TCRAP_Public/141218.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Thursday, December 18, 2014, Vol. 17, No. 250


                            Headlines


A U S T R A L I A

ALCYONE RESOURCES: Administrators Seek Buyers for Assets
AUSTRALIA STONE: First Creditors' Meeting Set For December 24
CHAMELEON RESOURCES: Expression of Interest Sought
CORRECT LINE: Business Up For Sale


C H I N A

GREAT CHINA MANIA: Needs Additional Cash in Next 12 Months


I N D I A

A TO Z BUILDERS: CRISIL Suspends B+ Rating on INR170MM Term Loan
ABHINANDAN MOTORS: CRISIL Suspends B+ Rating on INR90MM Cash Loan
AGRAS RESIDENCY: CRISIL Suspends D Rating on INR160MM LT Loan
ALFANZAW KNITS: CRISIL Suspends B- Rating on INR32.5MM Cash Loan
ALGYPUG ENCLOSURES: CRISIL Suspends B- Rating on INR38.4MM Loan

ALLIED ICD: CRISIL Suspends D Rating on INR62.7MM Term Loan
AMIYA STEEL: CRISIL Suspends D Rating on INR127MM Cash Credit
AMRAPALI ZODIAC: ICRA Withdraws B+ Rating on INR60cr FB Loan
ANANDA AQUA: CRISIL Suspends B+ Rating on INR40MM Overdraft Loan
ANKIT ISPAT: CRISIL Suspends B Rating on INR130MM Cash Credit

APARIMITA POWER: CRISIL Suspends B Rating on INR180MM Bank Loan
AROWANA EXPORTS: CRISIL Suspends B Rating on INR95MM Cash Credit
AURO MIRA: CRISIL Suspends D Rating on INR125.1MM Long Term Loan
B.K. CONSTRUCTION: CRISIL Suspends B Rating on INR30MM Cash Loan
B.R. GUAR: ICRA Reaffirms B+ Rating on INR5.5cr Cash Credit

BALAJI GINNING: CRISIL Suspends B+ Rating on INR60MM Cash Loan
BELLEZA CERAMIC: CRISIL Suspends B+ Rating on INR30MM Cash Loan
BHAI SAHIB: CRISIL Suspends B+ Rating on INR58.5MM Cash Credit
BHARTU RAM: ICRA Assigns B Rating to INR10cr Cash Credit
BIO NEEDS: CRISIL Suspends D Rating on INR173MM Long Term Loan

CHHABRA ISPAT: CRISIL Suspends B+ Rating on INR140MM Cash Credit
COLOSSUS TRADE: CRISIL Suspends B+ Rating on INR90MM Cash Credit
CORONATION ARTS: CRISIL Suspends B+ Rating on INR20MM LT Loan
COTS KNITS: CRISIL Suspends D Rating on INR43MM Cash Credit
CTC MALL: CRISIL Suspends B+ Rating on INR80MM Cash Credit

DEEPAK CONSTRUCTIONS: CRISIL Suspends B Rating on INR20MM Loan
DHARMRAJ ALUMINIUM: CRISIL Suspends B+ Rating on INR130MM Loan
DWARIKA BALAJI: CRISIL Suspends B Rating on INR270MM Bank Loan
ENTRUST GRANITES: CRISIL Suspends B Rating on INR67.5MM Bank Loan
GANESH MEDIA: CRISIL Suspends B- Rating on INR150MM Cash Credit

GAYATHRI SUSTAINABLE: ICRA Reaffirms C Rating on INR22.87cr Loan
GORA MAL: ICRA Withdraws B+ Rating on INR13.35cr Bank Loan
GREATECH TELECOM: CRISIL Suspends D Rating on INR60MM LOC
HERITAGE EDUCATIONAL: CRISIL Suspends D Rating on INR50MM Loan
HIMACHAL FLOUR: CRISIL Suspends B Rating on INR70MM Cash Credit

J. N. TRADERS: CRISIL Reaffirms B Rating on INR65MM Cash Credit
KNOWLEDGE EDUCATION: ICRA Suspends D Rating on INR6.5cr Term Loan
MEENAKSHI INDUSTRIES: CRISIL Reaffirms B Rating on INR30MM Loan
MURANO TILES: ICRA Reaffirms B Rating on INR5.40cr Term Loan
PARMESHWARI SILK: ICRA Reaffirms B+ Rating on INR21cr LT Loan

PRASHANTH EDUCATIONAL: ICRA Reaffirms B+ Rating on INR6.48cr Loan
RAMKUMAR TEXTILE: ICRA Reaffirms B+ Rating on INR8.75cr EPC Loan
RAMKY INFRASTRUCTURE: Asked to go for Debt Restructuring
SHAKTIMAN BIO: ICRA Assigns B Rating to INR4.50cr Cash Credit
SMITH STRUCTURES: CRISIL Assigns B+ Rating to INR90MM Cash Loan

SPICEJET LTD: India May Ask Lenders to Extend Up to INR600cr Loan
SPICEJET LTD: Grounds Planes as India Oil Companies Refuse Fuel
STATUS CLOTHING: ICRA Reaffirms B+ Rating on INR9cr Cash Credit
VICO FORGE: CRISIL Suspends B- Rating on INR65MM Cash Credit


I N D O N E S I A

MEDCO ENERGI: S&P Affirms Then Withdraws 'B' CCR Rating


N E W  Z E A L A N D

SOUTH CANTERBURY: FMA Closes Probe Into Possible Civil Claims
SOUTH CANTERBURY: Sharebroker Mulls Civil Action Against SCF


T A I W A N

HCP GLOBAL: Moody's Withdraws B2 Corporate Family Rating


                            - - - - -


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


ALCYONE RESOURCES: Administrators Seek Buyers for Assets
--------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the administrators
of Alcyone Resources Limited and Texas Silver Mines Pty Ltd are
seeking for urgent expressions of interest for the sale of the
businesses and assets of the companies. Both companies entered
administration on November 17, 2014 with
Bryan Kevin Hughes and Daniel Johannes Bredenkamp of Pitchers
Partners being appointed as administrators, the report says.

The report says Texas Silver Mines owns the Twin Hills Silver Mine
which is on a maintenance and care regime at the present. Assets
included in the sale are Twin Hills Resource, a capacity
processing plant as well as other equipment and plant.

According to Dissolve.com.au, the final buyer of the assets will
also be able to own inventory that includes pads, leech ponds and
stockpiles along with mining leases. An exploration tenements that
cover 191 sq km including the North Western Corridor and Mt.
Gunyan are also part of the sale, the report adds.

Alcyone Resources Limited engages in mining operations, mineral
exploration and evaluation


AUSTRALIA STONE: First Creditors' Meeting Set For December 24
-------------------------------------------------------------
Richard J Cauchi and Daniel Quinn of SV Partners were appointed as
administrators of Australia Stone Pty Ltd on Dec. 12, 2014.

A first meeting of the creditors of the Company will be held at
the offices of SV Partners, Level 17, 200 Queen Street, in
Melbourne, Victoria, on Dec. 24, 2014, at 9:30 A.M.


CHAMELEON RESOURCES: Expression of Interest Sought
--------------------------------------------------
Sean Smith at The West Australian reports that administrators are
trying to save 30 jobs by selling or restructuring a regional
transport and logistics business which failed last week, the
latest in a number of prominent collapses in the sector.

Family-owned Chameleon Resources Pty Ltd called in insolvency firm
McGrathNicol after succumbing to a cash crisis in part driven by a
sharp decline in work in WA's North West, the report relates.

Founded by director Peter Newbold 16 years ago, the business
employs 30 people in Karratha, Broome and Perth, according to the
report.

The West Australian relates that McGrathNicol's lead administrator
on the appointment, Rob Kirman said all staff had been retained
and the business continued to operate with the support of
creditors and customers.

"We're seeking urgent expressions of interest from parties
interested in the business as a going concern, or alternatively in
some form of joint venture or equity partnership with the
(Newbold) family," the report quotes Mr. Kirman as saying.

The family was "committed (to the business) and we're working with
them around some form of restructuring or deed of company
arrangement, but it's early days from that perspective".

