TCRAP_Public/141217.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, December 17, 2014, Vol. 17, No. 249


                            Headlines


A U S T R A L I A

BEDROOM MAZURKA: Owner Wins Court Battle vs. Liquidator
CONSTRUCTION RADICAL: First Creditors' Meeting Set For Dec. 24
GREGORYS TRANSPORT: Owner Faces Insolvent Trading Probe
HIGHUP PTY: Court Clears Firm of Insolvent Family Payments
REUSTRUCTURE PTY: Placed into Liquidation

SJYC PTY: First Creditors' Meeting Set For December 24


C H I N A

BEIJING CAPITAL: Fitch Cuts Issuer Default Ratings to 'BB'
FUWEI FILMS: Receives NASDAQ Notice of Bid Price Deficiency
LDK SOLAR: Can File Schedules of Assets & Debt Thru Dec. 31


I N D I A

3I INFOTECH: CRISIL Reaffirms D Rating on INR9.74BB Term Loan
AASHIRWAD INDUSTRIES: CARE Reaffirms B+ Rating on INR15.40cr Loan
ALPHAMED FORMULATIONS: CRISIL Suspends B+ INR35M Cash Loan Rating
AMBAL MODERN: CRISIL Suspends B+ Rating on INR85MM Cash Credit
B.K. PRINT: CRISIL Suspends D Rating on INR93.5MM Term Loan

BILASPUR ENTERPRISES: CRISIL Rates INR114MM Cash Credit at 'B'
BISLANIA AGRO: CRISIL Suspends B Rating on INR33MM Cash Credit
BLACK ENERGY: CRISIL Assigns B+ Rating to INR60MM Cash Credit
CALCUTTA ELECTRODES: CARE Reaffirms B+ Rating on INR7.02cr Loan
CAPRICORN OILS: CRISIL Suspends C Rating on INR45MM Cash Credit

CENTURY GLOBAL: CRISIL Suspends B- Rating on INR150MM Cash Credit
CHEMSOL LABS: CRISIL Suspends B+ Rating on INR22.5MM Cash Credit
CHOLAN PAPER: CRISIL Suspends D Rating on INR50MM Cash Credit
ESTOMI TECHNOLOGIES: CRISIL Suspends B Rating on INR10MM Loan
FUTURE FLEX: CRISIL Assigns B Rating to INR40MM Term Loan

GIRISH ENTERPRISES: CRISIL Ups Rating on INR30MM Cash Loan to B
GOLD PLUS: CARE Reaffirms C Rating on INR381.57cr LT Bank Loan
INTEMO SYSTEMS: CRISIL Cuts Rating on INR60MM Cash Loan to 'D'
KGB CHEMICALS: CARE Assigns B+ Rating to INR18cr LT Bank Loan
KISSAN HATCHERIES: CARE Reaffirms B+ Rating on INR17.12cr LT Loan

LORDS ORIENTAL: CARE Assigns D Rating to INR14.80cr LT Bank Loan
M.K.R. TRADERS: CRISIL Reaffirms B+ Rating on INR80MM Cash Credit
MACHHI RAM: CRISIL Reaffirms B Rating on INR200MM Cash Credit
MAHESH COTSPIN: CRISIL Ups Rating on INR60MM Cash Credit to B+
MARUTINANDAN GINNING: CARE Rates INR10.07cr LT Loan at 'B+'

MONTFORT EDUCATIONAL: CARE Rates INR6.11cr LT Loan at 'D'
MUKTAR AUTOMOBILES: CARE Reaffirms B Rating on INR12.06cr Loan
MULTIPLAST POLYMERS: CARE Revises Rating on INR9.46cr Loan to B
NORTH EAST: CARE Cuts Rating on INR95.40cr Bank Loan to 'D'
NORTH EAST REGION: CARE Cuts Rating on INR135cr LT Loan to 'D'

OMEGA DESIGNS: CRISIL Assigns B+ Rating to INR50MM Cash Credit
SAI BHAKTI: CARE Assigns B+ Rating to INR10cr Bank Loan
SALIENT CERAMIC: CARE Assigns B Rating to INR8.25cr Bank Loan
SHREE BALRAM: CARE Assigns D Rating to INR11.18cr LT Bank Loan
SHRI SANGAM: CRISIL Reaffirms B Rating on INR700MM Bank Loan

SILPPI CONSTRUCTIONS: CRISIL Rates INR50MM Cash Credit at B+
SPICEJET LTD: Seeks Government Support Amid Wind Down Concerns
SRI LAKOSHA: CRISIL Reaffirms B+ Rating on INR49MM Term Loan
SURANA ORGANICS: CRISIL Assigns B+ Rating to INR35MM Cash Credit
VANTAGE SPINNERS: CARE Assigns C Rating to INR10cr Bank Loan

VICTORY PRECISIONS: CRISIL Ups Rating on INR64.6MM Loan to B-


J A P A N

KISHO KUROKAWA: Files For Bankruptcy Protection


N E W  Z E A L A N D

ASCO CARBON: 20 Jobs Axed as Manufacturer Closes Doors
POTHOLE PEOPLE: Goes Into Receivership


T A I W A N

WINTEK CORP: To Lay Off All 2,300 Employees in Taiwan


T H A I L A N D

GOVERNMENT HOUSING BANK: Moody's Raises BFSR to 'D-'


                            - - - - -


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A U S T R A L I A
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BEDROOM MAZURKA: Owner Wins Court Battle vs. Liquidator
-------------------------------------------------------
Cara Waters at SmartCompany reports that small businessman
John Viscariello won a lengthy legal battle against liquidator PPB
Advisory and law firm Minter Ellison on December 9.

SmartCompany relates that the Chief Justice of the Supreme Court
of South Australia found in Mr. Viscariello's favor in his claim
of improper conduct against PPB and Minter Ellison.

According to the report, Mr. Viscariello's retail business Bedroom
Mazurka which included 18 outlets in South Australia went into
administration in 2001 and lawyers and liquidators spent more than
half a million dollars chasing a debt of just AUD28,000.

The report says Justice Kourakis found liquidator Peter Macks,
formerly of PPB and now of Macks Advisory, had fabricated
documents and given "evasive and unconvincing testimony".

SMH relates that the court lifted the veil of legal professional
privilege to include damning evidence including minutes of
meetings between PPB and Minter Ellison which stated "The number
one rule is to protect the insolvency practitioner at all cost".

Mr. Viscariello fought a string of legal proceedings brought by
Macks and brought his own against the legal practitioners board,
according to the report.

The report says the court found the continuation of the
proceedings could only be explained by Macks' concern for his own
personal financial and reputational interests.

"The disconnection between the legitimate purpose of the
litigation and Mr Macks' personal purposes, and the way in which
it was funded, were calculated to corrupt the proceedings," the
court found, SmartCompany relays.

SmartCompany notes that PPB was not named as a party to the
proceedings as PPB's former Adelaide office was an affiliate
relationship that ran independently.

According to SmartCompany, PPB chairman Stephen Parbery said in a
statement that the insolvency firm is "disappointed" a former
affiliate has been found to have acted improperly.

"This type of conduct is not condoned at PPB Advisory and we
maintain very high standards of professionalism and integrity,"
SmartCompany quotes Mr. Parbery as saying.

"Insolvency law reform is an area where PPB Advisory has been very
proactive putting forward a number of recommendations, and we
believe such reform will help to strengthen our profession and the
conduct of all practitioners."

In a statement to SmartCompany, Mr. Macks said he respected the
court's decision and was pleased "the whole of Mr Viscariello's
case concerning my conduct as administrator of the companies was
thrown out".

"However, I am deeply disappointed by its findings concerning the
litigation that I pursued in good faith for the benefit of all
creditors. I am currently reviewing the contents of the judgment
and taking further advice regarding my options, including as to
any appeal to challenge those findings."

Minter Ellison declined to comment while Mr. Viscariello did not
respond to SmartCompany's request for comment prior to
publication.


CONSTRUCTION RADICAL: First Creditors' Meeting Set For Dec. 24
--------------------------------------------------------------
Ezio Senatore and Neil Cussen of Deloitte were appointed as
administrators of Construction Radical Pty Ltd, trading as ACT
Decks; Radical Capentry; ACT Decks and Pergola; ACT Pergolas; NSW
Decks; NSW Decks and Pergolas, on Dec. 15, 2014.

A first meeting of the creditors of the Company will be held at
Deloitte, Level 1 9 Sydney Avenue, in Barton, on Dec. 24, 2014, at
10:00 a.m.


GREGORYS TRANSPORT: Owner Faces Insolvent Trading Probe
--------------------------------------------------------
Nick Toscano at The Sydney Morning Herald reports that former St
Kilda football club president Greg Westaway is under investigation
for insolvent trading after his national transport company
collapsed and sacked its entire workforce.

Gregorys Transport went into liquidation earlier this month due to
crippling debts, leaving hundreds of employees and contract
drivers without pay and superannuation.

According to SMH, liquidator James Koutsoukos, of BRI Ferrier,
said he believed Mr. Westaway could face serious charges after the
company ran up more than AUD10 million in debt.

The report relates that the company had not paid superannuation to
about 85 full-time employees for almost 12 months, while it owed
more than AUD600,000 in pay to hundreds of owner-drivers.

"My preliminary view is that the company has been trading while
insolvent," the report quotes Mr. Koutsoukos as saying.  "When
superannuation is outstanding for this sort of period, it is a
very likely indicator."

If dishonesty is involved, trading while insolvent can be a
criminal offence punishable by a fine of up to AUD220,000 and up
to five years' jail, SMH says.  Successful insolvent trading
actions through the civil courts carry penalties of up to
AUD200,000 in fines, the report notes.

The Dandenong-based company, whose major customers included Coca-
Cola Amatil, Schweppes and Bluescope Steel, had hundreds of its
trucks repossessed in November when it went into receivership, the
report recalls.  An investigation into its finances is now under
way, according to the report.

Gregorys Transport is fully owned by Mr Westaway, the president of
the St Kilda AFL club from 2007-13, the report notes.

According to SMH, a Gregorys employee of more than 10 years told
Fairfax Media that staff had been locked out of the Dandenong
depot earlier in December and were "kept in the dark" by Mr
Westaway. "He is gutless," the former employee said.

SMH relates that truck driver Kulvir Singh, 26, who was contracted
by Gregorys, said cracks in the company started appearing earlier
this year with increasingly late payments.

He said he was still owed more than AUD4,000, which was causing
him financial strain.

"One day they just stopped paying me," the report quotes Mr. Singh
as saying. "Then after working there for more than a year, I did
not get any work for three months . . . I don't have much money
and there are things I need to pay for. It has been hard."

SMH reports that Mr. Koutsoukos said creditors were extremely
angry at how they had been treated by the company, and Mr Westaway
felt "deeply remorseful".

Gregorys Transport has been operating since 1982 and has branches
in Melbourne, Sydney, Brisbane and Perth. The company was involved
in freight, warehousing and distribution.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 24, 2014, SmartCompany said Nicholas Martin and Stephen
Longley have been appointed receivers to Gregorys Transport.
PPB Advisory said its appointment is focused on assisting
Gregorys' customers to make an orderly transition to suitable
alternate transport providers to minimise disruption to services.
PPB also confirmed Ferrier Hodgson was previously appointed as
receivers and managers of particular Gregorys Transport's fixed
assets and those of its related entity, SmartCompany added.

