/raid1/www/Hosts/bankrupt/TCRAP_Public/141219.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

           Friday, December 19, 2014, Vol. 17, No. 251


                            Headlines


A U S T R A L I A

EVALUA PTY: Liquidators Put Assets Up for Sale
FIRSTMAC MORTGAGE: S&P Assigns 'BB' Rating to Class B-3 Notes
G & K AKERS: First Creditors' Meeting Slated For December 29
GATEWAY EXCLUSIVE: First Creditors' Meeting Set For Dec. 24
GIPPSLAND SECURED: ASIC Deregisters Company Auditor

GOLDCON CONSTRUCTION: Administrators Seek Expression of Interest
IBLA AUSTRALIA: First Creditors' Meeting Set For December 24
ITAC SERVICES: Business and Assets Placed on Market
LEVEL 1: First Creditors' Meeting Slated For December 30
MAN TO MAN: Menswear Chain Placed in Voluntary Administration


C H I N A

DELTA TECHNOLOGY: Nasdag Retains Listing of Warrants
DTS8 COFFEE: Incurs $205,000 Net Loss in Quarter Ended Oct. 31


I N D I A

ABLE GROUP: CRISIL Suspends B Rating on INR55MM Cash Credit
ACE BRAIN: CRISIL Suspends B+ Rating on INR7.5MM Cash Credit
AJOY MODERN: CRISIL Suspends D Rating on INR160MM Cash Credit
ALASKA RUBBERS: CRISIL Suspends D Rating on INR20.5MM LT Loan
ALBELI FASHIONS: CRISIL Suspends B+ Rating on INR100MM Cash Loan

AMMAN STEEL: CRISIL Suspends B Rating on INR30MM Overdraft Loan
ASPI CARS: CRISIL Suspends B+ Rating on INR100MM Cash Credit
ASTAM HEALTHCARE: CRISIL Suspends B+ Rating on INR75MM Cash Loan
B.D. AGRICARE: ICRA Assigns B Rating to INR4.85cr Cash Credit
BALAJEE INGOT: CRISIL Suspends B+ Rating on INR39.1MM Cash Loan

BENI MADHAV: CRISIL Suspends B Rating on INR85MM Term Loan
BHAVANI COTEX: ICRA Reaffirms B+ Rating on INR5.0cr Cash Credit
BNR INFRA: CRISIL Suspends B+ Rating on INR20MM Cash Credit
BOMMIREDDY INFRA: CRISIL Suspends D Rating on INR60MM Cash Loan
BRMSCO GARMENTS: CRISIL Suspends D Rating on INR60MM Cash Credit

C A V COTTON: CRISIL Suspends D Rating on INR210MM Cash Credit
CAPITAL ENTERPRISES: CRISIL Suspends B Rating on INR50MM Loan
CH. SONPAL: CRISIL Suspends D Rating on INR100MM Term Loan
CHAKRA INFRASTRUCTURE: CRISIL Suspends B Rating on INR20MM Loan
CHARISMA GOLDWHEELS: ICRA Reaffirms B+ Rating on INR6cr LT Loan

CLOUDEEVA INC: Dec. 23 Hrng. on TD's Bid to Withdraw as Atty. Set
CLOUDEEVA INC: Stephen Gray Appointed as Chapter 11 Trustee
COBB APPARELS: ICRA Reaffirms B+ Rating on INR20cr LT Bank Loan
CROWN REALTECH: CRISIL Suspends D Rating on INR445MM Term Loan
D.K. ENGINEERING: CRISIL Suspends B Rating on INR7.5MM Cash Loan

DAWAR INTERNATIONAL: CRISIL Suspends B+ INR155MM Cash Loan Rating
DECCAN STRIPS: CRISIL Suspends B Rating on INR80MM LT Loan
EDEN TRANSPORT: CRISIL Suspends D Rating on INR97.8MM Term Loan
ELECTRO INTERNATIONAL: CRISIL Suspends B+ Rating on INR4MM Loan
ESHWARI PETRO-TECH: CRISIL Suspends B Rating on INR41MM Cash Loan

FLYING FASHIONS: CRISIL Suspends D Rating on INR16MM Cash Credit
GDC ADVERTISING: CRISIL Suspends B+ Rating on INR35MM Cash Loan
GE GODAVARI: CRISIL Suspends D Rating on INR38MM Cash Credit
GREEN CONCRETEX: CRISIL Suspends D Rating on INR90MM Cash Credit
HARYANA PLYWOOD: CRISIL Suspends B Rating on INR60MM Cash Credit

HI GRADE: CRISIL Suspends D Rating on INR15MM Cash Credit
INSTITUTE OF MANAGEMENT: ICRA Rates INR10cr Term Loan at 'D'
KARTIKA ISPAT: ICRA Suspends B Rating on INR8.4cr LT Loan
MADRAS MEDICAL: ICRA Ups Rating on INR24.85cr Term Loan to 'B'
MID INDIA: ICRA Reaffirms B+ Rating on INR80cr Long Term Loan

NITYA HOTELS: ICRA Assigns 'B+' Rating to INR5.0cr Term Loan
PANDIT AUTOMOBILES: ICRA Suspends B+/A4 Rating on INR9.5cr Loan
PRATEEK APPARELS: ICRA Upgrades Rating on INR70cr Loan to 'B-'
QUALITY TEA: ICRA Assigns B+ Rating to INR6.60cr Cash Credit
S.M. COLD: ICRA Assigns 'B' Rating to INR0.52cr Term Loan

