TCRAP_Public/150618.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, June 18, 2015, Vol. 18, No. 119


                            Headlines


A U S T R A L I A

BUNDABERG BLOCKS: Brisbane High Court Enters Liquidation Order
COMO CONSTRUCTION: First Creditors' Meeting Set For June 25
D.T.F. MINE: First Creditors' Meeting Set For June 25
EAST WEST: Goes Into Liquidation
PERPETUAL CORPORATE: Moody's Rates AUD5.7MM Cl. E Notes at (P)Ba1

UNITED DAIRY: Beston Buys Out Troubled Milk Processor


C H I N A

CHINA AUTOMATION: S&P Lowers CCR to 'B+'; Outlook Stable


I N D I A

AMBICA IRON: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
ATRIA BRINDAVAN: CRISIL Suspends B+ Rating on INR808MM LT Loan
CHAITANYA HOSPITAL: CRISIL Cuts Rating on INR72.5MM Loan to 'D'
EXPRESS WAY: ICRA Assigns B+ Rating to INR12.70cr Term Loan
GLOBAL SOFTECH: Ind-Ra Suspends 'IND D' LT Rating on INR2BB Loan

GUPTAJI BROTHERS: CRISIL Cuts Rating on INR40MM Term Loan to D
HARMONY LAMINATES: CRISIL Reaffirms B+ Rating on INR40MM Loan
HIMATSINGKA RESORTS: CRISIL Assigns B- Rating to INR70MM Loan
IMMACULE LIFESCIENCES: CRISIL Reaffirms B Rating on INR347MM Loan
IMMENSE PACKAGING: ICRA Reaffirms 'D' Rating on INR20cr Bank Loan

J.M.A STORES: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
KANHAIYA BEVERAGES: Ind-Ra Assigns 'IND B-' LT Issuer Rating
KANDLA FORMALIN: CRISIL Suspends B+ Rating on INR50MM Cash Loan
KASAVUKADA: CRISIL Reaffirms 'B' Rating on INR86MM Cash Loan
KITCHEN FOODS: CRISIL Assigns 'B+' Rating to INR90MM Cash Loan

KRISHNA KNITWEAR: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
LEKH RAJ: CRISIL Reaffirms B+ Rating on INR680MM Packing Loan
MAA GANGA: CRISIL Reaffirms B- Rating on INR75MM Term Loan
MARRINO INDUSTRIES: CRISIL Assigns B+ Rating to INR20MM Cash Loan
MOON FISHERY: CRISIL Suspends 'D' Rating on INR37.5MM Loan

N V KHAROTE: CRISIL Assigns 'D' Rating to INR78.3MM Bank Loan
NARMADA AGROBASE: CRISIL Assigns B+ Rating to INR40MM Cash Loan
PARASAKTI ORTHOCARE: CRISIL Puts B+ Rating on INR50MM Cash Loan
POLYMER COATINGS: CRISIL Assigns B+ Rating to INR40MM Cash Loan
PRABHATAM ADVERTISING: Ind-Ra Suspends 'IND BB+' LT Issuer Rating

R. K. JEWELLERS: CRISIL Cuts Rating on INR112.5MM Loan to 'B'
RAHUL URO: CRISIL Reaffirms B+ Rating on INR90MM Term Loan
RAJA MOTORS: CRISIL Raises Rating on INR60MM Cash Loan to B+
RAM BUILDERS: ICRA Suspends 'B' Rating on INR5.0cr Loan
RAUSHEENA UDYOG: CRISIL B- Rating on Notice of Withdrawal

RECKON DIAGNOSTICS: CRISIL Assigns B- Rating to INR46MM Cash Loan
REMEDY MEDICAL: ICRA Assigns B- Rating to INR8.2cr Term Loan
ROYALCARE SUPER: ICRA Assigns 'B' Rating to INR10cr Term Loan
RUDRAPUR PRECISION: ICRA Suspends B- Rating on INR6.20cr Loan
S&S GREEN: CRISIL Assigns 'B' Rating to INR200MM Long Term Loan

SANJEEVANI ASSOCIATES: CRISIL Cuts Rating on INR70MM Loan to D
SENGUNTHAR MILLS: CRISIL Cuts Rating on INR90MM Cash Loan to B-
SHIVA METALLOYS: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
SHREE GANESH: ICRA Assigns 'B' Rating to INR6cr Cash Loan
SHRI VISHNU: ICRA Assigns 'B' Rating to INR4.30cr LT Loan

SOCIETY FOR: CRISIL Rates INR120.9MM Term Loan at 'D'
SOMA ISOLUX: CRISIL Reaffirms 'B' Rating on INR15.5BB Term Loan
SRI SARAVANA: ICRA Ups Rating on INR16cr LT Loan to 'B'
SRI SELVAKUMAR: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
SRI SRINIVASA: ICRA Reaffirms B+ Rating on INR8.80cr Loan

TEMET AGRIPACK: CRISIL Suspends B Rating on INR100MM Bank Loan
TULSI DALL: CRISIL Reaffirms 'B' Rating on INR75MM Cash Loan
U. B. RICE: CRISIL Ups Rating on INR60.4MM Bank Loan to B-
U V COTTON: ICRA Reaffirms B+ Rating on INR20cr Cash Credit


I N D O N E S I A

GAJAH TUNGGAL: Moody's Affirms B2 CFR & Changes Outlook to Neg.


J A P A N

MITSUI O.S.K.: Moody's Lowers CFR to Ba1; Outlook Stable
SKYMARK AIRLINES: Intrepid Revises Plan; Ups Debt Repayment Ratio


M A L A Y S I A

* Moody's Concludes Reviews on 9 Malaysian Financial Institutions


M O N G O L I A

KHAN BANK: Moody's Assigns B1 Counterparty Risk Assessment


N E W  Z E A L A N D

MAINZEAL PROPERTY: Liquidators Sue Shipley Over Firm's Collapse
ROSS ASSET: Investor Denied Name Suppression Appeal


S I N G A P O R E

JONES THE GROCER: L Capital Buys Out Singapore Arm


S O U T H  K O R E A

PANTECH CO: Court OKs Consortium's Bid to Buy Handset Maker


S R I  L A N K A

BANK OF CEYLON: Moody's Assigns Ba3 CR Assessment


V I E T N A M

* VIETNAM: No. of Firms Closing Drops 5.3% in 1st 5 Mos. in 2015


                            - - - - -


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A U S T R A L I A
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BUNDABERG BLOCKS: Brisbane High Court Enters Liquidation Order
--------------------------------------------------------------
Leah Kidd at NewsMail reports that Bundaberg Blocks and Pavers
have gone into liquidation following a ruling by the Brisbane
Supreme Court, but owner David Grohn isn't ready to give up yet.

The report relates that the court action came as Brisbane based
supplier Sunstate Cement applied to wind up the East Bundaberg
business to recover its AUD132,000 debts owed.

According to NewsMail, Supreme Court documents showed Bundaberg
Blocks and Pavers also owed Cement Australia AUD35,000 and
Australasian Agencies AUD195,000.  Money lender International
Corporate Funders lent Bundaberg Blocks and Pavers AUD186,000 to
pay Sunstate Cement, Cement Australia and a AUD5,500 debt to
WorkCover.

In court, Bundaberg Blocks and Pavers argued the business was not
insolvent as it had entered into a AUD3.95 million contract in
October 2014 to sell its business, land and other assets, the
report discloses.

NewsMail relates that the company argued once it had received the
payments it would have enough money to pay its debts.

But the court ruled the company should be liquidated and appointed
Bentleys Chartered Accountants Brett Hawkey to manage the company
going forward, according to NewsMail.

The June 5 judgment was released on June 12 and stated the
creditors would be reimbursed, the report notes.

Despite the liquidation, when the NewsMail spoke with Mr Grohn on
June 16, he was still hopeful the sale would go through.

"The purchases are negotiating with the liquidator fairly heavily
at the moment," the report quotes Mr. Grohn as saying.


COMO CONSTRUCTION: First Creditors' Meeting Set For June 25
-----------------------------------------------------------
Anthony Robert Cant and Simon Patrick Nelson of Romanis Cant were
appointed as administrators of Como Construction Company Pty Ltd
on June 15, 2015.

A first meeting of the creditors of the Company will be held at
Romanis Cant, Level 2, 106 Hardware Street, in Melbourne,
Victoria, on June 25, 2015, at 11:00 a.m.


D.T.F. MINE: First Creditors' Meeting Set For June 25
-----------------------------------------------------
Scott Newton of Shaw Gidley was appointed as administrator of
D.T.F. Mine Services Pty Ltd on June 15, 2015.

A first meeting of the creditors of the Company will be held at
the offices of Shaw Gidley, Level 6, 384 Hunter Street, in
Newcastle, New South Wales, on June 25, 2015, at 12:00 p.m.


EAST WEST: Goes Into Liquidation
--------------------------------
Cliff Sanderson at Dissolve.com.au reports that East West Print
and Data Pty Ltd has gone into liquidation. James Michael White
and Atle Crowe-Maxwell of BDO were appointed liquidators of the
company on April 13, 2015.

The report says the northern Sydney IT provider closed its doors
in May. According to the report, the biggest creditor of the
company is the Australian Taxation Office owed AUD400,000.

The company reportedly blamed the collapse on a big corporate
customer failing to pay its bills coupled with sales pressure from
Fuji Xerox, Dissolve.com.au relates.


PERPETUAL CORPORATE: Moody's Rates AUD5.7MM Cl. E Notes at (P)Ba1
-----------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to notes to
be issued by Perpetual Corporate Trust Limited in its capacity as
the trustee of Flexi ABS Trust 2015-2.

Issuer: Flexi ABS Trust 2015-2

  -- AUD 100.00 million Class A1 Notes, Assigned (P)P-1 (sf)

  -- AUD 125.10 million Class A2 Notes, Assigned (P)Aaa (sf)

  -- AUD 17.10 million Class B Notes, Assigned (P)Aa2 (sf)

  -- AUD 12.85 million Class C Notes, Assigned (P)A2 (sf)

  -- AUD 10.00 million Class D Notes, Assigned (P)Baa2 (sf)

  -- AUD 5.70 million Class E Notes, Assigned (P)Ba1 (sf)

The AUD 14.25 million Class F Notes are not rated by Moody's.

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

The transaction is a cash securitisation of a portfolio of
Australian unsecured, retail, 'no interest ever' payment plans,
originated by Certegy Ezi-Pay Pty Ltd, a subsidiary of FlexiGroup
Ltd.

This is FlexiGroup's fifth term-securitisation of Certegy assets
and the fifth one rated by Moody's. The transaction features a
short term (P)P-1 (sf) tranche, with a legal final maturity of 12
months from issuance. The tranche represents 35% of the total
issuance. Key factors supporting the (P)P-1 (sf) rating include:

- Principal cashflows -- which will be allocated to the short-
   term tranche in priority to other tranches until it is fully
   repaid -- will be sufficient to amortise the tranche within
   the 12-month period. The amortisation is tested with no
   prepayment and assuming an Aaa-commensurate level of defaults
   and delinquencies occurring during the amortisation period.

- The corporate administration and insolvency regime in
   Australia and the hot back-up servicing arrangements with Dun
   & Bradstreet (Australia) Pty Limited mitigate the risk of a
   prolonged servicer disruption. These two factors are relevant
   in the context of assigning the (P)P-1 (sf) rating because
   FlexiGroup and Certegy are unrated.

Another notable feature of the transaction is the high proportion
of receivables relating to solar energy. While historical
performance data for solar energy receivables is limited to only a
few years, we expect the performance of these receivables to
broadly track the performance of receivables relating to other
home-owner industries.

Home-owner industry obligors typically display lower default rates
than non-home-owner industry obligors in the Certegy portfolio.

Flexi ABS Trust 2015-2 is the securitisation of retail, unsecured,
'no interest ever' receivables extended to obligors located in
Australia. Notable features of the transaction include the unique
nature of the collateral, the strong back-up servicing
arrangements, and short-weighted average lives of notes.

The receivables are unsecured payment plans, originated by Certegy
through various retailers at the point of sale. Rather than
relying on interest payable by the underlying obligors, the
product is instead reliant on a retailer fee component to meet
financing costs and for profit margin generation.

During the life of the receivables, the customer will make monthly
or fortnightly payments to Certegy, with the difference between
the balance payable by the obligor and the balance funded by
Certegy (equal to the merchant fee) representing implicit
interest. The loans are made on a full recourse, unsecured basis.

The expected default rate of 2.50% is broadly in line with
consumer auto-loan ABS transactions in the Australian market.

The minimum 21.0% subordination commensurate with an Aaa rating of
the senior notes is, on the other hand, materially higher that of
a typical auto-loan ABS transaction. This is attributed to the
unsecured nature of the receivables leading to zero recovery
values.

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

In order to fund the purchase price of the portfolio, the Trust
issued seven classes of notes. The notes will be repaid on a
sequential basis until the later of: (1) repayment of the Class A1
short-term tranche, and (2) increase in the subordination to Class
A notes to 25% from 21.0%.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs or the pool amortises to below 10% of
the original balance. At all other times, the structure will
follow a pro-rata repayment profile (assuming pro-rata conditions
are still satisfied). This principal pay down structure is similar
to other structures in the Australian ABS market.

The principal methodology used in this rating was " Moody's
Approach to Rating Consumer Loan-Backed ABS" published in January
2015.

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

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

If the default rate rises to 5.0% (double Moody's assumption of
2.5%) then the model-indicated rating for the Class A2 Notes drops
five notches to A2. Similarly, the model-indicated rating for the
Class B Notes, Class C Notes and Class D Notes drop seven, six and
five notches to Baa3, Ba2 and B1 respectively under this scenario.


UNITED DAIRY: Beston Buys Out Troubled Milk Processor
-----------------------------------------------------
Australian Associated Press reports that two dairy production
plants recently closed in South Australia have been saved with a
local company buying the failed enterprises from the receivers.

AAP says the Beston Global Food Company has bought United Dairy
Power and plans to resume production from September.

According to the news agency, Chairman Roger Sexton said the
company hopes to employ most of 130 staff who lost their jobs when
the plants at Murray Bridge and Jervois shut earlier this year,
and then grow staff numbers and production over the next three
years.

United Dairy Power collects 200 million litres of milk, equal to 4
per cent of Australia's annual production, from farmers in SA and
Victoria, which its uses to produce cheddar cheese, butter, whey
and mozzarella cheese under its well-known Caboolture brand.

Advisory firm PPB was appointed receivers and managers of Five
Star United Food (Aust), the parent company of UDP, and has
handled the sale of its assets.



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C H I N A
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CHINA AUTOMATION: S&P Lowers CCR to 'B+'; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China Automation Group Ltd.
(CAG) to 'B+' from 'BB-'.  The outlook is stable.  At the same
time, S&P lowered the issue rating on the company's outstanding
senior unsecured notes to 'B+' from 'BB-'.  S&P also affirmed its
'cnBB' long-term Greater China regional scale rating on CAG and
its notes.  CAG is a China-based industrial safety and control
system manufacturer.

"We downgraded CAG because we anticipate that the company's
business position and margins will weaken following the recent
disposal of its railway signaling business and the industrywide
reduction in capital expenditure across the upstream oil and gas
companies," said Standard & Poor's credit analyst Tony Tang.

S&P estimates that the disposal of CAG's railway signaling
business will reduce the company's EBITDA margin to 10.6% in 2015,
from 14.6% in 2014.  The deterioration of CAG's margins over the
past two years and the recent asset disposal has already weakened
the company's business position.

The disposal could also lead to higher client concentration in the
petrochemical business, which will account for more than 74% of
CAG's total revenue in 2015, compared with 65% in 2014.

As a result of all these factors, S&P has lowered its comparable
rating analysis assessment to "neutral" from "positive."  S&P no
longer considers CAG to be at the stronger end of the "weak"
business risk profile.

S&P projects that CAG will be able to secure sufficient funding to
refinance the majority of the remaining outstanding senior
unsecured notes over the next six months.  S&P believes the asset
disposal will help contain the company's debt-to-EBITDA ratio at
below 5x for the next 12-24 months, supporting S&P's assessment of
an "aggressive" financial risk profile.

S&P revised its assessment of CAG's liquidity to "less than
adequate" from "adequate" because S&P estimates that the company's
liquidity sources will cover liquidity uses by about 1x over the
next 12 months.

"The stable outlook reflects our expectation that CAG is likely to
maintain its current debt leverage and market position over the
coming 12 months," said Mr. Tang.  "We believe the company is
committed to repay its maturing debt using its cash on hand,
proceeds from disposal of the railway signaling business, and
refinancing."

S&P could lower the rating if CAG fails to maintain its
profitability and leverage, such that the ratio of debt to EBITDA
exceeds 5x for a sustained period.  This could happen if: (1)
CAG's working capital management practice weakens; or (2) the
company's revenue and earnings are materially worse than S&P's
base-case scenario due to intensifying competition in the
petrochemical segment, sluggish demand from downstream customers,
significant payment or progress delays in ongoing projects.

S&P could also lower the rating if CAG obtains substantially lower
funds from refinancing than we anticipate.

S&P could raise the rating if CAG's liquidity position improves to
at least "adequate" and its debt-to-EBITDA ratio falls materially
below 4x on a sustained basis.  This could happen if CAG improves
its sales and profitability, and controls its leverage.



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I N D I A
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AMBICA IRON: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of Ambica
Iron and Steel Pvt Ltd (AISPL) continues to reflect AISPL's modest
scale of operations in the fragmented and competitive steel
industry, and the company's below-average financial risk profile,
marked by high gearing. These rating weaknesses are partially
offset by the extensive industry experience of AISPL's promoters.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            60       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AISPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
scale of operations and profitability or its capital structure,
leading to a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if AISPL's financial risk
profile, particularly its liquidity, weakens because of a stretch
in its working capital cycle, low cash accruals, or large debt-
funded capital expenditure.