Mr Kirman said Chameleon had a "profitable and viable" track
record dating back to its formation, but had been weakened by a
significant drop in revenue in the past two years, the report
adds.


CORRECT LINE: Business Up For Sale
----------------------------------
Cliff Sanderson at Dissolve.com.au reports that Correct Line
Contracting is up for sale.  Its receivers KordaMentha are seeking
expressions of interest for the sale of the business which
operates from Bunbury leased premises, the report says.

Correct Line Contracting specialises in sewerage and wager
reticulation as well as pumping stations, concrete construction,
stormwater drainage, subdivision works as well as roads,
earthworks and dams. It has around 44 employees. It owns plant and
equipment which include forklifts and skid steers, excavators,
heavy equipment, rollers and loaders, 24 light vehicles, service
vehicles and transport fleet and trailers, tools and workshop
equipment.



=========
C H I N A
=========


GREAT CHINA MANIA: Needs Additional Cash in Next 12 Months
----------------------------------------------------------
Great China Mania Holdings, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q,
disclosing a net loss of $5,954 on $571,270 of revenues for the
three months ended Sept. 30, 2014, compared with a net loss of
$579,743 on $470,279 of revenues for the same period last year.

The Company's balance sheet at Sept. 30, 2014, showed $1.43
million in total assets, $1.16 million in total liabilities and
total stockholders' equity of $265,203.

As of Sept. 30, 2014 the Company has accumulated deficits of $9.48
million a positive working capital of $11,124, and also recorded a
net loss from the continuing operations of $90,322 for the nine
months then ended.

As of Sept. 30, 2014, the Company may need additional cash
resources to operate during the upcoming 12 months, and the
continuation of the Company may dependent upon the continuing
financial support of investors, directors and/or stockholders of
the Company.  The Company intends to attempt to acquire additional
operating capital through private equity offerings to the public
and existing investors to fund its business plan.  However, there
is no assurance that equity or debt offerings will be successful
in raising sufficient funds to assure the eventual profitability
of the Company.

A copy of the Form 10-Q is available at:

                       http://is.gd/9CUsa9

Hong Kong-based Great China Mania Holdings, Inc., operates three
100% owned subsidiaries: 1) Great China Media Limited GCM, which
specialized in provision of electronic content; 2) GME Holdings
Limited, which specialized in artist management services; and 3)
Great China Games Limited, which specialized in retail sales of
video games and accessories.



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


A TO Z BUILDERS: CRISIL Suspends B+ Rating on INR170MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of A to Z
Builders & Developers (AZBD).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan                170        CRISIL B+/Stable

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

AZBD was established as a partnership firm in April 2005 by Mr.
Pankaj Rana and Mr. Parminder Tewatia. The firm, based in Meerut
(Uttar Pradesh), undertakes real estate development projects. It
is currently executing a residential project named Green Heights
in Meerut.


ABHINANDAN MOTORS: CRISIL Suspends B+ Rating on INR90MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Abhinandan Motors Pvt Ltd (AMPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             90         CRISIL B+/Stable
   Channel Financing       50         CRISIL B+/Stable

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

AMPL was incorporated in 2005, took up dealership of Bajaj Auto
Ltd's (BAL's; rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+') three
wheeler vehicles (goods carriers and passenger carriers), and
started operations in November 2005. AMPL is promoted by Mr.Rohit
Kumar Kothari and Mrs.Sapna Kothari. In October 2010, the company
also added the two-wheeler range of BAL to its product portfolio.
AMPL has three showrooms, three workshops in Karimnagar,
Tolichowki, and Saifabad areas (all in Andhra Pradesh [AP]), and
mainly operates in Hyderabad, Rangareddy, Medak, and Karimnagar
districts in AP.


AGRAS RESIDENCY: CRISIL Suspends D Rating on INR160MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Agras Residency Pvt Ltd (ARPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Long Term Loan           160        CRISIL D

The suspension of rating is on account of non-cooperation by ARPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ARPL is yet to
provide adequate information to enable CRISIL to assess ARPL'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 2008 by Mr. Pramod Kumar Agarwal and his family,
ARPL operates a three-star hotel, Mercure, in Hyderabad (Andhra
Pradesh). The hotel commenced commercial operations in April 2010.


ALFANZAW KNITS: CRISIL Suspends B- Rating on INR32.5MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Alfanzaw Knits Exports (AKE).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             32.5       CRISIL B-/Stable
   Term Loan               23.8       CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by AKE
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AKE is yet to
provide adequate information to enable CRISIL to assess AKE'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 2008 by Mr. Rajendra Kapoor and Mr. Neeraj Jain, AKE
manufactures knitted fabric at its facilities in Ludhiana
(Punjab).


ALGYPUG ENCLOSURES: CRISIL Suspends B- Rating on INR38.4MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Algypug
Enclosures Pvt Ltd (AEPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             12.5        CRISIL B-/Stable
   Letter of credit &
   Bank Guarantee           5.0        CRISIL A4
   Long Term Loan          38.4        CRISIL B-/Stable
   Proposed Cash Credit
   Limit                   10.0        CRISIL B-/Stable
   Proposed Term Loan       6.2        CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by AEPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AEPL is yet to
provide adequate information to enable CRISIL to assess AEPL'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 2005, AEPL manufactures standard and customised
sheet metal fabricated enclosures. The company is promoted by
Pugilistic Capital, a privately held, India-focused special
situations fund incorporated in Mauritius.


ALLIED ICD: CRISIL Suspends D Rating on INR62.7MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Allied
Icd Services Ltd (AICD).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             30          CRISIL D
   Term Loan               62.7        CRISIL D

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

AICD, based in West Bengal and promoted by Mr. Pramod Shrivastav,
was incorporated in 1997. The company provides cargo handling,
loading and unloading, warehousing, and custom clearance services
to exporters and importers. All the services required by importers
and exporters for shipment of goods is carried out at Inland
Container depot Durgapur (West Bengal).


AMIYA STEEL: CRISIL Suspends D Rating on INR127MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Amiya
Steel Pvt Ltd (ASPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          8.4         CRISIL D
   Cash Credit           127.0         CRISIL D
   Long Term Loan         80.73        CRISIL D

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

ASPL was set up in 2002 by Mr. Amiya Kumar Mondal and his family.
It manufactures sponge iron. The company's manufacturing facility
is at Bankura (West Bengal) and has capacity to produce 60,000
tonnes of sponge iron per annum.

AMRAPALI ZODIAC: ICRA Withdraws B+ Rating on INR60cr FB Loan
------------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the proposed
INR60.00 crore long term fund based facilities of Amrapali Zodiac
Developers Pvt Ltd, as the company has not raised any debt against
the rated instruments.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Proposed Fund-        60.00        [ICRA]B+ withdrawn
   based-limits


ANANDA AQUA: CRISIL Suspends B+ Rating on INR40MM Overdraft Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ananda
Aqua Exports Pvt Ltd (AAEPL).

                               Amount
   Facilities                (INR Mln)     Ratings
   ----------                ---------     -------
   Foreign Bill Discounting     96         CRISIL A4
   Overdraft Facility           40         CRISIL B+/Stable
   Packing Credit               96         CRISIL A4
   Standby Letter of Credit     22          CRISIL A4

The suspension of ratings is on account of non-cooperation by
AAEPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AAEPL is yet to
provide adequate information to enable CRISIL to assess AAEPL'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, AAEPL is part of the Ananda group, and is based in
Bhimavaram (Andhra Pradesh). AAEPL processes shrimps and prawns
and trades in shrimp feed.


ANKIT ISPAT: CRISIL Suspends B Rating on INR130MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ankit
Ispat Pvt Ltd (AIPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             130        CRISIL B/Stable
   Letter of Credit         40        CRISIL A4
   Long Term Loan           30        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       10        CRISIL B/Stable

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

AIPL was acquired by its current promoters in 2004. It
manufactures ingots, which are used in the manufacture of thermo-
mechanically treated bars. The company's day-to-day operations are
managed by Mr. Ajay Agarwal and Mr. Ankit Agarwal.