SAHARA GROUP: Awaits Ct. Ruling on New Loan For Chief's Release
SAVFAB DEVELOPERS: ICRA Assigns B+ Rating to INR35cr Term Loan
SHINE METALTECH: ICRA Suspends D Rating on INR6.40cr Term Loans
SHREE GOVARDHAN: ICRA Reaffirms B+ Rating on INR10cr FB Loan
SHYAM FERROUS: ICRA Reaffirms B+ Rating on INR11cr LT Loan

SPICEJET LTD: Parent Says Can't Make Large Sums to Revive Carrier
TAXUS INFRASTRUCTURE: ICRA Assigns B+ Rating to INR6cr FB Loan
VISHWA GREEN: ICRA Assigns D Rating to INR14cr Term Loan


M O N G O L I A

XACBANK: Fitch Affirms B Issuer Default Rating; Outlook Negative


P H I L I P P I N E S

RURAL BANK OF BURAUEN: Placed in PDIC Receivership


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


EVALUA PTY: Liquidators Put Assets Up for Sale
----------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for the sale of the assets of Evalua Pty
Limited. The company entered liquidation Nov. 27, 2014 with Frank
Lo Pilato and Jonathon Colbran of RSM Bird Cameron being appointed
as liquidators of the company, the report says.

Dissolve.com.au relates that the assets for sale include software
development environment, source code for the software products of
the company and trademarks that the company owns.


FIRSTMAC MORTGAGE: S&P Assigns 'BB' Rating to Class B-3 Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to six
classes of prime residential mortgage-backed securities (RMBS)
issued by Firstmac Fiduciary Services Pty Ltd. as trustee for
Firstmac Mortgage Funding Trust No.4 Series 3PP-2014.

The ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises lenders' mortgage insurance to 55.5% of the
      portfolio, which covers 100% of the face value of these
      loans, accrued interest, and reasonable costs of
      enforcement, as well as note subordination for all rated
      notes.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including an amortizing
      liquidity reserve equal to 0.9% of the invested amount of
      all notes that is provided through note overissuance,
      principal draws, a spread reserve that builds from
      available excess spread, and 24 months' timely payment
      cover on approximately 44.4% of loans in the portfolio, are
      sufficient under S&P's stress assumptions to ensure timely
      payment of interest.

   -- The extraordinary expense reserve of A$150,000, funded from
      day one by Firstmac Ltd., available to meet extraordinary
      expenses.  The reserve will be topped up via excess spread
      if drawn.

   -- S&P's view of the underwriting standards and centralized
      approval processes of the originator, Firstmac Ltd.,
      together with S&P's view on the servicing standards of
      Firstmac Ltd. as the servicer of the loans.

   -- The fixed-to-floating interest-rate swap provided by
      National Australia Bank Ltd. to hedge the mismatch between
      receipts from fixed-rate mortgage loans and the variable-
      rate RMBS.

The issuer has informed Standard & Poor's (Australia) Pty Limited
that the issuer will not be publicly disclosing all relevant
information about the structured finance instruments that are
subject to this rating report.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

The Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

       http://standardandpoorsdisclosure-17g7.com/2921.pdf

RATINGS ASSIGNED

Class      Rating         Amount (A$ mil.)
A-1        AAA (sf)       595.0
A-2        AAA (sf)        35.0
AB         AAA (sf)        43.0
B-1        AA- (sf)        16.0
B-2        A (sf)           4.0
B-3        BB               4.9
C          NR               2.1
NR--Not rated.


G & K AKERS: First Creditors' Meeting Slated For December 29
------------------------------------------------------------
Stephen Glen James and John Maxwell Morgan of BCR Advisory (SA)
Pty Ltd were appointed as administrators of G & K Akers
Contracting Pty Ltd on Dec. 15, 2014.

A first meeting of the creditors of the Company will be held at
BCR Advisory (SA) Pty Ltd, Level 2, 139 Frome Street, in Adelaide,
on Dec. 29, 2014, at 10:00 a.m.


GATEWAY EXCLUSIVE: First Creditors' Meeting Set For Dec. 24
-----------------------------------------------------------
Mitchell Ball of BPS Recovery was appointed as administrator of
Gateway Exclusive Pty Limited on Dec. 15, 2014.

A first meeting of the creditors of the Company will be held at
BPS Recovery, Level 18, 201 Kent Street, in Sydney, on Dec. 24,
2014, at 10:00 a.m.


GIPPSLAND SECURED: ASIC Deregisters Company Auditor
---------------------------------------------------
The Australian Securities and Investment Commission has cancelled
the registration of the auditor of Gippsland Secured Investments
(GSI) following a deficient audit of the since collapsed debenture
issuer.

Under an enforceable undertaking (EU) with ASIC, Joanne Keng Yee
Loh of Morwell, Victoria, has agreed to never reapply for
registration or perform any duties or functions of an auditor.

Ms Loh was the lead auditor responsible for the audits of GSI for
the 2011 and 2012 financial years. In September 2013, receivers
were appointed to the company.

ASIC Commissioner John Price said, 'Ms Loh failed to properly
carry out her work as auditor.

'Auditors need to be at the top of their game and apply the
appropriate standards to ensure that the investing public can have
confidence in the financial reports of public companies and
debenture issuers.'

An ASIC investigation found Ms Loh did not conduct the audits in
accordance with the Australian Auditing Standards. ASIC formed the
view Ms Loh failed, among other things, to:

   -- design and perform audit procedures in relation to loan
receivables and obtain sufficient appropriate audit evidence to
reduce the risk of material misstatement in the financial reports
to an acceptably low level

   -- display an appropriate level of professional scepticism when
auditing the provision for impairment of loans receivable, and
when assessing related party transactions and GSI's ability to
continue as a going concern, and

   -- prepare audit documentation sufficiently to enable an
experienced auditor to understand the audit procedures performed
and evidence obtained.