Update
AISPL registered sales of INR353 million for 2013-14 (refers to
financial year, April 1 to March 31), as against INR274 million
for 2012-13 supported by repeat orders from established customers
and increasing capacity utilisation of its existing plant. The
company is estimated to have registered sales of around INR481
million in 2014-15, on the back of improved demand from the
construction sector, which is its primary end-user segment.
AISPL's operating margin has remained constrained at 3.42 per cent
in 2013-14 and 4.00 per cent in 2014-15 due to intense price-based
competition from organised and unorganised players.

AISPL's operations are moderately working capital intensive, with
gross current assets (GCAs) estimated to be around 99 days as on
March 31, 2015 as against 107 days as on March 31, 2014. The high
GCAs are primarily driven by inventory requirements of 40 to 50
days. Higher working capital requirements with the increase in its
scale of operations have exerted further pressure on the company's
liquidity, as reflected in average utilisation of around 92 per
cent of its working capital bank lines during the 12 months
through April 2015.

AISPL's financial risk profile continues to be constrained by its
small net worth of INR38.0 million as on March 31, 2015, and weak
interest coverage ratio of 1.74 times for 2013-14. The net worth
and gearing is estimated to be INR38.0 million and 1.6 times
respectively as on March 31, 2015. The company's interest coverage
ratio is expected to remain weak over the medium term.

Incorporated in 1982, AISPL manufactures structured steel products
such as rounds, channels, angles, bars, and others. The company
has its manufacturing facility in Rourkela (Odisha). Its day-to-
day operations are being managed by Mr. Kaur Sain Bansal, Mr.
Sanjay Bansal, and Mr. Akhil Gupta.


ATRIA BRINDAVAN: CRISIL Suspends B+ Rating on INR808MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Atria
Brindavan Power Limited (ABPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan       808        CRISIL B+/Stable

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

Established in 2003, ABPL is a hydro-electric power generating
company. Its plant is located on the banks of Cauvery River in
Karnataka.


CHAITANYA HOSPITAL: CRISIL Cuts Rating on INR72.5MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Chaitanya Hospital (CH) to 'CRISIL D ' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility      5       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Long Term     12.5     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

   Term Loan              72.5     CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by CH in
servicing its debt. The delays have been caused by weak liquidity
of the firm arising from delay in commencement of operations from
its new hospital and limited ramp up leading to low cash accruals.

The rating continues to reflect the below-average financial risk
profile of CH marked by high gearing and weak debt protection
metrics, and its small scale of operations. These rating
weaknesses are partially offset by its proprietor's established
track record in hospital industry.

Chaitanya Hospital (CH), established in 2006, is a sole
proprietorship of Dr. Sushil Kulkarni. It operates a 40 bed multi-
speciality hospital in Chinchwad, Pune (Maharashtra) specialising
in all kinds of orthopaedic and general surgery treatments along
with consulting in medicines, gynaecology, cardiology, nephrology,
and paediatric treatments. CH has recently set up a new 60 bed
hospital unit in the vicinity of existing hospital and same has
commenced operations from October 2014.


EXPRESS WAY: ICRA Assigns B+ Rating to INR12.70cr Term Loan
-----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 to the INR15.00 crore bank facilities of
Express Way Truck Terminus Private Limited.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long term, Fund based
   limits - Term Loan        12.70        [ICRA] B+ assigned

   Long term, Fund based
   limits - Cash Credit       0.30        [ICRA] B+ assigned

   Short term, Non fund
   based limits - Bank
   Guarantee                  2.00        [ICRA] A4 assigned

The assigned rating favourably factors in attractive location of
the project which is on high traffic density Mumbai-Pune
Expressway. Being the first truck terminal on Mumbai-Pune
expressway, the occupancy level is expected to be high which will
further support fuel pump and service station business. The
ratings are however constrained by limited track record of
promoters in operation and maintenance of BOT projects, project
execution risk with respect to timely completion and cost overruns
& funding risk as loans are yet to be disbursed by the banks. The
project has high reliance on external loans though ballooning
repayment provides comfort. Further, there will be high
competition to food mall business from existing food malls located
adjacent to the project site. Going forward, timely completion and
commencement of the project with maintaining healthy occupancy in
food mall will remain key rating sensitivity factors.

Incorporated in 2014, ETTPL is a private limited company promoted
by Mr. Vijay Javeri and Mr. Vinay Bele. The company is a special
purpose vehicle formed for construction, operations and
maintenance of Truck terminal and other commercial activities
which will include food mall, fuel pump and service station. The
company has entered into a concession/lease agreement with
Maharashtra State Road Development Corporations Limited (MSRDC) to
operate the project on DFBOT (Design, Finance, Built, Operate and
Transfer) basis.


GLOBAL SOFTECH: Ind-Ra Suspends 'IND D' LT Rating on INR2BB Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Global Softech
Limited's (GSL) bank loan ratings to the suspended category as
follows:

   -- INR2 billion long-terms loan: migrated to Long-Term 'IND
      D(suspended)' from 'IND D'

   -- INR850 million cash credit limit: migrated to Long-Term
      'IND D(suspended)' from 'IND D'

   -- INR90 million bank loan facility: migrated to Short-Term
      'IND D(suspended)' from 'IND D'

The ratings have been migrated to the suspended category due to
lack of information. Ind-Ra will no longer provide ratings or
analytical coverage for GSPL's bank loans.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


GUPTAJI BROTHERS: CRISIL Cuts Rating on INR40MM Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on long-term bank facilities of
Guptaji Brothers Rice Mill Pvt Ltd (GJB) to 'CRISIL D' from
'CRISIL B-/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           10        CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Term Loan             40        CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The rating downgrade reflects delays in repayment of term loan
installments by the company.

The rating also reflects GJB's stretched liquidity, due to its
large working capital requirements, and modest scale of
operations. These rating weaknesses are partially offset by the
extensive experience of the promoters in the rice industry.

GJB was set up in 2011 by Mr. Rajeev Ranjan. Operations, however,
started in July 2013. The company is engaged in milling of
parboiled brown rice in Patna.


HARMONY LAMINATES: CRISIL Reaffirms B+ Rating on INR40MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Harmony Laminates
Private Limited (HLPL) continue to reflect its small scale, and
working capital intensity in, operations in the highly fragmented
laminates industry.

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

   Proposed Long Term
   Bank Loan Facility      0.4     CRISIL B+/Stable (Reaffirmed)

   Term Loan              47.6     CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's weak financial risk
profile, marked by low net worth, high gearing and moderate debt
protection metrics. These rating weaknesses are partially offset
by the benefits that HLPL derives from its promoters' extensive
experience in the laminates industry and its established
relationships with customers and suppliers and financial support
from its promoters.
Outlook: Stable

CRISIL believes that HLPL will continue to benefit from the
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if HLPL substantially
improves its scale of operations while maintaining its
profitability leading to substantial accruals while its capital
structure improves marked by reduction in working capital
requirements or equity infusions. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile weakens due to
decline in profitability or stretch in working capital
requirements, or large debt-funded capital expenditure.

Update
HLPL's scale of operations continues to remain modest with net
sales of INR126.7 million in 2014-15 as compared to INR121.9
million a year ago. Its ability to ramp up scale of operations and
launch of new products will remain critical to sustain its
business risk profile and hence will remain a rating sensitivity
factor. Operating margins improved to 13.6 per cent in 2014-15 as
compared to 11.9 per cent a year ago. Though there was improvement
in the operating profitability in 2014-15, HLPL is expected to
remain vulnerable to raw material price volatility over the medium
term. Operations continues to remain working capital intensive
with gross current assets of 245 days as on March 31, 2015. The
financial risk profile continues to remain weak marked by gearing
of 2.74 times and interest coverage and net cash accruals to total
debt ratio of 1.9 times and 0.14 times respectively as on March
31, 2015. The liquidity is stretched, as reflected in high bank
limit utilisation of 95 per cent over the 12 months through March
2015. HLPL is expected to generate cash accruals of around INR10
million as against its repayment obligation of INR8 million in
2015-16. Accruals though expected to remain tightly matched
against its debt repayment obligation, CRISIL expects HLPL's
liquidity to continue to be supported via timely funding support
from its promoters.

HLPL on a provisional basis, reported a net loss of INR1.9 million
on net sales of INR126.7 million for 2014-15 (refers to financial
year, April 1 to March 31), as compared to a net loss of INR0.4
million on net sales of INR121.9 million for 2013-14.

Incorporated in 2009, HLPL is promoted by Rajkot (Gujarat)-based
Mr.Mahesh Savlia and his family. The company manufactures
decorative laminates used for furnishing.


HIMATSINGKA RESORTS: CRISIL Assigns B- Rating to INR70MM Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long term
bank facility of Himatsingka Resorts Pvt Ltd (HRPL) and has
assigned its 'CRISIL B-/Stable' rating to the long-term bank
facility of HRPL.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             70        CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

The rating were previously 'suspended' by CRISIL vide rating
rationale dated July 26, 2014, since HRPL had not provided
necessary information required for a rating review. HRPL has now
shared the requisite information enabling CRISIL to assign rating
to its bank facility.

The rating reflects HRPL's weak financial risk profile marked by
high gearing and weak debt protection metrics. These rating
weaknesses are partially offset by the benefits that HRPL is
likely to derive from its tie-up with CG Hotels and Resorts for
using the latter's brand, The Fern Residency, and for assistance
in managing operations.
Outlook: Stable

CRISIL believes that HRPL will benefit over the medium term from
its tie up with CG Hotels and Resorts for branding and for
assistance in managing operations. The outlook may be revised to
'Positive' if HRPL reports significant improvement in its revenue
and profitability backed by sustained increase in occupancy and
room tariffs, while maintaining its capital structure. Conversely,
the outlook may be revised to 'Negative' in case of low cash
accruals as a result of low occupancy or room tariffs, or if the
company undertakes a substantial debt-funded capital expenditure
programme, leading to deterioration in its financial risk profile.

Incorporated in June 2008, HRPL was initially promoted by North-
East India-based Mr. Rajesh Kumar Himatsingka, and was taken over
by the Kalita group in December 2014. The company operates a four-
star hotel at Dekargoan in Tezpur (Assam). The hotel commenced
commercial operations in 2013-14 (refers to financial year, April
1 to March 31). Mr. Bhagya Kalita, Mrs. Gitika Kalita, and Mr.
Kaushik Kalita are the directors of HRPL.


IMMACULE LIFESCIENCES: CRISIL Reaffirms B Rating on INR347MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of Immacule
Lifesciences Pvt Ltd (ILPL) continues to reflect ILPL's weak debt
protection metrics on account of low profits on account of start-
up phase of operations. This rating weakness is partially offset
by the extensive experience of ILPL's promoters in the
pharmaceutical formulations industry.

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

   Foreign Currency
   Term Loan            347        CRISIL B/Stable (Reaffirmed)

   Term Loan             75        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ILPL will continue to benefit over the medium
term from its experienced management; however, the company's
financial risk profile will be constrained over the period by its
start-up phase of operations. The outlook may be revised to
'Positive' in case of stabilisation of operations and substantial
off-take leading to revenue growth and large cash accruals, and
consequently, a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of lower than
expected revenues leading to weaker liquidity levels.

Update
ILPL started operations in December 2014 and booked gross sales of
around INR46 million till March 31, 2015. CRISIL expects ILPL's
gross sales to remain around INR600 million for 2015-16 (refers to
financial year, April 1 to March 31) because of scale-up of
operations due to addition of customers. In 2014-15, the company
incurred losses on account of initial year of operations; however,
ILPL's profitability is expected to improve over the medium term
supported by absorption of fixed overheads as it ramps up
operations.

ILPL's net worth is estimated to be healthy, over INR230 million,
as on March 31, 2015, due to equity infusion of INR91 million by
the promoters during 2014-15. ILPL's gearing is estimated to be
moderate, at 1.84 times as on March 31, 2015, despite large debt-
funded capital expenditure (capex), because of the equity
infusion. The gearing is expected to improve over the medium term
because of absence of debt-funded capex plans along with
improvement in accruals. ILPL had weak debt protection measures in
2014-15 because of net losses on account of high fixed overheads.
CRISIL expects ILPL's debt protection metrics to improve over the
medium term because of scale-up of operations leading to increase
in accruals.

ILPL's liquidity remains weak as the company's ability to generate
sufficient cash accruals to meet debt obligations is yet to be
seen and CRISIL believes it will remain a key rating sensitivity
factor over the medium term. Its bank limit utilization remained
moderate, averaging 81.5 per cent over the seven months through
April 2015.

ILPL is a Nalagarh (Himachal Pradesh)-based pharmaceuticals
formulator. The company started commercial operations in December
2014 and manufactures pharmaceutical formulations, primarily
injectibles, which will be marketed in overseas markets such as
Indonesia, Vietnam, the Philippines, Venezuela, and Chile. ILPL is
promoted by Mr. Viral Shah, Mr. Rishi Aggarwal, Mr. Suchet
Rastogi, and Mr. Nirav Maniar.


IMMENSE PACKAGING: ICRA Reaffirms 'D' Rating on INR20cr Bank Loan
-----------------------------------------------------------------
ICRA has re-affirmed [ICRA]D rating assigned to the INR20 crore
bank facilities of Immense Packaging Private Limited.

The rating re-affirmation take into account stretched liquidity
position of the company and continued delays in debt servicing
following cash flow mismatches. The rating is also constrained by
the company's weak financial risk profile characterized by its low
net profit margins, high gearing level, modest debt protection
metrics and the high build-up of debtors leading to working
capital intensive operations. The ratings also takes into
consideration small scale of operations, intensely competitive
business environment and the risk associated with volatility in
revenues in the tender driven business. ICRA however notes that
the stringent prequalification norms set by state co-operative
dairies limits the competition from new players to an extent and
that the inclusion of price variation clauses in the tender
contracts for PE film largely mitigates the raw material price
risks. The ratings also favorably factor in the stable demand for
PE film from the dairy industry, successful track record of the
promoters in the PE film packaging business and the company's pre-
qualification status with major state milk cooperative societies.

Immense Packaging Private Limited (IPPL) was acquired in April
2007 by Mumbai based Mrs Lata Kela & her family members for
setting up polyethylene film manufacturing facilities. The
promoters have been in the flexi packaging business for the last
two decades through their group entities and have developed
relationships with several co-operative dairies based in Western,
Northern and Southern India. The company set up its production
unit at Tiruvallur, Tamil Nadu for manufacturing of multilayer
polyethylene (PE) film used in liquid milk packaging. The annual
production capacity is around 2400 TPA and it primarily caters to
the demand of Tamil Nadu (TN) based state co-operative milk
dairies. Prior to setting up the production unit at Tiruvallur, PE
films were supplied from the promoters' other unit at Daman, which
was closed post implementation of unit in TN. The benefits offered
to local units in terms of 10% price preference, non-applicability
of central sales tax and savings in freight cost were the key
drivers for setting up the unit in TN.

Recent Results
During FY 2014-15, the company reported Profit after Tax (PAT) of
INR0.8 crore on an operating income of INR20.0 crore. During the
period 2013-14, the company reported profit after tax of INR0.7
crore on a turnover of INR19.8 crore.


J.M.A STORES: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated J.M.A Stores
Limited's (JMA) 'IND BB' Long-Term Issuer Rating with a Stable
Outlook to the suspended category. The rating will now appear as
'IND BB(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for JMA.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

JMA's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
      from 'IND BB'

   -- INR235 million fund-based limits: migrated to 'IND
      BB(suspended)' from 'IND BB'

   -- INR3 million non-fund-based limits: migrated to 'IND
      A4+(suspended)' from 'IND A4+'


KANHAIYA BEVERAGES: Ind-Ra Assigns 'IND B-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kanhaiya
Beverages Private Limited (KBPL) a Long-Term Issuer Rating of 'IND
B-'. The Outlook is Stable. The agency has also assigned KBPL's
bank loans the following ratings:

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term loan                 17        Long-Term 'IND B-'/Stable
   Fund-based
   Limit                     49        Long-Term 'IND B-'/Stable
                                       and Short-Term 'IND A4'

KEY RATING DRIVERS

The ratings reflect KBPL's small scale of operations and weak
credit metrics. Unaudited FY15 financials indicate revenue of
INR269.20m (FY14: INR252.30m) while financial leverage (total
adjusted debt/operating EBITDAR: 5.74x in FY14) and EBITDA
interest coverage (1.12x) are likely to have remained unchanged.
Liquidity is stressed as evident from several incidents of over-
utilisation of up to 19 days in the working capital limits during
the 12 months ended April 2015.

The ratings are, however, supported by over-three-decade-long
experience of KBPL's promoters in trading four wheelers.

RATING SENSITIVITIES

Negative: A decline in the operating profitability resulting in
deterioration in the interest coverage will be negative for the
ratings.

Positive: An improvement in the liquidity profile will lead to a
positive rating action.

KBPL was incorporated in 1996 and trades four wheelers. It holds a
3S authorised dealership of Hyundai Motors India Limited. The
company is located in Varanasi (Uttar Pradesh).


KANDLA FORMALIN: CRISIL Suspends B+ Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kandla
Formalin Ltd (KFL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B+/Stable
   Letter of Credit     150        CRISIL A4

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

Incorporated in 2010, KFL is part of the Rai group, promoted by
Mr. Sanjay Rai. The group has varied business interests, ranging
from chemicals, petrochemicals, frozen foods, and salt. KFL
proposes to begin trading in products such as methanol, melamine,
laminate paper, and phenol.