APARIMITA POWER: CRISIL Suspends B Rating on INR180MM Bank Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aparimita Power Ventures Pvt Ltd (APL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term      180        CRISIL B/Stable Suspended
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by APL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, APL is yet to
provide adequate information to enable CRISIL to assess APL'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 January 2011, APL is based in Bengaluru
(Karnataka); it is promoted by Mr. Sharath Gowda and family and
Mr. Thimme Gowda.


AROWANA EXPORTS: CRISIL Suspends B Rating on INR95MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Arowana
Exports (Arowana).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              95         CRISIL B/Stable

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

Arowana, established in February 2012, is the proprietary concern
of Mr. Rajendra Shinde. The firm commenced commercial operations
in August 2012 and is engaged in export of frozen marine foods,
including squid and shrimp. Arowana gets the sea food processed on
job-work basis through another entity.


AURO MIRA: CRISIL Suspends D Rating on INR125.1MM Long Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Auro
Mira Bio Energy Pudukottai India Ltd (AMP).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             26.5        CRISIL D
   Long Term Loan         125.1        CRISIL D
   Proposed Long Term
    Bank Loan Facility     45.5        CRISIL D

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

AMP, a wholly owned subsidiary of AME, currently operates a 7.5
megawatts biomass plant. The aforementioned plant was taken over
from Chitra Bio Energy Ltd and commenced commercial production in
2007. Mr. G. Suresh, the Managing Director and Chief Executive
Officer, is currently managing the operations of AMP and AME.


B.K. CONSTRUCTION: CRISIL Suspends B Rating on INR30MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of B.K.
Construction (BKC).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          40          CRISIL A4
   Cash Credit             30          CRISIL B/Stable

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

BKC is a civil contractor undertaking construction projects for
roads, buildings, and canals in Maharashtra and Madhya Pradesh.
Established since 1992 by Mr. Bashrat Ali Kadar Ali, currently it
is a partnership firm with 10 partners of the Ali family.  The
firm undertakes construction of pucca roads in the villages of
Maharashtra under the Prime Minister Gramin Sadak Yojna (PMGSY).
In cities, it takes up the job of filling in potholes.


B.R. GUAR: ICRA Reaffirms B+ Rating on INR5.5cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B+ on the INR5.50 crore
cash credit facility (reduced from INR6 crore) and the INR1 crore
term loan of B.R. Guar Gum Private Limited. ICRA has also assigned
its rating of [ICRA]B+/[ICRA]A4 to the INR 0.50 crore unallocated
limit (increased from nil) of BRGG.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.50       [ICRA]B+; reaffirmed
   Term Loan             1.00       [ICRA]B+; reaffirmed
   Unallocated           0.50       [ICRA]B+/[ICRA]A4; assigned

ICRA's ratings continue to be constrained by the weak financial
profile of the company characterized by low accruals, leveraged
capital structure and weak coverage indicators. The ratings
continue to factor in the high fragmentation and high competitive
intensity in the guar splits manufacturing business resulting in
thin profitability, and the vulnerability of the company's
profitability to adverse fluctuations in the guar seed prices, as
seasonality and crop harvest impact guar seed production. The
ratings, however, favourably factor in the location advantage of
the company's manufacturing facility in terms of proximity to the
main guar seed growing region in Rajasthan, as well as the
positive demand outlook for guar gum, particularly from oil and
gas and food sectors in overseas markets.

Going forward, the firm's profitability would remain exposed to
fluctuations in raw material prices due to seasonality of crop
harvest and is expected to remain thin due to the low value
additive nature of business. The ability of the firm to scale up
in a profitable manner and manage its working capital requirements
thereby leading to an improvement in the capital structure will be
the key rating sensitivities.

Incorporated in April 2011, BRGG commenced commercial operations
in November 2011. The company is engaged in the manufacturing of
guar gum splits at its unit located in Siwani Mandi in Haryana.
The current seed processing capacity of the company is 1400
quintals per day. The company sells its product in the domestic
market through a network of brokers who, in turn, sell to merchant
exporters for use in the oil and gas and food sectors.

In 2013-14, BRGG recorded a net profit of INR0.15 crore on an
operating income of INR98.60 crore as against a net profit of
INR0.10 crore on an operating income of INR185.49 crore in 2012-
13.


BALAJI GINNING: CRISIL Suspends B+ Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Balaji
Ginning and Pressing Factory (BGPF).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              60         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        3.5       CRISIL B+/Stable
   Term Loan                26.5       CRISIL B+/Stable

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

BGPF was set up as a partnership firm in 2005 by Mr. Dnyaneshwar
K. Mali and Mr. Deelip P Patil. The firm is engaged in ginning and
pressing of raw cotton (kapas) to make cotton bales. It recently
forward integrated its operations by installing a seed crushing
unit where cotton oil is extracted from cotton seeds. It also
undertakes sell of cotton seed and cotton seed cake.


BELLEZA CERAMIC: CRISIL Suspends B+ Rating on INR30MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Belleza
Ceramic Pvt. Ltd (BCPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          8.1        CRISIL A4
   Cash Credit            30          CRISIL B+/Stable
   Proposed Long Term      0.4        CRISIL B+/Stable
   Bank Loan Facility     11.5        CRISIL B+/Stable
   Rupee Term Loan

The suspension of ratings is on account of non-cooperation by BCPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BCPL is yet to
provide adequate information to enable CRISIL to assess BCPL'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 2009 by Mr. Chhaganbhai Detroja and his son Mr.
Alpesh Detroja, BCPL manufactures wall tiles. Its facility is in
Morbi (Gujarat).


BHAI SAHIB: CRISIL Suspends B+ Rating on INR58.5MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Bhai
Sahib and Son (BSS).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             58.5        CRISIL B+/Stable

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

BSS was incorporated in 1953 by Mr. Ajay Arora. It is engaged in
the business of trading in paints and its allied products. Its
office is located in Ghanta Ghar, Delhi.


BHARTU RAM: ICRA Assigns B Rating to INR10cr Cash Credit
--------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR10.0
crore cash credit facilities of Bhartu Ram Ashish kumar.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           10.0       [ICRA]B; assigned

The assigned ratings factor in modest scale of operations of the
firm in agro commodities trading, resulting in modest economies of
scale, which coupled with the highly competitive nature of the
industry, has resulted in low profitability indicators. The
industry in which BRAK operates has high competitive intensity
owing to low entry barriers which limits the bargaining power of
the firm. Further, the rating also takes into account the
susceptibility of the firm's profitability to agro climatic risks
and government regulations. However, the assigned ratings
favourably factor in the extensive experience of the promoter in
the trading business, and the good growth prospects given the
favorable demand supply dynamics in the agro commodity industry.

BRAK a proprietorship firm was established in 2010-11. The firm is
primarily engaged in trading of agro commodities like rice and
paddy. The firm operates out of its office at Naya Bazar, Delhi
with its proprietor Mr. Ram Gopal Bansal, assisted by other family
members, handling the day to day operations of the entity.

Recent Results

As per the provisional financials for 2013-14, BRAK reported an
Operating Income (OI) of INR84.7 Crore and a net profit of INR0.04
Crore as compared to an OI of INR81.5 crore and a net profit of
INR0.04 crore in the previous year.


BIO NEEDS: CRISIL Suspends D Rating on INR173MM Long Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bio Needs (BN).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             12.5        CRISIL D
   Long Term Loan         173          CRISIL D
   Proposed Long Term      14.5        CRISIL D
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by BN
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BN is yet to
provide adequate information to enable CRISIL to assess BN'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 as a proprietorship entity, BN is a pre-clinical
Contract Research Organization (CRO) which supports pharmaceutical
and biotechnology companies by providing preclinical and drug
testing laboratory services. The firm is promoted and managed by
Dr.S.N.Vinaya Babu.


CHHABRA ISPAT: CRISIL Suspends B+ Rating on INR140MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Chhabra
Ispat Pvt Ltd (CIPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             140        CRISIL B+/Stable
   Letter of Credit         38        CRISIL A4
   Term Loan                62        CRISIL B+/Stable

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

CIPL, promoted by Mr. Surendra Kumar Jain, a first generation
entrepreneur in the steel industry, produces mild steel billets.
Its production facilities near Durgapur (West Bengal) have an
installed capacity of 62,400 tonnes per annum.