GSI was an unlisted public company based in the Bairnsdale,
Victoria involved in raising funds by issuing debentures and
making loans primarily for property investment purposes.  The
loans were secured by registered mortgages granted by the
borrowers in favour of GSI.

In September 2013, receivers were appointed to GSI, with the
company's loan book consisting of 232 loans totalling
approximately AUD117 million and with issued notes/debentures of
approximately AUD143 million to 3,500 account holders.

ASIC has taken action against the auditors of several failed
debenture issuers, including Brian Patrick Kingston (Wickham
Securities) and Warren John Sinnott (Banksia Financial Group).


GOLDCON CONSTRUCTION: Administrators Seek Expression of Interest
----------------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Robert Michael
Kirman and Norman Charles Oehme of McGrathNicol, the
administrators of Goldcon Construction Pty Ltd, are seeking
expressions of interest for the purchase of the business, equity
investment and assets of the company.  Goldcon entered
administration on Dec. 11, 2014.

The Western Australia business operated for more than twenty years
specialising in the civil and rail construction industry. The new
owner of the company will be able to own a reputable established
business located in Kalgoorlie, Dissolve.com.au says.

According to the report, the sale also includes a fleet of
equipment which include loaders, excavators, prime movers, switch
tampers and other related equipment. The company has been famous
for its record on culvert construction, derailment incident
management and rail improvement. The new owner will also obtain
rail accreditation completion and a skilled workforce.


IBLA AUSTRALIA: First Creditors' Meeting Set For December 24
------------------------------------------------------------
Brent Leigh Morgan of Rodgers Reidy was appointed as administrator
of Ibla Australia Pty Ltd, trading as Design Sense, on Dec. 15,
2014.

A first meeting of the creditors of the Company will be held at
Level 3, 326 William Street, in Melbourne, Victoria, on
Dec. 24, 2014, at 9:30 a.m.


ITAC SERVICES: Business and Assets Placed on Market
---------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Ferrier Hodgson,
the administrators of ITAC Services (Aust) Pty Ltd, are seeking
expressions of interest for the sale of the business and assets.

James Stewart and Brendan Richards of Ferrier Hodgson were
appointed as administrators of ITAC Services (Aust) Pty Ltd on
Dec. 9, 2014.

ITAC Services was founded in 1990. It specialises in mobilising
onshore drilling equipment for the gas and oil sector. The
Melbourne-based company operates in remote areas that include the
Surat and Cooper Basins.  The company employs 110 people and owns
a fleet of more than 100 vehicles.


LEVEL 1: First Creditors' Meeting Slated For December 30
--------------------------------------------------------
Adam Farnsworth of Farnsworth Shepard was appointed as
administrator of Level 1 Pty Ltd on Dec. 17, 2014.

A first meeting of the creditors of the Company will be held at
Farnsworth Shepard, Level 5, 2 Barrack Street, in Sydney, on
Dec. 30, 2014, at 11:00 a.m.


MAN TO MAN: Menswear Chain Placed in Voluntary Administration
-------------------------------------------------------------
James Stewart and Brendan Richards of Ferrier Hodgson, on Dec. 17,
2014, were appointed Voluntary Administrators of Man to Man
(Imports) Pty Ltd, Toman Investments Pty Ltd, and Stone Shoes Pty
Ltd and.

"The Administrators are conducting a marketing campaign to seek
offers for the sale of the business as it continues to trade,"
Ferrier Hodgson said in a statement.

"The Administrators have advised that employee entitlements are
expected to be paid however it is too early to form a view as to
the likelihood of a return to unsecured creditors."

SmartCompany says creditors are owed a total of AUD28 million,
which includes AUD7 million owed to trade creditors and landlords,
AUD13 million owed to related parties and $8 million owed to other
creditors.

SmartCompany says Mr. Stewart said the collapse was caused by a
"failed investment decision in a men's show retail chain and tough
retail trading conditions during 2014".

"The business is continuing to trade normally while the
administrators conduct a marketing campaign and seek offers for
the sale of the business as a going concern," the report quotes
Mr. Stewart as saying.

Man to Man is a Melbourne-based menswear chain.  It employs
approximately 400 people. Man to Man has 80 stores across
Australia.



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


DELTA TECHNOLOGY: Nasdag Retains Listing of Warrants
----------------------------------------------------
Delta Technology Holdings Limited on Dec. 16 disclosed that on
December 11, 2014, the Nasdaq Hearings Panel determined to grant
the Company's request to have its warrants remain listed on The
Nasdaq Stock Market, subject to certain conditions.

The Panel's decision was based upon the Company's December 4, 2014
appeal of the Nasdaq Staff's decision to delist the Company's
warrants from Nasdaq due to a failure to comply with Listing Rule
5560(a), which requires, in part, that warrants listed on Nasdaq
must have an underlying security that is also listed on Nasdaq or
is a Covered Security.

The Panel's continued listing decision is conditioned upon Delta's
application for its ordinary shares listing on the Nasdaq being
approved by the Listing Qualifications Staff on or before April
29, 2015.

The Company is working to have its ordinary shares resume trading
on Nasdaq. The Company completed its initial business combination
on September 19, 2014, and on October 1, 2014, the Company's
Series A Shares ceased trading on Nasdaq.