KASAVUKADA: CRISIL Reaffirms 'B' Rating on INR86MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kasavukada
(KK) continues to reflect KK's modest scale of operations in the
intensely competitive apparel retail industry and its below-
average financial risk profile, marked by weak capital structure
and debt protection metrics. These rating weaknesses are partially
offset by the extensive industry experience of its promoters.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           86        CRISIL B/Stable (Reaffirmed)
   Long Term Loan        14        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     9.8      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KK will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if significant increase in
scale of operations and operating margin results in stronger cash
accruals and debt protection metrics for the firm; or if its
proprietors infuse substantial capital into the business.
Conversely, the outlook may be revised to 'Negative' if KK's
financial risk profile, particularly liquidity, deteriorates, most
likely because of large working capital requirements, low cash
accruals, or substantial debt-funded capital expenditure.

Set up in 1993, KK is a sole proprietorship firm manufacturing
traditional Kerala handloom textiles and selling them through its
own showrooms. Its daily operations are managed by Mr. Suseelan.


KITCHEN FOODS: CRISIL Assigns 'B+' Rating to INR90MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Kitchen Foods (KF).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           90        CRISIL B+/Stable
   Rupee Term Loan       30        CRISIL B+/Stable

The rating reflects the firm's weak financial risk profile because
of the early stages of its operations, its modest scale of
operations, and large working capital requirements. These rating
weaknesses are partially offset by the benefits derived from the
extensive experience of KF's promoters in the agricultural
commodities industry and their continued funding support.
Outlook: Stable

CRISIL believes that KF will, over the medium term, benefit from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm significantly increases its
scale of operations and registers improved cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in KF's overall financial risk profile and liquidity
mostly likely because of low cash accruals or sizable working
capital requirements.

KF, set up in 2013, processes wheat into products such as refined
flour (maida), semolina (suji), and whole wheat flour (atta). It
sells its products under the Kitchen Foods brand. The firm has a
flour mill at Khargone (Madhya Pradesh), with a milling capacity
of 200 tonnes per day. It commenced commercial operations in
November 2013.


KRISHNA KNITWEAR: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Krishna Knitwear
Technologies Limited's (KKTL) 'IND D' Long-Term Issuer Rating to
the suspended category.  The rating will now appear as 'IND
D(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of information. Ind-Ra will no longer provide ratings or
analytical coverage for KKTL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

KKTL's ratings are as follows:

   -- Long-Term Issuer Rating: migrated to 'IND D(suspended)'
      from 'IND D'

   -- INR1.6bn long-terms loan: migrated to Long-Term 'IND
      D(suspended)' from 'IND D'

   -- INR6.4bn fund-based limit: migrated to Long-Term and Short-
      Term 'IND D(suspended)' from 'IND D'

   -- INR317.5m non-fund-based limit: migrated to Short-Term 'IND
      D(suspended)' from 'IND D'


LEKH RAJ: CRISIL Reaffirms B+ Rating on INR680MM Packing Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lekh Raj Narinder Kumar
(LNK; part of the LNK group) continue to reflect the LNK group's
weak financial risk profile marked by high gearing driven by large
debt-funded capital expenditure.

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

   Inventory Funding
   Facility              550       CRISIL B+/Stable (Reaffirmed)

   Packing Credit        680       CRISIL B+/Stable (Reaffirmed)

   Post Shipment         189.9     CRISIL A4 (Reaffirmed)
   Credit

The ratings also factor in the group's stretched liquidity on
account of large working capital requirements and low
profitability. These rating weaknesses are partially offset by the
extensive experience of the group's promoters in, and the healthy
growth prospects for, the basmati rice industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of LNK and LR International (LRI). This is
because the two firms, together referred to as LNK group, are
under a common management and LRI rents machinery to LNK.
Outlook: Stable

CRISIL believes that the LNK group will continue to benefit over
the medium term from its promoters' industry experience. CRISIL
also believes that the group's financial risk profile will remain
constrained by its weak capital structure and large working
capital requirements over the period. The outlook may be revised
to 'Positive' if the LNK group registers significant improvement
in its capital structure, most likely driven by fresh equity
infusion by its promoters or improved profitability. Conversely,
the outlook may be revised to 'Negative' if the group's financial
risk profile deteriorates, most likely because of a decline in its
operating margin, continuous capital withdrawal, or deterioration
in its liquidity as a result of lengthening of its working capital
cycle.

LNK mills, sorts, and grades basmati rice. The firm's processing
unit in Kaithal (Haryana) has capacity of 15 tonnes per hour. LNK
exports around 90 per cent of its produce and sells the rest in
the domestic market. In India, the firm sells rice under the JB
brand.


MAA GANGA: CRISIL Reaffirms B- Rating on INR75MM Term Loan
----------------------------------------------------------
CRISIL rating on the bank facilities of Maa Ganga Bhagat Gopal
Maya Educational Trust (MGBGM) continue to reflect MGBGM's weak
financial risk profile driven by high gearing and weak debt
protection metrics, risks related to intense competition and
regulatory restrictions in the education sector. These rating
weaknesses are partially offset by the extensive experience of
MGBGM's trustees, and the benefits expected from the healthy
demand prospects for the education sector.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Long Term      35       CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan               75       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MGBGM will continue to benefit over the
medium term from its trustees' extensive experience in the
education sector. The outlook may be revised to 'Positive' in case
of higher-than-expected occupancy levels, leading to substantial
accruals and hence to a better financial risk profile. Conversely,
the outlook may be revised to 'Negative' if there are lower-than-
expected occupancy levels, adversely impacting the trust's debt-
servicing ability.

Maa Ganga Bhagat Gopal Maya Educational Trust (MGBGM) is currently
running a school offering educational services from kindergarten
to class 8th. The school is built in a 9 acre campus in Sonipat
(Haryana). The school started its operations in the year 2014-15.


MARRINO INDUSTRIES: CRISIL Assigns B+ Rating to INR20MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Marrino Industries (MI).

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

The rating reflects MI's small scale of operations in a highly
fragmented home furnishing industry and working-capital-intensive
operations. These rating weaknesses are partially offset by the
promoters' extensive industry experience and average financial
risk profile, marked by moderate debt protection measures.
Outlook: Stable

CRISIL believes that MI will continue to benefit over the medium
term from its promoters' extensive experience in the home
furnishing industry. The outlook may be revised to 'Positive' if
the firm reports significant and sustained improvement in revenue
and profitability, while it maintains its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
decline in profitability, resulting in low accruals, or
lengthening of the working capital cycle, or large debt-funded
capital expenditure.

MI is a partnership firm established in 1994 between Mr. Pankaj
Ahuja and Mr. Surinder Kumar. The firm manufactures home-
furnishing items, primarily sofa fabric. The firm has a
manufacturing facility located at Panipat (Haryana) with total
production capacity of 0.1 million metres per month.

For 2013-14 (refers to financial year, April 1 to March 31), MI
reported a book profit of INR0.3 million on net revenue of INR76.5
million, against a book profit of INR0.3 million on net revenue of
INR73.2 million for 2012-13.


MOON FISHERY: CRISIL Suspends 'D' Rating on INR37.5MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Moon
Fishery India Pvt Ltd (Moon Fishery).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------      -------
   Foreign Discounting     37.5        CRISIL D
   Bill Purchase

   Packing Credit          32.5        CRISIL D

   Proposed Term Loan       5          CRISIL D

   Term Loan               25          CRISIL D

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

Established in 2006 by Mr. Dominic Sebastian and his family, Moon
Fishery processes and exports various varieties of tuna fish.


N V KHAROTE: CRISIL Assigns 'D' Rating to INR78.3MM Bank Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of N V Kharote Constructions Pvt Ltd (NVKCPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       78.3       CRISIL D
   Cash Credit          56.0       CRISIL D

The ratings reflect NVKCPL's continuous delays in servicing its
working capital term loans due to its weak liquidity, which is a
result of NVKCPL's depressed cash accruals against scheduled debt
repayments and working-capital-intensive operations due to
stretched receivables.

The ratings also factor NVKCPL's small scale of operations in a
highly competitive construction industry, and its weak financial
risk profile, marked by high gearing and subdued debt protection
metrics. These weaknesses are partially offset by the extensive
industry experience of NVKCPL's promoters.

NVKCPL, incorporated in 1992 in Pune (Maharashtra), executes
turnkey water supply and lift irrigation projects primarily for
government agencies. The company specialises in pipe manufacturing
and laying out of the same along with related civil, electrical
and fabrication activities.


NARMADA AGROBASE: CRISIL Assigns B+ Rating to INR40MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Narmada Agrobase Pvt Ltd (NAPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           40         CRISIL B+/Stable
   Term Loan             13.5       CRISIL B+/Stable

The rating reflects NAPL's modest scale of operations in the
highly competitive cotton industry and its leveraged capital
structure. These rating weaknesses are partially offset by the
extensive experience of NAPL's promoters in the cotton industry.
Outlook: Stable

CRISIL believes that NAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers
large cash accruals on the back of significant increase in its
revenue and profitability, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile, particularly its liquidity,
weakens because of decline in cash accruals or lengthening of
working capital cycle or any major debt-funded capital
expenditure.

NAPL is a Gujarat-based company and manufactures de-linted cotton
seeds and cattle feed. The company is promoted by Mr.
Sureshchandra Gupta and his son Mr. Neeraj Agarwal. It commenced
commercial operations in February 2014.

NAPL, on a provisional basis, reported net profit of INR1.69
million on net sales of INR220 million in 2014-15 (refers to
financial year, April 1 to March 31), against a net profit of
INR0.22 million on net sales of INR20 million in 2013-14.


PARASAKTI ORTHOCARE: CRISIL Puts B+ Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Parasakti Orthocare (Parasakti).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B+/Stable
   Proposed Working
   Capital Facility      10        CRISIL B+/Stable

The rating reflects Parasakti's modest scale of, and working
capital intensive, operations. These rating weaknesses are
partially offset by the extensive experience of its promoters in
the healthcare product distribution business and their well-
established relationship with principals.
Outlook: Stable

CRISIL believes that Parasakti will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
scales up its operations, while improving its working capital
management, resulting in better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if
Parasakti's cash accruals decline significantly, or if it's
financial risk profile deteriorates owing to large working capital
requirements.

Set up in 2008, Parasakti is a Chennai-based firm that distributes
orthopaedic implants of Johnson & Johnson. The day-to-day
operation is managed by the partner Mr. V Yuvarajan.

Parasakti reported a net profit of INR0.92 million on sales of
INR90.61 million for 2013-14 (refers to financial year, April 1 to
March 31), against a net profit of INR0.54 million on sales of
INR78.54 million for 2012-13.


POLYMER COATINGS: CRISIL Assigns B+ Rating to INR40MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Polymer Coatings and Inks Pvt Ltd (PCIPL).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bill Discounting          10        CRISIL A4
   under Letter of Credit

   Cash Credit               40        CRISIL B+/Stable

The ratings reflect PCIPL's average financial risk profile marked
by moderate capital structure and average debt protection metrics,
large working capital requirements, small scale of operations, and
susceptibility of its operating margin to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of PCIPL's promoter in the ink
manufacturing industry and the geographical diversification in the
company's revenue.
Outlook: Stable

CRISIL believes that PCIPL will benefit over the medium term from
its promoter's extensive industry experience and its established
relationships with customers. The outlook may be revised to
'Positive' if PCIPL reports significant increase in its revenue
and profitability leading to substantial accruals. Conversely, the
outlook may be revised to 'Negative' in case of lengthening of
working capital cycle or large debt-funded capital expenditure,
leading to pressure on the company's financial risk profile.

Incorporated in 1985, PCIPL manufactures printing inks. PCIPL is
promoted by Mr. Yuvraj Atone and has its registered office in
Nagpur (Maharashtra).


PRABHATAM ADVERTISING: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Prabhatam
Advertising Pvt. Ltd.'s (PAPL) 'IND BB+' Long-Term Issuer Rating
with a Stable Outlook to the suspended category. This rating will
now appear as 'IND BB+(suspended)' on the agency's website.  A
full list of rating actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
the lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for PAPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be re-instated and will be
communicated through a rating action commentary.

PAPL's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)' from
   'IND BB+'

-- INR241.1 million long-term bank loans: migrated to 'IND
   BB+(suspended)' from 'IND BB+'

-- INR260 million fund-based working capital limits: migrated to
   'IND BB+(suspended)'/'IND A4+(suspended)' from 'IND BB+'/'IND
    A4+'

-- INR50 million non-fund-based working capital limits: migrated
   to 'IND BB+(suspended)'/'IND A4+(suspended)' from 'IND
   BB+'/'IND A4+'


R. K. JEWELLERS: CRISIL Cuts Rating on INR112.5MM Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of R. K. Jewellers (RKJ) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

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

   Proposed Long Term     112.5    CRISIL B/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B+/Stable')

The rating downgrade reflects the weakening in RKJ' liquidity with
its cash accruals expected to tightly match its maturing term debt
repayment obligations. CRISIL believes that the firm will need
fresh capital from its promoter, or will have to register a
sustained improvement in its cash accruals, to alleviate the
pressure on its liquidity.

The firm is estimated to have registered cash accruals of around
INR6 million in 2014-15 (refers to financial year, April 1 to
March 31). Though the cash accruals of the firm are expected to
increase in 2015-16 supported by modest improvement in operating
profit margins, the same are expected to tightly match its annual
term debt repayment obligations of around INR7 million.

CRISIL's rating on the bank facilities of RKJ continues to reflect
the firm's below-average financial risk profile marked by a small
net worth, high total outside liabilities to tangible networth
ratio and below-average debt protection metrics. The rating also
factors in the firm's large working capital requirements, and its
exposure to intense competition in the jewellery manufacturing
industry resulting in its modest profitability margins. These
rating weaknesses are partially offset by its promoter's extensive
experience in the jewellery manufacturing industry and his
established relations with customers.
Outlook: Stable

CRISIL believes RKJ will continue to benefit over the medium term
from its promoter's extensive industry experience and established
relations with customers. The outlook may be revised to 'Positive'
in case of significant and sustained improvement in the firm's
scale of operation and profitability margins, or in case of a
substantial improvement in its liquidity on the back of sizeable
capital additions from its promoter. Conversely, the outlook may
be revised to 'Negative' in case of steep decline in the firm's
profitability margins, or significant deterioration in its capital
structure caused most likely by a stretch in its working capital
cycle.

RKJ was set up in 2000 as a proprietorship concern by Mr.
Rajkapoor Gupta. It manufactures gold jewellery, and sells them to
wholesalers and retailers in Mumbai (Maharashtra) and Lucknow
(Uttar Pradesh).


RAHUL URO: CRISIL Reaffirms B+ Rating on INR90MM Term Loan
----------------------------------------------------------
CRISIL's rating on long-term bank loan facility of Rahul Uro
Gynaec and Research Pvt Ltd (RUGR) continues to reflect RUGR's
small scale of operations and geographic concentration in its
revenue profile. These rating weaknesses are partially offset by
the extensive experience of the company's promoters in the
healthcare industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             90        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RUGR will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial
increase in the company's revenue while it maintains its operating
margin. Conversely, the outlook may be revised to 'Negative' if
RUGR reports considerably low revenue and cash accruals.

Update
RUGR's operating income is estimated at around INR34 million for
2014-15 (refers to financial year, April 1 to March 31) as against
INR21.7 million reported for 2013-14. The increase was on account
of ramp up in operations of the company's hospital. Earlier, on
account of its initial years of operations, its revenue was
subdued. RUGR's operating margin is estimated at around 62.00 per
cent for 2014-15 as against 59.15 per cent reported for 2013-14.
CRISIL believes that the company will register annual operating
income of INR35 million to INR37 million, while its operating
margin would remain at the current level, over the medium term.

RUGR has an efficient working capital cycle and hence does not
depend on external funds to meet its working capital requirements.
Its net cash accruals are sufficient to meet its term debt
repayment obligations. The company is expected to generate cash
accruals of INR12 million as against term debt obligations of INR9
million in 2015-16.

RUGR's financial risk profile has remained moderate, with gearing
of 1.03 times as on March 31, 2015. The gearing is expected to
improve and to 0.4 to 0.7 times over the medium term on account of
increasing accretion to reserves. RUGR had plans for building a
hospital with 50 beds at Patliputra colony in Patna (Bihar). The
project cost of around INR110 million was expected to be funded
through term debt of INR90 million and the remaining through
equity infusion. The company has completed the hospital building
at a cost of INR95 million, which was funded through a term loan
of INR62 million. However, further capital expenditure on this
project has been put on hold and no further development is
expected over the medium term.

RUGR reported a profit after tax (PAT) of INR6.1 million on net
sales of INR21.7 million for 2013-14, as against a PAT of INR5.1
million on net sales of INR14.4 million for 2012-13.

RUGR, incorporated in 2011, operates a urology and gynaecology
hospital with 30 beds in Patna.  The company is promoted by Dr.
Praveen Kumar Sinha and his wife Dr. Rashmi Prasad, who are also
full-time doctors at the hospital. Besides, it has one part-time
anaesthesiologist and around 20 para-medical staff.


RAJA MOTORS: CRISIL Raises Rating on INR60MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Raja Motors (Bathinda) (RMB) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            60       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Overdraft Facility     20       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term      6.3     CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that RMB will report
moderate revenue growth and maintain its operating margin over the
medium term, leading to steady cash accruals and a stronger
financial risk profile. Revenue is expected to grow at 5 to 8 per
cent, year-on-year, supported by increase in income from service
centres and from sale of spare parts. The liquidity will be
supported by moderate annual cash accruals of INR6 million to INR7
million, against nil debt repayment obligations and absence of
large capital expenditure plans for the medium term. Moderate
utilisation of bank limits and low incremental working capital
requirements are also expected to underpin the liquidity.

