TCRAP_Public/141208.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

          Monday, December 8, 2014, Vol. 17, No. 242


                            Headlines


A U S T R A L I A

CABRAL RESOURCES: First Creditors' Meeting Slated For Dec. 11
GRAVITY GOLD: First Creditors' Meeting Slated For Dec. 12
MISSION NEWENERGY: Completes Indonesian Arbitration
PIE FACE: Franchised Food Co. Bids For Collapsed Retailer
PRIME PLASTERING: First Creditors' Meeting Set For December 10


I N D I A

ANSHU AUTOMOTIVES: CRISIL Reaffirms B+ Rating on INR40MM Loan
ARUNKKUMAR SPINNING: CRISIL Suspends B Rating on INR201.3MM Loan
DHANLAXMI SOLVEX: ICRA Cuts Rating on INR150cr LT Loan to 'B'
DHOLADHAR DEVELOPERS: CRISIL Cuts Rating on INR102M Loan to B-
GENESIS MOTORS: CRISIL Suspends 'D' Rating on INR120MM Bank Loan

GOBIND SUGAR: CRISIL Suspends B- Rating on INR748MM Cash Credit
HINDUSTHAN DISTILLERIES: CRISIL Suspends B+ INR50MM Loan Rating
INDIAN PULP: ICRA Cuts Rating on INR36.48cr Term Loan to 'D'
JANPATH ESTATES: ICRA Rates INR25cr Proposed Term Loan at 'B+'
KESHAVA EDUCATIONAL: ICRA Suspends 'D' Rating on INR9.85cr Loan

MAHAPRABHU RAM: CRISIL Suspends D Rating on INR110MM Term Loan
MAHAVIR FOUNDATION: ICRA Lowers Rating on INR27cr Loan to D
MAHENDRAKUMAR BABULAL: CRISIL Suspends D INR100M Cash Loan Rating
MOORTHY TRADERS: CRISIL Suspends B+ Rating on INR100MM Loan
OM SAI: CRISIL Suspends D Rating on INR175MM Cash Credit

OM SAI MOTORS: CRISIL Suspends D Rating on INR250.1MM Cash Loan
OSWAL FABRICS: CRISIL Suspends B Rating on INR100MM Cash Credit
PAUL BROTHERS: CRISIL Suspends B+ Rating on INR70MM Bank Loan
PURVA ALLOYS: CRISIL Suspends 'D' Rating on INR60MM Term Loan
REX GLOBAL: CRISIL Suspends B+ Rating on INR20MM Line of Credit

SPICEJET LTD: AAI Places Low-Cost Carrier on Cash-And-Carry
SRI KESHAVA: ICRA Suspends 'D' Rating on INR25cr Term Loan
SRI SATYANARAYANA: ICRA Suspends 'D' Rating on INR8.85 Term Loan
SURYODAYA INFRA: ICRA Reaffirms B+ Rating on INR4.5cr Bank Loan
TIRUPATHI YARNTEX: ICRA Reaffirms C+ Rating on INR14.72cr Loan

TRUVOLT ENGINEERING: CRISIL Ups Rating on INR50MM Loan to B+
VFC INDUSTRIES: CRISIL Suspends D Rating on INR115MM Cash Credit
VIDHATRI EXPORTS: CRISIL Reaffirms B Rating on INR60MM Loan
ZEAL TEX: CRISIL Suspends D Rating on INR40MM Letter of Credit


J A P A N

* JAPAN: Corporate Bankruptcies Up 2.3 Fold in November


N E W  Z E A L A N D

HANOVER FINANCE: Labour Demands SFO Probe


                            - - - - -


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


CABRAL RESOURCES: First Creditors' Meeting Slated For Dec. 11
-------------------------------------------------------------
Barry Frederic Kogan -- bkogan@mcgrathnicol.com -- and Joseph
David Hayes -- jhayes@mcgrathnicol.com -- of McGrathNicol were
appointed as administrators of Cabral Brazil Pty Limited and
Cabral Resources Limited on Dec. 1, 2014.

A first meeting of the creditors of the Company will be held at
the Cliftons Conference Venue, Level 13, 60 Margaret Street, in
Sydney, on Dec. 11, 2014, at 3:00 p.m. and 3:30 p.m.,
respectively.

"Despite exhaustive efforts from the Board and management team of
Cabral, in the absence of a proposal that would provide adequate
and immediate access to funding, a meeting of Directors was
convened this morning and the Directors resolved that Cabral had
no alternative other than to appoint Administrators to Cabral,"
the company said in statement to the Australian Securities
Exchange.  "The appointment of Administrators affects only the
parent entity, Cabral, and one subsidiary, Cabral Brazil Pty
Limited. The Brazilian subsidiaries continue to trade in the
normal course of business."

The immediate priority of the Administrators is to take control of
the assets of Cabral and urgently assess its financial position.

"Administrators will also be working with the Cabral Board and
management to assess recapitalisation, restructuring and sale
opportunities," Mr. Kogan said.

Based in Australia, Cabral Resources Limited --
http://cabralresources.com.au/-- formerly RIMCapital Limited, is
engaged in the mineral exploration in Bahia State, Brazil
predominately for iron ore but including other minerals,
activities related to securing and advancing export infrastructure
solutions on the FIOL rail line and proposed Porto Sul port
development, activities related to additional ground consolidation
in the Bahia State region and ongoing third party project
assessment, due diligence and potential acquisition work and
related activities. The Company's subsidiaries include Northern
Yeelirrie Pty Limited and Cabral Brazil Pty Limited.


GRAVITY GOLD: First Creditors' Meeting Slated For Dec. 12
---------------------------------------------------------
George Aubrey Lopez & Evan Robert Verge of Melsom Robson were
appointed as administrators of Gravity Gold Pty Ltd on Dec. 2,
2014.

A first meeting of the creditors of the Company will be held at
Melsom Robson, 143 Edward Street, in Perth, on Dec. 12, 2014, at
10:30 a.m.


MISSION NEWENERGY: Completes Indonesian Arbitration
---------------------------------------------------
Mission NewEnergy Limited disclosed that the BANI Indonesian
arbitration award has been paid as per the award announced on
July 21, 2014.  Funds will materially be used to pay down
convertible note debt and the balance retained for general working
capital purposes.

The Company's 85% owned subsidiary, Oleovest Pte Ltd had
registered a request for arbitration with the Indonesian
Arbitration Board (BANI) to seek compensation from the Indonesian
government owned palm plantation company, PT Nusantara III
(PTPN111) for breach of its material and non-material obligations
under its joint venture agreement (JVA) with Oleovest.

As previously reported, the Indonesian arbitration panel, in a 2-1
majority decision, has awarded Oleovest Pte Ltd, with
US$3,360,000.

Meanwhile, the Company announced it has reduced the nominal value
of its Convertible Note debt by AUD2.3 million or 36,068 notes to
$23 million.