                      About Delta Technology

Founded in 2007, Delta is a China-based fine and specialty
chemical company producing and distributing organic compound
39 including para-chlorotoluene ("PCT"), ortho-chlorotoluene
("OCT"), PCT/OCT downstream products, unsaturated polyester resin
("UPR"), maleic acid ("MA") and other by-product chemicals. The
end application markets of the Company's products include
Automotive, Pharmaceutical, Agrochemical, Dye & Pigments,
Aerospace, Ceramics, Coating-Printing, Clean Energy and Food
Additives. Delta has approximately 300 employees, 25% of whom are
highly-qualified experts and technical personnel. The Company
serves more than 380 clients in various industries.


DTS8 COFFEE: Incurs $205,000 Net Loss in Quarter Ended Oct. 31
--------------------------------------------------------------
DTS8 Coffee Company, Ltd., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $205,682 on $85,776 of sales for the three months
ended Oct. 31, 2014, compared to a net loss of $94,471 on $70,880
of sales for the same period in 2013.

For the six months ended Oct. 31, 2014, the Company reported a net
loss of $439,471 on $173,839 of sales compared to a net loss of
$158,513 on $142,235 of sales for the same period last year.
As of Oct. 31, 2014, the Company had $3.44 million in total
assets, $1.02 million in total liabilities, all current, and $2.42
million in total stockholders' equity.

"The Company has incurred material losses from operations. At
October 31, 2014, the Company had an accumulated deficit in
addition to limited cash, limited revenue and unprofitable
operations. For the six months ended October 31, 2014, the
Company sustained net losses. These factors, among others, raise
substantial doubt about the Company's ability to continue as a
going concern for a reasonable period of time. The financial
statements do not include any adjustments relating to the
recoverability and classification of recorded asset amounts or the
amounts and classification of liabilities that may be necessary
should the Company be unable to continue as a going concern. The
Company's continuation as a going concern is contingent upon its
ability to obtain additional financing and to generate revenue and
cash flow to meet its obligations on a timely basis."

A full-text copy of the Form 10-Q is available for free at:
http://is.gd/IZFCR7

                        About DTS8 Coffee

DTS8 Coffee Company, Ltd. (previously Berkeley Coffee & Tea, Inc.)
was incorporated in the State of Nevada on March 27, 2009.
Effective Jan. 22, 2013, the Company changed its name from
Berkeley Coffee & Tea, Inc., to DTS8 Coffee Company, Ltd. On
April 30, 2012, the Company acquired 100 percent of the issued and
outstanding capital stock of DTS8 Holdings Co., Ltd., a
corporation organized and existing since June 2008 under the laws
of Hong Kong and which owns DTS8 Coffee (Shanghai) Co., Ltd.
DTS8 Holdings, through its subsidiary DTS8 Coffee, is a gourmet
43 coffee roasting company established in June 2008. DTS8 Coffee's
office and roasting factory is located in Shanghai, China. DTS8
Coffee is in the business of roasting, marketing and selling
gourmet roasted coffee to its customers in Shanghai, and other
parts of China. It sells gourmet roasted coffee under the "DTS8
Coffee" label through distribution channels that reach consumers
at restaurants, multi-location coffee shops, and offices.

DTS8 Coffee incurred a net loss of $2.31 million on $310,003 of
sales for the year ended April 30, 2014, as compared with a net
loss of $1.11 million on $253,790 of sales during the prior year.
MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification in its report on the Company's financial statements
for the year ended April 30, 2014, citing that the Company has
suffered recurring losses from operations, which raises
substantial doubt about its ability to continue as a going
concern.



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


ABLE GROUP: CRISIL Suspends B Rating on INR55MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Able
Group Trading Contractors (AGTC).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee           15          CRISIL A4
   Cash Credit              55          CRISIL B/Stable

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

AGTC, established in 2007 in Kerala, is in the civil construction
business. The firm is promoted by Mr. Yakoob Purayil, Mr.
Aboobacker Siddeeque, Mr. E P Abdul Kabeer Erakodan, and Mr. Md
Ashraf.


ACE BRAIN: CRISIL Suspends B+ Rating on INR7.5MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ace
Brain Systems and Software Pvt Ltd (Ace Brain).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          35         CRISIL A4
   Cash Credit              7.5       CRISIL B+/Stable
   Letter of Credit        30         CRISIL A4

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

Ace Brain was originally established as a partnership firm, Ace
Brain Computers, in 1990 by Mr. Sandeep Bendegiri, Mr. Yogesh
Godbole, and Mr. Sarang Satarkar; subsequently, in 1998, the firm
was reconstituted as a private limited company with the current
name. Ace Brain undertakes contracts for supply and installation
of computer hardware, and for providing software services and
installation of biometric devices for government and semi-
government bodies in Maharashtra and Goa.


AJOY MODERN: CRISIL Suspends D Rating on INR160MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ajoy
Modern Rice Mill Pvt Ltd (AMRM).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             160        CRISIL D
   Proposed Long Term
   Bank Loan Facility      128.7      CRISIL D
   Term Loan                28.3      CRISIL D

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

Set up in 1998, AMRM mills and processes paddy into rice and its
by-products: broken rice, rice bran, and husk. The company is
promoted by Mr. Arup Kumar Jash and his brother, Mr. Anup Kumar
Jash. AMRM sells rice under the brand, Ajoy Gold. It has a paddy
milling capacity of 20 tonnes per hour at its mill in Burdwan
(West Bengal). In 2009-10, the company set up a 1-megawatt power
plant for captive consumption.