The rating reflects RMB's average financial risk profile, with
moderate total outside liabilities to tangible net worth ratio,
and average debt protection metrics. The rating also factors in
the firm's modest scale of operations and exposure to intense
competition in the automotive dealership market. These weaknesses
are partially offset by the firm's strong track record in the
automotive dealership market for vehicles of Hyundai Motor India
Ltd (HMIL; rated 'CRISIL A1+').
Outlook: Stable

CRISIL believes that RMB will continue to benefit over the medium
term from its established position in the automobile dealership
market in Bhatinda (Punjab). The outlook may be revised to
'Positive' if significant and sustainable improvement in revenue
and accruals lead to a stronger net worth and interest coverage
ratio. Conversely, the outlook may be revised to 'Negative' if a
decline in scale of operations and profitability margins or any
large debt-funded capital expenditure weakens the financial risk
profile.

RMB is a partnership firm set up in 2008 by Mr. Om Prakash Makkar
and his son Mr. Rajesh Kumar Makkar. It is the sole authorised
dealer for HMIL's passenger cars in Bhatinda.


RAM BUILDERS: ICRA Suspends 'B' Rating on INR5.0cr Loan
-------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to the
long-term fund based limits of INR2.50 crore and the non-fund
based limits of INR5.00 crore of Ram Builders. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


RAUSHEENA UDYOG: CRISIL B- Rating on Notice of Withdrawal
---------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of
Rausheena Udyog Limited (RUL) at the company's request and upon
receipt of the no objection certificate from the bank; the rating
was earlier placed on notice of withdrawal for 60 days, in line
with CRISIL's policy on withdrawal of bank loan ratings. The
rating on RUL's term loan remains suspended.

                      Amount
   Facilities       (INR Mln)    Ratings
   ----------      ---------    -------
   Bank Guarantee      105       CRISIL A4 (Notice of Withdrawal)

   Cash Credit          87.5     CRISIL B-/Stable (Notice of
                                 Withdrawal)

   Letter of Credit     5.0     CRISIL A4 (Notice of Withdrawal)

   Term Loan           110.5     Suspended

RUL was set up in March 1998 by Mr. Saroj Agarwal in Shillong
(Meghalaya). The company currently has three divisions: food,
engineering, and bag trading.


RECKON DIAGNOSTICS: CRISIL Assigns B- Rating to INR46MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank loan facilities of Reckon Diagnostics Pvt Ltd (RDPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        4.3       CRISIL B-/Stable
   Bank Guarantee        2.5       CRISIL A4
   Cash Credit          46.0       CRISIL B-/Stable

The ratings reflect RDPL's modest scale of operations in the
highly competitive diagnostics industry, and its large working
capital requirements. The ratings also factor in the company's
weak financial risk profile, marked by high gearing, weak debt
protection metrics, and stretched liquidity. These rating
weaknesses are partially offset by the extensive industry
experience of RDPL's promoters and their long-standing
relationships with distributors and suppliers.
Outlook: Stable

CRISIL believes that RDPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
substantial revenue, while improving its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' if
RDPL's financial risk profile, particularly its liquidity,
weakens, most likely due to a considerable decline in its revenue
and profitability, or inefficient working capital management, or
large debt-funded capital expenditure.

Incorporated in 1984, RDPL is promoted by Vadodara-based Mr. Nital
Patel and his family. The company manufactures diagnostic kits for
carrying out various medical tests.

For 2013-14 (refers to financial year, April 1 to March 31), RDPL
reported a net profit of INR0.02 million on sales of INR138.8
million, against a net profit of INR0.1 million on net sales of
INR95.5 million for 2012-13.


REMEDY MEDICAL: ICRA Assigns B- Rating to INR8.2cr Term Loan
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR8.2
crore* term loans, INR0.5 crore cash credit facility and INR3.3
crore unallocated limits of Remedy Medical Services Pvt. Ltd. ICRA
has also assigned a short term rating of [ICRA]A4 to the INR5
crore letter of credit facility (sub-limit of the term loan) and
INR3.3 crore unallocated limits (which is also rated on the long-
term scale) of RMSPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limit-
   Term Loans               8.2        [ICRA]B- Assigned

   Fund Based Limit-
   Cash Credit              0.5        [ICRA]B- Assigned

   Non-Fund Based Limit
   Letter of Credit         5.0        [ICRA]A4 Assigned

   Unallocated Limits       3.3        [ICRA]B-/[ICRA]A4 Assigned

The assigned ratings take into account RMSPL's small scale of
operations at present with a single hospital located in Kolkata,
West Bengal, exposing the company to geographical concentration
risks as well. Although the existing team of doctors have been
associated with RMSPL for a long time, recruiting and retaining
good doctors is likely to remain a key challenge. The ratings also
take note of the moderate financial risk profile of the company as
reflected by modest profitability and comfortable business return
indicators. Given the moderate capital structure at present, the
debt coverage indicators also remained healthy. However, the
company is undertaking part debt funded capital expenditure
(capex) for addition of new medical equipments and capacity
expansion, which, in turn, is likely to adversely impact the
capital structure as well as debt coverage indicators going
forward. The rating also takes note of the established track
record of the company in the healthcare industry for over a
decade, healthy profitability indicators over the last three years
and positive outlook for the sector due to rising expenditure on
healthcare, growing health insurance, and new opportunities in
medical tourism. In ICRA's opinion, the ability of the company to
increase its scale of operations and maintain its profitability
while utilising its expanded facility would remain key rating
sensitivities going forward.

Established in 1999, Remedy Medical Services Pvt. Ltd. commenced
operations as a diagnostic centre in November, 2001. In 2004, it
set up a multi-speciality hospital in Kolkata, West Bengal, with a
total capacity of 49 beds. Additionally, the hospital is launching
another unit, adjacent to its existing building, with a capacity
of 45 beds. The operations at the new unit are expected to begin
by December, 2015.

Recent Results
During 2013-14, RMSPL recorded a profit after tax (PAT) of INR0.32
crore on the back of an operating income (OI) of INR6.75 crore as
against a PAT of INR0.34 crore on the back of an OI of INR7.12
crore during 2012-13. During 2014-15, as per the provisional
results, the company has registered an OI and PAT of INR9.08 crore
and INR0.45 crore respectively.


ROYALCARE SUPER: ICRA Assigns 'B' Rating to INR10cr Term Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR10.00
crore term loan facilities of Royalcare Super Specialty Hospital
Limited.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term - Term Loans     10.00      [ICRA]B Assigned

The rating takes into consideration the significant experience of
the promoters in the healthcare industry and the favorable
catchment area of the proposed hospital which is expected to drive
the patient inflows. The rating draws comfort from the favorable
maturity profile of the debt with a moratorium of 33 months (from
the date of first disbursement) followed by ballooning repayments
spread over 6 years. The rating is, however, constrained by the
high project execution given that the project is in a nascent
stage of development. The rating is also constrained by the
presence of established and reputed hospitals in Coimbatore;
however, the favorable demand-supply scenario in the region is
expected to support the occupancy levels for the hospital. Going
forward, the ability of the company to commence operations at the
earliest and achieve adequate occupancies and per bed revenues
thereby generating strong cash flows will be key rating
sensitivities.

Royalcare Super Speciality Hospital Limited was established by Dr.
K Madeswaran in December 2012. The registered office of the
company is situated at Coimbatore (Tamil Nadu). The Company is to
establish a multi-speciality hospital under the name Royalcare
Super Speciality Hospital in Neelambur, Coimbatore with world
class state of the art facilities providing tertiary care. The
hospital is proposed to be a 200-bed facility initially and to be
expanded to a 600-bed facility over two phases (of 200 beds each)
over a period of seven years from commencing operations.


RUDRAPUR PRECISION: ICRA Suspends B- Rating on INR6.20cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B- assigned to
the INR2.50 crore cash credit limits, INR6.20 crore term loans and
INR1.05 crore unallocated limits of Rudrapur Precision Industries
(RPI). The suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.

Rudrapur Precision Industries (RPI) is a partnership firm was
incorporated in March 2012 with two partners namely Mr. Amit
Rajput and Smt. Anupam Chauhan with equal shareholding. The firm
manufactures axle and steering products for vehicles such as rear
hubs, cover plates, I-bracket and seal race. The manufacturing
facility for the firm is located in Rudrapur (Uttarakhand). The
products manufactured are of various sizes and shapes as per the
requirement of customers and presently the firm has around thirty
two products in its portfolio. The firm is also engaged in the job
work for its customers. The firm currently supplies to various
customers like Mahabal Auto Ancillaries private Limited and
Windals Auto Private Limited.


S&S GREEN: CRISIL Assigns 'B' Rating to INR200MM Long Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of S&S Green Projects Pvt Ltd (SSGPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        200       CRISIL B/Stable

The rating reflects SSGPL's susceptibility to risks related to the
completion and saleability of its ongoing real estate residential
projects in Hyderabad, and to cyclicality in the Indian real
estate industry. These rating weaknesses are partially offset by
the extensive industry experience and established track record of
SSGPL's promoters in the residential real estate development
business.

Outlook: Stable

CRISIL believes that SSGPL will continue to benefit from the
extensive industry experience of its promoters and its established
track record in the real estate industry in Hyderabad. The outlook
may be revised to 'Positive' if the company achieves an earlier
than expected completion and sale of its projects leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if there are any delays in project
completion, in the receipt of advances from customers, or if the
company undertakes a larger than expected debt funded project
leading to deterioration in its financial risk profile.

Established as S&S Constructions and subsequently converted into
SSGPL in 2010, SSGPL is engaged in real estate business majorly
residential constructions in Hyderabad. The company is promoted by
Mr. Vijay Sai and Mr. Amar Kumar.

For 2013-14 (refers to financial year, April 1 to March 31), SSGPL
registered a net profit of INR0.1 million on operating income of
INR312.1 million, against a net profit of INR0.3 million on net
sales of INR417 million for 2012-13.


SANJEEVANI ASSOCIATES: CRISIL Cuts Rating on INR70MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Sanjeevani Associates (Sanjeevani) to 'CRISIL D' from 'CRISIL
B/Stable'.

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

   Proposed Long Term    70        CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

The rating downgrade reflects Sanjeevani's over-utilisation of its
cash credit account for more than 30 consecutive days, because of
weakening liquidity. The liquidity has weakened following
diversion of funds by Sanjeevani to support the operations of an
associate concern which is engaged in real estate development.

The rating reflects Sanjeevani's weak financial risk profile,
marked by modest net worth, high gearing, and weak debt protection
metrics. The rating also factors in the firm's modest scale of
operations, with high geographical and end-user industry
concentration in its revenue profile. However, the firm benefits
from the extensive experience of its proprietor in the building
materials trading industry.

Sanjeevani trades in a variety of building materials, including
cement, flooring, and bricks. It was set up as proprietorship firm
in 2009 and is owned and managed by Mr. Sunil D Madane. The firm
is part of the Baramati (Maharashtra)-based Kale group, which is
primarily engaged in real estate development. Sanjeevani's
clientele includes group entities.


SENGUNTHAR MILLS: CRISIL Cuts Rating on INR90MM Cash Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sengunthar Mills Pvt Ltd (SMPL) to 'CRISIL B-/Stable' from
'CRISIL B+/Stable'.

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

   Long Term Loan       24.7       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that SMPL's business
risk profile will remain weak over the medium term marked by its
modest scale of operations and susceptibility to volatility in raw
material prices. The company is likely to report operating losses
in 2014-15 (refers to financial year, April 1 to March 31) due to
fluctuations in cotton prices and its inability to pass on the
same to its customers resulting in inventory losses. Continued
pressure on profitability will constrain SMPL's cash accruals and
limit its ability to meet its debt obligations over the medium
term. CRISIL, however, believes that SMPL will meet its debt
obligations in time aided by funding support from its promoters.

The rating reflects SMPL's small scale of operations in the
intensively competitive cotton yarn industry and its below-average
financial risk profile marked by a highly leveraged capital
structure and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
SMPL's promoters in the textile industry and the company's
established position in the cotton yarn segment in Tamil Nadu.
Outlook: Stable

CRISIL believes that SMPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's revenue and profitability leading to
improved liquidity. Conversely, the outlook may be revised to
'Negative' if SMPL undertakes any large debt-funded capital
expenditure programme, or registers significant decline in its
profitability, or if its working capital cycle lengthens,
weakening its liquidity.

SMPL was set up in 1980 by Mr. K S A Kandasamy Mudaliar and Mr. T
N Thiruvenkadam and their relatives. It manufactures cotton yarn.
Its facility is in Tiruchengode (Tamil Nadu). SMPL's promoter-
director, Mr. T N Thiruvenkadam, has been engaged in a similar
business for three decades. The company has wind power generators
with combined capacity of 2.95 megawatts.


SHIVA METALLOYS: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shiva Metalloys
International Ltd (Shiva) continue to reflect Shiva's weak
operating margin because of its trading business, company's
susceptibility to volatility in raw materials prices and foreign
exchange rates, and its weak financial risk profile. These rating
weaknesses are partially offset by the extensive industry
experience of Shiva's promoters and its established relationship
with a reputed international supplier.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           110       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      100       CRISIL A4 (Reaffirmed)
   Letter of Credit       50       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Shiva's business risk profile will continue
to be supported by its promoter's extensive industry experience
and long standing experience with its key supplier. The outlook
may be revised to 'Positive' if the company's revenue or
profitability is significantly higher than expected and if it
sustains or improves its working capital management, thereby
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if Shiva's sales or profitability are
significantly lower than expected or if its working capital cycle
weakens.

Incorporated in 1982 and based in New Delhi, Shiva is promoted by
Mr. Suresh Kumar Chawla and his family members. It was
reconstituted as a limited company in 1990. Shiva trades in non-
ferrous metal alloys such as nickel, zinc, tin, and lead. However,
about 90 per cent of its revenue is contributed by the sale of
nickel. The company is an authorized agent for Vale Inco, Canada,
and is one of the five distributors in India that imports nickel
from Vale Inco.


SHREE GANESH: ICRA Assigns 'B' Rating to INR6cr Cash Loan
---------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR6.00 crore cash
credit and INR2.00 crore term loan facility of Shree Ganesh Cotton
Industries.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit              6.00       [ICRA]B assigned
   Term Loan                2.00       [ICRA]B assigned

The assigned rating is constrained by risk associated with
stabilization of plant as per expected parameters and possible
stress on debt servicing ability in adverse scenario. The rating
is further constrained by highly competitive and fragmented
industry structure owing to low entry barriers which is expected
to keep margins under pressure and vulnerability of the firm's
profitability to the adverse fluctuations in raw cotton prices,
which are subject to seasonality and crop harvest. Further, with
SGCI being a partnership firm, any significant withdrawals from
the capital account would affect its net worth and thereby the
gearing levels.

The rating, however, favourably takes into account the past
experience of the partners in the cotton industry and the
favorable location of the firm's manufacturing facility at Rajkot
giving it easy access to raw material.

Established in 2015, Shree Ganesh Cotton Industries has set up a
cotton ginning and crushing unit at Rajkot in Gujarat. The plant
is equipped with 36 ginning machines and 1 pressing machine with a
manufacturing capacity of producing 180 bales per day. The firm
has also installed 6 expellers for cotton seed crushing having
processing capacity of 60 tonnes of cottonseeds per day. Shree
Ganesh Cotton Industries is a partnership firm with the partners
having extensive experience in the cotton industry through its
concern - KK Cotex (rated [ICRA] B+).


SHRI VISHNU: ICRA Assigns 'B' Rating to INR4.30cr LT Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR4.30
crore fund based facilities of Shri Vishnu Perumaal Spin Yarn
Limited. ICRA has also assigned the long-term / short-term rating
of [ICRA]B/[ICRA]A4 to the INR5.70 crore unallocated limits of
SVPSYL.

                             Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   LT-Fund based facilities    4.30      [ICRA]B assigned
   LT/ST-unallocated limits    5.70      [ICRA]B/[ICRA]A4
                                          assigned

The assigned rating factors in the experience of promoter in the
textile industry, the Company's established relationship with its
reputed customers, which lends stability to its revenues to an
extent and the funding support in the form of unsecured loans from
the promoters. ICRA also takes note of the diversification
benefits arising from commencement of logistics division during
2012-13. The rating is however constrained by the Company's
moderate scale of operations, which limits benefits from economies
of scale; capital structure characterized by high gearing and
stretched coverage indicators due to lower accruals from the
business in the past and high working capital funding requirements
and high competition which limits pricing flexibility. The ratings
also factor in the vulnerability of earnings to volatility in yarn
prices, although the risk is mitigated to an extent since majority
of revenues are derived from job work, for which raw material is
provided by customers.

Shri Vishnu Perumaal Spin Yarn Limited was incorporated on 28th
August 1986 as "Savandapoor Finance and Leasing Company Limited",
which was renamed on 15th December 2005. The company is currently
managed by Mr. S.P.Srinivasan, Ms. S.Parvathi, Mr.S.R.Perumal and
Mr.S.Vishnu, the directors of the company. The business of the
company is manufacture of polyester yarn. The company has two
manufacturing units, located in Coimbatore and Gobichettipalayam
with a total capacity of 16,240 spindles and 12,000 spindles
respectively. The company also has a windmill with a capacity of
225 KVA. The company commenced operations of its Logistics
division in 2012-13 and has tied up with leading distribution and
supply chain solution companies like GATI, TCI, Blue Dart, etc
providing logistics support.

The company has two group concerns 'Shri Ram Mills (P) Ltd' and
'Erocot Spinners (P) Limited' wherein, the promoters of 'Shri
Vishnuperumaal Spin Yarn Limited' hold majority stake. Both the
concerns are engaged in similar line of business.

Recent Results
As per the audited results for the period 2013-14, SVPSYL has
reported profit after tax (PAT) of INR0.7 crore on an operating
income (OI) of INR28.0 crore as against PAT and OI of INR- 0.1
crore and INR19.3 crore respectively for the corresponding period
in the previous fiscal.


SOCIETY FOR: CRISIL Rates INR120.9MM Term Loan at 'D'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Society For Development Of Human Resources (SDHR).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            120.9      CRISIL D

The rating reflects instances of delay by SDHR in servicing its
term debt; the delays were due to insufficient cash accruals on
account of low occupancy levels in the initial years of the
society's operations.