COLOSSUS TRADE: CRISIL Suspends B+ Rating on INR90MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Colossus Trade Links Ltd (CTL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           10         CRISIL A4
   Cash Credit              90         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        2.9       CRISIL B+/Stable

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

CTL primarily trades in scrap metal procured from the domestic
automobile sector. It derives over 70 per cent of its revenues
from supplying scrap metal to foundries and steel plants and the
remainder from sale to traders, electronic original equipment
manufacturers (OEMs) and other users of its product portfolio. CTL
is headquartered in Delhi and has seven warehouses (three owned
and four rented) across northern India, with a combined area of
over 15,000 square yards and a combined storage capacity of over
8000 tonnes. CTL was incorporated in 2004 by Mr. Namit Gulati and
his family. Before promoting CTL, the promoters were in the same
line of business for over 10 years under different group entities
that are currently non-operational.


CORONATION ARTS: CRISIL Suspends B+ Rating on INR20MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of The
Coronation Arts Crafts (TCA).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           6        CRISIL A4
   Cash Credit             20        CRISIL B+/Stable
   Letter of Credit         4        CRISIL A4
   Long Term Loan          20        CRISIL B+/Stable
   Proposed Long Term      10        CRISIL B+/Stable
   Bank Loan Facility

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

TCA was set up in 1977 and undertakes printing activities across
pre-press, printing, and post-press functions in Sivakasi (Tamil
Nadu). The partners, Mr. Babu Chidambaram, Mr, Balasubraminam, and
Mr. Jawahar Rajasabai, have over 25 years of  experience  in the
printing business, which includes printing of books, writing pads,
children's colouring and activity books, school textbooks,
exercise notebooks, accounts registers, diaries, calendars, desk
calendars, brochures, pamphlets, magazines, display files, self-
adhesive labels, and packaging cartons.


COTS KNITS: CRISIL Suspends D Rating on INR43MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of The
Cots Knits (TCK).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee           2           CRISIL D
   Cash Credit             43           CRISIL D
   Cheque Discounting       2.5         CRISIL D
   Foreign Bill Purchase    5           CRISIL D
   Long Term Loan          23.4         CRISIL D
   Packing Credit          30           CRISIL D

The suspension of ratings is on account of non-cooperation by TCK
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TCK is yet to
provide adequate information to enable CRISIL to assess TCK'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 as a proprietorship firm in 2008, TCK is engaged in
manufacturing readymade garments. TCK is promoted by Mr. T.Sharan
Chinnu.


CTC MALL: CRISIL Suspends B+ Rating on INR80MM Cash Credit
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
CTC Mall Tradex Pvt Ltd (CTC).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              80         CRISIL B+/Stable

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

CTC was set up in 2004 by Mr. Suresh Chhabra. It retails ready-
made garments, mainly sarees, suits, and lehengas. CTC has its
retail outlet at Moti Nagar (New Delhi).


DEEPAK CONSTRUCTIONS: CRISIL Suspends B Rating on INR20MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Deepak
Constructions (DC; part of Gojagekar group).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term       20        CRISIL B/Stable
   Bank Loan Facility

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of DC and its group entity Niwara Builders
(NB; together referred to as the Gojagekar group). This is because
the two entities are expected to derive business synergies from
each other in executing its upcoming real estate residential
project, 'Ganesh Baag' and expected cash flow fungibility between
them.

Established in 1994, the Gojagekar group consists of two
proprietorship entities, DC and NB promoted by Mr. Gurunath
Gojagekar and his son Mr. Deepak Gojagekar, respectively. Both the
entities are in the real estate development business.


DHARMRAJ ALUMINIUM: CRISIL Suspends B+ Rating on INR130MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Dharmraj
Aluminium Industries Pvt Ltd (DAIPL).

                                Amount
   Facilities                 (INR Mln)     Ratings
   ----------                 ---------     -------
   Cash Credit                    70        CRISIL B+/Stable
   Proposed Cash Credit Limit    130        CRISIL B+/Stable

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

DAIPL, incorporated in 2011, manufactures aluminium ingots. The
company is currently promoted and managed by Mr. Vijay C Gujar and
Mr. Bharat B Gujar. It has a manufacturing facility in Aurangabad
(Maharashtra) with a capacity of 18,000 tonnes per annum.


DWARIKA BALAJI: CRISIL Suspends B Rating on INR270MM Bank Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Dwarika
Balaji (DB).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Proposed Long Term       270         CRISIL B/Stable
   Bank Loan Facility

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

DB, incorporated in 2007, is engaged in development of integrated
township at Muzaffarnagar, Uttar Pradesh. DB is an association of
person (AOP). Main partner of DB is Dwarika Projects Ltd. and its
directors Mr. Raj Kishore Verma and his brother Mr. Brij Kishore
Verma are key promoters of DB.


ENTRUST GRANITES: CRISIL Suspends B Rating on INR67.5MM Bank Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Entrust
Granites Pvt Ltd (EGL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          15          CRISIL A4
   Bill Purchase            5          CRISIL A4
   Cash Credit             10          CRISIL B/Stable
   Letter of Credit         4.2        CRISIL A4
   Packing Credit           5          CRISIL A4
   Proposed Long Term
   Bank Loan Facility      67.5        CRISIL B/Stable
   Term Loan               43.3        CRISIL B/Stable

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

EGL, incorporated in 2010, is promoted by Mr. Banaram Chaudhary
and his family. The company commenced commercial production in
November 2011. It processes granite slabs. EGL has quarries in
Udaipur (Rajasthan).


GANESH MEDIA: CRISIL Suspends B- Rating on INR150MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ganesh
Media Pvt Ltd (GMPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              150         CRISIL B-/Stable

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

Established in January 2012, Ganesh Media Pvt Ltd (GMPL) is
engaged in the business of trading of satellite rights for movies.
The company is promoted by Mr. Satya Vara Prasad and his friend
Mr. Venkat Chowdhary.


GAYATHRI SUSTAINABLE: ICRA Reaffirms C Rating on INR22.87cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR22.87
crore fund based limits of Gayathri Sustainable Energies India
Private Limited at [ICRA]C.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loan            22.87         [ICRA]C reaffirmed

The reaffirmation of the rating continues to be constrained by the
inability of the wind power plants of the company to achieve the
expected plant load factor (PLF) partly owing to grid non-
availability with Tamil Nadu Generation and Distribution
Corporation (TANGEDCO); modest financial characterized by high
gearing and weak coverage indicators; and modest scale of
operations of the company. The rating is also constrained by its
dependence on a single customer and risks arising out of the
option given to the customer to move out of the power purchase
agreement by providing a 90-day notice period, raising revenue
generation concerns.

The reaffirmation of rating, however, derives comfort from the
reputation of Gamesa, a leader in wind energy equipment
manufacturing, which is the operational and maintenance partner of
the company, and the attractive tariff received by the company
from its customer.

Founded in 2011, GSEPL is engaged in wind power generation. The
company is headquartered in Hyderabad while its wind power plants
are located in Tamil Nadu. It has established five wind electric
generators, with 0.85MW generation capacity each, in association
with Gamesa in Coimbatore. Additionally, two wind electric
generators with 0.85MW capacity each, based in Theni district in
Tamil Nadu, were added to GSEPL in 2012. The total production
capacity of the company stands at 5.95 MW.

Recent Results
For FY2014, the company reported an operating income of INR5.05
crore and a net loss of INR2.47 crore as against an operating
income of INR4.72 crore and a net loss of INR2.93 crore for
FY2013.


GORA MAL: ICRA Withdraws B+ Rating on INR13.35cr Bank Loan
----------------------------------------------------------
ICRA has withdrawn its ratings of [ICRA]B+ on the long-term scale
and [ICRA]A4 on the short-term scale on the INR13.35 crore bank
facilities of Gora Mal Hari Ram Limited as the period of one month
since the ratings were put on a notice of withdrawal has expired.