                        About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Mission NewEnergy reported a net loss of $1.09 million on $9.68
million of total revenue for the year ended June 30, 2014,
compared to net income of $10.05 million on $8.41 million of total
revenue during the prior year.

The Company's balance sheet at June 30, 2014, showed $4.04 million
in total assets, $15.40 million in total liabilities and a $11.35
million total deficiency.

BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million.  These conditions, along with other
matters, raise substantial doubt the Company's ability to continue
as a going concern.


PIE FACE: Franchised Food Co. Bids For Collapsed Retailer
---------------------------------------------------------
Eloise Keating at SmartCompany reports that Franchised Food
Company chief executive Stan Gordon has put his hand up to buy
collapsed retailer Pie Face but he said administrators Jirsch
Sutherland have not followed up on his offer.

While the collapsed food chain is trialling a supply agreement
with supermarket giant Woolworths as a potential way of increasing
sales, Mr. Gordon told SmartCompany he reached out to the
administrators on November 25, just days after Pie Face entered
voluntary administration.

"We have certainly put our hands up and I'd say we're not the only
ones," the report quotes Mr. Gordon, who founded Franchised Food
Company in 2000 when he bought the local rights to Mr Whippy, as
saying.  The company is home to other retail brands Pretzel World,
Cold Rock Ice Creamery, Nutshack, Trampoline and Europa.

While Mr. Gordon said he had an initial conversation with Pie
Face's administrators, he is yet to hear back from Jirsch
Sutherland to discuss a potential sale further, SmartCompany
relays.

"They say they are still looking for buyers but they can't be
looking that hard," Mr. Gordon told SmartCompany.  "They know who
we are, we're not a one man show. I would think Macquarie Capital,
Pie Face's secured creditor, would be happy to look at an offer
and get some money back."

According to the report, Mr. Gordon firmly believes there is an
opportunity to save Pie Face -- "I know there is an opportunity"
and he is confident he is the man for the job.

"I don't know how many other multi-brand retailers there are who
could do it," Mr. Gordon said of the Franchised Food Company.  "We
have a national footprint, we understand multi-brand systems."

"I have some ideas of what I would do with it," says Gordon, who
thinks a potential supply deal with a major supermarket could be
worthwhile for Pie Face.  "Do I think I can fix it? Yes, I do. I'm
very confident."

But Mr. Gordon said any plan to restore the company to its former
glory needs to focus on the existing stores, especially the
franchises, SmartCompany relates.

"We're talking about the livelihoods of 50-odd people, who are
just trying to make a living," the report quotes Mr. Gordon as
saying.  "If everyone can win, that's great, particularly the
franchisees. I hate to see people struggle and lose things when
they don't have to."

                          About Pie Face

Pie Face offers premium handmade sweet and savoury pies, pastries,
cakes, muffins, coffee and other lunch options.
The Company launched in Sydney in 2003 and had 89 stores across
Australia, the United States and New Zealand.

Jirsch Sutherland partners Sule Arnautovic and Rod Sutherland were
appointed as Joint Administrators of Pie Face Holdings Pty Ltd,
Pie Face Franchising Pty Ltd and Pie Face Pty Ltd on
Nov. 21, 2014.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2014, SmartCompany said Macquarie Capital, one of Pie
Face's secured creditors, late in November appointed Ferrier
Hodgson partners Steve Sherman and Peter Gothard as receivers to a
number of key Pie Face assets.


PRIME PLASTERING: First Creditors' Meeting Set For December 10
--------------------------------------------------------------
Daniel Johannes Bredenkamp and Bryan Kevin Hughes of Pitcher
Partners were appointed as administrators of Prime Plastering Pty
Ltd on Dec. 1, 2014.

A first meeting of the creditors of the Company will be held at
the offices of Pitcher Partners, Level 1, 914 Hay Street, in
Perth, on Dec. 10, 2014, at 2:30 p.m.



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


ANSHU AUTOMOTIVES: CRISIL Reaffirms B+ Rating on INR40MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Anshu Automotives Pvt
Ltd (AAPL) continue to reflect the company's working-capital-
intensive operations and susceptibility to economic downturns. The
ratings also factor in the company's average financial risk
profile marked by modest net worth. These rating weaknesses are
partially offset by AAPL's established presence in the Talegana
region, supported by its promoters' extensive industry experience.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         9         CRISIL A4 (Reaffirmed)
   Cash Credit           40         CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         6         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AAPL will maintain its established presence
in its key geographic region, supported by its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company increases its scale of operations a
sustainable basis, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
AAPL registers a decline in its revenue or operating
profitability, or if the company undertakes a larger-than-expected
debt-funded capital expenditure programme, resulting in weakening
of its financial risk profile.

Update
For 2013-14 (refers to financial year, April 1 to March 31),
revenue from the sale of vehicles declined by 30 per cent due to
political instability in the Telangana region, which was also
reflected in the decline in Force Motors Ltd's (FML) volumes.
There was wide-spread protest and disruption in the region over
the previous financial year, and hence AAPL's operations were shut
for 4 to 5 months. In 2014-15, however, with the formation of
Telangana as a separate state, stability has been restored in the
region.

Even as the volume of vehicles sold declined, the business from
sales of spare parts and services registered growth of around 100
percent to Rs 39.3 million in 2013-14, improving overall operating
margin to 4.1 per cent in 2013-14 as compared with 3 per cent in
2012-13. CRISIL expects that volume growth will remain low and
margins will remain in the 3-4 per cent range, supported by AAPL's
established market position in the region.

AAPL's working capital requirements were broadly unchanged. The
company had moderate Gross Current Assets (GCA) of around 96 days
as on March 31, 2014, mainly on account of inventory of different
vehicles required to be maintained at its showrooms.

The company continues to have adequate liquidity for the rating
category, with sufficient cash accruals to repay term debt
obligations. Even though revenue declined in 2013-14, net cash
accruals increased to INR5.0 million (from INR4.5 million in 2012-
13) due to improvement in operating margin. While working capital
limit utilisation has remained high historically, the promoters
have regularly infused funds to support the company and are
expected to continue to infuse funds if required. AAPL's
unencumbered cash balances remained comfortable around INR8.0
million as on March 31, 2014. The company has maintained
unencumbered funds of about INR10.0 million over the three years
ended March 31, 2014.

The company's financial risk profile continues to remain average
constrained primarily by its modest net worth of about INR20
million. The modest net worth also impacts the company's leverage,
reflected in a high total outside liabilities to tangible net
worth (TOLTNW) of 3.5 times as on March 31, 2014. The TOLTNW ratio
has remained in the range of 3.5 to 3.75 times in the past three
years and is expected to be in a similar range over the medium
term. CRISIL believes that the net worth limits AAPL's financial
flexibility and its ability to fund its operational expansion over
the medium term.

AAPL was set up as a private limited company in 2007 by Mr. Ajay
Naidu. It is an exclusive authorised dealer for FML.