ALASKA RUBBERS: CRISIL Suspends D Rating on INR20.5MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Alaska Rubbers Pvt Ltd (ARPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit             17.5         CRISIL D
   Letter of Credit        15           CRISIL D
   Long Term Loan          20.5         CRISIL D

The suspension of ratings 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'

ARPL was set up in 1981 by Mr. Surinder Paul Gupta. It
manufactures plastic elevator buckets that are used in agro-based
processing units. It also imports and trades in rubber rolls that
are used in rice mills. ARPL's manufacturing unit is in Noida
(Uttar Pradesh). The  company is currently constructing another
unit adjacent to its current unit.


ALBELI FASHIONS: CRISIL Suspends B+ Rating on INR100MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Albeli
Fashions Pvt Ltd (AFPL; part of the Albeli group).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              100        CRISIL B+/Stable

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of AFPL and SNG Fashions Pvt Ltd (SNG).
This is because these entities, together referred to as the Albeli
group, are in the same line of business and are run by the same
management.

AFPL, based in Kolkata (West Bengal), is in the business of
wholesaling women's ethnic wear, including unstitched fabric and
ready-made salwar suits and sarees. The company was set up in 2001
by Mr. Sharad Nawalgaria and his family and Mr. Ramakanta. SNG was
set up in 2003 by Mr. Sharad Nawalgaria and Mr. Vikas Saraf; the
company is involved in the wholesaling and retailing of garments.
It operates from its office in New Delhi. The company derives
majority (60 per cent) of its revenues from its wholesale business
and the rest from its retail business. SNG retails ethnic wear and
accessories for women, under the brand name, Fida.


AMMAN STEEL: CRISIL Suspends B Rating on INR30MM Overdraft Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Amman
Steel Corporation (ASC).

                            Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Letter of Credit            45        CRISIL A4
   Overdraft Facility          30        CRISIL B/Stable
   Short Term Bank Facility    50        CRISIL A4

The suspension of ratings is on account of non-cooperation by ASC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ASC is yet to
provide adequate information to enable CRISIL to assess ASC'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 1979 by Mr. S P
Muthuramalingam, ASC trades in steel and iron scrap. Based in
Tiruchirappalli (Tamil Nadu), the firm is part of the Amman group,
which manufactures steel ingots, steel bars, and cotton yarn,
provides local bus transportation services, and also undertakes
real estate development.


ASPI CARS: CRISIL Suspends B+ Rating on INR100MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Aspi
Cars Pvt Ltd (ACPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit             100          CRISIL B+/Stable

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

Established in 2006, ACPL is a TML dealer for passenger cars in
Ahmedabad. Currently, it operates two showrooms and authorised
service stations in Ahmedabad, one near Vishala and the other in
Naranpura. The company was promoted by Mr. Vijay Patel and Mr.
Kaushik Shah. Mr. Kaushik Shah left the company in 2007 and Mr.
Vijay Patel's nephew, Mr. Aspi Shah, joined the company in 2007.


ASTAM HEALTHCARE: CRISIL Suspends B+ Rating on INR75MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Astam
Healthcare Pvt Ltd (AHPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              75        CRISIL B+/Stable
   Letter of Credit         60        CRISIL A4
   Proposed Long Term
   Bank Loan Facility        8        CRISIL B+/Stable
   Term Loan                27        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by AHPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AHPL is yet to
provide adequate information to enable CRISIL to assess AHPL'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 2002, AHPL is promoted by Mr. Rajendra Verma.
Until 2007-08, the company traded in and marketed pharmaceutical
drugs. In 2007-08, it set up a non-beta lactum formulations
manufacturing unit in Baddi (Himachal Pradesh). AHPL is a contract
manufacturer of pharmaceutical formulations. In 2010-11, the
company set up a beta lactum unit on its existing premises in
Baddi. Since January 2012, AHPL has also been trading in special
grade aluminium foil, used in the pharmaceutical packaging
industry.


B.D. AGRICARE: ICRA Assigns B Rating to INR4.85cr Cash Credit
-------------------------------------------------------------
ICRA has assigned its rating of [ICRA]B to the INR8.35 crore long-
term fund based bank facilities of B.D. Agricare Private Limited.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund based
   limits - Term Loan      3.50        [ICRA]B; (Assigned)

   Long Term Fund based
   limits - Cash Credit    4.85        [ICRA]B; (Assigned)

ICRA's ratings take into account the company's modest scale of
operations and limited operational track record and its presence
in the intensely competitive non-basmati rice segment in the
domestic and export markets. The ratings also factor in BDAP's
modest profitability, which is further limited by low contribution
of export revenues and which is vulnerable to agro-climatic risks.
The agro-climatic risks may impact the availability of paddy in
adverse weather conditions and may result in lower capacity
utilization for the rice mill. The ratings also take cognizance of
the weak financial profile of the company which is characterized
by its leveraged capital structure. However, the ratings
favourably factor in the extensive experience of the promoters, of
more than two decades, in rice milling operations along with the
company's satisfactory performance during the initial months of
operations. The plant is located in one of the major paddy
cultivating belts, which provides easy access to paddy.
Going forward the ability of the company to scale up its
operations while improving its debt coverage indicators, along
with optimally managing the working capital requirements would be
the key rating sensitivities.