SDHR also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, and a short track record
of operations. Moreover, the society is vulnerable to regulatory
risks associated with educational institutions. However, SDHR
benefits from the healthy prospects for the education sector.

SDHR was set up in 2008 by Mr. B K Goyal. The society runs an
institute of technical education under the name, Delhi Technical
Campus, in Bahadurgarh (Haryana) offering management and
engineering courses. The institute is approved by the All India
Council for Technical Education, and is affiliated to MD
University in Rohtak (Haryana). Presently, the institute is
managed by Mr. B K Goyal, who is the chairperson.

SDHR reported a net surplus of INR4.6 million on net fee income of
INR42.0 million for 2013-14 (refers to financial year, April 1 to
March 31), against a net surplus of INR5.3 million on net fee
income of INR28.60 million for 2012-13. The society is expected to
register net fee income of INR 73.0 million in 2014-15.


SOMA ISOLUX: CRISIL Reaffirms 'B' Rating on INR15.5BB Term Loan
---------------------------------------------------------------
CRISIL has upgraded its rating on the INR3000 million long-term
bank facility of Soma Isolux Varanasi Aurangabad Tollway Pvt Ltd
(SIVA) to 'CRISIL B/Stable' from 'CRISIL D'; the rating on the
company's other long-term bank facilities has been reaffirmed at
'CRISIL B/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term     1,500      CRISIL B/Stable (Upgraded
   Bank Loan Facility                from CRISIL D)

   Term Loan             15,500      CRISIL B/Stable (Reaffirmed)

   Term Loan              3,000      CRISIL B/Stable (Reaffirmed)

The rating upgrade follows payment of all dues by SIVA and the
resumption of disbursement by one of the lenders that had stalled
fresh disbursements due to slow project execution. Moreover, the
project escrow account has sufficient funds and some of the
project risks were mitigated with the signing of the supplementary
agreement with National Highways Authority of India (NHAI; rated
'CRISIL AAA/Stable') in January 2015, which entails revised
milestones and terms. Following the supplementary agreement with
NHAI, SIVA has applied for revising its debt schedule and for
raising additional debt. CRISIL believes that the project
continues to face high implementation risk, with extremely slow
construction progress and non-availability of complete Right of
Way (ROW). However, SIVA benefits from its strategic location and
presence of industrial areas on the project highway. CRISIL will
continue to monitor the project execution and the sanction of the
revised debt proposal from the lenders.
Outlook: Stable

CRISIL believes that SIVA will be exposed to high project
implementation risk, though it will continue to benefit from its
strategic project location resulting in healthy toll revenue. The
outlook may be revised to 'Positive' if the project is completed
as per the revised schedule and within the budget. Conversely, the
outlook may be revised to 'Negative' if the project faces further
substantial delays, leading to liquidity constraints.

SIVA is a special-purpose vehicle (SPV) set up by Isolux Corsan
India Engineering and Construction Pvt Ltd (a part of the Isolux
Corsan group) and Soma Enterprises Ltd in 2010. The SPV has
entered into a concession agreement with NHAI to implement a road
project on design-build-finance-operate-transfer (DBFOT) pattern
on toll basis.

The project involves construction, designing, engineering,
operation, and maintenance of six lanes (192.40 kilometres) of the
Varanasi-Aurangabad section of National Highway 2 (one arm of
Golden Quadrilateral, connecting New Delhi-Agra-Allahabad-
Varanasi-Aurangabad-Kolkata) in Uttar Pradesh and Bihar on toll
basis. The concession period is for 30 years, including the
construction period.

The project execution is far behind schedule, mainly on account of
non-availability of complete Right of Way (ROW) and difficulty in
procuring aggregates for construction work with the non-grant of
mining license in Bihar. So far, SIVA has received about 50 per
cent of ROW and completed about 20 per cent of construction work.
The company signed a supplementary agreement with NHAI in January
2015 and the Commercial Operation Date (COD) has been revised to
June 30, 2017.

The company commenced tolling from September 12, 2011, and booked
tolling revenue of INR2057 million for 2013-14 (refers to
financial year, April 1 to March 31). The toll collections
continue to support the equity infusion requirement that is a part
of the project funding plan.


SRI SARAVANA: ICRA Ups Rating on INR16cr LT Loan to 'B'
-------------------------------------------------------
ICRA has upgraded the long-term rating outstanding on the INR7.44
(revised from 13.68) crore term loan facilities and INR16.00 crore
fund based facilities of Sri Saravana Tex Exports Private Limited
to [ICRA]B from [ICRA]D. ICRA has also upgraded the short-term
rating outstanding on the INR5.32 crore non-fund based facilities
of SSTEIPL to [ICRA]A4 from [ICRA]D. ICRA has assigned a long-term
rating of [ICRA]B to the INR4.24 crore proposed facilities and a
short term rating of [ICRA]A4 to the INR2.00 crore fund based
facilities of SSTEIPL.

                               Amount
   Facilities                (INR crore)     Ratings
   ----------                -----------     -------
   LT-Term loan facilities       7.44        [ICRA]B/upgraded
   LT-Fund based facilities     16.00        [ICRA]B/upgraded
   LT-Unallocated limits         4.24        [ICRA]B/assigned
   ST-Fund based facilities       2.00       [ICRA]A4/assigned
   ST-Non-fund based facilities   5.32       [ICRA]A4/upgraded

The rating revision takes into account the regularization of debt
servicing by the company, supported by improved demand conditions
in the recent months which has led to an improvement in the
liquidity position. The ratings, however, remain constrained by
the stretched capital structure and weak coverage indicators on
account of low accruals from the business in the past. The ratings
also take cognizance of the company's moderate scale of operations
and the intense competition in the business which limits pricing
flexibility thereby exposing earnings to fluctuations in raw
material prices. ICRA also takes note of the moderation in debt
repayment obligations going forward, compared to obligations in
last three years, which also mitigates the liquidity pressure to
an extent.

Sri Saravana Tex Exports India Private Limited (SSTEIPL),
incorporated in the year 2005 and situated in Rajapalayam (Tamil
Nadu), is engaged in the manufacturing and export of cotton yarn
and cotton grey cloth. The Company is promoted by Mr. Shanmugam,
who set up the spinning operations in early 1990s through a
partnership firm, which has been subsequently converted into
SSTEIPL. Currently operating with an installed capacity of 31,152
spindles and 302 power-looms, the Company produces yarn in the
range of 20s to 60s counts focusing largely on the 30s and 40s
counts. The Company exports major portion of yarn production to
China and the entire production of grey cloth to European
countries such as Germany, France and Spain. The domestic client
base for yarn is spread across the states of Andhra Pradesh,
Karnataka and Tamil Nadu.

Recent Results
The company had reported a profit before tax of INR0.65 crore on
an operating income of INR71.5 crore in 2014-15 (on a provisional
basis) as against a net profit of INR0.9 crore on an operating
income of INR83.6 crore during financial year 2013-14.


SRI SELVAKUMAR: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sri Selvakumar
Mills (P) Ltd (SSMPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The agency has also assigned ratings to SSMPL's
bank loans as follows:

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Long-term loans          39.2       Assigned 'IND BB-'/Stable
   Fund-based facilities   115         Assigned 'IND BB-'/Stable/
                                       'IND A4+'
   Non-fund-based
   facilities                3.7       Assigned 'IND A4+'

KEY RATING DRIVERS

The ratings reflect SSMPL's small scale of operations and moderate
credit metrics. Unaudited FY15 financials indicate revenue of
INR452 million (FY14: INR433 million), net leverage (adjusted net
debt /operating EBITDAR) of 4.0x (4.0x) and EBITDA interest cover
of 2.1x (1.7x).

The ratings are constrained by SSMPL's fluctuating EBITDA margins
(FY11-FY15: 8.4%-18.0%) because of volatility in raw material
prices.

The ratings factor in SSMPL's comfortable liquidity position and
promoters' over two decades of experience in the cotton yarn
manufacturing business. The company's average use of the fund
based working capital facilities was 86% during the 12 months
ended May 2015.

RATING SENSITIVITIES

Positive: A substantial growth in the top-line and EBITDA margin
leading to a sustained improvement in the credit metrics could be
positive for the ratings.

Negative: Any deterioration in the EBITDA margin leading to
sustained deterioration in the credit metrics could be negative
for the ratings.

SSMPL was established in 1985 and manufactures open-end yarn,
greige and processed fabrics.


SRI SRINIVASA: ICRA Reaffirms B+ Rating on INR8.80cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR8.80 crore fund based limits of Sri Srinivasa Rice Mill. ICRA
has also reaffirmed the ratings of [ICRA]B+/[ICRA]A4 assigned to
INR1.20. crore unallocated limits of SSRM.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits       8.80         [ICRA]B+ re-affirmed
   Unallocated limits      1.20         [ICRA]B+ /[ICRA]A4
                                        re-affirmed

The reaffirmation of ratings factors in SSRM's weak financial
profile characterized by low profitability, high gearing and weak
coverage indicators; small scale of operations in the rice milling
industry and risks arising from partnership nature of the firm. It
is further constrained by intensive competitive nature of the rice
milling industry restricting operating margins and agro climatic
risks, which can affect the availability of the paddy in adverse
weather conditions. The rating is however supported by the long
track record of the promoters in the rice mill business and ease
in paddy procurement due to location of facility in major paddy
cultivating region of the country. Further, favorable demand
prospects of the industry with India being the second largest
producer and consumer of rice internationally argues well for the
firm.

Going forward, the firm's ability to improve its profitability and
manage its working capital requirements will be key rating
sensitivities from credit perspective.

Sri Srinivasa Rice Mill (SSRM) was incorporated in the year 1982
and is engaged in the milling of paddy and produces raw and boiled
rice. It is promoted by Mr.CH.S.V.Satyanarayana Murthy. The
company has a milling unit in Kapileswarapuram Mandel (East
Godavari district) of Andhra Pradesh with a milling capacity of 5
TPH (ton per hour).

Recent Results
SSRM has reported an operating income of INR46.78 crore and net
profit of 0.22 crore respectively in FY2014 as against an
operating income and net profit of INR46.66 crore and INR0.21
crore in FY2015 (provisional and unaudited).


TEMET AGRIPACK: CRISIL Suspends B Rating on INR100MM Bank Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Temet
Agripack.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      100        CRISIL B/Stable

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

Temet Agripack has been recently established by Odisha-based Mr.
Lomapada Mishra as a proprietorship firm to set up a storing,
grading, and packing unit for agricultural products near Cuttack.
The project is currently in the initial stage of implementation,
and the proposed unit is scheduled to commence commercial
operations from April 2014.


TULSI DALL: CRISIL Reaffirms 'B' Rating on INR75MM Cash Loan
------------------------------------------------------------
CRISIL's rating of bank facilities of Tulsi Dall Mill (TDM)
continues to reflect TDM's weak financial risk profile, marked by
modest net worth, high TOLTNW, and weak debt protection metrics,
working capital intensive and small scale of operations in a
fragmented agricultural commodities industry. These rating
strengths are partially offset by promoters' extensive experience
in the agro-commodities trading business.

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

Outlook: Stable

CRISIL believes that TDM will continue to benefit from its
promoters' long-standing industry experience. The outlook may be
revised to 'Positive' in case of significant improvement in TDM's
operating margin, accompanied by efficient working capital
management, resulting in more-than-expected net cash accruals,
thereby improving company's financial risk profile and
particularly its liquidity. The outlook may be revised to
'Negative' in case of larger-than-expected, debt-funded capital
expenditure, or elongation of company's working capital cycle, or
decline in company's operating margins, leading to deterioration
in its financial risk profile.

Update
TDM's revenue declined marginally by about 10 per cent to INR320
million in 2014-15 (refers to financial year, April 1 to
March 31). TDM's operating profitability is estimated to have
remained flattish at an estimated 4 per cent during the same
period. On the back of marginally reduced revenue and flattish
profitability, the company achieved net cash accruals of an
estimated INR1 million in 2014-15. The firm's working capital
cycle remained stable reflected in the gross current assets (GCAs)
of an estimated 154 days as on March 31, 2015. The firm's
liquidity remained stretched marked by average bank limit
utilisation of 97 per cent in 2014-15. The firm is planning to
shift the existing plant to a different location in Nagpur. The
company will continue its operations at the current facility until
completion of sale of its existing facility. The proceeds from the
sale of existing facility are likely to be used for repayment of
existing cash credit facility and for construction of the new
facility.

TDM, a partnership firm based in Nagpur (Maharashtra), was
established in 1987 by Mr. Mohandas Aswani, and Mr. Tulsi Aswani.
The firm is engaged in processing and trading of various pulses
such as toor dal, chana dal (split chickpeas) and also vatana.

TDM  reported a profit after tax (PAT) of INR0.8 million on net
sales of INR 356.5 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR0.7 million on net sales
of INR351.6 million for 2012-13.


U. B. RICE: CRISIL Ups Rating on INR60.4MM Bank Loan to B-
----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of U. B.
Rice Mill Pvt Ltd (UBRMPL) to 'CRISIL B-/ Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       3.5       CRISIL A4 (Upgraded from
                                  'CRISIL D')

   Cash Credit          35.2      CRISIL B-/Stable (Upgraded from
                                  'CRISIL D')

   Proposed Long Term   60.4      CRISIL B-/Stable (Upgraded from
   Bank Loan Facility             'CRISIL D')

   Term Loan            20.9      CRISIL B-/Stable (Upgraded from
                                  'CRISIL D')

The rating upgrade reflects UBRMPL's timely servicing of its debt
over the three months ended May 31, 2015, along with prepayment of
its obligation due on June 30, 2015, supported by receipt of
capital subsidy of INR3 million in 2015-16 (refers to financial
year, April 1 to March 31). UBRMPL's net sales have increased
estimated at over INR255.6 million in 2014-15 from INR226.2
million in 2013-14 while it has sustained its operating
profitability with operating profitability estimated at around 6.9
per cent in 2014-15, resulting in an improvement in its net cash
accruals; however the accruals have remained tightly matched
against its term-debt obligations. UBRMPL's net cash accruals are
expected to remain just sufficient at around INR10.5 million for
2015-16 as against its term-debt obligations of around INR10.4
million for 2015-16. UBRMPL's financial risk profile has remained
average marked by average gearing estimated at around 1.82 times
as on March 31, 2015 which has improved from gearing of over 2.39
times as on March 31, 2014. Company's net worth has remained small
estimated at over INR35.5 million as on March 31, 2015 which has
marginally improved from INR30.2 million as on
March 31, 2014. CRISIL believes that UBRMPL will sustain its
growth and operating profitability over the medium term, thereby
generating adequate cash accruals for meeting its scheduled debt
obligations. However, timely funding support from the promoters
along with receipt of capital subsidy will remain key rating
sensitivity factors over the medium term.

The ratings reflect UBRMPL's small scale of operations in the
highly fragmented rice industry, and the company's average
financial risk profile, marked by average gearing and a small net
worth. These rating weaknesses are partially offset by the
extensive industry experience of UBRMPL's promoters and the
company's moderate working capital requirements.
Outlook: Stable

CRISIL believes that UBRMPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's capital
structure improves, either by equity infusion or a substantial
increase in its cash accruals, backed by improvement in its scale
of operations and operating profitability along with prudent
working capital management. Conversely, the outlook may be revised
to 'Negative' if UBRMPL's financial risk profile, particularly its
liquidity, deteriorates, most likely on account of a further
decline in its revenue and profitability, or large debt-funded
capital expenditure, or an increase in its working capital
requirements.

UBRMPL was incorporated in 2006, promoted by the West Bengal-based
Bajaj family. The company mills and processes paddy and
manufactures reclaim rubber. Mr. Aditya Bajaj and his father Mr.
Sushil Kumar Bajaj, the company's key promoters, manage its day-
to-day operations.


U V COTTON: ICRA Reaffirms B+ Rating on INR20cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR20.00 crore fund
based cash credit facility and INR1.30 crore term loan facility of
U V Cotton & Oil Industries. ICRA has also reaffirmed the [ICRA]A4
rating to the INR0.20 crore short term non fund based bank
guarantee facility of UVCOI.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             20.00       [ICRA]B+; Reaffirmed
   Term Loans               1.30       [ICRA]B+; Reaffirmed
   Bank Guarantee           0.20       [ICRA]A4; Reaffirmed

The ratings continue to remain constrained by the weak financial
profile of the firm as reflected by thin profit margin, adverse
capital structure and weak debt coverage indicators. The ratings
also consider the low operating margin on account of limited value
addition and highly competitive and fragmented industry structure
due to low entry barriers. The ratings are further constrained by
vulnerability of profitability to raw material prices, which are
subject to seasonality and crop harvest and regulatory risks with
regard to minimum support price (MSP) of raw cotton and export of
cotton bales. Also, being a partnership firm, any substantial
withdrawal by the partners could have an adverse impact on the
capital structure of the firm.

The ratings, however, continue to favorably consider the extensive
experience of the promoters in the cotton industry as well as
strategic location of the plant in the cotton producing belt of
India giving it easy access to raw cotton.

U V Cotton & Oil Industries (UVCOI) incorporated in 2011 is
promoted by Mr. Chandubhai Khachar and other family members. The
firm is engaged in cotton ginning & pressing to produce cotton
bales and cotton seed. The firm has installed 24 ginning machines
with installed capacity of producing 250 cotton bales per day and
19 crushing machines having installed capacity to manufacture 25
MT cotton seeds oil per day.

Recent Results
During FY15 (unaudited provisional financials), the firm reported
an operating income of INR120.85 crore and net profits of INR0.81
crore.