For 2013-14, AAPL, on a provisional basis, reported profit after
tax (PAT) of INR1.8 million on net sales of INR259.2 million
against PAT of INR1.5 million on net sales of INR347.7 million for
2012-13.


ARUNKKUMAR SPINNING: CRISIL Suspends B Rating on INR201.3MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Arunkkumar Spinning Mill Private Limited (ASMPL).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           5.6        CRISIL A4
   Bill Discounting under
   Letter of Credit         5          CRISIL A4
   Cash Credit             80          CRISIL B/Stable
   Overdraft Facility      80          CRISIL B/Stable
   Packing Credit          10          CRISIL A4
   Proposed Term Loan      60          CRISIL B/Stable
   Revolving Letter of
   Credit                  20          CRISIL A4
   Term Loan              201.3        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
ASMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ASMPL is yet to
provide adequate information to enable CRISIL to assess ASMPL'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 1989 by Mr. Velusamy, ASMPL is engaged in the
manufacturing of cotton yarn and grey fabric. Its product range in
the yarn segment includes cotton viscose yarn, cotton slub yarn,
and organic cotton yarn. The company operates from its single
facility at Coimbatore (Tamil Nadu).


DHANLAXMI SOLVEX: ICRA Cuts Rating on INR150cr LT Loan to 'B'
-------------------------------------------------------------
ICRA has revised the long term rating from [ICRA]BBB- to [ICRA]B
and the short term rating from [ICRA]A3 to [ICRA]A4 on the
INR315.00 crore bank limits of Dhanlaxmi Solvex Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans             8.48       Downgraded from [ICRA]BBB-
                                     (Stable) to [ICRA]B

   Long term Fund       150.00       Downgraded from [ICRA]BBB-
   Based Limits                      (Stable) to [ICRA]B

   Short term Non       156.52       Downgraded from [ICRA]A3
   Fund Based Limits                 to [ICRA]A4

The ratings revision is on account of the losses incurred in FY14
and FY15 due to large inventory losses leading to considerable
strain on the liquidity position of the company.. ICRA expects the
company's financial performance to continue to remain weak in the
near term. The ratings continue to be constrained by the high
business risks inherent in the edible oil business including high
fragmentation leading to thin profitability, vulnerability of
profitability to import pressure, changes in the import duty
differential between crude and refined oil, volatility in global
price movements of both oil and soymeal, forex risks, and agro-
climatic risks associated with the availability of oilseeds.
Nevertheless the ratings favourably factor in the promoters'
experience and fairly long track record in the edible oil
business; the established market position of the company in the
industry; the company's locational advantages being situated in
the soya belt of the country; favourable demand prospects for
edible oil and the moderately integrated operations of the
company.

Incorporated in January 2006, Dhanlaxmi Solvex Pvt. Ltd. (DSPL) is
promoted by the Manglani group. Mr Nandlal Manglani, the Chairman,
also started a brokerage firm dealing in soya oil and soya deoiled
cake by the name of Manglani & Sons in 1964.

DSPL procured its first plant which was a sick unit at Shajapur
(Madhya Pradesh) in 2006 and commenced commercial production from
this plant in 2007. Subsequently the promoters procured sick units
at Kareli (M.P.) in 2007 and at Dewas (M.P.) in 2008 and commenced
commercial production from these plants in 2007 and 2008
respectively. In 2009 the company set up a 100 TPD edible oil
refinery at its Shajapur plant, set up a green field solvent
extraction unit at Harda (M.P.) and procured a flour mill at
Ratlam (M.P.). The Harda unit of the company began commercial
production in 2010. The combined capacity of all the edible oil
units combined is 2800 TPD (solvent extraction) and 150 TPD
(refining capacity). Refining capacities are available only at
Shajapur and Kareli plants of 100 TPD and 50 TPD respectively. The
flour mill at Ratlam is now mostly used as a warehouse and is not
engaged in production.

Recent Results
In FY14, DSPL reported a net loss of INR125.94 crore on an
operating Income of INR1155.48 crore as against a net profit of
INR12.00 crore on an operating income of INR876.89 crore in FY13.


DHOLADHAR DEVELOPERS: CRISIL Cuts Rating on INR102M Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Dholadhar Developers Pvt Ltd (DDPL) to 'CRISIL B-/Stable' from
'CRISIL B/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                102       CRISIL B-/Stable
                                     (Downgraded from 'CRISIL
                                      B/Stable')

The rating downgrade reflects time and cost overrun in DDPL's
ongoing project. The project is now expected to be complete in
March 2015 as against the previous expectation of October 2013.
Moreover, DDPL's planned lease tie-ups with clients have not yet
been finalised, leading to limited revenue visibility and
significant pressure on the company's liquidity. The stretch in
liquidity is likely to continue over the medium term on account of
the absence of net cash accruals against term debt obligations for
2014-15 (refers to financial year, April 1 to March 31) and major
dependence on timely funding support from the company's promoter.
CRISIL believes that DDPL will remain exposed to high
implementation and demand risks over the medium term.

The rating reflects DDPL's exposure to implementation and demand
risks associated with its project, and its weak financial
flexibility. These rating weaknesses are partially offset by the
advantageous location of DDPL's project and funding support from
its promoter.

Outlook: Stable

CRISIL believes that DDPL will maintain its credit risk profile
over the medium term on the back of expected funding support from
its promoter. The outlook may be revised to 'Positive' in case of
high saleability of the company's project leading to healthy cash
accruals on a sustainable basis. Conversely, the outlook may be
revised to 'Negative' in case of any delay in funding support from
the promoter to meet term debt obligations.

DDPL is a private limited company incorporated in 2007. Mr. Gurmit
Singh Mann, the company' founder and promoter, has entrepreneurial
experience of over 48 years.

DDPL is setting up Maximus Mall, a commercial complex with a two-
screen multiplex, in Dharamsala (Himachal Pradesh). The area to be
developed is estimated at around 54,000 square feet and the
project cost is estimated at INR182 million. The project is being
developed on the promoter's ancestral property. The construction
of the project has already commenced and is expected to be
complete by March 2015.


GENESIS MOTORS: CRISIL Suspends 'D' Rating on INR120MM Bank Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Genesis
Motors Pvt Ltd (GMPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             100         CRISIL D
   Proposed Long Term
   Bank Loan Facility      120         CRISIL D
   Term Loan                80         CRISIL D

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

GMPL was established as General Can Pvt Ltd in 1985; its name was
changed to the current one in July 2010. The company commenced
commercial operations as a dealer in Nissan India Limited's
passenger vehicles in November 2010. Its dealership unit was named
Orion Nissan.


GOBIND SUGAR: CRISIL Suspends B- Rating on INR748MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Gobind
Sugar Mills Ltd (GSML).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           2         CRISIL A4
   Cash Credit            748         CRISIL B-/Stable

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

GSML, incorporated in 1952, manufactures sugar and its by-
products, molasses and bagassee. The company, based in Lakhimpur
(Uttar Pradesh), is currently a part of Adventz group of companies
(Zuari group), which has interests across varied industries such
as agriculture, engineering and infrastructure, real estate,
consumer durables and fittings, freight wagon supply, and
financial services.


