01/15/18   KRW       28.34
SINBO SECURITIZATION     5.00    01/15/18   KRW       28.34
SINBO SECURITIZATION     5.00    08/29/18   KRW       26.45
SINBO SECURITIZATION     5.00    08/29/18   KRW       26.45
SINBO SECURITIZATION     5.00    09/13/15   KRW       45.88
SINBO SECURITIZATION     5.00    09/13/15   KRW       45.88
SINBO SECURITIZATION     5.00    06/27/18   KRW       27.07
SINBO SECURITIZATION     5.00    06/27/18   KRW       27.07
SINBO SECURITIZATION     5.00    07/24/18   KRW       26.89
SINBO SECURITIZATION     5.00    07/24/18   KRW       26.89
SINBO SECURITIZATION     5.00    07/24/17   KRW       29.00
SINBO SECURITIZATION     5.00    02/02/16   KRW       32.84
SINBO SECURITIZATION     8.00    02/02/16   KRW       37.05
SINBO SECURITIZATION     5.00    03/14/16   KRW       33.33
SINBO SECURITIZATION     5.00    07/08/17   KRW       30.01
SINBO SECURITIZATION     5.00    07/08/17   KRW       30.01
SINBO SECURITIZATION     5.00    05/27/16   KRW       33.83
SINBO SECURITIZATION     5.00    05/27/16   KRW       33.83
SINBO SECURITIZATION     5.00    08/16/16   KRW       32.10
SINBO SECURITIZATION     5.00    08/16/17   KRW       29.59
SINBO SECURITIZATION     5.00    08/16/17   KRW       29.59
SINBO SECURITIZATION     5.00    07/26/16   KRW       33.21
SINBO SECURITIZATION     5.00    07/26/16   KRW       33.21
SINBO SECURITIZATION     5.00    08/24/15   KRW       47.60
SINBO SECURITIZATION     5.00    07/19/15   KRW       57.78
SINBO SECURITIZATION     5.00    06/07/17   KRW       22.10
SINBO SECURITIZATION     5.00    06/07/17   KRW       22.10
SINBO SECURITIZATION     5.00    06/29/16   KRW       33.59
SK TELECOM CO LTD        4.21    06/07/73   KRW       66.88
TONGYANG CEMENT & EN     7.50    04/20/14   KRW       70.00
TONGYANG CEMENT & EN     7.30    04/12/15   KRW       70.00
TONGYANG CEMENT & EN     7.30    06/26/15   KRW       70.00
TONGYANG CEMENT & EN     7.50    09/10/14   KRW       70.00
TONGYANG CEMENT & EN     7.50    07/20/14   KRW       70.00
U-BEST SECURITIZATIO     5.50    11/16/17   KRW       29.21
WISE MOBILE SECURITI    20.00    05/19/18   KRW       71.00
WISEPOWER CO LTD         4.00    08/10/15   KRW       41.37