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


GAJAH TUNGGAL: Moody's Affirms B2 CFR & Changes Outlook to Neg.
---------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Gajah Tunggal Tbk (P.T.) (GT) and the B2 rating on its
$500 million senior secured notes due 2018.  The rating outlook
has been changed to negative from stable.

RATINGS RATIONALE

"The change in outlook to negative reflects our expectation that
increased competition and weak demand for Gajah Tunggal's
motorcycle and bias tires in 2015 will result in a further
weakening of profit margins" said Brian Grieser, a vice president
-- Senior Analyst at Moody's.  "In addition to tepid underlying
demand from Indonesian consumers, GT's largely unmitigated
exposure to a weakening rupiah and growing transportation costs,
associated with its export sales, will weigh on margins throughout
the year."

Strong export sales growth from its radial tires in markets such
as the US and lower rubber prices have yet to fully mitigate the
pressure on margins driven by the slowing local sales, weak rupiah
and increased transportation costs.  As a result, LTM EBITDA
margins for March 2015 have fallen to around 14% which is the
lowest level since 2011.

Accordingly, we expect cash flows to be negatively impacted in
2015 as margins tighten.  Weaker cash generation will weigh on
GT's liquidity over the next twelve months resulting in declining
cash balances and high reliance on short term working capital
facilities.  GT's high capital spending requirements, particularly
with regards to its truck and bus radial tire plant and tire
performance track construction, is expected to lead to negative
free cash flow in 2015.  Moody's expects a significant reduction
in capital spending once these projects are completed.  While the
ratings are underpinned by our expectation that GT will
successfully extend working capital facilities, which mature in
August 2015, we believe covenant headroom will continue to tighten
and will likely require the company to renegotiate covenant terms
when it renews the facilities.

The B2 CFR continues to reflect GT's leading position in the
Indonesian domestic replacement tire market, its balanced product
and geographical sales mix and a growing success rate with car
makers in its original equipment manufacturer (OEM) business.
Further, credit protection metrics such as leverage and interest
coverage remain consistent with ratings.  At March 31, 2015,
Moody's adjusted Debt-to-EBITDA stood at 4.2x and adjusted EBITA-
to-Interest at 1.8x.

A downgrade would likely occur if a) GT continues to lose share in
its core domestic tire market, b) GT's financial profile
deteriorates due to significant pressure in its profit margins,
particularly if there is a further deterioration in the rupiah, or
c) it expands its business through aggressive debt-funded
acquisitions or capital expenditures such that debt/EBITDA exceeds
5x on a sustained basis.  A deterioration in liquidity due to loss
of access to its working capital facilities, falling cash
balances, or increased capital spending could also result in a
ratings downgrade.

Upward pressure on the ratings is unlikely to develop given the
negative outlook, however if the company is successful in a)
diversifying its funding sources with more spread out debt
maturity schedule, b) reducing exposure to volatile foreign
exchange fluctuations c) arresting margin declines and d)
executing its expansion plans while maintaining existing or
improved credit protection metrics, the ratings would be
stabilized.

Indonesia based Gajah Tunggal ("GT") is Southeast Asia's largest
integrated tire manufacturer with capacity to produce 55,000
tires/day of radial, 14,500 tires/day of bias, 90,000 tires/day of
motorcycle tires and 350 tires/day of truck and bus radial tires
(TBR).  Exports accounted for 41% of sales and the domestic market
accounted for 59% of sales during the first three months to March
2015.  The key shareholders for GT include Denham Pte Ltd, which
is a subsidiary of a Chinese Tire Manufacturer Giti Tire (not
rated), with 49.5% stake and Compagnie Financiere du Groupe
Michelin (A3, stable), which holds a 10% interest.  The balance of
shares are publicly traded on the Indonesian Stock Exchange.



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


MITSUI O.S.K.: Moody's Lowers CFR to Ba1; Outlook Stable
--------------------------------------------------------
Moody's Japan K.K. downgraded Mitsui O.S.K. Lines, Ltd.'s (MOL)
issuer rating to a corporate family rating of Ba1. At the same
time, Moody's withdrew the Baa3 issuer rating.  The outlook is
stable.

This action concludes the review for possible downgrade initiated
on Feb. 3, 2015.

RATINGS RATIONALE

"The rating action reflects our expectation that the company will
not be able to deleverage fast enough to maintain its investment
grade rating," said Mariko Semetko, a Moody's Vice President and
Senior Analyst.  For the year ended March 31, 2015, the company's
ordinary profit declined by 7% to JPY 51.3 billion compared to a
year ago.  Moody's does not expect material improvements in
freight rates, particularly in dry bulk.  Over the coming 12-18
months, it is difficult to foresee the company improving its
profitability and sustaining leverage at levels more appropriate
for an investment grade rating.

The rating action contemplated the changes in Moody's approach for
capitalizing operating leases.  Based on MOL's preliminary
earnings release and Moody's estimates for adjustments, adjusted
debt/EBITDA for the fiscal year ended 31 March, 2015 of about 7.8x
would be about 8.4x without the change in the standard adjustment
for operating leases.  The Ba1 rating reflects Moody's view that
MOL's weak earnings and operating performance amid continued
difficult conditions in the commodity shipping markets are more
important ongoing credit considerations than this one-time change
in leverage from the change in the standard adjustment.
Consequently we expect debt/EBITDA will remain above 7x as of
March 31, 2016 even with the reduced operating lease adjustment.

MOL's Ba1 rating reflects the company's very high debt leverage,
continued weakness in the bulk ship segment, and persistent
industry-wide overcapacity that limits the company's ability to
raise freight rates.  The company's consistently weak financial
metrics including persistently high leverage (as measured by
debt/EBITDA) are partially offset by its well-established presence
among the Japanese shipping companies, its limited refinancing
risk, and its large scale.

MOL is a core member of the Sumitomo Mitsui Group and maintains
firm and stable relationships with its main bank.  Incorporating
the Japan support system, MOL's strong relationships with lenders
and group companies result in a two-notch uplift to the ratings
from its fundamental credit worthiness.

The company will benefit from establishing a track record of
meeting its budget.  In the fiscal year ended 31 March 2015, the
company lowered its guidance twice.  Moody's acknowledges
improvements in the latest quarter but needs to see a longer track
record.  Further, despite the very recent up-tick in profits, the
company still reported a year-over-year decline in ordinary profit
for the full year.

As a whole, the company budgets for a 17% and a 67% year-over-year
ordinary profit increase in fiscal year 31 March 2016 and 31 March
2017, respectively.  Moody's will observe whether the company can
develop a track record of meeting its targets, along with
management's ability and willingness to maintain or reduce debt
balances.

Looking ahead, Moody's expects the bulk ship segment will remain
very weak, with the ongoing weak dry bulk market conditions to
more than offset any positive momentum in the tankers.  The
company expects the segment will see a 30% decline in ordinary
profit.

In the year ending on March 31, 2016, MOL plans for its container
ship segment to turn very modestly profitable for the first time
in four years, with ordinary profit of JPY 5 billion.  With
JPY 833.0 billion in sales, profit margins will be very small at
close to break-even.  With the US terminal automation behind the
company, and with the lower bunker fuel prices, Moody's expects
the segment will see profit improvements in the coming year.
Moody's will continue to assess whether or not the segment's
margins can improve on a sustainable basis, especially in the face
of over-capacity and continuous weakness in the Europe routes.  In
addition, we do not expect bunker fuel prices to further drop.
The company will need to improve its fundamental profitability
once the full-year effect of the bunker fuel price reductions are
reflected.

The stable outlook reflects Moody's expectations for modest
earnings growth, including from bunker fuel cost savings, will
lead to very gradual deleveraging.

An upgrade will require management's ability and willingness to
maintain debt leverage at a significantly lower level appropriate
for an investment grade rating.  Sustained profit and cash flow
growth could over time increase upward rating pressure.  Moody's
will consider an upgrade if the company demonstrates a clear path
towards a significant reduction in debt leverage.  Further
improvements in liquidity will also be credit positive.
Specifically, Moody's would consider an upgrade if Moody's come to
expect that debt/EBITDA will remain below 6x and if retained cash
flow/net debt will be sustained above 17% for a prolonged period.

MOL's rating could come under pressure if there are any signs that
profitability will not turn around, if leverage does not commence
to decrease, if liquidity erodes for any reason, or if MOL
provides additional support to its equity method affiliate,
Daiichi Chuo Kisen.  Downward ratings pressure will rise if the
company materially deviates from its March 2017 targets set in its
medium-term plans.  In particular, we will consider a downgrade if
debt/EBITDA remains materially above 7x well beyond March 31,
2016, or if (FFO + interest expense)/interest expense falls below
4.5x.

Mitsui O.S.K. Lines Ltd., headquartered in Tokyo, is one of the
world's largest shipping companies by fleet size with about 900
vessels including spot-chartered ships and vessels owned through
joint ventures.  The company is a shipping conglomerate with its
diversified operations covering all shipping segments:
containerships, dry bulkers, car carriers, tankers and LNG
carriers.  Revenues for the fiscal year ending March 31, 2015,
were JPY 1.8 trillion.


SKYMARK AIRLINES: Intrepid Revises Plan; Ups Debt Repayment Ratio
-----------------------------------------------------------------
Jiji Press reports that U.S. aircraft leasing company Intrepid
Aviation has modified its rehabilitation plan for Skymark
Airlines, raising the bankrupt Japanese airline's debt repayment
ratio to 5 percent, informed sources said June 11.

Intrepid, Skymark's biggest creditor, had initially proposed
setting the repayment ratio at 3 percent for debt tranches
exceeding one million yen, but increased it to the same level
proposed in a different turnaround plan submitted by the airline
itself, according to Jiji Press.

Jiji Press says that under the modified plan, submitted to Tokyo
District Court, Intrepid still sought to pick an airline other
than ANA Holdings Inc., the parent of All Nippon Airways, as a
cosponsor, but gave no details. Intrepid has opposed the ANA-led
rehabilitation of Skymark, the report notes.

According to the report, the rehabilitation plan submitted by
Skymark to the same court on May 29 calls for retiring all
outstanding shares in the airline and seeking fresh investment of
JPY18 billion from Tokyo-based private equity fund Integral Corp.,
ANA Holdings and a fund to be set up jointly by the government-
affiliated Development Bank of Japan and Sumitomo Mitsui Banking
Corp.

Meanwhile, Intrepid's revised plan said the JPY18 billion should
be put up, entirely by Integral.  Regarding this, an official of
Integral said that the fund is not in talks with Intrepid, Jiji
Press relays.

The report says the Tokyo court is expected to shortly decide
agenda items for a meeting of Skymark creditors, to be held by
August.

If the two rehabilitation plans come up for discussions, they will
compete to obtain support from other creditors, Jiji Press notes.

                      About Skymark Airlines

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

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

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

Skymark was delisted from the Tokyo Stock Exchange in March.



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


* Moody's Concludes Reviews on 9 Malaysian Financial Institutions
-----------------------------------------------------------------
Moody's Investors Service has concluded its rating reviews on nine
Malaysian financial institutions and assigned counterparty risk
assessments (CR Assessments) to eight banks.

Moody's reviews on the ratings of nine Malaysian financial
institutions were initiated on 18 March 2015 following the
publication of Moody's new bank rating methodology, and include
revisions in Moody's government support assumptions for these
banks.

As a result of the implementation of Moody's new bank rating
methodology, in particular the change in Moody's view that the
capacity for government support is best reflected by the
government's bond rating, which is A3 in the case of Malaysia,
Moody's has lowered the local currency bank deposit ratings of
Malaysian banks that were previously positioned above Malaysia's
A3 government rating.  In particular, Moody's has downgraded the
local currency deposit ratings of Malayan Banking Berhad
(Maybank), Public Bank Berhad (Public Bank), CIMB Bank Berhad
(CIMB Bank) and CIMB Islamic Bank Berhad (CIMB Islamic Bank) to A3
from A1, and the long-term local currency bank deposit rating of
Hong Leong Bank Berhad (Hong Leong Bank) to A3 from A2.  These
ratings are now positioned at Malaysia's sovereign rating level,
and have a positive outlook in line with the positive outlook on
the government bond rating.

Moody's has also downgraded the long-term local and foreign
currency issuer ratings of CIMB Group Holdings Berhad (CIMBGH, a
holding company) to Baa1 from A3.  This action is driven by the
downgrade of CIMB Bank's local currency deposit rating to A3, and
reflects the structural subordination of CIMBGH's creditors
relative to CIMB Bank's creditors.  The rating outlook for CIMBGH
is positive.

Moody's has revised the outlook on Hong Leong Financial Group
Berhad's (HLFG, a holding company) Baa1 issuer rating to positive
from stable, to reflect the lower refinancing risk of the debt
issued by the holding company.

At the same time, Moody's has upgraded the BCAs and Adjusted BCAs
of AmBank (M) Berhad (AmBank) and RHB Bank Berhad (RHB Bank) to
baa3 from ba1, and the BCA of CIMB Islamic Bank to baa2 from ba1.
The BCA upgrades are driven by the banks' improved financial
fundamentals, as discussed in detail in the sections below.

Moody's confirmed AmBank's Baa1 deposit and senior unsecured
ratings, and (P)Baa1 senior unsecured MTN rating.  The deposit and
debt rating outlook is positive.

Moody's affirmed RHB Bank's A3 deposit and senior unsecured
ratings, and (P)A3 senior unsecured MTN rating.  The deposit and
debt rating outlook remains stable.

In addition, Moody's has assigned CR Assessments to eight banks --
and their branches where applicable -- in line with Moody's new
bank rating methodology.  The CR assessments are as follows: (1)
AmBank -- A3(cr)/P-2(cr); (2) CIMB Bank -- A3(cr)/P-2(cr); (3)
CIMB Islamic Bank -- A3(cr)/P-2(cr); (4) Hong Leong Bank --
A3(cr)/P-2(cr); (5) HSBC Malaysia Bank Berhad -- A1(cr)/P-1(cr);
(6) Maybank -- A2(cr)/P-1(cr); (7) Public Bank -- A2(cr)/P-1(cr);
(8) RHB Bank -- A3(cr)/P-2(cr).

For its own business reasons, Moody's has withdrawn the outlooks
for the preferred securities and all other junior instrument
ratings for the banking groups listed below.  All of the other
subordinated and junior subordinated debt ratings and preferred
stock ratings were affirmed as part of this rating action, with
the exception of AmBank's preferred stock rating - which was
upgraded.  The rationale for the affirmation of these ratings is
the continuation of their key strengths; good loan quality; and
healthy earnings capacity supported by a stable operating
environment.

Outlooks, which provide an opinion on the likely rating direction
over the medium term, are now assigned only to long-term deposit,
issuer and senior unsecured debt ratings.

RATINGS RATIONALE

The new bank rating methodology includes a number of elements that
Moody's has developed to help accurately predict bank failures and
determine how each creditor class is likely to be treated when a
bank fails and enters resolution.  These new elements capture
insights gained from the crisis and the fundamental shift in the
banking industry and its regulation.

In terms of the application of Moody's new methodology to
Malaysian banks, Moody's rating actions reflect the following
considerations: 1) Moody's view of Malaysia's "Strong" macro
profile; 2) the banks' strong core financial ratios; 3)
qualitative adjustments at the BCA level; 4) affiliate support
considerations; and 5) revisions in Moody's government support
assumptions for the Malaysian banks.

  1) The "Strong" macro profile of Malaysia
Because the banks' operate domestically, they benefit from
Malaysia's very high degree of economic strength, a high degree of
institutional strength and low susceptibility to event risk.
Private-sector debt, and particularly that of households, is high
relative to GDP, but Moody's notes that credit growth has been
moderating in recent quarters.  Malaysia banks are largely deposit
funded with a low reliance on wholesale funding.  Additionally,
the stability of the banking system is supported by a moderate
competitive landscape.

  2) Malaysian banks' strong core financial ratios
The average BCA of Moody's-rated Malaysian banks is baa1, and
takes into account the banks' strong core financial metrics,
including strong asset quality, good capital adequacy, generally
healthy profitability metrics despite pressured net interest
margins, and robust funding and liquidity profiles.

3) Qualitative adjustments to the BCA of one bank
Moody's makes one qualitative adjustment to arrive to the BCA of
RHB Bank.  The adjustment is driven by the bank's historic
corporate behavior.

4) Affiliate support for two banks
Moody's incorporates affiliate support in the ratings of CIMB
Islamic Bank and HSBC Bank Malaysia.

5) Revisions in Moody's government support assumptions for
Malaysian banks

Moody's has downgraded the local currency deposit ratings of
Maybank, Public Bank, CIMB Bank and CIMB Islamic Bank to A3 from
A1, and of Hong Leong Bank to A3 from A2.  These actions are
driven by Moody's revised government support assumptions for all
banks in the country.  Other ratings assigned to these banks
remain unchanged or were affirmed.

The outlook on the ratings of these banks is positive.

According to Moody's new bank rating methodology, Moody's now
considers that the capacity for government support in all
countries is limited to a government's bond rating -- which is A3
in the case of Malaysia.

For the avoidance of any doubt, Moody's still includes "very high"
or "high" government support assumptions in the deposit and senior
debt ratings of Malaysian banks.  The Malaysian authorities have a
solid track record of providing support to and orchestrating
bailouts of failed banks during and after the 1997-1998 Asian
financial crisis.  While government support was not needed during
the 2008-2009 crisis because of the banks' strong financial
profiles, Moody's considers that such support will be made
available to banks and their holding companies, in case of need.

Moody's previous assumptions for government support considered
that the extensive policy tools available to central banks to
support banks could result in a capacity for the sovereign to
provide support to banks that is higher than its own
creditworthiness.  As a result, some bank ratings were positioned
above the relevant sovereign ratings.

BANK-SPECIFIC ANALYTICAL FACTORS
CIMB ISLAMIC BANK

Moody's has affirmed the A3 foreign currency deposit and issuer
ratings of CIMB Islamic Bank.  Moody's also downgraded the bank's
local currency deposit rating to A3 from A1, because of the
revised government support assumptions for all banks in the
country.  The rating outlook is positive.