Gregorys Transport was placed into liquidation earlier in December
with more than AUD10 million debts. The company's director is
under investigation now and may face charges
for trading while insolvent, according to InsolvencyNews.


HIGHUP PTY: Court Clears Firm of Insolvent Family Payments
----------------------------------------------------------
Matthew Raggatt at The Sydney Morning Herald reports that a court
has rejected claims Highup Pty Ltd, the company which ran the
former revolving restaurant at Telstra Tower, made insolvent
payments to benefit a director's mother.

SMH relates that Highup ran the Alto revolving restaurant and
Panorama Kiosk at the tower before the company was liquidated in
April last year.

The report says the liquidator challenged the legality of 10
payments from Highup, worth AUD130,000, made to a separate
employment company in the 12 months to February, 2013.

The company, Catering Staff Services, was led by sole director
Vesna Gubas, the mother of Miroslav Gubas who was a Highup
director at the time, according to the report.

SMH notes that Catering had itself been placed in liquidators'
hands in November 2011, and the Federal Court heard Mrs. Gubas had
been asked to pay Catering a debt of at least AUD150,000. In a
proposed deed which was never signed, Mr. Gubas was to accept and
repay the AUD150,000 liability of his mother, the report states.

SMH relates that in its recently released judgment, the court
found there was a lack of evidence to support the Highup
liquidator's claims the payments were of no benefit to Highup.

Mrs. Gubas, the defendant, denied the deed was entered into and
that a reasonable person in Highup's circumstances would not have
entered into the transactions, but gave no evidence in the court
hearing on October 16, SMH says.

Mr. Gubas, who the court accepted was the "directing mind" of
Highup at the time of the payments, was not a party in the case
and gave no evidence, the report adds.

According to the report, Justice Robert Buchanan said while Highup
was presumed for the purposes of the case to have been insolvent
throughout its last seven years of operation, the evidence did not
lead to a finding of uncommercial and insolvent transactions.

"I am not prepared to simply assume, in favour of the plaintiff,
that the payments by Highup to CSS "cannot" be explained by normal
commercial practice," the report quotes Mr. Buchanan as saying.
"I know nothing about whether Highup may have had a legitimate
commercial reason for making a payment on its own behalf to CSS,
or a legitimate commercial reason for making such a payment on
behalf of Mr Gubas."

The revolving restaurant has closed, but a separate company runs a
daytime cafe in the tower, the report notes.


REUSTRUCTURE PTY: Placed into Liquidation
-----------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Reustructure Pty
Ltd, which traded as Reuben Beazley Builder, has been placed into
liquidation. Justin Howlett and Ken Sellers of Sellers Muldoon
Benton were appointed as liquidators of the company on Dec. 5,
2014, the report says.


SJYC PTY: First Creditors' Meeting Set For December 24
------------------------------------------------------
Adam Farnsworth of Farnsworth Shepard was appointed as
administrator of SJYC PTY LTD on Dec. 15, 2014.

A first meeting of the creditors of the Company will be held at
Farnsworth Shepard, Level 5, 2 Barrack Street, in Sydney, on
Dec. 24, 2014, at 12:00 p.m.



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BEIJING CAPITAL: Fitch Cuts Issuer Default Ratings to 'BB'
----------------------------------------------------------
Fitch Ratings has downgraded property developer Beijing Capital
Land Ltd.'s (BCL) Foreign Currency and Local Currency Long-Term
Issuer Default Ratings (IDRs) to 'BB' from 'BB+' and senior
unsecured rating to 'BB' from 'BB+'. The Outlook for the IDRs is
Stable. The ratings for its rated issues have also been downgraded
and a list of rating actions is at the end of this commentary.

The downgrade reflects the company's persistent increase in
leverage, measured by the net debt/adjusted inventory ratio, which
Fitch expects will reach 60% at end-2014 from 53% in end-June 2014
and 47% at end-2013. This is a result of aggressive land
acquisition.

Fitch has also adopted a bottom-up approach under Fitch's Parent
Subsidiary Linkage criteria to assess its linkage with its parent
Beijing Capital Group Co., Ltd. (BCG) and assign a one-notch
uplift to arrive at BCL's 'BB' ratings. Fitch adopted this
approach following receipt of BCG's financial information. We
previously incorporated the parent linkage as an enhancement to
BCL's business profile, but this is no longer the case under the
new approach, which has resulted in a standalone credit profile of
'BB-'.

Key Rating Drivers

Aggressive Land Banking Hurts Profile: BCL's high leverage was a
result of substantial land acquisitions that entailed land premium
totalling CNY9.6bn in 1H14 and CNY11.7bn in 2013. Even though we
expect the company to achieve over CNY23bn of contracted sales in
2014, the proceeds from the sales cannot keep pace with the
aggressive business expansion. However, Fitch expects BCL's sales
momentum to improve, as seen in the expected 20% rise in 2014
contracted sales. The enlarged land bank will support BCL's
continued sales expansion.

Perpetual Securities without Equity Credit: BCL's use of perpetual
securities without equity credit substantially increases leverage.
The company issued USD400m of offshore perpetuals in April 2013
and another USD450m in December 2014. Both offshore perpetual
securities are senior notes and have not been accorded any equity
credit in line with Fitch's methodology. In addition, the company
has received perpetual securities-like funding from Minsheng Royal
Asset Management, which also has not been given equity credit
because they have effective maturity of less than five years.

BCL has used the CNY3.3bn (USD533m) funding from Minsheng Royal to
finance acquisitions of projects that are jointly owned. This
means that such projects will be substantially debt funded and
their leverage will be much higher than those projects that are
100% owned by BCL. The risks of developing such projects are,
however, borne by BCL. Increased use of this funding structure
will ultimately lead to a sustained increase in BCL's leverage.

Sufficient Liquidity: At June 2014, BCL had CNY11.7bn cash (of
which CNY4.2bn was restricted cash). Fitch expects the company to
maintain sufficient liquidity to fund development costs, land
premium payments and debt obligations given its diversified
funding channels from both onshore and offshore capital markets,
strong support from its partners China Development Bank (CDB) and
Singaporean government investment company GIC Private Limited
(GIC), and a reduction in land acquisitions.

Parent Linkage Supports Ratings: BCL's ratings are supported by
strong linkage with BCG, which has a stronger credit profile than
BCL's 'BB-' standalone rating. BCL is an important property
platform for BCG to inject property assets to realise their
commercial value. This is especially given the presence of a non-
competition provision between the two and BCG's access to
development sites in the pan-Bohai region that fit into BCL's
property development business.

Rating Sensitivities

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

-- Net debt/adjusted inventory leverage sustained above 65%
-- Contracted sales/gross debt sustained below 0.8x (0.94x in
2013)
-- EBITDA margin falling below 20% on a sustained basis (22.9% in
2013)
-- Any signs of weakening linkage with its parent BCG

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

-- Net debt/adjusted inventory leverage sustained below 50%
-- Contracted sales/gross debt sustained above 1.0x
-- EBITDA margin rising above 25% on a sustained basis

Full List Of Rating Actions

Beijing Capital Land Ltd

-- Long-Term Foreign-Currency IDR downgraded to 'BB' from 'BB+';
Outlook Stable
-- Long-Term Local-Currency IDR downgraded to 'BB' from 'BB+';
Outlook Stable
-- Senior unsecured ratings downgraded 'BB' from 'BB+'

Central Plaza Development Limited

-- CNY2bn of 7.6% guaranteed bonds due 2015 downgraded to 'BB'
from 'BB+'
-- CNY3bn of 5.75% guaranteed notes due 2017 downgraded to 'BB'
from 'BB+'
-- CNY250m of 6.875% guaranteed notes due 2019 downgraded to 'BB'
from 'BB+


FUWEI FILMS: Receives NASDAQ Notice of Bid Price Deficiency
-----------------------------------------------------------
Fuwei Films (Holdings) Co., Ltd., a manufacturer and distributor
of high-quality BOPET plastic films in China, on Dec. 11
disclosed that on December 8, 2014, it received a Nasdaq Staff
Deficiency Letter indicating that it is not in compliance with
the minimum bid price requirement for continued listing set forth
in Listing Rule 5550(a)(2) which requires listed securities to
maintain a minimum bid price of $1.00 per share.

Fuwei's management is looking into various options available to
the Company in order to regain compliance and ensure its
continued listing on the Nasdaq. The Company intends to actively
monitor the bid price for its common stock between now and the
end of the grace period.

According to the letter from the Nasdaq, Fuwei has been given a
grace period of 180 calendar days, starting December 8, 2014, to
regain compliance with the minimum bid price requirement. Fuwei
can regain compliance if, at any time before the grace period
ends, the bid price of its common stock closes at or above $1.00
per share for a minimum of ten consecutive business days. If
Fuwei cannot demonstrate compliance by the end of the grace
period, the Nasdaq's staff will notify the Company that its
common stock is subject to delisting. Fuwei may then be eligible
for an additional 180 day grace period if it meets the Nasdaq
Capital Market's initial listing standards with the exception of
the minimum bid price requirement.

During the grace period (as may be extended) Fuwei's common stock
will continue to trade on the Nasdaq Capital Market under the
symbol "FFHL".

                         About Fuwei Films

Fuwei Films conducts its business through its wholly owned
subsidiary, Fuwei Films (Shandong) Co., Ltd. ("Shandong Fuwei").
Shandong Fuwei develops, manufactures and distributes highquality
plastic films using the biaxial oriented stretch technique,
otherwise known as BOPET film (biaxially oriented polyethylene
terephthalate). Fuwei's BOPET film is widely used to package food,
medicine, cosmetics, tobacco, and alcohol, as well as in the
imaging, electronics, and magnetic products industries.


LDK SOLAR: Can File Schedules of Assets & Debt Thru Dec. 31
-----------------------------------------------------------
Hon. Peter J. Walsh of the U.S. Bankruptcy Court for the District
of Delaware granted LDK Solar Co., Ltd., et al's request for an
extension of their deadline to file schedules of assets and
liabilities through and including Dec. 31, 2014.

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

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

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment. Its Joint
Provisional Liquidators are Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22.
In September 2014, LDK SOalr, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).
On Oct. 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands. The Chapter
15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-
12387).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois. The U.S. Debtors'
Delaware counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt &
73 Taylor, LLP, in Wilmington, Delaware. The U.S. Debtors'
financial advisor is Jefferies LLC. The Debtors' voting and
noticing agent is Epiq Bankruptcy Solutions, LLC.

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



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3I INFOTECH: CRISIL Reaffirms D Rating on INR9.74BB Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities and commercial paper
programme of 3i Infotech Ltd (3i Infotech) continue to reflect
delays by 3i Infotech in servicing its debt as per the corporate
debt restructuring (CDR) scheme approved by the CDR Empowered
Group on March 16, 2012.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit            2,580        CRISIL D (Reaffirmed)
   Short Term Loan        1,488.6      CRISIL D (Reaffirmed)
   Term Loan              9,747.9      CRISIL D (Reaffirmed)

3i Infotech is consolidating its operations with focus on
improving its cost structure through resource optimisation, hiving
off of unrelated businesses to pay off debt, and emphasis on
profitable products and clients. The initiatives helped the
company improve its operating profitability marginally in 2013-14
(refers to financial year, April 1 to March 31) over 2012-13;
however, its net profit remains constrained by its high interest
costs.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of 3i Infotech and all its subsidiaries,
held directly and indirectly, as all the companies share a common
management and are in the same line of business.