GREATECH TELECOM: CRISIL Suspends D Rating on INR60MM LOC
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Greatech Telecom Technologies Pvt Ltd (Greatech).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          10          CRISIL D
   Cash Credit             30          CRISIL D
   Letter of Credit        60          CRISIL D
   Proposed Long Term
   Bank Loan Facility      44.1        CRISIL D
   Term Loan               35.9        CRISIL D

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

Greatech was set up in 2004 by Mr. Ramdev Gupta. In 2009-10
(refers to financial year, April 1 to March 31), the company set
up a fabric manufacturing unit in Dehradun; the unit caters to the
packaging industry. Till 2008-09, Greatech mainly manufactured
radio-frequency cables and mobile tower accessories such as
connectors, weather-proofing kits, jumpers, surge arrestors,
grounding kits, couplers, wall entries, and cable clamps.


HERITAGE EDUCATIONAL: CRISIL Suspends D Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Heritage
Educational Society (HES).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Cash Credit              15           CRISIL D
   Term Loan                50           CRISIL D

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

HES was set up in 2006. The trust operates Heritage Institute of
Hotel & Tourism (HIHT), a training institute. HIHT offers diploma
programmes in hotel management. The courses offered by HIHT are
approved by All India Council for Technical Education (AICTE).
HIHT is affiliated to Punjab Technical University. Mr. D K Singh,
the key promoter trustee, looks after the operations of the trust.
HIHT currently has three campuses, in Agra, Shimla, and Goa.


HIMACHAL FLOUR: CRISIL Suspends B Rating on INR70MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Himachal Flour Mills Pvt Ltd (HFMPL).

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

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

HFMPL is a private limited company that manufactures atta, suji,
and maida. The company was incorporated in 1972 as a partnership
firm named Himachal Flour Mills and reconstituted as a private
limited company in 1996. The key promoter and director of the
company, Mr. Jagmohan Lal Gupta, along with his family members,
look after the day-to-day operations of the company. The company's
manufacturing facilities are in Kangra (Himachal Pradesh).


J. N. TRADERS: CRISIL Reaffirms B Rating on INR65MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of J. N. Traders
(JNT) continues to reflect JNT's average financial risk profile
due to its large working capital requirements, and the
vulnerability of its operating margin to volatility in metal
prices. These rating weaknesses are partially offset by the
extensive experience of the firm's promoters in scrap trading.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           65       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    25       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JNT will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
increases its revenue, while maintaining its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' if JNT's revenue or profitability declines steeply, or
if its financial risk profile deteriorates, most likely because of
lengthening of its operating cycle.

Update
In 2013-14 (refers to financial year, April 1 to March 31), JNT's
operating income moderated to INR1082.4 million from INR1191.2
million in 2012-13 due to weak demand scenario. Due to the trading
nature of the firm's business, its operating margin has remained
stagnant at 2.1 to 2.3 per cent over the four years ended March
31, 2014. CRISIL expects JNT's operating margin to remain low at
around 2 per cent over the medium term.

Despite low inventory of 10 to 15 days, JNT's operations are
working capital intensive, driven by large receivables. The firm
has to offer credit of 30 to 90 days to its customers because of
intense competition. This has resulted in high gross current
assets (GCAs) of 67 to 101 days over the past four years. CRISIL
believes that the firm's GCAs will remain at around 100 days, and
continued support from its creditors will remain a rating
sensitivity factor.

JNT' financial risk profile remains average with a small net
worth, low total outside liabilities to tangible net worth
(TOLTNW) ratio, and weak debt protection metrics. It had a net
worth of INR80.2 million as on March 31, 2014, driven by a low
capital base, low accretion to reserves, and withdrawal of funds
by promoters in the past. The firm's gearing and TOLTNW ratio were
around 1.05 times and 3.29 times, respectively, as on
March 31, 2014. Its debt protection metrics were average, with
interest coverage and net cash accruals to total debt ratios
estimated at 1.83 times and 0.11 times, respectively, for 2013-14.
JNT's financial risk profile is expected to remain average in the
near to medium term.

JNT was established as a partnership firm in 1983 by Mr. Abdul
Kareem Japher, his brother, Mr. Zakir Hussain, and a business
associate, Mr. Niranajan Vakil. The firm currently has four
partners, which include Mr. Abdul Kareem Japher, his two brothers,
and his son. JNT derives around 80 per cent of its revenue from
trading in ferrous metals and the rest from trading in non-ferrous
metal scrap. In the ferrous segment, the firm trades mostly in
steel scrap, and in the non-ferrous segment, it trades mostly in
copper. JNT has three warehouses, with a combined area of 80,000
square feet in Pune (Maharashtra).


KNOWLEDGE EDUCATION: ICRA Suspends D Rating on INR6.5cr Term Loan
-----------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR 6.50 crore,
term loan facilities of Knowledge Education Foundation. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MEENAKSHI INDUSTRIES: CRISIL Reaffirms B Rating on INR30MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Meenakshi Industries
(MI) continue to reflect MI's start-up nature of operations with
limited track record and susceptibility of the firm's operating
profitability to volatility in raw material prices and to
unfavourable changes in government regulations. These rating
weaknesses are partially offset by the extensive experience of
MI's promoter in the rice milling industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            30        CRISIL B/Stable (Reaffirmed)
   Term Loan              29.2      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
improves its scale of operations and operating profitability on a
sustainable basis, supported by the stabilisation of its
commercial operations, leading to an improvement in its financial
risk profile and liquidity. Conversely, the outlook may be revised
to 'Negative' if MI fails to stabilise its operations in time
because of sub-optimal capacity utilisation, or if it undertakes a
larger-than-expected, debt-funded capital expenditure programme,
resulting in deterioration in its financial risk profile.

Update
The firm commenced commercial operations in 2013-14 (refers to the
financial year, April 1 to March 31) and achieved revenue of
nearly INR140 million in the first ten months of its operations
with operating margin of 5.7 per cent. Food Corporation of India
(FCI) was the major contributor to revenue, with over 80 per cent
share in 2013-14. The firm's Gross Current Assets (GCA) stood at
about 150 days as on March 31, 2014 owing to high inventory of 120
days. The high inventory days are on account of the firm operating
the mill for only ten months in 2013-14.

The liquidity profile of the firm remains adequate, marked by
moderate bank limit utilisation of about 77 per cent for the
twelve months ended September 2014. However, the expected net cash
accruals of INR4.1 million in 2014-15 are tightly matched with
scheduled term debt repayments of INR3.6 million. The ramp up of
revenue in the medium term, while maintaining its operating
margin, will affect the liquidity profile and thus remains a key
rating sensitivity factor.

MI was set up in 2012 by Ms.Badavath Laxmi. The firm, based in
Warangal (Telengana), is a proprietorship concern that mills and
processed paddy into rice. The firm commenced commercial
operations in April 2013.

On a provisional basis, MI has reported a net loss of INR0.36
million on net sales of INR138.5 million for 2013-14.


MURANO TILES: ICRA Reaffirms B Rating on INR5.40cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR2.50
crore cash credit facility and the INR5.40 crore term loans of
Murano Tiles Private Limited. The short term rating of [ICRA]A4
has also been reaffirmed to the INR0.90 crore non fund based
facilities of MTPL.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit Facility     2.50        [ICRA]B reaffirmed
   Term Loans               5.40        [ICRA]B reaffirmed
   Bank Guarantee           0.90        [ICRA]A4 reaffirmed

The reaffirmation of ratings take into account the company's
modest scale of operations, single product portfolio of ceramic
wall tiles which limits its sales prospects to large distributors
and institutional players, the highly competitive business
environment given the fragmented nature of the tiles industry and
MTPL's weak financial profile as reflected by low profitability
levels, leveraged capital structure and moderate coverage
indicators. The ratings also continue to factor in the
vulnerability of MTPL's profitability to the cyclicality
associated with the real estate industry as well as to volatility
in the prices of raw materials and natural gas.