SRI LANKA
---------

SRI LANKA GOVERNMENT     5.35    03/01/26   LKR       74.81


MALAYSIA
--------

BANDAR MALAYSIA SDN      0.35    02/20/24   MYR       69.91
BANDAR MALAYSIA SDN      0.35    12/29/23   MYR       70.40
BIMB HOLDINGS BHD        1.50    12/12/23   MYR       70.51
BRIGHT FOCUS BHD         2.50    01/22/31   MYR       65.37
BRIGHT FOCUS BHD         2.50    01/24/30   MYR       67.72
LAND & GENERAL BHD       1.00    09/24/18   MYR        0.36
SENAI-DESARU EXPRESS     0.50    12/31/38   MYR       65.05
SENAI-DESARU EXPRESS     0.50    12/31/40   MYR       68.18
SENAI-DESARU EXPRESS     0.50    12/31/42   MYR       70.75
SENAI-DESARU EXPRESS     0.50    12/30/44   MYR       72.86
SENAI-DESARU EXPRESS     0.50    12/30/39   MYR       66.99
SENAI-DESARU EXPRESS     0.50    12/29/45   MYR       73.82
SENAI-DESARU EXPRESS     0.50    12/31/41   MYR       69.39
SENAI-DESARU EXPRESS     0.50    12/31/43   MYR       71.90
SENAI-DESARU EXPRESS     1.35    06/30/28   MYR       58.10
SENAI-DESARU EXPRESS     1.35    12/29/28   MYR       56.77
SENAI-DESARU EXPRESS     1.10    12/31/21   MYR       74.67
SENAI-DESARU EXPRESS     1.10    06/30/22   MYR       73.12
SENAI-DESARU EXPRESS     1.15    12/30/22   MYR       71.85
SENAI-DESARU EXPRESS     1.15    06/30/23   MYR       70.33
SENAI-DESARU EXPRESS     1.15    12/29/23   MYR       68.80
SENAI-DESARU EXPRESS     1.15    06/28/24   MYR       67.28
SENAI-DESARU EXPRESS     1.15    12/31/24   MYR       65.70
SENAI-DESARU EXPRESS     1.15    06/30/25   MYR       64.19
SENAI-DESARU EXPRESS     1.35    12/31/25   MYR       64.45
SENAI-DESARU EXPRESS     1.35    06/30/26   MYR       63.21
SENAI-DESARU EXPRESS     1.35    12/31/26   MYR       61.95
SENAI-DESARU EXPRESS     1.35    06/30/27   MYR       60.68
SENAI-DESARU EXPRESS     1.35    12/31/27   MYR       59.39
SENAI-DESARU EXPRESS     1.35    06/29/29   MYR       55.48
SENAI-DESARU EXPRESS     1.35    12/31/29   MYR       54.25
SENAI-DESARU EXPRESS     1.35    06/28/30   MYR       53.09
SENAI-DESARU EXPRESS     1.35    12/31/30   MYR       51.99
SENAI-DESARU EXPRESS     1.35    06/30/31   MYR       50.91
UNIMECH GROUP BHD        5.00    09/18/18   MYR        1.29

PHILIPPINES
-----------

BAYAN TELECOMMUNICAT    13.50    07/15/06   USD       22.75
BAYAN TELECOMMUNICAT    13.50    07/15/06   USD       22.75


SINGAPORE
---------

AXIS OFFSHORE PTE LT     7.52    05/18/18   USD       70.33
BAKRIE TELECOM PTE L    11.50    05/07/15   USD        4.19
BAKRIE TELECOM PTE L    11.50    05/07/15   USD        4.19
BERAU CAPITAL RESOUR    12.50    07/08/15   USD       66.50
BERAU CAPITAL RESOUR    12.50    07/08/15   USD       65.87
BLD INVESTMENTS PTE      8.63    03/23/15   USD        9.50
BUMI CAPITAL PTE LTD    12.00    11/10/16   USD       27.50
BUMI CAPITAL PTE LTD    12.00    11/10/16   USD       27.35
BUMI INVESTMENT PTE     10.75    10/06/17   USD       30.45
BUMI INVESTMENT PTE     10.75    10/06/17   USD       29.00
ENERCOAL RESOURCES P     6.00    04/07/18   USD       14.38
INDO INFRASTRUCTURE      2.00    07/30/10   USD        1.88
OSA GOLIATH PTE LTD     12.00    10/09/18   USD       68.00
SWIBER HOLDINGS LTD      7.13    04/18/17   SGD       74.00


THAILAND
--------

G STEEL PCL              3.00    10/04/15   USD        4.05
MDX PCL                  4.75    09/17/03   USD       36.50


VIETNAM
-------

BANK FOR INVESTMENT     10.20    05/19/21   VND        1.00
DEBT AND ASSET TRADI     1.00    10/10/25   USD       57.28



                             *********

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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