3i Infotech (formerly, ICICI Infotech Ltd) was promoted in 1993 by
the erstwhile ICICI Ltd as a back-office processing company. 3i
Infotech has presence across the globe with delivery centres in
South Asia, the Asia Pacific, the Middle East, North America, and
Western Europe. The company offers a range of information
technology (IT) products and services. Its IT product solutions
include applications for the banking, financial services, and
insurance sector, and enterprise resource planning suite of
applications. Its IT services include application development and
maintenance, IT consulting, infrastructure management services,
business intelligence and enterprise applications, and offshore
and onsite support (through its business process outsourcing
operations).

For 2013-14, 3i Infotech reported a net loss of INR3.6 billion
(INR5.2 billion for the previous year) on net sales of INR13.1
billion (INR13.1 billion).

For the first quarter of 2014-15, 3i Infotech reported a net loss
of INR1.0 billion (INR828 million for the first quarter of 2013-
14) on net sales of INR3.6 billion (INR3.0 billion).


AASHIRWAD INDUSTRIES: CARE Reaffirms B+ Rating on INR15.40cr Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of
Aashirwad Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    15.40       CARE B+ Reaffirmed

Rating Rationale

The rating continues to remain constrained on account of the short
track record of operations of Aashirwad Industries Private Limited
(AIPL), its weak financial risk profile marked by leveraged
capital structure, working capital intensive nature of operations,
susceptibility of margins to volatile input prices and threat of
restrictions on the usage of the product.

The rating however continues to draw comfort from the long
experience of the promoters, moderate capacity utilization,
diversified customer base and rising demand for asbestos sheets
from the rural market.

Ability of the company to scale up its operations and manage
working capital efficiently amidst raw material fluctuation
risk remains the key rating sensitivities.

AIPL is a Nagpur-based company, incorporated in June 2012.
Promoted by Mr Shivkumar Agarwal and Mr Sanjay Agarwal,
AIPL took over the ongoing operations of the Nagpur unit of U.P.
Asbestos Ltd. (UPAL) in November 2012. AIPL is engaged
in the manufacturing of asbestos cement (AC) roofing sheets and
accessories.

Located in Butibori industrial area of Nagpur, the facility has an
installed capacity of 54,000 metric tonnes per annum (MTPA). AC
corrugated sheets manufactured by AIPL are extensively used for
roofing of factory buildings, warehouse, godowns, railway
platforms garage, low cost housing in rural areas and others.
Branded as "AASHIRWAD", the company sells the product through its
stockists in the states of Maharashtra, Madhya Pradesh, Orissa,
Jharkhand, Gujarat and Andhra Pradesh.

During FY14 (refers to the period April 1 to March 31), AIPL
earned net loss of INR0.07 crore on a total operating income of
INR20.16 crore against a net loss of INR0.08 crore on a total
operating income of INR7.15 crore in FY13.


ALPHAMED FORMULATIONS: CRISIL Suspends B+ INR35M Cash Loan Rating
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Alphamed Formulations Private Limited (AFPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           3          CRISIL A4
   Cash Credit             35          CRISIL B+/Stable
   Letter of Credit         2          CRISIL A4
   Proposed Long Term
   Bank Loan Facility      49.5        CRISIL B+/Stable
   Term Loan               59          CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by AFPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AFPL is yet to
provide adequate information to enable CRISIL to assess AFPL'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 2006 by Mr Ashok Vasudevan and Dr Sekhar Reddy, AFPL
provides contract research and manufacturing services to domestic
and international companies in the pharmaceutical segment. The
company's manufacturing facility, in Ranga Reddy district of
Andhra Pradesh, has capacity to manufacture 50 tonnes per annum
(tpa) of pellets. The company is undertaking a capex to double its
installed capacity. The additional capacity is expected to come on
line by May 2013.


AMBAL MODERN: CRISIL Suspends B+ Rating on INR85MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ambal
Modern Rice Mill (AMRM).

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

The suspension of ratings is on account of non-cooperation by AMRM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AMRM is yet to
provide adequate information to enable CRISIL to assess AMRM'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 1999 as a proprietorship firm, AMRM mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm is
promoted by Mrs. M Wahida.


B.K. PRINT: CRISIL Suspends D Rating on INR93.5MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
B.K. Print and Pack (BKP).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              70         CRISIL D
   Term Loan                93.5       CRISIL D

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

Setup in 2008, BKP is owned and managed by Mrs. Indu Jindal, Mr.
Rakesh Jindal, Mr. Rajan Kumar, and Mr. Sandeep Singal. BKP
manufactures colour-printed sheets, multi-colour-printed
corrugated boxes, and other types of printing of packaging
material. The firm is located in Haridwar (Uttarakhand).


BILASPUR ENTERPRISES: CRISIL Rates INR114MM Cash Credit at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of M/s. Bilaspur Enterprises (BE).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit             114          CRISIL B/Stable

The rating reflects BE's start-up phase of operations and exposure
to regulatory risk. The rating also factors in the firm's expected
below-average financial risk profile, driven by large working
capital requirements. These rating weaknesses are partially offset
by the extensive experience of BE's promoters in the liquor
trading business.

Outlook: Stable

CRISIL believes that BE will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm successfully ramps up its
operations, leading to significant revenue and cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
adverse impact of regulatory changes on BE's profitability and
revenue growth, or deterioration in the firm's liquidity because
of stretch in its working capital cycle or lower cash accruals.

BE is a partnership firm with 10 partners, set up in April 2014.
It is engaged in retailing of country-made liquor and foreign
liquor. The firm has 10 retail outlets in Bilaspur and Janjgir-
Champa districts of Chhattisgarh.


BISLANIA AGRO: CRISIL Suspends B Rating on INR33MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bislania Agro Products Pvt Ltd (BAPPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           1          CRISIL A4
   Cash Credit             33          CRISIL B/Stable
   Term Loan               28.6        CRISIL B/Stable

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

BAPPL, incorporated in 2005, mills non-basmati parboiled rice. It
commenced commercial operations in July 2010. Its manufacturing
facility is at Siliguri (West Bengal). BAPPL's day-to-day
operations are looked after by its director Mr. Babulal Agarwal.
The company markets its products under the brand names, Big Boss
and Rice India.


BLACK ENERGY: CRISIL Assigns B+ Rating to INR60MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of M/s. Black Energy Enterprises (BEE).
                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              60         CRISIL B+/Stable

The rating reflects BEE's expected below-average financial risk
profile driven by large working capital requirements, expected
small scale of operations because of start-up phase, and low
operating margin on account of trading nature of business with
intense competition. These rating weaknesses are partially offset
by the benefits that BEE is expected to derive from increasing
demand for coal in the country and promoters' entrepreneurial
experience.

Outlook: Stable

CRISIL believes that BEE will benefit over the medium term from
the increasing demand for coal in India. The outlook may be
revised to 'Positive' in case the firm achieves significantly
higher revenues and cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of further weakening in firm's
financial risk profile especially liquidity due to lower cash
accruals and sizable working capital requirements.

BEE, based out of Bilaspur (Chhattisgarh), is a partnership firm
of Mr. Mukhdev Singh and Mr. Ramjanam Pandey, established in June
2014. The firm trades in coal. It has acquired a coal depot on
rental basis for stocking its inventory in Bilaspur.


CALCUTTA ELECTRODES: CARE Reaffirms B+ Rating on INR7.02cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Calcutta Electrodes Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.02       CARE B+ Reaffirmed

Rating Rationale

The rating continues to remain constrained by intense competition
due to its presence in the fragmented welding electrodes industry,
susceptibility of operating margin to fluctuation in raw material
prices, its modest scale of operations with thin profit margin,
moderate capital structure, elongated working capital cycle and
weak debt protection indicators, cyclicality in the industry and
susceptibility to slow down in the end user industry.

The aforesaid constraints are partially offset by the experienced
promoters with long track record of operations, diversified
product portfolio and wide distribution network.

The ability of the company to increase its scale of operations
along with the profitability and efficient management of the
working capital remains the key rating sensitivities.

CEPL was incorporated on September 10, 1992 by brothers Mr Ashok
Agarwal and Mr Praveen Agarwal. It is engaged in the manufacturing
of manual metal arc welding electrodes which find major
applications in steel, ship-building, power, automobile, general
fabrication and engineering industries. The product portfolio of
CEPL includes pipe welding, rutile coated, non-ferrous, stainless
steel electrodes E.Q.M.S and Hard Bright (HB) wire. CEPL sells its
product under the brand name of 'Shiva' 'Superweld' and
'Ferrocord'.

The sole manufacturing unit of the company is located at Raipur,
Chhattisgarh with an installed capacity of 7400 MTPA. The
manufacturing facility is well equipped with modern amenities and
also enjoys ISO 9001:2008 certification.

During FY14 (refers to the period April 1 to March 31), CEPL
reported a PAT of INR0.24 crore (INR0.22 crore in FY13) on a
total income from operations of INR29.37 crore (INR29.23 crore in
FY13). CEPL has achieved total turnover of INR18.58 crore during
7MFY15 (refers to the period April to November).


CAPRICORN OILS: CRISIL Suspends C Rating on INR45MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Capricorn Oils Ltd (COL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee           6           CRISIL A4
   Cash Credit             45           CRISIL C
   Letter of Credit        40           CRISIL A4

The suspension of ratings is on account of non-cooperation by COL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, COL is yet to
provide adequate information to enable CRISIL to assess COL'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 1997, COL manufactures and refines edible oil,
mainly rice bran oil and palm oil, through the solvent extraction
process, at its manufacturing facilities in Bardhaman (West
Bengal).


CENTURY GLOBAL: CRISIL Suspends B- Rating on INR150MM Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Century Global Logistics Pvt Ltd (CGL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           1         CRISIL A4
   Cash Credit            150         CRISIL B-/Stable
   Proposed Long Term       1.7       CRISIL B-/Stable
   Bank Loan Facility
   Term Loan               52.3       CRISIL B-/Stable

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

CGL provides logistics solutions. The company transports goods
primarily via road and has a strong presence in North-East India.


CHEMSOL LABS: CRISIL Suspends B+ Rating on INR22.5MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Chemsol Labs Private Limited (Chemsol).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             22.5        CRISIL B+/Stable
   Letter of Credit        17.5        CRISIL A4
   Proposed Cash Credit    20          CRISIL B+/Stable
   Limit
   Proposed Letter of      20          CRISIL A4
   Credit

The suspension of ratings is on account of non-cooperation by
Chemsol with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Chemsol is yet
to provide adequate information to enable CRISIL to assess
Chemsol'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 2004, Chemsols Labs Pvt Ltd (Chemsol) is into trading of
speciality chemicals, bulk drugs, drug intermediaries and organic
chemicals. The company is promoted by Mr.Vamsi Krishna and his
family and is based out of Hyderabad in Andhra Pradesh.