Moody's has also upgraded CIMB Islamic Bank's BCA to baa2 from
ba1.

The affirmation of the A3 foreign currency ratings is driven by:
(1) the bank's improved standalone financial profile; (2) Moody's
"affiliate-backed" support assumptions from CIMB Bank, leading to
an Adjusted BCA of baa1 for CIMB Islamic Bank; and (3) very high
likelihood of government support, resulting in one notch of rating
uplift above the bank's Adjusted BCA.

Moody's has upgraded the BCA of CIMB Islamic Bank to baa2 from ba1
because of the bank's improved capital position and decrease in
nominal leverage.  The improvements were supported by strong
retained earnings, slower credit growth, and the reallocation of a
part of general reserves into common equity.

CIMB Islamic Bank's nominal leverage, calculated as total assets
divided by total equity, improved to 15.5x in 2014, from 19x in
2013 and 22x in 2012.  Its tangible common equity-to-total assets
ratio had also improved to 5.6% in 2014, from 4.1% in 2012.

While CIMB Islamic Bank's leverage is more aggressive -- when
compared to other rated banks in Malaysia -- this situation is
driven by the bank's lower density of risk weighted assets,
because a large portion of its loans is granted to government-
related companies which have low risk-weightings.

The bank's core profitability remains strong, supported by its
large network in Malaysia and the good level of consumer demand
for Islamic financing.  Its impaired loans ratio increased mildly
to 1.3% in 2014 from 0.8% in 2013; however, this situation was
mainly driven by loan seasoning and weak credit growth in 2014.

AMBANK AND AMBB CAPITAL (L) LTD.
Moody's has confirmed the Baa1 deposit and senior debt ratings of
AmBank.  The rating outlook is positive.
Moody's has also upgraded AmBank's BCA and Adjusted BCA to baa3
from ba1.

The upgrade of AmBank's BCA is underpinned by the bank's improving
solvency position, particularly its stronger capitalization and
improving level of asset quality over the past three years.

AmBank's Common Equity Tier 1 (CET1) ratio improved to 10.1% at
end-December 2014, from 9.6% at end-March 2014, from retained
earnings and low growth in risk-weighted assets.  The bank's
impaired loans ratio declined to 1.7% at end-December 2014, from
2.1% at end-March 2014.  Its impaired loan coverage measured by
total impairment allowances as a percentage of gross impaired
loans stood at a relatively high 119% at end-December 2014.

The bank has benefited from its strategy of optimizing business
growth with a focus on profitability and credit quality.  With
risk underwriting, governance and product innovation, AmBank has
leveraged the expertise and international connectivity of
Australia and New Zealand Banking Grp. Ltd. (deposits Aa2 stable,
BCA a1) - the bank's 23.8% shareholder - to support its growth.

AmBank's key weakness remains its liquidity profile, reflective of
its modest size in Malaysia and the challenges it faces in
gathering and growing low-cost deposits in a competitive market.
While its funding profile continues to lag peer banks in Malaysia,
the bank has made good progress in expanding its deposit base.

While Moody's has upgraded the Adjusted BCA of AmBank to baa3, it
did not upgrade its Baa1 deposit ratings because they already
incorporate Moody's assumptions of very high government support,
resulting in two notches of uplift from the bank's Adjusted BCA.
Moody's could upgrade the bank's Baa1 deposit ratings if it
upgrades the A3 Malaysian sovereign rating.

Subsequently, the preferred stock rating of AMBB Capital (L) Ltd
(a special purpose vehicle), which is notched down from AmBank's
Adjusted BCA, was upgraded to Ba3 (hyb) from B1(hyb), following
the upgrade of AmBank's Adjusted BCA.

RHB BANK
Moody's has affirmed the A3 deposit and senior debt ratings of RHB
Bank.  The outlook is stable.

Moody's has also upgraded RHB Bank's BCA and Adjusted BCA to baa3
from ba1.

The affirmation of the A3 ratings is driven by the bank's improved
financial profile and Moody's assumption of very high government
support, resulting in three notches of government support uplift
above the bank's baa3 Adjusted BCA.

The upgrade of RHB Bank's BCA to baa3 from ba1 is underpinned by
the bank's improved solvency profile.  Its asset quality improved
in 2014, as reflected by the decrease in its impaired loans ratio
to 2.0% in 2014 from 2.8% in 2013, driven by recoveries and write-
offs of legacy problem loans.

The bank maintains a good capital adequacy position, as reflected
by its consolidated CET1 ratio of 10.6% (post-dividend) as of 31
December 2014, an improvement from 10.3% in 2013.  Its
profitability is also good and stable, with a 0.9% return on
assets for 2014.

Although asset quality has improved, RHB Bank's impaired loans
ratio is still somewhat higher when compared to other Malaysian
banks, reflecting RHB Bank's historic risk appetite that Moody's
considers to be somewhat higher relative to higher-rated Malaysian
banks.

HOLDING COMPANY RATINGS: CIMB GROUP AND HONG LEONG FINANCIAL GROUP

Moody's has downgraded the issuer ratings of CIMBGH, a holding
company, to Baa1 from A3.  This action is driven by today's
downgrade of CIMB Bank's local currency deposit rating to A3, and
reflects the structural subordination of CIMBGH's creditors
relative to CIMB Bank's creditors.  The outlook on CIMBGH's
ratings is positive.

Moody's has affirmed the Baa1 issuer ratings of HLFG, the holding
company of Hong Leong Bank.  The affirmation of HLFG's ratings is
driven by the stable financial fundamentals of its main banking
operating entity, Hong Leong Bank, and Moody's assumption of very
high government support for HLFG.

Moody's has revised the outlook on HLFG's ratings to positive from
stable, because of lower refinancing risk at the holding company
level.  HLFG's standalone debt decreased by around 30% as of
December 2014 from June 2014, and amounted to about MYR921
million.  HLFG's double leverage ratio -- measured by its
investments in subsidiaries as a percentage of its capital --
improved to 106% as of end-December 2014 from 109% as of end-June
2014.

The positive outlook of HLFGB's ratings now mirrors the positive
outlook on the ratings of Hong Leong Bank.

The Baa1 issuer ratings assigned to CIMBGH and to HLFG reflect
Moody's assumption of very high government support, in case of
need.  Moody's considers that the Malaysian government will be
equally supportive of holding companies and operational companies.

RATIONALE FOR COUNTERPARTY RISK ASSESSMENTS

Moody's has assigned CR assessments to eight Malaysian banks and
their branches where applicable.

CR assessments are opinions of how counterparty obligations are
likely to be treated if a bank fails, and are distinct from debt
and deposit ratings in that they: (1) consider only the risk of
default rather than expected loss; and (2) apply to counterparty
obligations and contractual commitments rather than debt or
deposit instruments.

A CR assessment is an opinion of the counterparty risk related to
a bank's covered bonds, contractual performance obligations
(servicing), derivatives (e.g., swaps), letters of credit,
guarantees and liquidity facilities.

For most Malaysian banks, the CR Assessment, prior to government
support, is positioned one notch above the Adjusted BCA.  Moody's
then assigns government support assumptions, in line with Moody's
support assumptions on deposits and senior unsecured debt.  Such
assignments reflects Moody's view that any support provided by
governmental authorities to a bank, and which benefits senior
unsecured debt or deposits, is very likely to benefit operating
activities and obligations reflected by the CR Assessments.

Such a view is consistent with Moody's view that governments are
likely to maintain the banks' operations as a going concern to
reduce contagion and preserve the banks' critical functions.

The CR Assessments of A2(cr) for Maybank and Public Bank are
positioned one notch above these banks' Adjusted BCAs of a3.

For HSBC Bank Malaysia Berhad, its CR Assessment of A1(cr) is
driven by Moody's assumptions of very high affiliate support from
Hongkong and Shanghai Banking Corporation Ltd. (deposits Aa2
stable, BCA aa3).  HSBC Bank Malaysia's CR Assessment is
positioned at the same level as the bank's Adjusted BCA.

The CR Assessments of A3(cr) for AmBank, CIMB Bank, CIMB Islamic
Bank, Hong Leong Bank and RHB Bank are in line with the Malaysian
sovereign rating of A3, and reflect the banks' lower Adjusted BCAs
of between baa3 and baa1, relative to the a3 Adjusted BCAs of
Maybank and Public Bank, as well as assumptions of very high
government support.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Malaysian banks with long-term deposits rated at the same level as
Malaysia's sovereign A3 rating are unlikely to be upgraded.

The long-term deposit ratings -- and where applicable issuer
ratings -- of Maybank, Public Bank, CIMB Bank, CIMB Islamic Bank,
Hong Leong Bank, AmBank and HSBC Bank Malaysia (foreign currency
deposit rating only) could be upgraded in case of upgrade of the
Malaysia's A3 sovereign rating, provided that these banks maintain
strong standalone financial metrics.  The deposit ratings of the
same banks will be downgraded if the Malaysian sovereign rating is
downgraded.

The A3 deposit ratings of RHB Bank could be upgraded if both
conditions are met: (1) Malaysia's sovereign rating is upgraded;
and (2) RHB Bank demonstrates sustained improvements in its
standalone creditworthiness, such as an improved funding profile,
materially lower problem loans ratio, and improved capital
adequacy.

The Baa1 issuer ratings of CIMBGH and HLFG will likely follow the
direction of the deposit ratings of CIMB Bank and Hong Leong Bank,
respectively, provided that the double leverage at these holding
companies remains healthy, which according to Moody's is a level
below 120%.

The ratings assigned to Malaysian banks' junior securities will be
upgraded or downgraded if the respective banks' Adjusted BCAs are
upgraded or downgraded.

The a3 BCAs of Maybank and Public Bank have no upside potential
until the A3 Malaysian sovereign rating is upgraded.

The baa1 BCA of CIMB Bank could be increased if the bank improves
its core capital adequacy and materially lowers its problem loans
ratio.

The baa2 BCA of CIMB Islamic could be increased if the bank
further improves its capital adequacy and nominal leverage, while
keeping credit risks under control.

The baa1 BCA of Hong Leong Bank could be increased if the bank
improves its financial fundamentals, namely its asset quality,
capital adequacy and funding profile.

The baa3 BCA of AmBank could be increased if the bank further
improves its capital adequacy and funding profile, while
maintaining stable asset quality metrics.

The BCAs of Malaysian banks could be downgraded in case of
material deterioration in their asset quality, capital adequacy,
profitability, liquidity and/or funding structures.

Moreover, the BCAs of these banks could be lowered if the banks
materially increase their exposures to borrowers in countries that
Moody's considers as higher risk than Malaysia.  Such countries
would typically have a macro profile that is lower than Malaysia's
"strong" macro profile.

Taking into account the announcement, the bank ratings are:

AmBank (M) Berhad
   -- Foreign currency long-term deposit rating confirmed at
      Baa1, with a positive outlook
   -- Foreign currency short-term deposit rating affirmed at P-2
   -- Foreign currency long-term senior unsecured debt rating
      confirmed at Baa1, with a positive outlook
   -- Foreign currency senior unsecured MTN rating confirmed at
      (P)Baa1
   -- BCA and adjusted BCA upgraded to baa3 from ba1
   -- Assignment of CR Assessments of A3(cr)/P-2(cr)

AMBB Capital (L) Ltd
   -- Foreign currency backed preferred stock non-cumulative
      rating upgraded to Ba3(hyb) from B1(hyb)

CIMB Bank Berhad
   -- Long-term and short-term local currency deposit ratings
      downgraded to A3/P-2 from A1/P-1, with a positive outlook
   -- Long-term and short-term foreign currency deposit ratings
      remain unchanged at A3/P-2, with a positive outlook
   -- Long-term and short-term foreign currency issuer ratings
      remain unchanged at A3/P-2, with positive outlook
   -- Foreign currency senior unsecured rating remains unchanged
      at A3, with a positive outlook
   -- Foreign currency senior unsecured MTN rating remains
      unchanged at (P)A3
   -- Subordinate MTN rating affirmed at (P)Baa3
   -- BCA and adjusted BCA remain unchanged at baa1
   -- Assignment of CR Assessment of A3(cr)/P-2(cr)

CIMB Bank Berhad, Singapore Branch
   -- Local currency senior unsecured rating remains unchanged at
      A3, with a positive outlook
   -- Foreign currency senior unsecured MTN rating remains
      unchanged at (P)A3
   -- Assignment of CR Assessment of A3(cr)/P-2(cr)

CIMB Bank Berhad, Labuan Branch
   -- Foreign currency senior unsecured rating remains unchanged
      at A3, with a positive outlook
   -- Foreign currency senior unsecured MTN rating remains
      unchanged at (P)A3
   -- Assignment of CR Assessment of A3(cr)/P-2(cr)

SBB Capital Corporation
   -- Foreign currency backed preferred stock non-cumulative
      affirmed at Ba1(hyb)

CIMB Group Holdings Berhad
   -- Long-term Local and foreign currency issuer ratings
      downgraded to Baa1 from A3, with a positive outlook
   -- Short-term Local and foreign currency issuer ratings
      affirmed at P-2

CIMB Islamic Bank Berhad
   -- Long-term and short-term local currency deposit ratings
      downgraded to A3/P-2 from A1/P-1, with a positive outlook
   -- Long-term and short-term foreign currency deposit ratings
      affirmed at A3/P-2, with a positive outlook
   -- Long-term and short-term local currency issuer ratings
      downgraded to A3/P-2 from A1/P-1, with a positive outlook
   -- Long-term and short-term foreign currency issuer rating
      affirmed at A3/P-2, with positive outlook
   -- BCA upgraded to baa2 from ba1
   -- Adjusted BCA affirmed at baa1
   -- Assignment of CR Assessment of A3(cr)/P-2(cr)

Hong Leong Bank Berhad
   -- Long-term and short-term local currency deposit ratings
      downgraded to A3/P-2 from A2/P-1, with a positive outlook
   -- Long-term and short-term foreign currency deposit ratings
      remain unchanged at A3/P-2, with a positive outlook
   -- Foreign currency senior unsecured rating remains unchanged
      at A3, with a positive outlook
   -- Foreign currency senior unsecured MTN rating remains
      unchanged at (P)A3
   -- BCA and adjusted BCA remains unchanged at baa1
   -- Assignment of CR Assessment of A3(cr)/P-2(cr)

Hong Leong Financial Group Berhad
   -- Local and foreign currency issuer rating affirmed at Baa1,
      outlook changed to positive from stable

HSBC Bank Malaysia Berhad
   -- Long-term and short-term local currency deposit ratings
      remain unchanged at A1/P-1, with a stable outlook
   -- Long-term and short-term foreign currency deposit ratings
      remain unchanged at A3/P-2, with a positive outlook
   -- BCA remains unchanged at baa1
   -- Adjusted BCA remains unchanged at a1
   -- Assignment of CR Assessment of A1(cr)/P-1(cr)

Public Bank Berhad
   -- Long-term and short-term local currency deposit ratings
      downgraded to A3/P-2 from A1/P-1, with a positive outlook
   -- Long-term and short-term foreign currency deposit ratings
      remain unchanged at A3/P-2, with a positive outlook
   -- Foreign currency preference stock rating affirmed at
      Baa2(hyb)
   -- BCA and Adjusted BCA remains unchanged at a3
   -- Assignment of CR Assessment of A2(cr)/P-1(cr)

Malayan Banking Berhad
   -- Long-term and short-term local currency deposit ratings
      downgraded to A3/P-2 from A1/P-1, with a positive outlook
   -- Long-term and short-term foreign currency deposit ratings
      remain unchanged at A3/P-2, with a positive outlook
   -- Foreign currency senior unsecured MTN rating remains
      unchanged at (P)A3
   -- Foreign currency commercial paper rating remains unchanged
      at P-2
   -- Foreign currency preferred stock rating affirmed at
      Baa2(hyb)
   -- BCA and adjusted BCA remain unchanged at a3
   -- Assignment of CR Assessment of A2(cr)/P-1(cr)

Malayan Banking Berhad, Hong Kong Branch
   -- Foreign currency commercial paper rating remains unchanged
      at P-2
   -- Foreign currency senior unsecured MTN rating remains
      unchanged at (P)A3
   -- Assignment of CR Assessment of A2(cr)/P-1(cr)

Malayan Banking Berhad, Singapore Branch
   -- Foreign currency commercial paper rating remains unchanged
      at P-2
   -- Foreign currency senior unsecured MTN rating remains
      unchanged at (P)A3
   -- Assignment of CR Assessment of A2(cr)/P-1(cr)

RHB Bank Berhad
   -- Long-term and short-term foreign currency deposit ratings
      affirmed at A3/P-2, with a stable outlook
   -- Foreign currency other short term rating affirmed at (P)P-2
   -- Foreign currency senior unsecured rating affirmed at A3,
      with a stable outlook
   -- Foreign currency senior unsecured MTN rating affirmed at
      (P)A3
   -- BCA and adjusted BCA upgraded to baa3 from ba1
   -- Assignment of CR Assessment of A3(cr)/P-2(cr)



===============
M O N G O L I A
===============


KHAN BANK: Moody's Assigns B1 Counterparty Risk Assessment
----------------------------------------------------------
Moody's Investors Service assigned long- and short-term
Counterparty Risk Assessments to four Mongolian banks.

This announcement follows the publication of Moody's new bank
rating methodology published on March 16, 2015.

Moody's has assigned CR Assessments of:

  -- B1(cr)/NP(cr) to Khan Bank LLC

  -- B2(cr)/NP(cr) to State Bank LLC, Trade and Development Bank
     of Mongolia LLC, and XacBank LLC

Moody's has also affirmed the junior instrument ratings of Khan
Bank LLC and Trade and Development Bank of Mongolia LLC. Their
Baseline Credit Assessments (BCAs) and Adjusted BCAs remain
unchanged.