The ratings, however, continue to take comfort from the
longstanding experience of the promoter in the ceramic industry
and the location advantage for raw material procurement by virtue
of the company's presence in Morbi (Gujarat).

Incorporated in 2010, Murano Tiles Private Limited (MTPL)
commenced commercial production of ceramic wall tiles on 19th
August 2011. The sole plant of the company is located at Morbi in
Rajkot district of Gujarat and operates with an installed capacity
of 36,000 MTPA. MTPL is promoted by Mr. Prakash Aghara along with
his family members having an experience of around a decade in the
ceramic tile industry. The company currently manufactures wall
tiles of sizes 12"x12", 18"x12" and 24"x12".

Recent Results
For the year ended March 31, 2014, Murano Tiles Private Limited
reported an operating income of INR 21.50 crore and profit after
tax of INR0.18 crore as against an operating income of INR 21.86
crore and profit after tax of INR 0.04 crore for the year ended
March 31, 2013.


PARMESHWARI SILK: ICRA Reaffirms B+ Rating on INR21cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed its long-term rating [ICRA]B+ and short-term
rating at [ICRA]A4 on INR24.55 crore fund based and non-fund based
facilities of Parmeshwari Silk Mills Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund        21.00        [ICRA]B+; Reaffirmed
   Based Limits

   Long-Term/Short-       3.55        [ICRA]B+/[ICRA]A4;
   term Limits                        Reaffirmed
   (interchangeable)

ICRA's rating continues to factor in the company's weak debt
coverage metrics which is on account of modest profitability and
high leverage. Given the modest scale and positioning of the
company and fragmented nature of the industry, the pricing power
of PSML remains limited, which has kept the profitability and
accruals modest at modest levels. This coupled with working
capital intensive nature of the business and regular capital
expenditure incurred by the company for modernization and
expansion of manufacturing facilities has kept the reliance on
debt high, resulting in modest debt coverage and liquidity. The
relatively large debt funded capital expenditure incurred by the
company during FY2014 for upgradation and expansion of the in-
house installed capacity resulted in stretched financial profile
as the accruals remained modest. Notwithstanding the above
concerns, the rating continues to factor in the long track record
of the company in marketing of dress material in the domestic
market with in-house weaving and embroidery facilities and the
satisfactory capacity utilization levels which have increased over
the years, resulting in steady revenue growth.

Going forward, the ability of the company to optimally utilize the
enhanced capacity and improve the profitability margins will be
critical for future cash accruals and debt servicing and thus
would be the key rating sensitivities.

PSML was incorporated in 1993 and is engaged in selling of
shirting fabric and ladies dress material under its brand Ramtex.
The company has in-house manufacturing capacity for weaving,
embroidery and digital printing in Ludhiana (Punjab) and has 84
looms (weaving capacity of 48 lac meters per annum), 45 embroidery
machines and 2 digital printing machines as on
March 31, 2014.


PRASHANTH EDUCATIONAL: ICRA Reaffirms B+ Rating on INR6.48cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' assigned to
INR7.00 crore fund based limits of Prashanth Educational Society.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash credit           0.20        [ICRA] B+ reaffirmed
   Term Loan             6.48        [ICRA] B+ reaffirmed
   Unallocated           0.32        [ICRA] B+ reaffirmed

The reaffirmed rating continues to be constrained by modest
revenue receipts of the society and its moderate financial profile
characterized by moderate gearing and coverage indicators. The
rating is also constrained by delays in fee reimbursement by the
government which stretches the liquidity profile of the society,
high competition from other established institutions in the region
and the highly regulated nature of Indian education sector which
requires various approvals for addition of new courses as well as
seats.

The reaffirmed rating, however, continues to derive comfort from
the steady growth in revenue receipts of the society. albeit on a
modest base. The inception of classes up to V standard in Accord
International School in the last academic year coupled with
increase in receipts from Prashanth English Medium Schools
contributed to this increase in revenue in FY2014. This was
despite the fall in revenue receipts from Accord Business School.
The rating also derives comfort from the reputation enjoyed by the
institutions owned by the society in Tirupati and the vast
experience of the management in the education sector.
The ability of the society to increase its revenue, which is
expected to be supported primarily by receipts from Accord
International School and Prashanth English Medium Schools, coupled
with improvement in its capital structure and coverage indicators
would be the key rating sensitivity going forward.

Registered in 2007, Prashanth Educational Society has three
English medium Schools, an international School and a business
school under its auspice. The institutions are located in Tirupati
in Andhra Pradesh. The society is promoted by Mr, V. Chandra
Sekhar Reddy who has more than three decades of experience in the
education sector.

Recent Results
For FY2014, the society reported revenue of INR5.03 crore and a
net surplus of INR0.80 crore as against revenue of INR4.02 crore
and a net surplus of INR 0.81 crore reported for FY2013.


RAMKUMAR TEXTILE: ICRA Reaffirms B+ Rating on INR8.75cr EPC Loan
----------------------------------------------------------------
ICRA has reaffirmed its [ICRA]B+ rating on the INR11.50 crore
(reduced from INR14.50 crore) fund-based limits of Ramkumar
Textile Private Limited. ICRA has also re-affirmed the [ICRA]A4
rating on the INR0.50 crore short term non-fund based limits of
RTPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           1.00       [ICRA]B+; reaffirmed

   EPC/PCFC/FPB/
   FBD/FCBD              8.75       [ICRA]B+; reaffirmed

   Export Gold Card      1.75       [ICRA]B+; reaffirmed

   Non Fund Based        0.50       [ICRA]A4; reaffirmed

The rating reaffirmation takes into account the fact that while
there was an improvement in RTPL's working capital cycle during
the course of 2013-14, towards the end of the year there was a
build up of inventory, with higher level of finished goods in
March 2014. The improved working capital management during the
course of the year resulted in lower average working capital limit
utilization during 2013-14 and resulted in OPBDITA/Interest
improving to 1.24x as on March 31, 2014 from 0.90x as on
March 31, 2013. However the inventory build up at year end caused
a build up of working capital debt, which translated into
deterioration in coverage indicators with Debt/OPBDITA of 8.94x
and NCA/Debt of 1.76% as on March 31, 2014. An equity infusion of
INR 2.1 crore, helped offset the impact of the higher working
capital borrowings and the gearing improved slightly to 1.11x as
on March 31, 2014 from 1.25x, an year ago.

These factors apart, the ratings continue to be constrained by the
highly competitive and fragmented nature of fabric export business
which limits the pricing flexibility of the company and results in
thin margins; as also evident in the weak return indicators.
Further the company's profitability remains exposed to adverse
fluctuations in foreign exchange rates, given the significant
contribution of exports to its overall revenues.
However, the ratings continue to draw comfort from the long
standing experience of the promoters in the fabric business and
its established relationships with customers and suppliers.
Going forward, the company's ability to improve its revenue
growth, achieve higher profitability and reduce its working
capital requirements while improving its debt coverage indicators
will be the key rating sensitivities.

RTPL, incorporated in 1996, is a Bhilwara based exporter of
synthetic fabrics. It is promoted by the Somani family, which has
been engaged in the synthetic fabrics business for more than a
decade. RTPL does not have its own manufacturing unit and
outsources production of fabric to local fabric weavers in
Bhilwara on a job work basis.

RTPL sells suiting fabric for men and women in poly viscose, poly
wool, 100% wool, poly cotton, and lycra in various weaves like
plain, twill, and satin. The company also deals in fabric for
traditional Arabian clothing like mashla, abaya, and emma for men
and spun polyester high twist voile plain dyed and printed for
women.


RAMKY INFRASTRUCTURE: Asked to go for Debt Restructuring
--------------------------------------------------------
The Times of India reports that Ramky Infrastructure Ltd on
December 15 informed the bourses that the Joint Lenders Forum
(JLF), a group formed by its lenders, has asked the company to go
for debt restructuring.

"The JLF of consortium banks, in order to arrive at an early and
feasible solution and preserve the economic value of the
underlying assets as well as the lenders' loans, has advised the
company to go for restructuring under JLF as the corrective action
plan (CAP). The company has submitted its CAP to State Bank of
India, the lead member of the lenders consortium, and the JLF will
finalize the restructuring package," said the company, which has a
debt of over INR3,000 crore and has been running into losses, TOI
relays.