CHOLAN PAPER: CRISIL Suspends D Rating on INR50MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Cholan
Paper and Board Mills Ltd (CPB).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              50          CRISIL D
   Term Loan                20          CRISIL D

The suspension of ratings is on account of non-cooperation by CPB
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CPB is yet to
provide adequate information to enable CRISIL to assess CPB'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 1990, CPB manufactures W&P paper used predominantly for
books and stationery. The company's day-to-day operations are
managed by Mr. A.R. Govindarajan.


ESTOMI TECHNOLOGIES: CRISIL Suspends B Rating on INR10MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of eStomi
Technologies Private Limited (eStomi).

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

The suspension of rating is on account of non-cooperation by
eStomi with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, eStomi is yet to
provide adequate information to enable CRISIL to assess eStomi'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 2011, eStomi offers software consultancy services
to various corporates. The company is promoted by Mr. P Chetan
Nagaonkar and is based out of Bangalore (Karnataka).


FUTURE FLEX: CRISIL Assigns B Rating to INR40MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Future Flex Pvt Ltd (FFPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              20         CRISIL B/Stable
   Term Loan                40         CRISIL B/Stable

The rating reflects FFPL's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and small scale of
operations in the intensely competitive bag manufacturing
industry. These rating weaknesses are partially offset by the
extensive industry experience of FFPL's promoters.

Outlook: Stable

CRISIL believes that FFPL will maintain its business risk profile
over the medium term, backed by its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the
company generates substantial net cash accruals and improves its
working capital management, leading to better capital structure
and liquidity. Conversely, the outlook may be revised to
'Negative' in case of low accruals or large debt-funded capital
expenditure, resulting in deterioration of the company's capital
structure, or increased working capital requirements leading to
further stretch in its liquidity.

Incorporated in 2011 and based in Delhi, FPPL primarily
manufactures bags, such as jute bags, bardana bags, and woven
polypropylene bags, catering primarily to rice processing
companies in the Haryana region. Its manufacturing facility is in
Kaithal (Haryana).


GIRISH ENTERPRISES: CRISIL Ups Rating on INR30MM Cash Loan to B
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Girish Enterprises Pvt Ltd (GEPL) to 'CRISIL B Stable' from
'CRISIL B-/Stable' while reaffirming the short-term bank
facilities at 'CRISIL A4'

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           30         CRISIL A4 (Reaffirmed)

   Cash Credit              30         CRISIL B/Stable (Upgraded
                                       from 'CRISIL B-/Stable')
   Proposed Long Term
   Bank Loan Facility       16         CRISIL B/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

The rating upgrade reflects the improvement in GEPL's liquidity,
marked by moderation in working capital requirements. The company
has been tightly managing its working capital requirements which
have resulted into decline of gross current assets to around 120
days as on March 31, 2014 from 150 days a year ago. Further the
promoters have also supported the business through infusion of
unsecured loans of around INR15 million in 2014-15. This has also
resulted in moderation in the company's bank limit utilisation to
about 75 per cent in the first half of 2014-15. CRISIL expects
GEPL's liquidity to continue to improve over the medium term, with
a continued increase in its scale of operations and its
management's focus on efficiently managing its working capital
requirements.

The ratings reflect the company's average financial risk profile
marked by small net worth, high gearing. The ratings also factor
in GEPL's exposure to risks related to its tender-based business
and modest scale of operations in the highly competitive civil
construction industry. These rating weaknesses are partially
offset by the extensive industry experience of GEPL's promoter in
the construction industry and its moderate order book position.

Outlook: Stable

CRISIL believes that GEPL will continue to benefit over the medium
term from its promoter's extensive experience in the construction
industry. The outlook may be revised to 'Positive' in case of
significant improvement in the company's scale of operations and
capital structure, most likely because of fresh equity infusion.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the company's financial risk profile, especially
liquidity, because of larger-than-expected working capital
requirements or debt-funded capital expenditure.

GEPL was promoted in 2011 by Mr. Girish Khandagale to take over
the assets and liabilities of proprietorship firm Girish
Enterprises. GEPL took over the business of Girish Enterprises
with effect from April 2011. GEPL undertakes infrastructure
development works such as roads, buildings, sewage treatment
plants, and reclamation works. GEPL obtains contracts mainly from
government departments, such as City and Development Corporation
and Maharashtra Industrial Development Corporation.


GOLD PLUS: CARE Reaffirms C Rating on INR381.57cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Gold Plus Glass Industries Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    381.57      CARE C Re-affirmed
   Short-term Bank Facilities    37.50      CARE A4 Re-affirmed

Rating Rationale

The ratings continue to be constrained on account of the
consistent net losses and continued high gearing position of
Gold Plus Glass Industries Ltd (GPGIL) despite an improvement in
the operating profitability in FY14 (refers to the period April 1
to March 31). The ratings also take into account, consistently
high energy cost coupled with high competition in the industry.
The rating constraints are partially offset by the strength
derived from the experienced promoters and GPGIL's established
position in the float glass manufacturing industry.

Going forward, the profitable scale-up of operations, improvement
in overall gearing and measures adopted towards redemption of
preference capital will be the key rating sensitivities.

Gold Plus Glass Industry Ltd (GPGIL), incorporated in December
2005 as a Public Limited company, commenced its full-pledged
operations in January 2009 by setting-up a Float glass
manufacturing unit of 460 MT per day capacity at Roorkee
(Uttarakhand). The current product mix of the company comprises of
float glass, mirror glass, reflective glass and frosted
glass at the Roorkee unit and automotive toughened glass,
automotive laminated glass, insulating glass and printed glass
at Haryana and Himachal Pradesh units. The company has an
installed capacity of float glass-167,900 MT per year, mirror
glass-4,380,000 sqm per year, reflective glass-20,160 MT per year
and frosted glass-271,122 sqm per year.

GPGIL achieved a total operating income of INR448.25 cr in FY14
with a PBILDT margin of 10.93% and net loss of INR12.44 cr. As per
provisional results for H1FY15, GPGIL reported operating income of
INR245.74 cr and PBILDT margin of 16.07% and PAT margin of 3.07%.


INTEMO SYSTEMS: CRISIL Cuts Rating on INR60MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Intemo
Systems Limited (ISL) to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           25         CRISIL D (Downgraded from
                                       'CRISIL A4')
   Cash Credit              60         CRISIL D (Downgraded from
                                       'CRISIL B-/Stable')
   Term Loan                40         CRISIL D (Downgraded from
                                       'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by ISL in
servicing its debt. The delays have been caused by the weakening
in the company's liquidity resulting from a stretch in its
receivables cycle.

ISL has small scale of operations, and large working capital
requirements. However, the company benefits from its promoters'
extensive industry experience.

ISL was incorporated in 1993 by Mr. K Satyanarayana and his
business associates. The company manufactures power-saving and
power-management equipments. The company is based in Hyderabad
(Telangana).


KGB CHEMICALS: CARE Assigns B+ Rating to INR18cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of KGB
Chemicals Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      18        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of KGB Chemicals
Private Limited (KGB) is primarily constrained on account of
sharp decline in the turnover during FY14 (refers to the period
April 1 to March 31), thin profitability and weak liquidity
position. The rating is also constrained due to high dependence of
business on government tenders and weak financial health of
electricity distribution companies.  However, the rating derives
strength from widely experienced promoters and comfortable capital
structure.

The ability of KGB to increase its scale of operations by bagging
more contracts, improve profitability and maintain its capital
structure while efficiently managing its working capital
requirements is the key rating sensitivity.

Ahmedabad (Gujarat)-based KGB was incorporated on March 20, 2006.
KGB is engaged in (i) supplying materials/equipment's useful for
reducing electrical problems with production system for reducing
O&M & repairs cost and (ii) providing survey, erection, testing &
commissioning of supplied material/ equipment. Initially, the
company was incorporated with a motive to manufacture the said
materials/equipment. However, due to the easily availability of
the above materials/equipment from the local traders, company
decided to trade these products. Mr.Pinal Dhirajlal Modi is
the key promoter of the company

During FY14, KGB earned a net profit of INR0.02 crore on a total
operating income (TOI) of INR0.14 crore as against a net
profit of INR1.56 crore on a TOI of INR3.34 crore in FY13.


KISSAN HATCHERIES: CARE Reaffirms B+ Rating on INR17.12cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Kissan Hatcheries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     17.12      CARE B+ Reaffirmed

Rating Rationale

The rating continues to remain constrained by Kissan Hatcheries
Private Limited's (KHPL's) short track record of operations, its
low and declining profitability margins, leveraged capital
structure and weak debt service coverage indicators. The rating is
further constrained by the susceptibility of its margins to the
fluctuation in the agro-based raw material prices and the inherent
risk associated with the poultry industry coupled with high
competition from local players.

The rating, however, continues to draw comfort from the
experienced promoters and positive demand outlook for poultry
feeds. The rating also takes cognizance of significant growth in
total operating income in FY14 (refers to the period April 1 to
March 31).

Going forward, the ability of KHPL to increase its scale of
operations while improving profitability margins and capital
structure would be the key rating sensitivities.

Incorporated in June 2003, KHPL was promoted by Mr Subhash Deshwal
and his cousin brother Mr Karan Singh. The commercial production
has started in January 2009. The company is engaged in the
manufacturing of poultry feeds for different types of poultry
units like broiler, layers and hatcheries. Apart from
manufacturing, KHPL is also engaged in the trading of broilers
chicks wherein the company sells the broiler chicks (about 1- 25
days) to poultry farms and farmers.

The company's manufacturing facility is located in Jind, Haryana,
with an installed capacity of 87,600 tonnes per annum (TPA) as on
March 31, 2014. The main raw materials for manufacturing poultry
feed are maize, soyabean and bajra. Maize is procured from
Rajasthan, Bihar and Punjab. The company sells poultry feed mainly
in the northern part of India through its marketing network.

For FY14, KHPL achieved a total operating income of INR89.26 crore
and PAT of INR0.21 crore as compared with a total operating income
of INR69.74 crore and PAT of INR0.21 crore for FY13. The company
has achieved total operating income of around INR44.27 crore till
September 30, 2014.


LORDS ORIENTAL: CARE Assigns D Rating to INR14.80cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Lords
Oriental Resorts Developers (Silvassa) Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     14.80      CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Lords Oriental
Resorts Developers (Silvassa) Private Limited (LORDSPL) is
primarily constrained on account of instances of delay in debt
servicing due to its stretched liquidity position.

Establishing a clear track record of timely servicing of debt
obligations alongwith improvement in the liquidity position is
the key rating sensitivity.

LORDSPL was incorporated in 2011 as a Private Limited Company by
Mr Pushpendra Bansal, Mr Sanjeev Gupta and Mr Brijesh Chauhan. The
company is engaged into hospitality business and it operates one
resort, Lords Resorts Silvassa, at Silvassa which has 76 rooms of
different categories. The resort has a restaurant which can
accommodate around 60 people and a coffee shop which can
accommodate around 25 people. The resort also has two banquet
halls having a capacity of 500 people and 250 people respectively.
Other amenities in the resort include swimming pool, spa, health
club etc. The resort became operational from May 2012 with 45
rooms.