Moody's has withdrawn the outlooks on all junior instrument
ratings for its own business reasons.

CR Assessments are opinions of how counterparty obligations are
likely to be treated if a bank fails, and are distinct from debt
and deposit ratings in that they (1) consider only the risk of
default rather than expected loss; and (2) apply to counterparty
obligations and contractual commitments rather than debt or
deposit instruments. The CR Assessment is an opinion of the
counterparty risk related to a bank's covered bonds, contractual
performance obligations (servicing), derivatives (eg, swaps),
letters of credit, guarantees and liquidity facilities.

For the four Mongolian banks, the CR Assessment is positioned,
prior to government support, at one notch above the Adjusted BCA
and therefore above senior unsecured debt ratings, reflecting
Moody's view that its probability of default is lower than those
of deposits and senior unsecured debts. Moody's believe that
senior obligations represented by the CR Assessment will be more
likely preserved in order to limit contagion, minimize losses and
avoid disruption of critical functions.

For these Mongolian banks, the CR Assessments do not benefit from
government support because their CR Assessment prior to government
support at one notch above the Adjusted BCA is on par with
Mongolia's (B2 negative) sovereign debt rating.

In the case of Khan Bank LLC, the B1(cr) CR Assessment of the bank
is one notch above the B2 government bond rating of Mongolia,
while it is below local currency deposit ceiling of Ba3. According
to Moody's methodology, CR Assessments are capped by the lower of:
(1) the local-currency deposit ceiling, or (2a) the local
government bond rating plus one notch, or (2b) the local
government bond rating plus two notches where the adjusted BCA
itself is already above the local government bond rating.

For the affirmed junior securities ratings, the rationale for the
affirmation is the continuation of their key credit metrics;
deterioration in asset quality, liquidity and capitalization from
policy-triggered credit growth in recent years, which could be
offset by resuming Oyu Tolgoi mining project Phase 2.

For the affirmed Basel II-compliant junior securities ratings, we
see a low probability of government support, resulting in no
uplift. This reflects that Moody's generally assesses the
probability of government support for a bank's junior obligations
as low.

Khan Bank LLC's Basel II-compliant subordinated MTN program rating
of (P)B3 is positioned one notch below the bank's adjusted BCA of
b2. It receives no uplift reflecting a low probability of
government support.

Trade and Development Bank of Mongolia LLC's Basel II-compliant
subordinated debt and MTN ratings of Caa1 and (P)Caa1 are
positioned one notch below the bank's adjusted BCA of b3. They
receive no uplift reflecting a low probability of government
support.

A bank's adjusted BCA -- which is the bank's BCA plus any rating
uplift for affiliate support, if applicable -- is the anchor for
the ratings of junior securities. Hence the ratings of junior
securities can be upgraded or downgraded if their BCAs -- in
absence of affiliate support for Mongolian banks -- are raised or
lowered.

For Khan Bank LLC, Given that the b2 BCA assigned to Khan Bank LLC
is the same as the sovereign rating, the possibility of raising
its BCA is unlikely unless sovereign rating is upgraded. The
bank's BCA could be lowered if: (1) its Tangible Common Equity
capital ratio falls below 9.0%; (2) its annual net income to
tangible assets ratio falls below 1.0% due to a sharp increase in
credit losses; (3) a significant deterioration occurs in asset
quality; for example, new non-performing loans (NPLs) to gross
loans exceeding 4.0%; or (4) a rise occurs in concentration or
exposure to risky sectors, in particular, the construction sector.

For Trade and Development Bank of Mongolia LLC, its BCA could be
raised if the bank reduces its concentration risk and exposure to
the relatively higher-risk mining and construction sectors, to
levels more in line with its peers, while maintaining its asset
quality, capital and liquidity. Its BCA could be lowered if (1)
its Tangible Common Equity capital ratio falls below 9.0%; (2) its
annual net income to tangible assets ratio falls below 1.0% due to
a sharp increase in credit losses; (3) a significant deterioration
occurs in asset quality; for example, new NPLs to gross loans
exceed 4.0%; (4) a rise occurs in concentration or exposure to
risky sectors, in particular, the construction sector; or (5)
corporate governance-related problems cause a loss of depositor
confidence, therefore increasing the threat of deposit flight.

Khan Bank LLC

  -- CR Assessment assigned at B1(cr)/NP(cr)

  -- Basel II-compliant subordinated MTN rating affirmed at (P)B3

  -- BCA and Adjusted BCA unchanged at b2

Trade and Development Bank of Mongolia LLC

  -- CR Assessment assigned at B2(cr)/NP(cr)

  -- Basel II-compliant subordinated debt rating affirmed at Caa1

  -- Basel II-compliant subordinated MTN rating affirmed at
     (P)Caa1

  -- BCA and Adjusted BCA unchanged at b3

XacBank LLC

  -- CR Assessment assigned at B2(cr)/NP(cr)

State Bank LLC

  -- CR Assessment assigned at B2(cr)/NP(cr)

The principal methodology used in these ratings was Banks
published in March 2015.



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


MAINZEAL PROPERTY: Liquidators Sue Shipley Over Firm's Collapse
---------------------------------------------------------------
Radio New Zealand reports that former prime minister Dame Jenny
Shipley is strongly denying any wrongdoing in connection with the
collapse of the construction company Mainzeal in 2013.

Radio NZ relates that the liquidators of the company have filed a
civil claim against her and others, including Sir Paul Collins.

A co-liquidator, Andrew Bethell, has confirmed legal proceedings
have been filed, including allegations of a breach of directorial
duties, according to the report.  He said Dame Jenny and Sir Paul
Collins were among the defendants.

According to Radio NZ, Dame Jenny's lawyer, Michael Arthur, said
the liquidators were seeking damages, and it would take weeks to
review the claim.  But he said she strongly denied the allegations
and the claim would be vigourously defended.

Radio NZ reports that Mr. Bethell said the liquidators had so far
received claims worth more than NZ$150 million from unsecured
creditors.

Mainzeal was New Zealand's third largest construction company
before it collapsed in 2013.

Dame Jenny Shipley chaired the board at one point, and was
New Zealand's first female Prime Minister, serving from 1997 to
1999, the report notes.

                       About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are
Mainzeal Group, Mainzeal Property and Construction, Mainzeal
Living, 200 Vic, Building Futures Group Holding, Building Futures
Group, Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZ$11.3 million to the BNZ,
NZ$70 million to unsecured creditors and NZ$5.2 million to
employees, NZN discloses. Subcontractors are among the unsecured
creditors, said NZN.


ROSS ASSET: Investor Denied Name Suppression Appeal
---------------------------------------------------
Collette Devlin at Stuff.co.nz reports that an investor in Ross
Asset Management (RAM) who is being pursued for hundreds of
thousands of dollars in a "clawback" claim by liquidators has been
denied his appeal to keep his name secret.

The identity of the investor, who withdrew NZ$954,000 from RAM's
Ponzi-style scheme before it collapsed, was suppressed in a test
case heard in the High Court at Wellington in March, the report
says.

His name remains suppressed pending delivery of a substantive
judgment from the High Court, Stuff.co.nz relates.

The report recalls that in March the court heard the investor
borrowed NZ$500,000 from Westpac to invest with RAM in April 2007
and was paid out NZ$954,000 in "fictitious" profits in November
2011.

Justice Alan MacKenzie's earlier refusal to grant permanent
suppression was challenged in the Court of Appeal on June 3,
according to the report.

According to the report, Justin Smith QC representing the investor
said his client was concerned about undue media attention and
public scrutiny.

At the appeal the justices were told the investor questioned the
"quality, type and nature" of media stories that would focus on
the affairs and property of the investor.

He expected he would be under an intense level of scrutiny.

Justice Harrison said the court would not displace open reporting
and the stories were part of life.

"You have to get over and on with it . . . they're just fish and
chip paper tomorrow," he said.

A judgment issued on June 16 dismissed this appeal and ordered the
investor to pay the liquidator's costs for the appeal, the report
says.

In their judgment Justices Rhys Harrison, Forrest Miller and Mark
Cooper said the hearing had been characterised as a test case,
which was one of three, and the first to reach trial, Stuff.co.nz
adds.

Another two test cases will be heard in early September, the
report notes.

                         About Ross Asset

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

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

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

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

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

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



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


JONES THE GROCER: L Capital Buys Out Singapore Arm
--------------------------------------------------
Jessica Lim at The Straits Times reports that Jones the Grocer's
operations in Singapore have been sold to majority shareholder L
Capital Asia, the equity arm of luxury group LVMH Moet Hennessy
Louis Vuitton.

According to the report, Fresh Bay Investments, an investment
portfolio company of the equity arm, has bought the chain's
outlets at Dempsey Hill and Mandarin Gallery, as well as the
current payroll of staff and the Singapore franchise rights,
without the debt.

It declined to reveal how much it paid for the business, the
report says.

"We know the asset best, and we are in the best place to rebuild
the brand," said L Capital Asia managing partner Ravi Thakran,
confirming the sale on June 9, the report relays.

The Straits Times notes that the gourmet grocer's Singapore arm,
Jones the Grocer International (JTGI) -- 63 per cent owned by L
Capital Asia -- was placed under judicial management in March.
This is a process during which an external manager is appointed to
manage a company that cannot pay its debts, the report says.

By then, it had about SGD19 million in total liabilities, of which
about SGD4.8 million was owed to third parties like suppliers, the
report discloses.

JTGI's parent, Jones Group Holdings in Australia, went into
administration last December. Fresh Bay Investments bought that
company back in April, the report discloses.

The report states that the move in Singapore, however, has angered
some creditors who see it as a way for the company to write off
its debt. The figure to be paid to creditors is set at 15 per cent
of the sale proceeds, the report says.

Jason G. Stone, Glenn J. Franklin and Petr Vrsecky of PKF Lawler
Melbourne on Dec. 12, 2014, were appointed as administrators of:

   - Jones the Grocer Stores Pty. Ltd.
   - Senselle Foods Distribution Pty. Ltd.
   - 3GS Holdings Pty. Ltd.
   - Jones Group Franchising Pty. Ltd.
   - Jones Group Holdings Pty. Ltd.
   - Jones the Grocer IP Pty. Ltd.



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


PANTECH CO: Court OKs Consortium's Bid to Buy Handset Maker
-----------------------------------------------------------
Yonhap News Agency reports that a court decision that gave
approval to a local consortium's bid to acquire Pantech Co. will
likely give the embattled handset maker an opportunity to rebuild
its business after its recent sale attempts fell through due to
lack of interest, market watchers said June 17.

The news agency relates that the Seoul Central District Court on
June 16 announced that the consortium led by Optis, a South Korean
optical manufacturer, has signed a memorandum of understanding
with Pantech, with the two sides set to complete the deal by July
17.

Pantech, once the country's No. 2 handset maker, was put under
court protection in August 2014, as it faced sales slumps in the
midst of growing competition from bigger rivals such as Apple Inc.
and Samsung Electronics, as well as emerging Chinese players that
focused on low-end devices, according to Yonhap.

Yonhap recalls that the cash-strapped firm was on the brink of
liquidation after it asked the court to end its receivership in
late May following three unsuccessful attempts to sell.

Optis is one of the country's biggest optical manufacturers that
reaped KRW600 billion (US$536 million) in sales last year. In
2014, the company acquired a 49.9 percent stake in TSST, formerly
a joint venture between Samsung Electronics and Toshiba Corp.

                           About Pantech

Founded in 1991, Pantech Co. is a Korean manufacturer and seller
of mobile devices.  Major shareholders include Qualcomm (11.96%),
Korea Development Bank (11.81%), and Samsung Electronics Co., Ltd
(10.03%).

Pantech filed for court receivership in Seoul, Korea in
August 2014 after its latest flagship smartphone failed to take
off.

The company filed for Chapter 15 bankruptcy protection at the U.S.
Bankruptcy Court in Atlanta (Bankr. N.D. Ga. Case No.: 14-70482)
on Oct. 16, 2014.

Joonwoo Lee, the Seoul-court appointed custodian, serving as
foreign representative in the U.S. case, is represented by
attorneys at Jacobs Legal, LLC, and H.C. Park & Associates.

The Debtor is estimated to have assets and debt ranging from
$100 million to $500 million.



================
S R I  L A N K A
================


BANK OF CEYLON: Moody's Assigns Ba3 CR Assessment
-------------------------------------------------
Moody's Investors Service assigned Counterparty Risk Assessments
(CR Assessments) of Ba3(cr)/Not-Prime(cr) to two banks in Sri
Lanka, namely Bank of Ceylon and Hatton National Bank Ltd. (HNB).

The credit ratings assigned to these two banks remain unchanged.

Moody's has assigned long-term Ba3(cr) and short-term NP(cr) CR
Assessments to Bank of Ceylon and HNB.

CR Assessments are opinions of how counterparty obligations are
likely to be treated if a bank fails, and are distinct from debt
and deposit ratings in that they: (1) consider only the risk of
default rather than expected loss; and (2) apply to counterparty
obligations and contractual commitments rather than debt or
deposit instruments.

A CR Assessment is an opinion of the counterparty risk related to
a bank's covered bonds, contractual performance obligations
(servicing), derivatives (e.g., swaps), letters of credit,
guarantees and liquidity facilities.

CR Assessments take into account the issuer's standalone strength,
as well as the likelihood of affiliate and government support in
the event of need, and reflect the anticipated seniority of these
obligations in the liabilities hierarchy.

CR Assessments also incorporate other steps authorities can take
to preserve the key operations of a bank should it enter a
resolution.

For Sri Lankan banks, the CR Assessment -- prior to government
support -- is positioned one notch above their Adjusted baseline
credit assessments (Adjusted BCAs). Moody's then assigns public
support assumptions, in line with the same support assumptions on
deposits and senior unsecured debt.

Such assignments reflect Moody's view that any support provided by
government authorities to a bank -- and which benefits senior
unsecured debt or deposits -- is very likely to benefit operating
activities and obligations reflected by the CR Assessments.

Such a view is consistent with Moody's belief that governments are
likely to maintain the banks' operations as a going concern to
reduce contagion and preserve the banks' critical functions.

In the case of Sri Lankan banks, the starting points for the CR
Assessments -- before government support -- are Ba3, based on the
banks' Adjusted BCA of b1 plus one notch. Moody's then
incorporates its support assumptions from the government of Sri
Lanka (B1 stable), however, given that the government's rating is
lower than the banks' Adjusted BCAs, this does not result in
further uplift of the CR Assessments. As a result, Moody's assigns
CR Assessments of Ba3(cr) for both Bank of Ceylon and HNB.

The principal methodology used in these ratings was Banks
published in March 2015.

Bank of Ceylon

  -- Local currency deposit ratings remain unchanged at B1/ Not
     Prime with a stable outlook

  -- Foreign currency deposit ratings remain unchanged at B2/ Not
     Prime with a stable outlook

  -- Foreign currency issuer rating remains unchanged at B1 with
     a stable outlook

  -- Foreign currency senior unsecured debt rating remains
     unchanged at B1 with a stable outlook

  -- BCA and adjusted BCA remain unchanged at b1

  -- Assignment of CR Assessment of Ba3(cr)/ Not Prime (cr)

Headquartered in Colombo, Sri Lanka, the bank reported
consolidated assets of LKR 1,365 trillion (USD 10.2 billion) at
end-December 2014.

Hatton National Bank Ltd.

  -- Local currency deposit ratings remain unchanged at B1/ Not
     Prime with a stable outlook

  -- Foreign currency deposit ratings remain unchanged at B2/ Not
     Prime with a stable outlook

  -- Foreign currency issuer rating remains unchanged at B1 with
     a stable outlook

  -- BCA and adjusted BCA remain unchanged at b1

  -- Assignment of CR Assessment of Ba3(cr)/ Not Prime (cr)

Headquartered in Colombo, Sri Lanka, the bank reported
consolidated assets of LKR 600 trillion (USD 4.5 billion) at end-
December 2014.



=============
V I E T N A M
=============


* VIETNAM: No. of Firms Closing Drops 5.3% in 1st 5 Mos. in 2015
----------------------------------------------------------------
VietnamNet reports that the number of businesses halting
operations declined 5.3 percent to 22,700 in the first five months
of this year, with many waiting for opportunities to return the
market, said Deputy Minister of Planning and Investment Dang Huy
Dong.

Poorly-performing and less-competitive enterprises are likely to
cease operations, dissolve or go bankrupt, the report says. This,
to some extent, will help constantly restructure the economy,
purify the business environment and create a basic foundation to
increase national competitiveness and sustainable development, he
said, VietnamNet relates.

From January-May, the country had about 36,000 start-up businesses
with total registered capital of nearly
VND220 trillion (US$10.1 billion), up 15.5 percent in volume and
26.3 percent in capital over the same period last year, the report
discloses. Close to 7,404 enterprises resumed operations in the
first five months of this year, a year-on-year increase of 5.9
percent, VietnamNet relates.

Compared to countries in the region and the world, the number of
Vietnamese firms withdrawing from the market is within normal
range and not concerning, Dong said, adding that looking at the
flow of businesses joining and withdrawing from the market will
offer a more comprehensive evaluation of the business panorama,
according to VietnamNet.

VietnamNet, citing 2011 statistics from the European Council,
notes that the number of businesses leaving the market exceeded
that of start-up businesses and the ratio of active firms after
five years was 46 percent. Meanwhile, in Vietnam, about 550,000 or
66 percent of the 830,000 start-up businesses remain active, the
report states.

VietnamNet adds that the Deputy Minister said the market economy
only nurtures healthy and creative initiatives, which is an
objective rule.

Business registration and tax agencies have been working together
to exchange information and closely monitor business activities
and the State management agencies will continue to facilitate
business expansion, he added, the report adds.



                             *********

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.


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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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