During the half-year ended September 30, 2014, the company
reported higher losses of INR282.12 crore as against INR106.16
crore losses during the year ago period, the report discloses.
Even during the second quarter ended September 30, 2014, Ramky's
losses mounted to INR190.53 crore from INR72.04 crore during the
corresponding quarter of the last financial year, according to
TOI.

India-based Ramky Infrastructure Ltd provides integrated
construction, infrastructure development, and management services.


SHAKTIMAN BIO: ICRA Assigns B Rating to INR4.50cr Cash Credit
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR6.00
crore fund based limits of Shaktiman Bio Agro Industries Private
Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             0.75       [ICRA]B; assigned
   Cash Credit           4.50       [ICRA]B; assigned
   Unallocated           0.75       [ICRA]B; assigned

The rating is constrained by the stretched liquidity position of
the company as reflected in full utilization of the working
capital limits in the past. The rating also takes into account the
company's modest scale of operations and weak bargaining power
vis-a-vis both customers and suppliers. Further, the highly
competitive nature of the industry, with low entry barriers and
low value additive nature of the business, with limited product
differentiation is likely to put pressure on the profitability of
the company in the future. The rating also takes into account the
competition from substitutes like Poly Propylene (PP) bags which
are technically superior to gunny bags, thereby impacting the
demand outlook.

The rating also factors in the relatively high gearing levels of
the firm, primarily due to debt funding of its working capital
requirements. Nevertheless, the rating draws comfort from the
extensive experience of the promoters in the packaging industry
and the fact that the company is a part of the Ashwani Oberoi
Construction Company India limited (AOCC) group which has six
companies, which are engaged in the trading and manufacturing of
packaging products like PP bags and gunny bags. The rating also
positively factors in the steady growth in the operating income
and profitability in the past along with location advantage that
the firm enjoys due to its proximity to major food grain producing
areas.

Going forward, the ability of the company to maintain growth in
its revenues and profitability and optimally manage its working
capital cycle, will be the key rating sensitivities.

Incorporated in 2007 as a private limited company, SBAIPL is
primarily engaged in the trading of gunny bags mainly used in
packaging for rice, sugar and other food grains. The company has
now also started manufacturing corrugated boxes from January 2014
and has an installed capacity of 21600 metric tonnes for the same.
The company is a part of the AOCC group which is also engaged in a
similar line of business. The key promoters of the company are Mr.
Ashwani Kumar Oberoi, Mr. Sunil Kumar Oberoi and their family
members. The manufacturing facility of the company is located in
the Industrial estate in Yamuna Nagar, Haryana.

Recent Results
SBAIPL reported a net profit of INR0.16 crore on an operating
income of INR6.71 crore for the year ended March 31, 2014 and a
net profit of INR0.12 crore on an operating income of INR5.27
crore for the previous year.


SMITH STRUCTURES: CRISIL Assigns B+ Rating to INR90MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Smith Structures (India) Private Limited (SSIPL).

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

The rating reflects modest scale of operation and large working
capital requirement along with below average financial risk
profile marked by low net worth. These rating weaknesses are
partially offset by extensive experience of the promoters in the
industry along with near term revenue visibility.

Outlook: Stable

CRISIL believes SSIPL will continue to benefit from its promoter
experience in the industry. The outlook may be revised to
'Positive' in case of significant increase in the company's scale
of operations along with profitability leading to higher accruals
and improvement in the overall financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in the company's liquidity, driven by large incremental working
capital requirements, lower cash accruals or any large debt funded
capex.

Established in 2011, SSIPL is engaged in Pre ' Engineered Metal
Building System (PEB) designs, fabrication and erection works. The
company's capacity currently stands at around 50,000 MT per annum.
The plant is located in Gandhidham (Kutch) Gujarat and is managed
& operated by the Panchal family.


SPICEJET LTD: India May Ask Lenders to Extend Up to INR600cr Loan
-----------------------------------------------------------------
Economic Times reports that the Civil Aviation Ministry said on
December 16 it may request Indian banks/financial institutions to
extend loans of up to INR600 crore to SpiceJet Ltd as part of
measures to keep the carrier functional.

Besides, it will also request the Finance Ministry to permit
external commercial borrowing (ECB) for working capital as special
dispensation, a Ministry release said, ET relays.

ET relates that these and many more suggestions, have been
approved by Civil Aviation Minister Ashok Gajapathy Raju after due
consideration as a shut down would have been a major setback to
the aviation sector, it said.

The measures, however, comes with a rider that the beleagured
airline will commit capital infusion at the earliest, the report
notes.

ET says the steps came a day after SpiceJet's Chief Operating
Officer Sanjiv Kapoor, along with Sun Group CFO S L Narayanan, met
Raju and DGCA Prabhat Kumar and sought the government's help to
overcome the crisis.

"Indian banks may be requested to give some working capital loan
based on the assurances of the promoter. Banks or financial
institutions to lend up to INR600 crore backed by a personal
guarantee of the Chairman, SpiceJet," the release, as cited by ET,
said.

This should be paid immediately after securing the long-term
investment which will take around eight weeks to consummate, it
said, ET relates.

In addition, ET says, the Ministry of Finance will be requested to
permit ECB for working capital as special dispensation as was done
in the 2012 to help the airline wriggle out of the financial
morass.

At the same time, the airline, with total liabilities standing at
INR2,000 crore, including dues to the public sector oil firms and
the Airports Authority of India (AAI), may get credit facility for
up to 15 days from the oil firms and AAI, the government said.

Reuters reports that the civil aviation ministry also said the
regulator would be asked to allow SpiceJet to sell advance tickets
until March 31, 2015.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 17, 2014, Bloomberg News said 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.

Bloomberg noted 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 said 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.

                         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.


SPICEJET LTD: Grounds Planes as India Oil Companies Refuse Fuel
---------------------------------------------------------------
Anurag Kotoky at Bloomberg News reports that SpiceJet Ltd. had to
ground its fleet on December 17 after oil companies rebuffed a
government request for fuel on credit, a person familiar with the
situation said.  Shares dropped, Bloomberg says.

No planes are operating now, a company official told reporters,
asking not to be identified, citing rules, Bloomberg relates.
Indian oil producers are still considering an aviation ministry
proposal on December 16 to give fuel to the airline, the airline
official, as cited by Bloomberg, said.

According to Bloomberg, the civil aviation ministry is in talks
with oil companies about fueling SpiceJet planes, and has asked
state-run banks and oil companies to protect "stakeholder
interest," junior aviation minister Mahesh Sharma told reporters
in New Delhi on December 17.

Bloomberg says India's government said on December 16 banks may be
asked to lend as much as INR6 billion ($94 million) to billionaire
Kalanithi Maran's carrier, as the indebted carrier seeks
investment over the next two months to keep flying. State oil
companies will be asked to provide SpiceJet with as much as 15
days worth of credit and airport operators will offer a 15-day
payment window, the Civil Aviation Ministry said, Bloomberg
relays.

According to the report, the government said Maran will guarantee
the loans and repay as soon as an investment is secured, part of a
package of steps to prevent a shutdown that would damage India's
airline industry. It arranged a credit line for fuel for SpiceJet
and eased booking curbs imposed after the carrier canceled flights
and missed salary payments, the report adds.

The airline's shares slumped as much as 8.3 percent after gaining
as much as 7.6 percent earlier on December 17, Bloomberg says. The
stock rose Dec. 16 after the government said the carrier could
take bookings up to March 31.  Bloomberg relates that the
Directorate General of Civil Aviation earlier had barred SpiceJet
from accepting bookings for travel more than a month ahead.

The measures buy the budget airline "breathing time" and don't
count as a bailout, Chief Operating Officer Sanjiv Kapoor told
Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 17, 2014, Bloomberg News said 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.

Bloomberg noted 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 said 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.

                         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.