LORDSPL is a part of Lords Group promoted by Mr Pushpendra Bansal.
The group has its presence in the hospitality business for more
than two decades. At present, Lords group is running 24 properties
across various cities of India, out of which nine properties are
owned and run by the promoter group while for the remaining
properties the group has signed MOU for management of the hotel.

During FY14 (refers to the period April 1 to March 31), LORDSPL
reported a total operating income (TOI) of INR5.24 crore and PAT
of INR0.43 crore as against a TOI of INR2.99 crore and net loss
INR5.78 crore during FY13.


M.K.R. TRADERS: CRISIL Reaffirms B+ Rating on INR80MM Cash Credit
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of M.K.R. Traders
Pvt Ltd (MKR) continues to reflect MKR's below-average financial
risk profile marked by its small net worth and high total outside
liabilities to tangible net worth (TOLTNW), modest scale of
operations, and exposure to intense competition in the highly
fragmented agro-commodities trading segment. These rating
weaknesses are partially offset by the promoters' extensive
industry experience.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            80        CRISIL B+/Stable (Reaffirmed)
   Long Term Loan          6        CRISIL B+/Stable (Reaffirmed)
   Proposed Cash Credit
   Limit                  40        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     24        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MKR will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company scales up its
operations significantly, while improving its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' if MKR's financial risk profile deteriorates because of
higher than expected working capital requirements or capital
expenditure (capex) or significantly low cash accruals.

Update
MKR reported modest operating income of INR404 million in 2013-14
(refers to financial year, April 1 to March 31), supported by
healthy demand for its product, and established customer
relationships. The operating profitability was lower at 2.50 per
cent, thereby constraining cash accruals to INR1.7 million in
2013-14.

MKR's below-average financial risk profile is marked by its small
net worth of INR28 million as on March 31, 2014, and high TOLTNW
ratio of around 3 times as on March 31, 2014. The company's
financial risk profile is expected to remain weak over the medium
term, commensurate with its accretion to reserves.

MKR's liquidity is restricted by its large working capital
requirements as indicated by gross current assets (GCAs) of around
112 days as on March 31, 2014. Hence, the company extensively
utilised its bank limits. However, the annual cash accrual is
expected to remain at around INR1.5 million vis-a-vis its debt
obligations of INR1.3 million in 2014-15.

MKR was established in 2010 as a partnership firm by Mr.
Janakiraman; the firm was reconstituted as a private limited
company in 2010. MKR trades in rice, maida, oil, sugar and various
grams including toor dhal, urad dhal, masoor dhal, and green gram.


MACHHI RAM: CRISIL Reaffirms B Rating on INR200MM Cash Credit
-------------------------------------------------------------
CRISIL's rating on the long-term bank loan facility of Machhi Ram
Kishan Chand Sidana (MRKC) continues to reflect MRKC's weak
financial risk profile owing to working-capital-intensive
operations, and its high vulnerability to volatility in raw
material prices and to changes in government policies. These
rating weaknesses are partially offset by the extensive experience
of the firm's partners in the rice industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            200       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MRKC will continue to benefit over the medium
term from the extensive industry experience of its partners and
its well-established customer relationships. The outlook may be
revised to 'Positive' if the firm improves its capital structure
significantly, most likely through a substantial increase in its
net cash accruals or through capital infusion by its partners, or
if its working capital cycle improves significantly. Conversely,
the outlook may be revised to 'Negative' if the firm's revenue or
profitability declines or it undertakes a large debt-funded
capital expenditure programme.

Established in 1983, MRKC is a partnership firm primarily engaged
in milling and processing of basmati rice. Raw, boiled, and
parboiled rice constitute a small portion of its revenue. The firm
sells its produce to wholesalers and distributors in both domestic
and export markets. Its plant in Jalalabad (Punjab) has a milling
capacity of 4 tonnes per hour. The firm is promoted and managed by
Mr. Surinder Kumar and Mr. Vimal Kumar.

For 2013-14 (refers to financial year, April 1 to March 31), MRKC
reported book profit of INR7.3 million on net sales of INR610.6
million, against a book profit of INR1.2 million on net sales of
INR489.3 million for the previous year.


MAHESH COTSPIN: CRISIL Ups Rating on INR60MM Cash Credit to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Mahesh Cotspin Pvt Ltd (MCPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

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

   Long Term Loan           21         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Proposed Long Term       29         CRISIL B+/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in MCPL's cash
accruals, driven by better operating performance in 2013-14;
thecompany's revenue grew by 180 per cent to INR742 million for
2013-14 (refers to financial year, April 1 to March 31)from INR261
million for 2012-13 on account of increase in operating
capacities. This has consequently increased the company's net cash
accruals to INR12.2 million for 2013-14 from INR6.4 million for
2012-13.The company's working capital management has also
moderated with GCA days of 55 days in 2013-14 from 126 days in
2012-13 on account of lower inventory holding through 2013-14.

The rating reflects MCPL's modest scale of operations in the
highly fragmented cotton ginning industry and the vulnerability of
its operating performance to volatility in cotton prices. These
rating weaknesses are partially offset by the extensive industry
experience of MCPL's promoters and its established relationships
with suppliers and customers.

Outlook: Stable

CRISIL believes that MCPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with suppliers and customers. The
outlook may be revised to 'Positive' if MCPL reports higher than
expected cash accruals resulting in improvement of its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the company reports lower than expected cash accruals, or if
its working capital cycle stretches, or if the company undertakes
a large debt-funded capital expenditure programme, thereby
weakening its financial risk profile, particularly liquidity.

MCPL was incorporated in May 2012 to take over the business of
proprietorship firmMahesh Industries, which was set up by Mr.
Radheshyam Bhandari in 2005. MCPL gins and presses cotton-it
processes raw cotton (kapas) into cotton bales and cotton seeds,
and caters to the regional markets of Maharashtra. It also crushes
cotton seed to manufacture cotton seed cake and cotton seed oil.


MARUTINANDAN GINNING: CARE Rates INR10.07cr LT Loan at 'B+'
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Marutinandan Ginning & Pressing Factory.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    10.07       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Marutinandan Ginning
& Pressing Factory (MNGPF) is primarily constrained on account of
the moderate capital structure, weak debt coverage indicators and
working capital intensive nature of operations. The rating is also
constrained due to susceptibility to adverse government policies,
fluctuation in cotton prices, seasonality associated with the
cotton industry, partnership nature of constitution and presence
at the lowest level of the textile value chain resulting in very
low profitability.

The above constraints outweigh the benefits derived from
experience of promoters in cotton ginning and pressing industry,
favorable location in the cotton growing region and healthy growth
in total operating income. The ability of MNGPF to improve
profitability and debt coverage indicators along with better
working capital management in light of competitive nature of
industry are the key rating sensitivities.

MNGPF formed as a partnership firm in the August 2009 by Mr.
Pravinbhai Bhadabhai Kakadiya and Mr. Keshubhai Bhadabhai Kakadiya
to take up the manufacturing of cotton seed and bales in Bhadla,
Rajkot (Gujarat). Before starting manufacturing activity, MNGPF
was engaged in trading of cotton bales, cotton seeds and cakes.
The total actual production of MNGPF remained around 60 tonnes per
day during FY14 (refers to the period April 1 to
March 31).

During FY14, MNGPF reported a PAT of INR0.03 crore on a total
operating income (TOI) of INR50 crore as against a PAT of
INR0.02 crore on TOI of INR34.08 crore during FY13.


MONTFORT EDUCATIONAL: CARE Rates INR6.11cr LT Loan at 'D'
---------------------------------------------------------
CARE assigns 'CARE D' rating to bank facilities of The Montfort
Educational Society.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.11       CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of The Montfort
Educational Society (TMES) factors in the frequent instances of
delays in debt servicing due to its stressed liquidity position.

TMES was established in the year 2008. The society is managing one
school, namely, K John Public School (KJPS) in Nagpur,
Maharashtra. KJPS offers education from primary to class X. It is
a co-educational school and is affiliated to the Central Board of
Secondary Education (CBSE). The school is a private un-aided
educational institute. The campus is spread over an area of 10
acres with facilities like indoor games, dance rooms, music rooms,
health & medical checkup, computer laboratory, science laboratory,
library and transportation facility through its own buses. The
school has two branches, one is located at Asoli, Nagpur, and
other is located at Saoner, Nagpur.

The total number of students in both the schools is 2,375, and the
number of teachers is 74, implying a student teacher ratio of
32:1. The average fee per student is INR10,710 per annum.

In FY13 (refers to the period April 01 to March 31), TMES has
registered a deficit of INR0.18 crore as against the total
operating income of INR2.69 crore as compared with the surplus of
INR0.42 crore as against the total operating income of INR2.04
crore in FY12.


MUKTAR AUTOMOBILES: CARE Reaffirms B Rating on INR12.06cr Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Muktar
Automobiles Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    12.06       CARE B Reaffirmed
   Short-term Bank Facilities    3.00       CARE A4 Reaffirmed

Rating Rationale

The ratings reaffirmation to the bank facilities of Muktar
Automobiles Private Limited (MAPL) continue to be constrained
by short track record of operation in the automobiles business,
inherent risk associated with dealership business including
product pricing and cyclicality of the auto industry, working
capital intensive nature of operations. The ratings further
take note of decline in sales during FY14 (Prov.) (refers to the
period from April 1 to March 31) on account of decline in
total number of vehicle sold during the years.

The ratings, however, derive strength from the improvement in the
profitability margin during FY14 (Prov.) and equity infusion.

Going forward, the ability of MAPL to improve its scale of
operation along-with effective management of working capital
are the key rating sensitivities.

Muktar Automobiles Private Limited (MAPL) was established in
May 2011 in Goa to carry out the business of automobile dealership
and is engaged in the exclusive trading and servicing of vehicles
of Mahindra & Mahindra Limited (MML).

MAPL deals in passenger vehicles of MML with renewal of the
dealership agreement every year on the basis of Mahindra Dealer
Point (MDP) audit and rankings given by MML. MAPL currently
operates out of five facilities in Goa and one in Mangalore. MAPL
belongs to the Sheikh Muktar Group (SMG) of companies based out of
Goa. The SMG has interests in mining, construction, engineering,
logistics, hospitality, shipping and automobiles. The flagship
company of the group -- Muktar Minerals Private Limited (MMPL)
holds 50% stake in MAPL.

During FY14 (provisional), MAPL reported a total operating income
of INR100.80 crore, PBILDT of INR5.06 crore and PAT of INR2.13
crore as against a total operating income of INR108.06 crore,
PBILDT of INR(0.18) crore and net loss of INR1.88 crore in FY13
(audited).


MULTIPLAST POLYMERS: CARE Revises Rating on INR9.46cr Loan to B
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Multiplast Polymers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.46       CARE B Revised from
                                            CARE C

Rating Rationale

The revision in the rating of Multiplast Polymers Private Limited
(MPPL) takes into account improved liquidity position of the
company. The rating assigned to the bank facilities of Multiplast
Polymers Private Limited (MPPL) continues to be constrained by the
leveraged capital structure and weak debt coverage indicators,
relatively small scale of operations and inherent industry risk
characterized by raw material price fluctuation risk and its
presence in a highly competitive and fragmented industry. The
rating, however, continues to factor in the benefit derived from
the experienced promoters and reputed clientele base. The ability
of MPPL to improve the overall scale of operations amidst
increasing competition, while efficiently managing working
capital cycle are the key rating sensitivities.