HINDUSTHAN DISTILLERIES: CRISIL Suspends B+ INR50MM Loan Rating
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Hindusthan Distilleries (Karnataka) Pvt Ltd (HDKPL).

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

   Proposed Long Term
   Bank Loan Facility       40         CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by HDKPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HDKPL is yet to
provide adequate information to enable CRISIL to assess AHDKPL'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 2004, HDKPL manufactures extra neutral alcohol
(ENA) and rectified spirit. Its facility is located in
Gauribidanur (Karnataka). The company was taken over by Coimbatore
based Hindusthan group (promoted by Mr. T S R Khannaiyann) in
October 2010 .The day-to-day activities of the company are
currently looked after by Mr. T S R Khannaiyann and Mr. Satish
Prabu, who are the directors of HDKPL.


INDIAN PULP: ICRA Cuts Rating on INR36.48cr Term Loan to 'D'
------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR36.48 crore term loan, INR15.93 crore cash credit limits and
INR24.38 crore of fund based bank facilities of Indian Pulp &
Paper Private Limited from [ICRA]C to [ICRA]D. ICRA has also
revised downwards the short term rating assigned to the INR12.32
crore non fund based bank facilities of IPPPL from [ICRA]A4 to
[ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-     36.48        [ICRA]D revised
   Term Loan

   Fund Based Limit-     13.52        [ICRA]D revised
   Working Capital
   Term Loan

   Fund Based Limit-     10.86        [ICRA]D revised
   Funded Interest
   Term Loan

   Fund Based Limit-     15.93        [ICRA]D revised
   Cash Credit

   Non Fund Based        12.25        [ICRA]D revised
   Limit-Letter of
   Credit and Bank
   Guarantee

   Non Fund Based         0.07        [ICRA]D revised
   Limit - Forward
   Contract

The downward revision in the ratings primarily take into account
IPPPL's unsatisfactory track record in timely servicing of debt
obligations, leading to overdue interest and principal on term
loans along with consistent overutilization of working capital
limits. The ratings continue to be constrained by de-growth
witnessed in operating income of around 18% during 2013-14 over
previous fiscal and its adverse financial risk profile
characterized by significant erosion of net worth due to
continuous losses suffered in past few years, resulting in
negative cash accruals and leveraged capital structure. Moreover,
the sharp deterioration in operating margin during 2013-14 has
negatively impacted the coverage indicators. ICRA also take notes
of the intensely competitive and fragmented nature of the paper
industry with low entry barriers and exposure of players including
IPPPL to fluctuations in raw material and finished goods prices,
which impact the margins. The ratings, however, continues to
derive comfort from the experience of the promoters in the paper
industry, locational advantage enjoyed by IPPPL for plant being
located close to the target market and raw material sources and
favourable demand outlook of the kraft paper industry.

The Kolkata based Agarwal family had set up Balaji Kagaz Private
Limited in 2004. The company acquired Indian Paper Pulp Company
Limited (IPPCL) in 2006 from the Government of West Bengal at a
consideration of INR11.80 crore. Subsequently, the name of the
company was changed to Indian Pulp & Paper Private Limited (IPPL).
The company has a kraft paper manufacturing capacity of 49,500
metric tonnes per annum (MTPA) and pulp making capacity of 60,000
MTPA, along with 1.2 MW captive co-generation power plant at
Naihati, West Bengal. The company proposes to manufacture a wide
range of kraft paper as per the specifications of customers.

Recent Results
During 2013-14, the company reported a net loss of INR16.51 crore
on an operating income of INR50.04 crore as compared to a net loss
of INR10.77 crore on an operating income of INR61.02 crore during
2012-13.


JANPATH ESTATES: ICRA Rates INR25cr Proposed Term Loan at 'B+'
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR25.0
crore proposed term loan of Janpath Estates Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Proposed Term Loans      25.0        [ICRA]B+

The rating draws support from the promoter's experience in real
estate business along with the financial support extended by way
of unsecured loans, albeit the same remains interest bearing.
Further, the rating factors in the plotted nature of its project
-- One Janpath, where the execution risk remains low. The company
intends to develop around 50 acre in phase I (out of the total 116
acres) which would limit the development outflow relative to other
product segments like group housing. These apart, the rating also
reflect appointment of a reputed execution agency -- Alpha G Corp
for the development as well as marketing of the said project. JEPL
has finished inventory of around 30 villas from its maiden project
-- Janpath Villas which apart from its largely unencumbered land
bank provides for adequate flexibility.

The rating strengths are partially offset by the exposure to
approval risks given that some of the approvals for the project is
pending. The environment clearance has been received recently
leading to commencement of development work; the same, however,
remains at nascent stage leading to high execution risk.

Nevertheless, ICRA draws comfort from appointment of reputed
execution agencies. This apart, phase I of the project is proposed
to have around 220 plots spread over an area of around 80000 sq
yard and commercial area of 15000 sq yard. The company is yet to
launch the project, thus exposing it to significant marketing
risk. Further, the risk is accentuated in the backdrop of the
slowdown in the real estate sector. In addition, the debt is yet
to be tied-up for the project which coupled with no sales exposes
the project to funding risk. Furthermore, the rating also factor
in JEPL's modest financial risk profile marked by declining
revenues and net profits as well as modest capitalization and
coverage indicators. The gearing weakened from 3.53 times as on
March 31, 2012 to 3.84 times as on March 31, 2014 (prov) while
NCA/TD remains subdued at 1-2%.

Going forward, JEPL's ability to execute the project in timely
manner and maintain sales as well as collection efficiency will be
amongst the key rating sensitivities.

Incorporated in May 2004, Janpath Estate Private Limited (JEPL)
has been involved in carrying out purchase and development of real
estate etc. In the past the company was mainly involved in
purchase of land and selling it post land use conversion as well
as development of its maiden project 'Janpath Dreamz'. The company
is jointly promoted by the Goyal family and Singal family. Mr.
Vinay Singal and Mr. Mahesh Kumar Goyal are the directors of the
company. Currently, the company is planning to develop a 116 acre
land parcel in phased manner. In Phase I it will be developing 50
acres at an estimated cost of INR76.19 crore. It is proposed to
fund the same through debt of INR25 crore, customer advances of
INR10 crore and the balance through promoter funds. As on December
31, 2013, the company had spent INR26.11 crore towards the land
and approval charges. The same was funded through unsecured
interest bearing loans from promoters and friends.