Incorporated in 2011, BDAP is promoted by Mr. Krishna Murari
Gupta, Mr. Suraj Kumar Gupta and Mrs. Uma Shanker Gupta. The
company mills, processes, and sells non-basmati rice in the
domestic as well as export markets. Its plant is located at Basti
in Uttar Pradesh has a milling capacity of 8 Tonnes per hour and a
sorting capacity of 6 Tonnes per hour. The plant commenced
commercial operations from September 2013. The company derives
about 70% of its revenues from the domestic market and sells to
merchant exporters and distributors across India under various
brands like 'Swadisht bhog'. The balance revenues are contributed
by exports to Nepal and Bangladesh.

Recent Results

BDAP reported a profit after tax of INR0.07 crore on an operating
income of INR15.51 crore in 2013-14.


BALAJEE INGOT: CRISIL Suspends B+ Rating on INR39.1MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Balajee
Ingot India Pvt Ltd (BIIPL).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             39.1      CRISIL B+/Stable
   Proposed Cash Credit
   Limit                    5.1      CRISIL B+/Stable
   Proposed Term Loan      30        CRISIL B+/Stable
   Standby Line of Credit   5.8      CRISIL A4

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

BIIPL, formed in 1993, is into manufacturing of ingot and thermo-
mechanically treated bars, wires, rods, angles and flats. BIIPL's
plant is in located in Lakhisarai (Bihar). The day-to-day
operations of the company is being managed by Mr. Ramesh Kumar
Daruka.


BENI MADHAV: CRISIL Suspends B Rating on INR85MM Term Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Beni
Madhav Shiksha Samiti (BMSS).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                85        CRISIL B/Stable

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

BMSS was established in 1983 under the chairmanship of the late
Mr. Bhola Singh. The trust has several educational institutes
running under it in Allahabad and Greater Noida (both in Uttar
Pradesh).


BHAVANI COTEX: ICRA Reaffirms B+ Rating on INR5.0cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR0.93 crore term loan facility and INR5.00 crore cash credit
facility of Bhavani Cotex.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based-Term Loan      0.93       [ICRA]B+ reaffirmed
   Fund Based-Cash Credit    5.00       [ICRA]B+ reaffirmed

The reaffirmation of rating continues to factor in Bhavani Cotex's
(BC) modest scale of operations and financial profile
characterized by low profitability, high gearing and low debt
coverage indicators. ICRA also takes note of the highly
competitive and fragmented industry structure with the limited
value additive nature of operations which leads to pressure on
profitability. The rating further incorporates the vulnerability
of margins to adverse movements in raw material prices, which in
turn is linked to the seasonal nature of the cotton industry and
government regulations on MSP and export. Also, being a
partnership firm, any substantial withdrawal by the partners can
have an adverse impact on the capital structure of the firm.
The rating, however, positively considers the long experience of
the partners in the cotton industry as well as the favorable
location of the firm, giving it easy access to high quality raw
cotton.

Bhavani Cotex was established in 2010 as a partnership firm. The
firm is promoted and managed by Mr. Gordhanbhai Patel, Mr.
Rakeshbhai Patel, and Mr. Naineshbhai Patel. It is engaged in raw
cotton ginning and pressing. The manufacturing unit is located at
Bodeli, Vadodara, Gujarat. It has 32 ginning machines and one
pressing machine with an installed capacity of producing 300
cotton bales per day (24 hours).

Recent Results
In FY14, the firm reported an operating income of INR33.77 crore
and net profit of INR0.13 crore against an operating income of
INR34.85 crore and net profit of INR0.39 crore in FY13.


BNR INFRA: CRISIL Suspends B+ Rating on INR20MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of BNR
Infra and Leasing (BNR).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          10         CRISIL A4
   Cash Credit             20         CRISIL B+/Stable
   Proposed Cash Credit
   Limit                   20         CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by BNR
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BNR is yet to
provide adequate information to enable CRISIL to assess BNR'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 as a proprietorship entity, BNR is involved in
civil construction, primarily in the roads and building
construction segment. The firm is promoted by Mr.B.Narasimha
Reddy.


BOMMIREDDY INFRA: CRISIL Suspends D Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bommireddy Infra Projects Pvt Ltd (BIPPL).

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

The suspension of ratings is on account of non-cooperation by
BIPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BIPPL is yet to
provide adequate information to enable CRISIL to assess BIPPL'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 2009-10 (refers to financial year, April 1 to
March 31), based in Rajahmundry (Andhra-Pradesh), BIPPL undertakes
civil construction projects, primarily in Andhra Pradesh. The
company undertakes work as a sub-contractor primarily in the
irrigation sector including earthwork excavation, canal, and
under-tunnel works. BIPPL's promoter-director, Mr. Bommireddy
Venkateshwarao, has experience of more than two decades. Initially
established as a proprietorship concern in 2002-03, it was
reconstituted as a private limited company in 2009-10. As on July
2012, BIPPL has an unexecuted order book of INR370 million.


BRMSCO GARMENTS: CRISIL Suspends D Rating on INR60MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Brmsco
Garments Pvt Ltd (BGPL).

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

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

BGPL, incorporated in 2008, manufactures PP bags and fabric. The
company's day-to-day operations are being managed by its managing
director, Mr. T.K Vijayan.


C A V COTTON: CRISIL Suspends D Rating on INR210MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of C A V
Cotton Mills Private Ltd (CCMPL; part of the Sangeeth group).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             210         CRISIL D
   Long Term Loan          168.3       CRISIL D
   Proposed Long Term
   Bank Loan Facility       41         CRISIL D

The suspension of ratings is on account of non-cooperation by
CCMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CCMPL is yet to
provide adequate information to enable CRISIL to assess CCMPL'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 1987 as CAV Cotton Mills Ltd, CCMPL acquired its
current name in May 2011 and is engaged in the manufacture of
cotton yarn. The day to day operations of the company are managed
by the managing director Mr. E.N. Palanisamy.