Established in 1997 as a partnership firm and later reconstituted
into private limited company in 2008, Multiplast Polymers Private
Limited (MPPL) is engaged into the manufacturing of plastic
bottles primarily for pharmaceutical industry. MPPL has a plant
located at Bhiwandi, Thane, with an installed capacity of 1,200
metric tons per annum (75% utilization levels during FY14 [refers
to the period April 1 to March 31]).

During FY14, MPPL reported a total operating income of INR19.14
crore (up by 13.6% vis-a-vis FY13) and PAT of INR0.22 crore (down
by 2.9% vis-…-vis FY13). Furthermore, during H1FY15, the company
reported operating income of INR13.87 crore.


NORTH EAST: CARE Cuts Rating on INR95.40cr Bank Loan to 'D'
-----------------------------------------------------------
CARE revises the rating assigned to bank facilities of North East
Region Housing Finance Company Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     95.40      CARE D Revised from
                                            CARE BBB (SO)

Rating Rationale

The rating revision takes into consideration the delays in
servicing of the company's debt obligations on account of
stressed liquidity position emanating from delay in recoupment of
loans.

North East Region Housing Finance Company Limited (NERHFC) is a
public limited company registered as a Housing Finance Company
(HFC) with the National Housing Bank (NHB). It is the group
concern of North East Region Finservices Limited (rated 'CARE D').
NERHFC was incorporated in April 2006 with the aim of providing
micro housing loans to the poor tribes and other communities of
the hilly areas of North Eastern States and Uttaranchal. The
company commenced its operations in December 2009.

During FY14 (refers to the period April 01 to March 31), the
company registered a PAT of INR0.54 crore on total operating
income of INR11.46 crore against PAT of INR0.33 crore on total
operating income of INR6.33 crore during FY13. The company
reported loan portfolio of INR88.35 crore and CAR of 48% as on
March 31, 2014.


NORTH EAST REGION: CARE Cuts Rating on INR135cr LT Loan to 'D'
--------------------------------------------------------------
CARE revises the rating assigned to bank facilities of North East
Region Finservices Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    135.0       CARE D Revised from
                                            CARE BBB

Rating Rationale

The rating revision takes into consideration the delays in
servicing of the company's debt obligations on account of
stressed liquidity position. The same arose from closure of
branches in Assam in Q2FY15 on account of non-compliance of
statutory requirements of Assam Government resulting in delay in
recoupment of loans.

North East Region Finservices Limited (NEREFS), promoted by Mr
Keishing James Lalrongbawl, was incorporated in year 2002 to
provide individual loans in hilly terrains of North East states
for agriculture, business and personal purposes. It is a leading
microfinance institution based in North Eastern states of India
mainly Mizoram, Manipur, Arunachal Pradesh, etc.

It is registered with the RBI as a non-deposit accepting non-
banking financial company (NBFC) and has applied for registration
as NBFC-MFI in September 2012. The company is primarily engaged in
providing microfinance loans on individual lending model majorly
for income generation purposes. NEREFS's operations are spread
across 14 states which are being managed through 127 branches.

During FY14 (refers to the period April 01 to March 31), the
company registered a PAT of INR7.59 crore on total operating
income of INR82.46 crore against PAT of INR4.89 crore on total
operating income of INR65.94 crore during FY13. As on March 31,
2014, the total loan portfolio was INR386.60 crore.


OMEGA DESIGNS: CRISIL Assigns B+ Rating to INR50MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Omega Designs Pvt Ltd (ODPL; part of
the Omega group).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                20        CRISIL B+/Stable
   Cash Credit              50        CRISIL B+/Stable
   Letter of Credit          5        CRISIL A4

The ratings reflect the Omega group's modest financial risk
profile, exposure to client concentration risk, small scale of
operations, and susceptibility to volatility in cotton yarn
prices. These rating weaknesses are partially offset by the
extensive experience of the group's promoters in the ready-made
garments business.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Omega Designs (OD) and ODPL. This is
because the two entities, together referred to as the Omega group,
have common promoters. Also, ODPL books the group's revenue
through domestic business, while OD books the group's entire
export revenue.

Outlook: Stable

CRISIL believes that the Omega group will continue to benefit over
the medium term from its established relationships with key
customers and from development of domestic operations. The outlook
may be revised to 'Positive' if the group improves its capital
structure and operating margin substantially. Conversely, the
outlook may be revised to 'Negative' in case of low cash accruals
or considerable capital withdrawals by the promoters or large
debt-funded capital expenditure, weakening the group's financial
risk profile.

OD was established in 1995 as a partnership concern by Mr. Dilip
Dugar and his wife Mrs. Kavita Dugar. The firm manufactures ready-
made garments (cotton skirts, tops, caps, and capris for kids) and
sells to departmental stores such as Macy's Merchandising Group,
TJ Maxx, and Max Holdings & Investments Ltd. OD's four production
units are in Gurgaon (Haryana).

ODPL was incorporated in 1994 primarily to do jobwork for OD. The
group launched the Nautinati brand under OD in 2009. However, post
March 2011, the domestic business was transferred to ODPL along
with the Nautinati brand.


SAI BHAKTI: CARE Assigns B+ Rating to INR10cr Bank Loan
-------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities of
Sai Bhakti Impex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      10        CARE B+ Assigned
   Short term Bank Facilities      4        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sai Bhakti Impex
Private Limited (SBPL) are constrained by SBPL's relatively
small scale of operations with low net worth base, weak financial
risk profile marked by low profitability margins, leveraged
capital structure with weak coverage indicators and working
capital intensive nature of operations. The ratings are further
constrained by high degree of competition due to the fragmented
nature of the industry and susceptibility of margins to
fluctuation in raw material prices.

The ratings, however, favourably take into account experience of
the promoters and location advantage of the manufacturing
facility.

The ability of the company to increase the scale of operations
while improving profitability margin, improve its capital
structure while managing the working capital requirements
efficiently would be the key rating sensitivities.

Sai Bhakti Impex Private Limited (SBPL), incorporated in
December 2004, is currently being managed by Mr Gaurav Kripal, Ms
Bhavna Kripal and Mr Aman Kripal. The company is engaged in the
manufacturing as well as trading of readymade garments from its
manufacturing facility located at Ludhiana, Punjab. SBPL is
manufacturing men's wear and trading women's and kid's casual &
fashion wear which comprises thermal wear, T-shirts, vests, shorts
and jeans. The main raw material like polyester fabric and cotton
fabric are procured directly from manufacturers located in
different states. The company sells its products in the domestic
market mainly to wholesalers and traders and also exports to
Uzbekistan, Kazakhstan, Dubai and Russia.

For FY14 (provisional, refers to the period April 01 to March 31),
SBPL reported a total income of INR62.60 crore with PBILDT and PAT
of INR1.49 crore and INR0.35 crore respectively as against a total
income of INR47.78 crore with PBILDT and PAT of INR1.10 crore and
INR0.16 crore respectively in FY13.


SALIENT CERAMIC: CARE Assigns B Rating to INR8.25cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B' and CARE A4' rating to the bank facilities
of Salient Ceramic.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.25       CARE B Assigned
   Short-term Bank Facilities    1.65       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Salient Ceramic
(SC) are primarily constrained on account of project
implementation and stabilization risk, SC's presence in the highly
fragmented industry along with fortunes dependent upon the real
estate market, susceptibility of margins to volatility in raw
material and fuel (natural gas) prices and partnership nature of
constitution.

The above constraints outweigh the benefits derived from the
partners' experience of more than three decades in the ceramic and
other allied products industry coupled with strategic location in
ceramic tiles hub with easy access to raw material, power and
fuel.

SC's ability to timely complete the project within envisaged cost
and achieve envisaged sales and profitability are the key
rating sensitivities.

Morbi-based (Gujarat) SC was established on May 20, 2013 as a
partnership firm by six partners to undertake a green field
project in the manufacturing of digital ceramic wall tiles.
Reconstitution of the firm took place on March 18, 2014 subsequent
to the admission of eight new partners in the firm. SC proposes to
invest INR13.84 crore towards the project which will be funded
through a term loan of INR5 crore, equity capital of INR5.04 crore
and balance by way of unsecured loan. Project debt to equity ratio
will be 1.75x. Commercial production of the proposed plant is
supposed to commence from April 2015. Proposed production capacity
of the plant will be 1,922,100 sq. mts. per annum.


SHREE BALRAM: CARE Assigns D Rating to INR11.18cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Shree
Balram Rolling Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    11.18       CARE D Assigned
   Short-term Bank Facilities    0.30       CARE D Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shree Balram
Rolling Mills Private Limited (SBRPL) are constrained primarily
on account of delays in debt servicing due to the stretched
liquidity position on the back of delay in realization of payments
from the customers.

Timely serving of debt obligations and improvement in liquidity
position are the key rating sensitivities.

Kalol-based (Gujarat) SBRPL was incorporated in 2010 by Mr Vinod
Kumar Shah and Mr Rajendra Kumar Shah. SBRPL is engaged in the
manufacturing of steel angles, flats, bars, rounds, channels and
sheets. The commercial operations was started in October, 2011 at
its sole manufacturing unit located in Kalol (Gujarat) with an
installed capacity of 72,000 Metric Tonnes per Annum (MTPA) as on
March 31, 2014.

As per the audited results of FY14 (refers to the period April 1
to March 31), SBRPL reported Profit after tax (PAT) of INR0.13
crore on a Total Operating Income (TOI) of INR47.01 crore as
against the TOI of INR48.38 crore and PAT of INR0.12 crore. As per
the provisional results for H1FY15, SBRPL registered the turnover
of INR35.42 crore.


SHRI SANGAM: CRISIL Reaffirms B Rating on INR700MM Bank Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shri Sangam Sahakari
Sakkare Karkhane Niyamit Hidkaldam (Shri Sangam) continue to
reflect the risks related to the implementation and stablisation
of its ongoing project, which involves the setting up of a sugar
manufacturing unit in Belgaum (Karnataka).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term      700       CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

The rating also factors in the exposure to risks related to
cyclicality in the sugar industry and regulatory framework
governing the industry. The above-mentioned weaknesses are
partially offset by the extensive industry experience of Shri
Sangam's promoters and strategic location of its manufacturing
facility.

Outlook: Stable

CRISIL believes that Shri Sangam will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if Shri Sangam's cash flows
are more-than-expected, supported by early completion of its
ongoing project, leading to improvement in its overall financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if there are significant time and cost overruns in its ongoing
project, leading to weakening in its financial risk profile.

Shri Sangam was established as a co-operative society by the cane
producers in Belgaum in 1991. The chairman of the society is Mr.
Rajendra Patil.


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

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          200        CRISIL A4
   Cash Credit              50        CRISIL B+/Stable

The ratings reflect TSCC's modest scale of, and working-capital-
intensive, operations in the civil construction industry. These
rating weaknesses are partially offset by the extensive industry
experience of TSCC's promoters.