STATUS CLOTHING: ICRA Reaffirms B+ Rating on INR9cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR14.50 crore long-term fund based facilities of Status Clothing
Company Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, fund-      5.50        [ICRA]B+; reaffirmed
   based facilities-
   Term Loan

   Long-term, fund-      9.00        [ICRA]B+; reaffirmed
   based facilities-
   Cash Credit

The rating continues to be constrained by the small scale of
weaving operations in a highly fragmented and cost competitive
industry which restricts pricing power. The rating is further
constrained by the weak financial profile characterised by low
profitability levels, weak return indicators, leveraged capital
structure and modest coverage indicators. ICRA also notes the
highly capital intensive business operations, with need to
undertake frequent capex to support the increased scale of
operations.

ICRA, however, favourably factors in the long standing experience
of promoters in the fabric manufacturing business, the diversified
customer and supplier base and order backed purchases, which
mitigates raw material risk to an extent.

Status Clothing Company Limited (SCCL) was set up in 1996 as a
partnership firm. In July, 2011, the firm was converted into a
private limited company and the name was changed to its current
name. It is engaged in manufacturing and trading of gray fabric
i.e. fabric for shirting and suiting. The registered office and
manufacturing plant of the company is located in Tarapur, Thane.
The manufacturing plant is spread over an area of 45,000 square
feet with installed capacity of 5.60 lac meters per month.
The company sells gray fabric mainly to exporters/ local traders
and is also an outsourcing house for other branded finished fabric
players. The company has an in-house design team and also
manufactures as per customer's design specifications. The company
sells its fabrics in local market, mainly in and around Mumbai.

Recent results
As per its audited results, SCCL reported profit after tax (PAT)
of INR0.20 crore on operating income of INR37.34 crore for FY
2013-14.


VICO FORGE: CRISIL Suspends B- Rating on INR65MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vico Forge Pvt Ltd (VFPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           5          CRISIL A4
   Cash Credit             65          CRISIL B-/Stable
   Letter of Credit        40          CRISIL A4
   Proposed Long Term
   Bank Loan Facility      54.9        CRISIL B-/Stable
   Term Loan               35          CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by VFPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VFPL is yet to
provide adequate information to enable CRISIL to assess VFPL'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 1986, VFPL manufactures forged components'such as
steering arms, steering knuckles, gear shifting forks, and engine-
connecting rods'for customers in the automotive sector, mainly
Tier-I vendors for Mahindra and Mahindra Ltd and Tata Motors Ltd.
VFPL is promoted by Mr. Amrutlal Panchal, Mr. Babulal Panchal and
their family. VFPL has its manufacturing unit in Vapi (Gujarat).



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


MEDCO ENERGI: S&P Affirms Then Withdraws 'B' CCR Rating
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating and 'axBB-' long-term ASEAN regional scale
rating on Indonesia-based oil & gas exploration and production
company PT Medco Energi Internasional Tbk. (Medco).  S&P then
withdrew the ratings at the company's request.

At the time of the withdrawal, the stable outlook on Medco
reflected S&P's view that the company's ample short-term
investments of US$265 million should enable the company to meet
its upcoming debt maturities of US$236 million over the coming 12
months from Sept. 30, 2014, without the need to refinance.  Medco
also intends to reduce capital expenditure, which should balance
the impact from weaker oil price on its earnings.  S&P expects it
to be able to maintain its interest cover metrics at 2.8x-3.0x, a
level we consider appropriate for the ratings.

In return, S&P considered Medco's liquidity position as less than
adequate at the time of withdrawal.  S&P believes substantial
cutbacks on capital expenditure--an exercise the company has
limited track record in--might take longer than the company
expects.  In addition, potentially lower earnings and declining
cash balances will cause the company's sources of liquidity to
decline.  Nevertheless, S&P also believes Medco's high cash
reserves, good access to domestic capital markets, and well-
diversified banking relationships will mitigate any negative
impact on its liquidity.

The rating reflected the company's small to midsize asset base,
declining production at its maturing blocks, high geographic and
project concentration.  These weaknesses are partly offset by good
growth potential at its gas development blocks and rising gas sale
price.  The rating also reflects the Medco's highly leveraged
balance sheet compared with relatively lower and stagnant
profitability.

RATINGS LIST

                               Ratings
                               To            From
PT Medco Energi Internasional Tbk.
Corporate credit rating
  Foreign and Local Currency   B/Stable/--   B/Stable/--
  ASEAN Regional Scale         axBB-/--/--   axBB-/--/--

Ratings Subsequently Withdrawn

PT Medco Energi Internasional Tbk.
Corporate credit rating
  Foreign and Local Currency   NR            B/Stable/--
  ASEAN Regional Scale         NR            axBB-/--/--



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


SOUTH CANTERBURY: FMA Closes Probe Into Possible Civil Claims
-------------------------------------------------------------
The Financial Markets Authority (FMA) has closed its inquiries
into potential civil claims relating to South Canterbury Finance
Limited (SCF). After careful consideration the FMA has decided not
to take any further action.

In making its decision, the FMA took into account that Crown Asset
Management Limited (CAML) had taken civil proceedings against the
directors of SCF, for failing to comply with their duties as
directors and that a large number of investors have received
payment under the Crown Retail Deposit Guarantee Scheme.

The FMA's Director of Enforcement, Belinda Moffat, says the FMA
conducted thorough inquiries into several aspects of SCF. These
included whether SCF had met its continuous disclosure
obligations, and the respective roles of the trustee and the
auditor. The FMA has not found sufficient evidence that would
justify the significant additional costs of taking further
proceedings.

"Given CAML's civil case and the criminal case that has recently
been before the courts, the FMA doesn't believe further
proceedings are appropriate," Ms Moffat said.

Ms Moffat said further recoveries for investors, or the taxpayer,
were unlikely from the FMA proceedings.

"The FMA has made the decision to close these inquiries after very
careful consideration of our responsibility to act in the best
interests of the public. This decision does not diminish in any
way the losses suffered by investors, taxpayers or preference
shareholders, many of whom will continue to feel the ramifications
of the collapse of SCF for years to come."

                 About South Canterbury Finance

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.


SOUTH CANTERBURY: Sharebroker Mulls Civil Action Against SCF
------------------------------------------------------------
Niko Kloeten and Marta Steeman at Stuff.co.nz reports that
sharebroker Chris Lee will be seeking a formal legal opinion from
a Queens Counsel on the viability of taking a civil action against
South Canterbury Finance after the financial markets watchdog
declined to do that.

Stuff.co.nz relates that Mr. Lee, based on the Kapiti Coast north
of Wellington, said some 3,200 investors had bought preference
shares in South Canterbury Finance.

During 2009, the investors were told the company was doing well,
and South Canterbury even paid dividends to shareholders only two
months before its collapse when it was shown to have
NZ$800 million more liabilities than assets, the report recalls.

The preference shareholders he was leading include more than 100
of his clients, Stuff.co.nz says.

According to the report, Mr. Lee said he would pay for the Queens
Counsel opinion himself.

Stuff.co.nz relates that Mr. Lee and a QC guiding him had met the
FMA and they had given him a "legally privileged and confidential"
explanation of their position which he could not talk about.  At
the moment the FMA had no intention of prosecuting the company,
Mr. Lee said.

"They've taken the decision that the next step really is in my
court," the report quotes Mr. Lee as saying.

The report relates that Mr. Lee said he had no criticism of what
the FMA was doing and when he received the QC's opinion the FMA
had asked him to supply them a copy.

He thought it was logical another QC should have a look at it, the
report relays.

He expected to have meetings with the preference shareholders
after receiving the QC opinion. Most of them were in Timaru,
Christchurch and Dunedin, Stuff.co.nz notes.

Mr. Lee said the opinion might not come until at least February
and would take time, adds Stuff.co.nz.

                 About South Canterbury Finance

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



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


HCP GLOBAL: Moody's Withdraws B2 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has withdrawn HCP Global Limited's B2
corporate family rating with a stable outlook.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

Founded in Taiwan in 1960 and headquartered in Shanghai, HCP
Global Limited is a plastic packaging company that designs,
develops and manufactures packaging for cosmetics and skin care
products.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***