CAPITAL ENTERPRISES: CRISIL Suspends B Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Capital
Enterprises (Capital Enterprises').

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          50          CRISIL A4
   Cash Credit             50          CRISIL B/Stable
   Proposed Short Term
   Bank Loan Facility      50          CRISIL A4

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

Capital Enterprises is a proprietorship concern, with Mrs. Senbom
Taipodia as its proprietor; it commenced operations in the early
1990s in Arunachal Pradesh. The firm is engaged in electrical,
mechanical, and infrastructural works in the state. Capital
Enterprises' day-to-day operations are being managed by Mrs.
Taipodia's husband, Mr. Dayanand Thakur. The firm executes work
for Border Road Organisation, Food Corporation of India, and
Arunachal Pradesh Power Department.


CH. SONPAL: CRISIL Suspends D Rating on INR100MM Term Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Ch.
Sonpal Singh Memorial Charitable Trust (CSPS).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan               100         CRISIL D

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

CSPS was established in August 2008 by the Chaudhary family of
Bulandshahar (Uttar Pradesh). The trust is managed by Mr. Veerpal
Singh, his wife, Mrs. Santosh Tomar, their son, Mr. Ravi Tomar,
and Mr. Veerpal Singh's mother, Mrs. Jaswanti Devi. The trust
commenced operations in 2011-12 (refers to academic year, June to
May) with its institute, Shivam Technical Campus, which offers
degree courses such as master of business administration, bachelor
of technology, bachelor of business administration, and bachelor
of computer application courses, and also diploma courses in
engineering and pharmacy.


CHAKRA INFRASTRUCTURE: CRISIL Suspends B Rating on INR20MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Chakra
Infrastructure Ltd (CIL).

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

The suspension of rating is on account of non-cooperation by CIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CIL is yet to
provide adequate information to enable CRISIL to assess CIL'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 2008, CIL provides real estate services and
undertakes real estate construction and development in West
Bengal. The company is promoted by Mr. Partha Chakraborty, who
also has varied business interests in sectors such as fast-moving
consumer goods, warehousing, and media.


CHARISMA GOLDWHEELS: ICRA Reaffirms B+ Rating on INR6cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR6.00 Crore fund based facilities of Charisma Goldwheels Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund        6.00         [ICRA]B+; reaffirmed
   Based Facilities

ICRA's rating reaffirmation continues to take into account
company's moderate scale of operations; high competitive intensity
in its area of operations and the it's stretched liquidity profile
marked by blockage of funds in the working capital. The rating is
further constrained by decline in company's revenues in 2013-14
due drop in volume of cars sold coupled with weak debt coverage
indicators and highly leveraged capital structure as indicated by
gearing of 4.5 times as on 31st March, 2014. However, ICRA
favorably takes into consideration company's established track
record of operations in auto dealership business; the improvement
in its operating margin in 2013-14 to 3.7% as compared to 3.5%
margin in 2012-13 and the inherent credit strength of the company
by virtue of it being an authorized dealer of Hyundai Motor, the
2nd largest OEM in the passenger car segment.

Going forward, CGPL's ability to grow its revenues while
maintaining its profitability as well as liquidity would remain
key rating sensitivities

CGPL was incorporated in 1998 and has been operating as an
authorised dealer for vehicles of Hyundai Motors in Chandigarh.
The company deals in sale of new cars, repairs and servicing of
cars. The day to day management of the company is taken care by
Mr. Pratap Hoon. The company has one 3S (showroom, spares,
service) sales showroom cum service workshop located in the
industrial area of Chandigarh.


CLOUDEEVA INC: Dec. 23 Hrng. on TD's Bid to Withdraw as Atty. Set
-----------------------------------------------------------------
Trenk, DiPasquale, Della Fera & Sodono, P.C., requested for
authorization to withdraw as counsel for Cloudeeva, Inc., et al.
According to TD, the trustee is serving on behalf of the Debtors'
estate and will be represented by separate counsel. Thus, the
Debtors' interests are adequately represented by the trustee and
his counsel.

The Bankruptcy Court will convene a hearing on Dec. 23, 2014, at
10:00 a.m., to consider the matter.

The TCR on Nov. 21, 2014 reported on the Court's entry of an order
authorizing the Debtors to employ TD.

The firm can be reached at:

Richard D. Trenk, Esq.
Sam Della Fera, Jr., Esq.
Shoshana Schiff, Esq.
TRENK, DiPASQUALE, DELLA FERA & SODONO, P.C.
347 Mt. Pleasant Avenue, Suite 300
West Orange, NJ 07052
Tel: (973) 243-8600

                      About Cloudeeva, Inc.

Cloudeeva, Inc., a public company previously known as Systems
America, Inc., is a global cloud services and technology solutions
company specializing in cloud, big data and mobility solutions and
services. The company provides information technology staffing
services to major clients and third party vendors in the United
States and India. The company headquarters are in East Windsor,
New Jersey, with regional offices in California, Illinois and
international offices in India.

Cloudeeva, Inc., and its affiliates sought Chapter 11 bankruptcy
32 protection (Bankr. D.N.J. Lead Case No. 14-24874) in Trenton,
New Jersey, on July 21, 2014. The cases are assigned to Judge
Kathryn C. Ferguson.

Cloudeeva disclosed $4,989,375 in assets and $6,528,910 in
liabilities as of the Chapter 11 filing. The company said only
$209,000 is owing to its lender Prestige Capital Corp. and more
than $5.2 million is owed for trade vendor payables.