Outlook: Stable

CRISIL believes that TSCC will continue to benefit over the medium
term from its promoters' extensive experience in the civil
construction industry. The outlook may be revised to 'Positive' in
case of significant improvement in the firm's scale of operations
and profitability, or if it improves its working capital
management, resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
TSCC records a decline in its accruals, or if substantially large
working capital requirement weakens its financial risk profile.

Set up in 1992 as a partnership firm, TSCC is a
Thiruvananthapuram-based civil contractor. The firm's day-to-day
operations are managed by Mr. Edison.

For 2013-14 (refers to financial year, April 1 to March 31), TSCC
reported, on a provisional basis, a net profit of INR12.5 million
on contract receipts of INR308.6 million; the firm reported a
profit after tax of INR20.3 million on contract receipts of
INR447.7 million for 2012-13.


SPICEJET LTD: Seeks Government Support Amid Wind Down Concerns
--------------------------------------------------------------
Anurag Kotoky at Bloomberg News reports that India's government
will decide on the future of SpiceJet Ltd. after the budget
carrier, which has canceled flights and delayed paying staff this
month, sought state support amid concerns it may wind down
operations.

A decision will be taken "considering wider interest of
passengers," Mahesh Sharma, junior civil aviation minister, said
in New Delhi on December 15, Bloomberg relates.  According to the
report, Mr. Sharma said the airline has sought state relief and
Sharma's ministry will seek opinions from the Prime Minister's
office, finance ministry and the oil ministry. A meeting on
December 15 between the company and government officials ended
without any announcements, the report notes.

Bloomberg says the situation at SpiceJet, owned by media
billionaire Kalanithi Maran, highlights the difficulties of
airlines in India, where base fares sometimes as low as 2 U.S.
cents have contributed to more than $10 billion in loss in the
last seven years. Kingfisher Airlines Ltd., started by liquor
baron Vijay Mallya, was grounded in 2012 after accumulating $1.4
billion of debt, Bloomberg notes.

"Without significant and immediate promoter funding, I see no
future," Kapil Kaul, CAPA Centre for Aviation's South Asia Chief
Executive Officer Kapil Kaul said in an e-mail, Bloomberg relays.
"Two airline closures in the last few years and a very challenged
SpiceJet highlight the massive structural challenges faced by the
industry."

A financial proposal the carrier submitted to the government in a
meeting on December 16 didn't provide new information regarding
new investors or funds, an official at the Directorate General of
Civil Aviation told reporters in New Delhi, asking not to be
identified citing departmental rules, according to Bloomberg.

Bloomberg relates that the official said the government may give
the company two to four weeks to pay outstanding jet fuel bills.

The meeting with the government was "very crucial" for the
company, according to a letter the airline sent to pilots earlier,
a copy of which was obtained from a person with knowledge of the
matter, Bloomberg says.

Maran and his company KAL Airways Pvt. together own more than
58 percent of the airline, according to data compiled by
Bloomberg.

Maran spent 7.4 billion rupees ($117 million) buying a stake from
Wilbur Ross in 2010 at 47.25 rupees per share. He has invested a
further 5.6 billion rupees in the airline so far, according to
SpiceJet.

According to the report, Maran is prepared to give bank guarantees
to help ensure the carrier's future, ET Now reported on December
15, citing people it didn't identify.

Bloomberg notes that SpiceJet reported five straight quarterly
losses and tried for more than two years to woo an external
investor to one of the world's most expensive markets for fuel,
which accounts for as much as 50 percent of the costs for some
Indian carriers.

Bloomberg says SpiceJet reduced its fleet of Boeing planes,
delayed wages, and faced regulatory scrutiny after a spate of
cancellations.  The carrier is India's second-biggest budget
airline, after IndiGo.

India's aviation regulator had barred SpiceJet from accepting
bookings for travel in more than a month's time, canceled 183 of
its landing and parking slots and told the company to pay delayed
salaries by yesterday, Bloomberg TV India reported Dec. 5.

The airline responded by saying booking restrictions were "counter
productive" and threatened to curb the company's revenue,
Bloomberg says.

The company has paid INR5 billion in taxes in the four months
through December 15, said a person familiar with the matter who
asked not to be identified because they weren't authorized to
speak publicly, according to Bloomberg.

                         About SpiceJet

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 LAKOSHA: CRISIL Reaffirms B+ Rating on INR49MM Term Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Lakosha Polymer Pvt
Ltd (SLPPL) continue to reflect the company's modest scale of
operations in the intensely competitive polymer products trading
business and weak financial risk profile, marked by modest net
worth, high total outside liabilities to tangible net worth ratio,
and weak debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of SLPPL's
promoters in the polymer products trading business.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           30        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     150        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    46        CRISIL B+/Stable (Reaffirmed)
   Term Loan             49        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SLPPL will continue to benefit over the
medium term from its promoter's extensive experience in the
polymer products trading business. The outlook may be revised to
'Positive' if the company registers significant and sustainable
growth in its revenue and margins, while improving its capital
structure and debt protection indicators, leading to improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if SLPPL registers a significant decline in
its revenue and margins or if its working capital cycle lengthens
further or if the company undertakes any large debt-funded capital
expenditure (capex) leading to further weakening of its financial
risk profile.

Update
SLPPL's operating revenue declined by 12 per cent year-on-year to
INR658 million for 2013-14 (refers to financial year, April 1 to
March 31). This was primarily on account of high price volatility
of polymers traded and the management's posture to hold lower
levels of inventory, which led to decline in the execution of
orders. Its operating margin was modest at 1.6 to 2.9 per cent
over the four years ended March 31, 2014, due to the trading
nature of business. CRISIL believes that SLPPL's revenue will show
modest growth over the medium term with healthy offtake from its
customers.

SLPPL's financial risk profile remains below average, marked by a
high total outside liabilities to tangible net worth (TOLTNW)
ratio and weak debt protection metrics. The TOLTNW ratio was 5.9
times as on March 31, 2014. The company undertook capex of INR98
million towards construction of a new office building and
warehouse in Coimbatore (Tamil Nadu) funded through term loans of
INR47.5 million and the rest through internal accruals and does
not plan to have any capex over the medium term. Its TOLTNW ratio
is expected to remain high over the medium term on account of
dependence on bank lines for funding working capital requirements.

SLPPL has moderate liquidity, marked by moderate bank limit
utilisation, averaging 76 per cent over the 12 months through
September 2014. The company is likely to generate annual net cash
accruals of INR7.5 million to INR15.9 million per annum against
term loan obligations of INR70 million per annum over the medium
term. CRISIL believes that SLPPL's liquidity will remain moderate
over the medium term backed by stable cash accruals and the
absence of debt-funded capex plans.

SLPPL, promoted in 1998 by Mr. Sridharan (Managing Director) and
his wife, Mrs. S.Lalitha, (JMD), trades in polymer products. The
company imports these products from countries such as Saudi
Arabia, Kuwait, and Malaysia and sells to traders and plastic
manufacturers in Tamil Nadu. The company has its administrative
office in Tirupur.


SURANA ORGANICS: CRISIL Assigns B+ Rating to INR35MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Surana Organics (SO).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term       30         CRISIL B+/Stable
   Bank Loan Facility
   Cash Credit              35         CRISIL B+/Stable
   Inland/Import Letter
   of Credit                15         CRISIL A4

The ratings reflect SO's below-average financial risk profile,
marked by an average capital structure and weak debt protection
metrics, and its modest, though improving, scale of operations
with low profitability. These rating weaknesses are partially
offset by the extensive experience of SO's promoters in the
solvents and chemical trading business, their funding support, and
diverse product portfolio.

For arriving at its ratings, CRISIL has treated unsecured loans of
INR35.3 million extended to SO by its promoters as neither debt
nor equity as these loans are expected to be retained in the
business over the medium term.

Outlook: Stable

CRISIL believes that SO will benefit from its promoter's vast
industry experience. The outlook may be revised to 'Positive' if
the firm reports significantly higher cash accruals or receives
substantial fresh capital infusion leading to an improvement in
its financial risk profile and liquidity. Conversely, the outlook
may be revised to 'Negative' if SO's liquidity weakens further on
account of lower cash accruals or a stretch in its working capital
cycle.

SO was established in 2002 by Mr. Vikram Surana as his
proprietorship firm. It is engaged in trading of a variety of
solvents and chemical intermediates.

For 2013-14 (refers to financial year, April 1 to March 31), SO
reported a profit after tax (PAT) of INR1.9 million on an
operating income of INR787.1 million as against a PAT of INR1.8
million on an operating income of INR638.3 million for 2012-13.


VANTAGE SPINNERS: CARE Assigns C Rating to INR10cr Bank Loan
------------------------------------------------------------
CARE assigns the rating of 'CARE C' to the bank facilities of
Vantage Spinners Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      10        CARE C Assigned

Rating Rationale

The rating assigned to the bank facilities of Vantage Spinners
Private Limited (VSPL) factors in improvement in the liquidity
position and subsequent regularisation of debt servicing. The
rating is constrained by high inventory holding period,
susceptibility towards volatility in raw cotton prices, limited
track record of the company in the industry and fluctuating profit
margins. The rating, however, takes into account continuous growth
in the revenue, locational advantage for adequate raw material
availability and power supply and various subsidies received from
the government.

The ability of the company to further improve the liquidity
position with efficient management of working capital, withstand
the volatility of raw cotton prices and sustain the profit margins
are the key rating sensitivities.

Vantage Spinners Pvt. Ltd. (VSPL) was incorporated on July 28,
2006, by Mr Potluri Mohana Murali Krishna, Mr Potluri Soma Sekhar
and Ms Nandamuri Meenalatha. The promoters inducted Mr J. S.
Prasad Reddy as the chairman of VSPL, who has over 26 years of
experience of working with spinning mill. VSPL is mainly into
manufacturing of cotton yarn (40s and 60s count) with an installed
capacity of 31,500 spindles. The company's manufacturing plant is
located at Nuzividu Mandalam in Krishna district, Andhra Pradesh.
The company started commercial operation in February 2010.

For FY14 (refers to the period April 01 to March 31), VSPL
reported a total operating income of INR80.47 crore and PBILDT
of INR15.2 crore as against a total operating income of INR66.71
crore and PBILDT of INR16.46 crore in FY13. The net profit
margin was at 1.30% in FY14 as against 0.34% in FY13.
In H1FY15, the company has reported a total operating income of
INR61.01 crore.


VICTORY PRECISIONS: CRISIL Ups Rating on INR64.6MM Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Victory
Precisions Pvt Ltd (VPPL) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISILD'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee            4         CRISIL A4 (Upgraded from
                                       'CRISIL D')

   Cash Credit              50         CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

   Corporate Loan           15         CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

   Letter of Credit          5         CRISIL A4 (Upgraded from
                                       'CRISIL D')

   Long Term Loan           21         CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

   Post Shipment Credit     15         CRISIL A4 (Upgraded from
                                       'CRISIL D')

   Standby Line of Credit    5         CRISIL A4 (Upgraded from
                                       'CRISIL D')

   Proposed Long Term       20.4       CRISIL B-/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL D')

   Term Loan                64.6       CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

The rating upgrade reflects VPPL's timely servicing of its debt
obligations supported by funding support of promoters by way of
incremental equity infusion and enhancement in working capital
bank lines. The rating upgrade also factors in CRISIL's belief
that VPPL's cash accruals will increase and will be sufficient to
meet its maturing debt obligations over the medium term.