KESHAVA EDUCATIONAL: ICRA Suspends 'D' Rating on INR9.85cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR9.85 crore term loan facilities of M/s Keshava Educational
Society. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Keshava Educational Society was established in 2006 and runs
twelve schools in Chittoor, Kurnool and Kadapa districts of Andhra
Pradesh. KES is part of Keshava Reddy group of educational
institutions which was started in the year 1993 by Mr. N. Keshava
Reddy. For the first 15 years of operation the group ran it's
schools only in Kurnool, AP but since 2008 the group has been
undertaking major expansion and has spread across several
locations in Andhra Pradesh. The group presently has close to
100,000 students studying in 38 schools under the guidance of
~5000 teachers in 14 different locations in Andhra Pradesh. The
school imparts education from KG to class X as per the Andhra
Pradesh state curriculum.


MAHAPRABHU RAM: CRISIL Suspends D Rating on INR110MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
MahaPrabhu Ram Mulkh Hi-Tech Education Society (MahaPrabhu).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan                110        CRISIL D

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

MahaPrabhu was established in 2006 in Naraingarh, District Ambala
(Punjab). The society is managed by Mr. Roshan Lal Jindal
(president). It runs the Shree Ram Mulkh Group of Professional
Institutions, which offer diversified diploma, graduation, and
post-graduation courses in education, technology, engineering,
computer applications, and business administration. MahaPrabhu
currently has around 2500 students.


MAHAVIR FOUNDATION: ICRA Lowers Rating on INR27cr Loan to D
-----------------------------------------------------------
ICRA has revised its long term rating on the INR27.00 crore fund
based bank facilities of Mahavir Foundation for Educational
Research & Development (MFERD) to [ICRA]D from [ICRA]B-.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits    27.00        [ICRA]D; downgraded from
                                     [ICRA]B-

The rating downgrade is driven by delays in servicing of interest
obligations by the society on account of its stretched liquidity
position owing to delays in infusion of funds by the promoters.
MFERD's project has been impacted by pending regulatory approvals
due to which the society is yet to commence construction; as a
result of which the commercial operations date of the project has
been revised to April 2015. Further, the project cost has also
changed on account of cost overruns, as well as a revision in the
scope of the project, and the incremental project cost is largely
expected to be funded through increased promoters' contribution,
thereby increasing the funding risk. Given the limited progress on
the project so far, the increase in its scope further heightens
the execution risks. Also the limited gap between the revised COD
(April 2015) and commencement of principal repayments (June 2015)
leaves little room for further execution missteps.

Although ICRA takes note of the experienced member group of the
society, which has been engaged in the education sector for more
than eight years; this is largely offset by the above concerns.
In ICRA's view, timely receipt of the funding support from the
member group will remain critical for timely debt servicing and
project completion and hence would be the key rating sensitivity.

Promoted by Mr. Abhishek Jain and Mr. Subhash Chand Jain who have
been engaged in the education sector for more than 8 years, MFERD
is a Ghaziabad (Uttar Pradesh) based society registered under the
Societies Registration Act of 1860. MFERD had earlier proposed
construction of engineering cum management college as well as a
primary and secondary school in Ghaziabad, with initial COD of
April 2013. As noted during the last rating exercise, the COD for
both the projects was shifted to April 2014 due to non-
availability of building plan approval from Ghaziabad Development
Authority (GDA). The term loan was also restructured and repayment
schedule was extended by one year, with repayment commencing from
June 2015 (vis-a-vis June 2014 earlier).

Due to the pending building plan approval from GDA, the
construction activity on the projects has however not commenced
and COD of the project has been further extended to April 2015.
Besides, there has also been a change in the scope of the project,
with the society now proposing the construction of a primary
school, a senior secondary school and College of Law and B.Ed as
against the earlier plan of setting up a primary school, a
secondary School and Engineering College, largely owing to the
current demand slowdown in the engineering education space. As
against the earlier estimate of INR53.00 crore, the consolidated
project cost now stands revised to INR61.50 crore (with cost
escalation attributed to the change in scope of the project and
time and cost overruns), which is proposed to be funded through a
term loan of INR27.00 crore and balance via promoters'
contribution/unsecured loans.


MAHENDRAKUMAR BABULAL: CRISIL Suspends D INR100M Cash Loan Rating
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mahendrakumar Babulal Jewels Pvt Ltd (MBJPL).

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

The suspension of ratings is on account of non-cooperation by
MBJPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MBJPL is yet to
provide adequate information to enable CRISIL to assess MBJPL'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 2011 by Mr. Babulal Shah and his three sons, MBJPL
is in the jewellery business in Ahmedabad (Gujarat).


MOORTHY TRADERS: CRISIL Suspends B+ Rating on INR100MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Moorthy
Traders (MT).

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

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

Set up in 1977, MT processes and trades various agro-commodities.
The firm is promoted by Mr. Arunachalam and his family members.


OM SAI: CRISIL Suspends D Rating on INR175MM Cash Credit
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of OM Sai
Autoworld (Om Sai).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              175         CRISIL D

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

Om Sai was set up in 2001 by Mr. Gangadhar Shetty and Mr. Uday
Shetty. It is an authorised dealer for HMSI in western Mumbai. The
firm operates four exclusive two-wheeler outlets at Malad,
Jogeshwari, Borivali and Mahim, and two service stations at
Jogeshwari and Borivali, in Mumbai.


OM SAI MOTORS: CRISIL Suspends D Rating on INR250.1MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of OM Sai
Motors Pvt Ltd (Om Sai Motors).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Cash Credit             250.1         CRISIL D

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

Om Sai Motors was established in 1994 as a proprietorship firm by
Mr. Gangadhar Shetty; the firm was reconstituted as a private
limited company in 2000. The company initially ran a workshop for
TML, and in 2001 was appointed as an authorised dealer for TML's
passenger vehicles. It is also an authorised distributor of
passenger vehicles for Fiat India Ltd. Om Sai Motors operates
primarily in Mumbai-it has a showroom at Kandivali, an outlet at
Borivali, a service station at Charkop, and one warehouse each at
Borivili and Vasai.


OSWAL FABRICS: CRISIL Suspends B Rating on INR100MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Oswal
Fabrics (Oswal).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             100        CRISIL B/Stable
   Letter of Credit         20        CRISIL A4
   Proposed Cash Credit
   Limit                    20        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       20        CRISIL B/Stable
   Term Loan                10        CRISIL B/Stable

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

Oswal, established in 1971, is run by Ludhiana (Punjab)-based Mr.
Rakesh Jain and his family. The firm manufactures hosiery and home
furnishings, a part of which is sold under its Itaca brand.


PAUL BROTHERS: CRISIL Suspends B+ Rating on INR70MM Bank Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Paul Brothers.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           25        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       70        CRISIL B+/Stable

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

Paul Brothers is a Nagpur (Maharashtra)-based partnership firm,
engaged in construction of residential apartments in Nagpur. The
firm usually caters to the affluent class.


PURVA ALLOYS: CRISIL Suspends 'D' Rating on INR60MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Purva
Alloys Ltd (PAL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              60        CRISIL D
   Term Loan                60        CRISIL D

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

PAL, incorporated in June 2011, is promoted by Mr. Mukesh Kumar
Agarawal, Smt Meenakshi Agarwal (his wife) and Mr. Asheesh Gupta
(his brother in law).  The company is in the manufacturing of mild
steel angle (M S angle) and stainless steel flat (S S flat). The
manufacturing unit of the company is located in Unnao, Kanpur
(Uttar Pradesh). Company has commenced the commercial operations
from July 2012.