The ratings, however, remain constrained by VPPL's modest scale of
operations and weak financial risk profile, driven by large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of VPPL's promoters
in the industrial machinery and consumables industry and their
funding support.

Outlook: Stable

CRISIL believes that VPPL will continue to benefit over the medium
term from its promoters' extensive experience in the industrial
machinery and consumables industry. The outlook may be revised to
'Positive' if the company's financial risk profile improves driven
by high cash accruals or better working capital management.
Conversely, the outlook may be revised to 'Negative' in case
VPPL's liquidity deteriorates owing to low cash accruals, or large
working capital requirements or higher than expected debt-funded
capital expenditure.

Incorporated in 1997, VPPL is engaged in casting and machining of
compressor parts, diesel engine parts, jigs and fixture parts,
switchgear parts, and farm equipment. The company, based in Pune
(Maharashtra), is promoted by Mr. Sagar Kaushik and his family.



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


KISHO KUROKAWA: Files For Bankruptcy Protection
-----------------------------------------------
AFP reports that the office of late Japanese architect Kisho
Kurokawa, known for his grand futuristic designs in projects
including Kuala Lumpur International Airport, filed for bankruptcy
protection on December 15.

Kurokawa's works include Amsterdam's Van Gogh Museum, described as
a bridge between Western rationalism and Eastern asymmetry, and
Melbourne Central, a hub of shopping, entertainment and dining
behind the train station in Australia's second city, AFP
discloses.

He also designed the Nakagin Capsule Tower in Tokyo, which appears
as a Japanese love hotel in the 2013 blockbuster "The Wolverine"
starring Hugh Jackman, the news agency relates.

Mr. Kurokawa died in 2007, and his office -- Kisho Kurokawa
Architect & Associates -- run by his son, Mikio, has racked up
debts worth JPY1.2 billion ($10 million), AFP reports citing
Teikoku Databank corporate research agency.

The office will be restructured under the aegis of Japanese
engineering consultancy Nippon Koei, which will create a
subsidiary to take over its operations and its employees, the
firms, as cited by AFP, said.



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


ASCO CARBON: 20 Jobs Axed as Manufacturer Closes Doors
------------------------------------------------------
Alan Wood at The Press reports that nearly 20 staff are being axed
with closure of Christchurch manufacturer Asco Carbon Dioxide a
couple of days before Christmas.

The Press relates that Asco Carbon Dioxide chief operations
officer Warren Holland said the company had already lost about six
staff since its German parent announced a closure earlier this
year.

Asco, which has made products including fire extinguishers, was
ultimately owned by Messer GMBH of Germany, the report notes.

According to the report, increasingly tough competition, a high
New Zealand dollar and changes within the international carbon
dioxide industry had caused a withdrawal from New Zealand to
Europe. One staff member would relocate to Germany, Mr. Holland,
as cited by The Press, said.

Staff numbers fluctuated with the export-based company over recent
decades, peaking at 100, the report notes.

Mr. Holland said the 17 remaining staff including himself would
finish at the leased premises in Hornby on December 23. All would
receive redundancies, the report adds.

"[Staff losses] have been trickling away. It's been going on since
mid year . . . the middle of the year the company announced a
closure," The Press quotes Mr. Holland as saying.

The company, which dated back 80 years in Christchurch, exported
to over 100 countries, from Afghanistan to Zimbabwe, in its
heyday, The Press recalls.


POTHOLE PEOPLE: Goes Into Receivership
--------------------------------------
Tess Mcclure at Stuff.co.nz reports that PHP Group, trading as the
The Pothole People, has gone under, leaving customers out of
pocket and up to 40 jobs on the line.  The company went into
receivership on December 15, the report says.

According to the report, customers Callum and Sarah Gibson said
they are now NZ$3600 out of pocket, after paying upfront for the
company to widen and re-lay their driveway.

Stuff.co.nz relates that Callum Gibson said he got a call from the
The Pothole People on December 15 saying their driveway would not
be finished, the company had gone under and staff would be laid
off.

"It's a bit heartbreaking for us, as on a single income that's a
lot of money," the report quotes Mr. Gibson as saying.

The Gibsons were assigned The Pothole People through their
insurer, Arrow, as part of earthquake repairs. They paid NZ$3,600
of their own money for "extras" and to widen the driveway, the
report says.

The report relates that while their insurance should cover a new
contractor for the driveway, Mr. Gibson said the couple won't see
their money again.

"Our driveway will be done, sure, but we're still going to be out
of pocket. And they're a fairly large company so there will be a
number of other people in the same boat," Mr. Gibson, as cited by
Stuff.co.nz, said.  "I'm a bit angry at the insurance company too,
you'd think they'd have their finger on the pulse about how a
company is doing."

PwC's Malcom Hollis is acting as receiver for the company, the
report notes.



===========
T A I W A N
===========


WINTEK CORP: To Lay Off All 2,300 Employees in Taiwan
-----------------------------------------------------
China Post reports that Wintek Corp. has announced that it will
lay off all of its more than 2,300 employees in Taiwan in stages.

The layoff announcement came after the loss-incurring panel maker
cut its workforce in Taiwan by 610 in early December as the
company witnessed its orders fall, with its clients switching to
other suppliers, China Post says.

Currently, Wintek employs about 2,360 workers in Taiwan, the
report notes.

According to China Post, Wintek said that it has informed local
labor affair authorities of the layoff plan and the affected
employees will be compensated according to regulations in the
Labor Standards Act.

China Post relates that the touch panel maker said that after the
layoff, it is possible the company may hire back a small number of
the employees for touch panel sensor production in the future. But
it said it will relocate its back-end touch module production
lines to Vietnam, the report relays.

However, the company did not elaborate on when and how it will
hire back some of the affected employees, China Post adds.

Since 2010, Wintek has been incurring losses amid escalating
competition in the industry. In 2013, its loss per share rose to
NT$5.55 from NT$1.64 in 2012 and NT$1.16 in 2011. In the first
nine months of this year, it posted an additional NT$9.72 in LPS,
China Post discloses.

On Oct. 13, Wintek announced that it had filed a court petition to
seek approval for a business restructuring after incurring losses
for years, China Post recalls.

The report relates that market analysts said the business
structuring plan has turned many of its clients away, which
dragged down orders placed with the company.

After the business restructuring plan surfaced in the market,
Wintek shares suffered heavy downward pressure. Trading of Wintek
has been suspended since Nov. 19, China Post says.

Earlier in December, Wintek announced it will suspend production
of three production facilities located in Suzhou and Dongguan,
China and cut its workforce by more than 10,000 employees there,
China Post recalls.  The touch panel maker said it is seeking
potential buyers to purchase the three Chinese factories,
according to China Post.

Based in Taichung, Taiwan, Wintek Corporation is engaged in the
design, research, development, manufacture and sale of liquid
crystal display (LCD) panels and liquid crystal modules (LCMs) for
indium tin oxide (ITO) conductive glass, touch panels, light
guides, twisted nematic (TN), super twisted nematic (STN) and thin
film transistors (TFTs).  The company's LCDs and LCMs are
used in communication devices, digital still camera (DSCs),
portable navigation devices (PNDs), moving picture experts group
layer-3 audio (Mp3), moving picture experts group(MPEG) layer-4
audio(MP4), digital photo frame and ultra-mobile personal
computers(UMPCs).  The Company also offers electronic components,
raw materials and semi-finished products. It distributes its
products in Taiwan, Europe, the Americas and other Asian markets.



===============
T H A I L A N D
===============


GOVERNMENT HOUSING BANK: Moody's Raises BFSR to 'D-'
----------------------------------------------------
Moody's Investors Service has affirmed Government Housing Bank of
Thailand's (GHB) long term foreign currency deposit rating at
Baa1.

The rating outlook is stable.

At the same time, Moody's has raised GHB's bank financial strength
rating to D- from E+, which is equivalent to raising its baseline
credit assessment (BCA) to ba3 from b1.

Ratings Rationale

The affirmation of GHB's Baa1 deposit rating reflects Moody's
assumption of a very high probability of systemic support, which
in turn acts as a buffer against the bank's weak but improving
standalone credit assessment. Moody's assumption of systemic
support results in a five-notch uplift of the bank's deposit
rating from its revised BCA of ba3.

Given the Ministry of Finance's 100% ownership in the bank, GHB's
role as a policy bank with a specific mandate to provide
affordable housing finance to low- and middle-income borrowers,
and the government's record of support for Thai banks, Moody's
believes GHB will receive government support in times of stress.

In the case of GHB, the bank's credit profile is underpinned by
the Government Housing Bank Act B.E. 2496, which requires the
government to help maintain certain capital levels at the bank.

Moody's believes the government will take action to minimize or
prevent the systemic consequences of a failure of a large deposit-
taking institution such as GHB.

GHB's revised BCA recognizes the positive momentum and
improvements in the bank's credit profile in recent years,
supported by improving capitalization levels and loan loss
reserves.

For example, GHB has improved its non-performing loans (NPLs)
ratio through the sale of NPLs to asset management companies and
loan restructuring. Its impaired loans ratio has improved steadily
falling to 5.99% at end-September 2014 from 12.5% at end-2009.

In addition, the bank's profitability has continued to improve,
largely driven by reducing credit costs.

On the other hand, Moody's points out that the bank's weaknesses
are:

(1) Its low levels of liquidity; and

(2) Moody's expectation that GHB's NPL formation will remain under
pressure through 2015, because of the sustained high levels of
household debt in Thailand -- at 82% of GDP at end-June 2014
-- and the rising debt service ratios of low and middle-income
borrowers who form the majority of GHB's borrower base.

Moody's says the bank's two weaknesses above will continue to
exert pressure on its BCA.

What could change the rating up:

* While upward rating pressure is limited given the bank's
uncertain political and operating environment, a material
improvement in the bank's standalone credit worthiness, supported
by a stable and predictable operating environment, could prompt
Moody's to revise GHB's BCA.

What could change the rating down:

* GHB's rating could be downgraded if the Thai sovereign's
creditworthiness deteriorates; or the bank's operating environment
deteriorates materially, resulting in a worsening of the bank's
standalone credit worthiness and leading to a lowering of its BCA.

* Specific triggers that Moody's would consider in downgrading the
rating are:

(1) Developments in the residential property sector that would put
undue stress on GHB's asset quality, earnings and capital
position;

(2) An increase in NPLs without a corresponding increase in loan
loss provisions; and

(3) Any signs that the bank is shifting away from its policy
mandate to provide housing finance to low- and middle-income
borrowers.

Moody's has affirmed GHB's rating as follows:

- Foreign currency bank deposit rating of Baa1/P-2/stable

The principal methodology used in this rating was Global Banks
published in July 2014.

Headquartered in Bangkok, GHB reported total consolidated assets
of THB824.5 billion ($25.1 billion) at end-September 2014.


                             *********


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.



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