REX GLOBAL: CRISIL Suspends B+ Rating on INR20MM Line of Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rex Global Ltd (RGL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit               15        CRISIL B+/Stable
   Export Bill Purchase      45        CRISIL A4
   Export Packing Credit     50        CRISIL A4
   Proposed Short Term
   Bank Loan Facility        65.5      CRISIL A4
   Standby Line of Credit    20        CRISIL B+/Stable

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

RGL was set up in 1990 as a partnership firm named Rex Exports by
Mr. Dinesh Dandona and his brother, Mr. Bhupesh Dandona. It was
reconstituted as a private limited company in 2000. The company
trades in cycle parts, knitted cloth, fabrics, and galvanised
steel sheets. It sells to the domestic as well as export market.
Majority of its exports are to West African countries such as
Ivory Coast, Burkina Faso, Mali, and Niger.


SPICEJET LTD: AAI Places Low-Cost Carrier on Cash-And-Carry
-----------------------------------------------------------
The Times of India reports that the Airports Authority of India
(AAI) has decided to withdraw credit facility relating to airport
user fees to the financially-embattled low-cost carrier SpiceJet
at all airports in the country from December 4 midnight. The move
has been spurred by the mounting dues that the airline has to pay
the AAI, the report says.

A senior official at the AAI headquarters in New Delhi told TOI on
December 4 that a circular has been issued by the office of the
executive director (finance) to all airport authorities asking
them to let the airline operate only on cash-and-carry basis.
"The airline too has been notified about the decision. SpiceJet
will have to pay cash upfront for use of airports," the official
said.

TOI quotes a SpiceJet spokesperson as saying, "As a policy matter,
the airline would not like to make any comment on the issue as of
now. We are also not supposed to discuss matters relating to
financial dues."

Sources in AAI, Delhi, pointed out that the dues payable by the
airline to the Pune airport alone have mounted to nearly
INR4 crore, TOI relays.  The airline is currently operating one
international and 10 domestic flights out of Pune to Bengaluru,
Chennai, Delhi, Ahmedabad, Kochi, Goa and Hyderabad, besides
Sharjah. Of these, two flights each operate to Bengaluru, Chennai
and Delhi while the Sharjah flight operates four days a week, TOI
relays.

According to the report, AAI official said all airlines are
required to pay airport user fees under various heads such as
terminal navigational landing charges (TNLC), route navigational
facilitation charges (RNFC), parking and housing fees and
passenger fees, among others. "The dues are normally cleared by
the airlines at regular intervals but, in the instant case, the
airline has piled up a sizeable outstanding," the official said.

SpiceJet has run into rough weather in the last few months, TOI
notes.  On December 1, the directorate general of civil aviation
(DGCA) asked the airline for details such as the number of Boeing
737s it operates, the number of pilots on rolls and how many have
quit, its financial position and the actual number of flights it
operates. The DGCA's move came after rising instances of flight
cancellations by the airline last month, inconveniencing fliers,
the report adds.

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights
between major cities in India.

As reported in the Troubled Company Reporter-Asia Pacific on
May 21, 2014, The Times of India said SpiceJet has posted its
highest ever annual loss of INR1,003.2 crore in the financial year
2013-14 up five times from INR191 crore in the previous fiscal.


SRI KESHAVA: ICRA Suspends 'D' Rating on INR25cr Term Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR25.00 crore term loan facilities of M/s Sri Keshava Reddy
Educational Society. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Sri Keshava Reddy Educational Society was established in 2010 and
runs two schools in Kurnool and Hyderabad in Andhra Pradesh. SKRES
is part of Keshava Reddy group of educational institutions which
was started in the year 1993 by Mr. N. Keshava Reddy. For the
first 15 years of operation the group ran it's schools only in
Kurnool, AP but since 2008 the group has been undertaking major
expansion and has spread across several locations in Andhra
Pradesh. The group presently has close to 100,000 students
studying in 38 schools under the guidance of ~5000 teachers in 14
different locations in Andhra Pradesh. The school imparts
education from KG to class X as per the Andhra Pradesh state
curriculum.


SRI SATYANARAYANA: ICRA Suspends 'D' Rating on INR8.85 Term Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR8.85 crore term loan facilities of M/s Sri Satyanarayana Swamy
Educational Society. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Sri Satyanarayana Swamy Educational Society was established in
2009 and runs two schools in Medak, Andhra Pradesh. SSSES is part
of Keshava Reddy group of educational institutions which was
started in the year 1993 by Mr. N. Keshava Reddy. For the first 15
years of operation the group ran it's schools only in Kurnool, AP
but since 2008 the group has been undertaking major expansion and
has spread across several locations in Andhra Pradesh. The group
presently has close to 100,000 students studying in 38 schools
under the guidance of ~5000 teachers in 14 different locations in
Andhra Pradesh. The school imparts education from KG to class X as
per the Andhra Pradesh state curriculum.


SURYODAYA INFRA: ICRA Reaffirms B+ Rating on INR4.5cr Bank Loan
---------------------------------------------------------------
ICRA has re-affirmed the long term rating assigned to INR4.00 Cr
cash credit facility and INR4.50 Cr bank guarantee facility of
Suryodaya Infra Projects (I) Private Limited at [ICRA]B+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B+ reaffirmed
   Bank Guarantee        4.50        [ICRA]B+ reaffirmed

The reaffirmation of the rating continues to factor in the delays
in project execution on account of various factors such as forest
clearances, pending design approvals, etc. resulting in decrease
in the operating income of the company from INR30.98 Cr in FY13 to
INR20.43 Cr in FY14. The rating is further constrained by the
absence of cost escalation clause in the contracts which exposes
the company to volatility in raw material process. The rating also
takes into account the sector dependence of the company since most
of its current projects are in the mining sector and the high
order book concentration with 35% of the unexecuted order
belonging to subcontract work from Elecon Engineering Company. The
rating however favourably factors the moderate order-book size
which provides revenue visibility in the near term and the
established relationship with reputed clients as reflected in
repeat orders Further, ICRA also notes that the usage of its own
equipment's for project execution resulting has resulted in lower
dependence on subcontracts and consequently higher operating
margins for the company.

Going forward, the ability of the company to get new orders and to
execute existing orders in a timely manner without cost overruns
will be the key rating sensitivities.

The business was started as a partnership Prime Construction (PC)
in 2006. SIPIL was incorporated on 30th December 2008 and
commenced operations in May 2009. PC which was engaged in the same
business was merged with SIPIL in 2010. The company is engaged in
civil works for National Mineral Development Corporation (NMDC),
like site clearance, area grading, raising of tailing dam
embankment, road construction, construction of conveyor belts,
etc. SIPIL has been participating in tenders for subcontract works
for such projects from contractors like Ratna Infrastructure
Projects Pvt Ltd, Elecon Engineering Ltd. (CARE A/A1-), Sandvik
Asia Private Limited (rated CRISIL AA-/A1+), IVRCL (rated IND D),
etc.

According to provisional 2013-14 financials, the company has
recorded an operating income of INR20.43 Cr with an operating
profit of INR6.77 Crore.


TIRUPATHI YARNTEX: ICRA Reaffirms C+ Rating on INR14.72cr Loan
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]C+ outstanding
on the INR14.72 crore (revised from INR18.61 crore) term loan
facilities, the INR13.00 crore fund based facilities, the INR0.75
crore non-fund based facilities and the INR6.88 crore (revised
from INR2.99 crore) proposed facilities of Tirupathi Yarntex
Spinners Private Limited.  The short-term rating on the INR1.50
crore non-fund based facilities has been re-affirmed at [ICRA]A4.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   LT - Term Loans         14.72       [ICRA]C+/re-affirmed

   LT - Fund based
   facilities              13.00       [ICRA]C+/re-affirmed

   LT - Non-fund based
   Facilities               0.75       [ICRA]C+/re-affirmed

   Proposed facilities      6.88       [ICRA]C+/re-affirmed

   ST - Non-fund based
   facilities               1.50       [ICRA]A4/re-affirmed

The re-affirmation of the ratings considers the weak financial
profile of the company characterized by a stretched capital
structure and weak coverage indicators due to debt funded capital
expenditure incurred in the past; and its high dependence on
working capital funding to support operations, resulting in high
debt levels, coupled with thin accruals over the years. The
ratings also take cognizance of the TYSPL's small scale of
operations, which restricts benefit of economies of scale; and the
intense competition prevalent in the industry, which limits its
pricing flexibility. The ratings also factor in TYSPL's
vulnerability of performance to volatility in cotton and yarn
prices. Although the company does not have any significant capital
expenditure plans in the medium term, with sizeable debt repayment
obligations falling due over the short to medium term, adequate
generation of funds from operations amid a fall in cotton and yarn
prices remains critical. The ratings, however, continue to
favourably factor in the long standing experience of the promoters
in the spinning industry.

TYSPL commenced operations as a partnership firm (M/s. Tirupathi
Spinners), with an installed capacity of 2,032 spindles, and was
converted into a private limited company in 1996. TYSPL is engaged
in manufacturing 100% cotton yarn with a capacity of 30,696
spindles. The factory units are located at two separate locations
in Rajapalayam, Tamil Nadu. Unit A has an installed capacity of
19,080 spindles, which produces hank yarn and cone yarn catering
to domestic markets such as Tamil Nadu and Maharashtra; while Unit
B is installed with 11,616 spindles of modern equipments to
produce cone yarn. The company is closely held by the promoters
and their family.

Recent Results
For the financial year 2013-14 the company reported a net profit
of INR0.01 crore on an operating income of INR71.2 crore, as
against a net profit of INR0.05 crore on an operating income of
INR63.7 crore during the financial year 2012-13.


TRUVOLT ENGINEERING: CRISIL Ups Rating on INR50MM Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Truvolt Engineering Co Pvt Ltd (TECPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'. The rating on the company's short-term
facilities has been and reaffirmed at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           50        CRISIL A4 (Reaffirmed)
   Cash Credit              50        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')
   Letter of Credit         50        CRISIL A4 (Reaffirmed)
   Term Loan                25        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects improvement in TECPL's business risk
profile, led by a significant increase in the company's net sales
to INR544 million in 2013-14 (refers to financial year, April 1 to
March 31) from INR355 million in 2012-13; the improvement was
driven by an increase in the production capacity supported by the
establishment of a new facility and the expansion of the existing
facility. TECPL's gross current assets decreased to 270 days as on
March 31, 2014, from 419 days as on March 31, 2013, owing to
realisation from debtors following a recovery in the industry and
TECPL's focus on debtor management. The company also improved its
capital structure, with reduced gearing led by equity infusion
from the promoters. The company's liquidity improved as indicated
by moderately utilised bank lines of around 82 per cent in 2013-14
vis-a-vis 92 per cent in 2012-13.

The ratings continue to reflect TECPL's large working capital
requirements and small scale of operations in the intensely
competitive low voltage transformer manufacturing segment. These
rating weaknesses are partly offset by the extensive industry
experience of the promoters, a diverse client base, and healthy
order book.

Outlook: Stable

CRISIL believes that TECPL will continue to benefit over the
medium term from the promoters' extensive industry experience and
its established customer relations. The outlook may be revised to
'Positive' if the company enhances its financial risk profile and
reports sizeable cash accruals or improves its working capital
management. Conversely, the outlook may be revised to 'Negative'
if TECPL's financial risk profile and liquidity weaken with
significantly low cash accruals; or large working capital
requirements; or substantial debt-funded capital expenditure.
TECPL was set up by Kolkata-based Mr. S K Ghosh in 1970. The
founder's son, Mr. Rajesh Ghosh, oversees daily operations. TECPL
manufactures furnace and auxiliary transformers, distribution
transformers, voltage circuit breakers, control panel, and
substation equipment.


VFC INDUSTRIES: CRISIL Suspends D Rating on INR115MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
VFC Industries Pvt Ltd (VIPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           2          CRISIL D
   Cash Credit            115          CRISIL D
   Letter of Credit        43          CRISIL D
   Proposed Long Term
   Bank Loan Facility      12.9        CRISIL D
   Term Loan               46.6        CRISIL D

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

VIPL, incorporated in 1994, manufactures folding boxboard cartons
(FBCs) at its plant in Halol (Gujarat). FBCs are used for
packaging products such as fast-moving consumer goods, liquor,
tobacco, stationery, perfumes, and pharmaceutical products. The
company was formed by the merger of Vijay Art Printing Press, a
partnership concern that was set up in 1969, and Rathika Pvt Ltd.


VIDHATRI EXPORTS: CRISIL Reaffirms B Rating on INR60MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vidhatri
Exports Pvt Ltd (VEPL) continues to reflect the company's working-
capital-intensive operations and weak financial risk profile
marked by modest net worth, high gearing, and a weak interest
coverage ratio. These rating weaknesses are partially offset by
the extensive experience of VEPL's promoters in ready-made
garments and sarees.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Export Packing Credit    60       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VEPL will continue to benefit over the medium
term from its promoters' extensive experience in the ready-made
garments industry and its established customer base. The outlook
may be revised to 'Positive' in case of better-than-expected
operating income and profitability or improved working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of deterioration in VEPL's financial risk profile,
particularly its liquidity, on account of stretch in the company's
working capital cycle or lower-than-expected accruals or
significant debt-funded capital expenditure.

Update
VEPL's revenue witnessed growth of around 50 per cent, reaching
INR820 million in 2013-14 (refers to financial year, April 1 to
March 31); due to revival of demand from the exports market. On
account of the rupee strengthening by more than ten per cent in
the first half of 2013-14, the company suffered foreign exchange
(forex) loss of INR16 million and a decline in net cash accruals
to around INR2.0 million in 2013-14 from INR2.5 million in 2012-
13. CRISIL notes that despite its policy of hedging almost 80 per
cent of its forex exposure, the risk is not fully mitigated as the
forward contracts are not entered into on a bill-to-bill basis.

The company's operating margin is low on account of limited value
addition: most of the activities like dyeing, printing, and
embroidery are outsourced to be done on a job-work basis.
Embroidery work is done by group company Shiv Shakti (revenue of
about INR10 million, of which around 50 per cent is from VEPL).
CRISIL believes that VEPL's revenue will maintain growth of 10 to
12 per cent over the medium term due to revival of demand from
Europe, while maintaining operating margin at 1.8 to 2 per cent.

The working capital cycle improved in 2013-14 but remains
stretched. Inventory days declined in 2013-14 to 32 days from 49
days in 2012-13 mainly due to higher-than-expected demand from
export markets. For 2013-14, payables declined to 85 days from 100
days as liquidity increased as unsecured loans from promoters were
used to pay the supplier and the company received cash discounts,
which boosted operating margin. Credit terms allowed to customers
varies from one client to another. Debtor days in the past two
years ranged from 90 to 100 days. CRISIL believes that VEPL's
working capital cycle will continue to remain stretched over the
near to medium term.

Liquidity of the company remains constrained on account of its
modest accruals, which are expected to remain around INR4 million
to INR5 million in the near-term; partially offset by absence of
repayment obligations. The bank limits of the company also
remained fully utilised at an average of 95 per cent over the past
12 months.

The financial risk profile of the company has remained below
average with modest net worth, moderate gearing, and average debt
protection measures. The company is expected to maintain its
financial risk profile over the medium term backed by moderate
accretion to reserves and steady accretion to reserves.

VEPL exports dyed and printed fabric and printed and embroidered
sarees. Its promoters, members of Gujarat-based Poddar family,
have been wholesaling fabric and sarees for six decades and have
been exporting fabric and sarees for more than 15 years.


ZEAL TEX: CRISIL Suspends D Rating on INR40MM Letter of Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Zeal Tex Fashion Pvt Ltd (ZTFPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              40          CRISIL D
   Letter of Credit         40          CRISIL D
   Proposed Long Term
   Bank Loan Facility       14.5        CRISIL D

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

Initially started in 1995 as a partnership firm of Mr. Samir Das
and his wife, and later converted to a private limited company in
2008, ZFPL manufactures jute and cotton bags, and scarves and
stoles as well as T-shirts and shorts for men and women. The
company exports jute and cotton bags and scarves and stoles to
Europe, Japan, Chile, and South Korea; it sells the T-shirts and
shorts in the domestic market in Kolkata (West Bengal). The
company's manufacturing facilities are in Kolkata and Srirampur
(West Bengal). Mr. Das handles the day to day operations of the
company.


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


* JAPAN: Corporate Bankruptcies Up 2.3 Fold in November
-------------------------------------------------------
Kyodo News reports that the number of corporate bankruptcies
induced by the weakening of the yen rose 2.3-fold in November to
42, the highest since Teikoku Databank began tracking the
statistic in January 2013, the credit research agency said on
December 4.

Kyodo relates that the year-on-year number reset the record for a
third straight month as the yen accelerated its decline against
the dollar and other major currencies, resulting in higher import
prices.

Liabilities left by these bankrupt companies soared 2.2-fold to
JPY15.866 billion, Teikoku Databank said, Kyodo relays.

By region, the Kanto area including Tokyo accounted for 11 of the
42 bankruptcies, followed by eight each in the Chubu region around
Nagoya and the Kinki region covering Osaka, and five in Hokkaido,
according to Kyodo.

In the first 11 months of this year, the number of bankruptcies
induced by the weak yen soared 2.7-fold from a year before to 301,
including 75 in Tokyo, 39 in Osaka, 36 in Hokkaido and 35 in
Aichi, Kyodo reports.

"While imported food and construction material prices have soared
on the weakening yen, most small companies have failed to pass
these hikes on to their product prices," a Teikoku Databank
official, as cited by Kyodo, said.

As the yen continues to drop, the agency expects such bankruptcies
to rise further. Since the Bank of Japan expanded its radical
monetary easing program on Oct. 31, the dollar has strengthened by
about JPY10, Kyodo adds.



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


HANOVER FINANCE: Labour Demands SFO Probe
-----------------------------------------
Stuff.co.nz reports that Labour is demanding a police
investigation into alleged attempts to undermine the Serious Fraud
Office (SFO) as it investigated failed Hanover Finance boss Mark
Hotchin.

Stuff.co.nz says shadow Attorney-General David Parker on
December 3 used parliamentary privilege to level fresh allegations
in the House about a smear campaign conducted by public relations
consultant Carrick Graham.

According to the report, Mr. Graham said in a written statement:
"I'd like to see Mr. Parker have the courage to make those sorts
of allegations without the protection of Parliamentary privilege."

Stuff.co.nz relates that Mr. Parker said a former SFO staffer told
him that as the SFO was investigating Mr Hotchin "a former adviser
to Hotchin contacted this person and said Hotchin plays a rough
game. You watch out he will use underhand tactics to undermine the
Serious Fraud Office and their staff."

And he said he was told by a second source Hotchin used "underhand
tactics" to "take out some of the potential witnesses against him
in respect of his conduct by Hanover," the report relays.

The allegations were "worrying," Mr. Parker said. But he won't
name the sources and said he can't prove them, Stuff.co.nz
reports.

"They are both hearsay allegations to me. But these allegations
must be investigated," he told Parliament," the report quotes Mr.
Parker as saying.  "What we don't know is whether those actions
were criminal."

Stuff.co.nz relates that Mr. Parker said "thousands of dollars
every month were being paid via Carrick Graham" to bloggers
Cameron Slater and Cathy Odgers.  "Presumably thousands of dollars
were being paid by Carrick Graham."

"They were both undermining the Serious Fraud Office. Who were
they doing for? We do not yet know who they were doing it for. It
looks like they may have been doing it for Mr Hotchin," the report
quotes Mr. Parker as saying.

Hanover collapsed in July 2008 owing 13,000 investors $554
million. The SFO conducted a 32-month investigation, then
announced in April 2013 it would not pursue criminal charges.

According to the report, Nicky Hager's latest book Dirty Politics
claimed attempts to undermine then-SFO boss Adam Feeley at the
time of the investigation, suggesting payments were made to
bloggers to write "hit" articles attacking opponents, including
SFO boss Adam Feeley.

                       About Hanover Finance

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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

Copyright 2014.  All rights reserved.  ISSN: 1520-9482.

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

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



                 *** End of Transmission ***