The Debtors originally tapped Lowenstein Sandler LLP as counsel.
However, they are now seeking the retention of Trenk, DiPasquale,
Della Fera & Sodono, P.C., to replace Lowenstein Sandler, who
retention was not formally approved by order of the Court. The
Debtors have also tapped Cole, Schotz, Meisel, Forman & Leonard,
P.A. as appellate counsel. Kurtzman Carson Consultants LLC serves
as claims and noticing agent.

                              * * *

On Aug. 22, 2014, Judge Ferguson entered an order dismissing the
Debtors' Chapter 11 cases at the behest of Bartronics Asia PTE
Ltd. BAPL asserted that the cases were not filed in good faith.
The Debtors subsequently filed an appeal challenging the dismissal
of their cases.

Since then, District Judge Joel A. Pisano for the District of New
Jersey entered an order staying the Case Dismissal Order pending
further proceedings. Simultaneously, Judge Pisano reinstated the
Debtors' bankruptcy cases and authorized the Debtors to be in
possession of their assets and the management of their business as
debtors-in-possession, subject to the continuing jurisdiction of
the Bankruptcy Court and any further orders of the Bankruptcy
Court or the District Court.

According to the docket, the Debtors' exclusive right to file a
plan expires on Nov. 18, 2014.


CLOUDEEVA INC: Stephen Gray Appointed as Chapter 11 Trustee
-----------------------------------------------------------
Bankruptcy Judge Kathryn C. Ferguson approved the appointment of
Stephen Gray as Chapter 11 trustee for the Chapter 11 cases of
Cloudeeva, Inc., et al.

The Roberta A. Deangelis, U.S. Trustee for Region 3, said that
Mr. Gray's bond has been initially fixed at $1,150,000. Mr. Gray
will be responsible for monitoring the amount of funds on hand and
to ensure that the bond is set in an amount that is, at a minimum,
115% of the balance of funds on hand or such higher percentage as
you deem appropriate to protect the assets of the estate.

To the best of the U.S. Trustee's knowledge, Mr. Gray's
connections with the Debtor, creditors, any other parties-
ininterest, their respective attorneys and accountants, the U.S.
Trustee, and persons employed in the Office of the U.S. Trustee,
are limited to the connections set forth in the Verified Statement
filed in support of the application.

As reported in the Troubled Company Reporter on Dec. 3, 2014,
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Cloudeeva Inc. managed to claw itself back
into bankruptcy reorganization, although control is being given to
a Chapter 11 trustee, after U.S. Bankruptcy Judge Kathryn C.

Ferguson denied a motion to dismiss the company's Chapter 11 case.

According to the report, on her own volition, Judge Ferguson
called for a trustee based on what she said were "egregious
facts," saying the company's Chief Executive Adesh Tyagi wasn't a
credible witness for giving "disingenuous and evasive testimony."

                      About Cloudeeva, Inc.

Cloudeeva, Inc., a public company previously known as Systems
America, Inc., is a global cloud services and technology solutions
company specializing in cloud, big data and mobility solutions and
services. The company provides information technology staffing
services to major clients and third party vendors in the United
States and India. The company headquarters are in East Windsor,
New Jersey, with regional offices in California, Illinois and
international offices in India.

Cloudeeva, Inc., and its affiliates sought Chapter 11 bankruptcy
32 protection (Bankr. D.N.J. Lead Case No. 14-24874) in Trenton,
New Jersey, on July 21, 2014. The cases are assigned to Judge
Kathryn C. Ferguson.

Cloudeeva disclosed $4,989,375 in assets and $6,528,910 in
liabilities as of the Chapter 11 filing. The company said only
$209,000 is owing to its lender Prestige Capital Corp. and more
than $5.2 million is owed for trade vendor payables.

The Debtors originally tapped Lowenstein Sandler LLP as counsel.
However, they are now seeking the retention of Trenk, DiPasquale,
Della Fera & Sodono, P.C., to replace Lowenstein Sandler, who
retention was not formally approved by order of the Court. The
Debtors have also tapped Cole, Schotz, Meisel, Forman & Leonard,
P.A. as appellate counsel. Kurtzman Carson Consultants LLC serves
as claims and noticing agent.

                              * * *

On Aug. 22, 2014, Judge Ferguson entered an order dismissing the
Debtors' Chapter 11 cases at the behest of Bartronics Asia PTE
Ltd. BAPL asserted that the cases were not filed in good faith.
The Debtors subsequently filed an appeal challenging the dismissal
of their cases.

Since then, District Judge Joel A. Pisano for the District of New
Jersey entered an order staying the Case Dismissal Order pending
further proceedings. Simultaneously, Judge Pisano reinstated the
Debtors' bankruptcy cases and authorized the Debtors to be in
possession of their assets and the management of their business as
debtors-in-possession, subject to the continuing jurisdiction of
the Bankruptcy Court and any further orders of the Bankruptcy
Court or the District Court.

According to the docket, the Debtors' exclusive right to file a
plan expires on Nov. 18, 2014.


COBB APPARELS: ICRA Reaffirms B+ Rating on INR20cr LT Bank Loan
---------------------------------------------------------------
ICRA has reaffirmed its [ICRA]B+ rating on INR20.00 crore long
term fund based limits of Cobb Apparels Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund-       20.00        [ICRA]B+; Reaffirmed
   based bank
   facilities

Rating Rationale

The rating continues to remain constrained on account of the
company's weak financial profile characterized by high leverage,
stretched liquidity and low profitability levels. Despite high
gross margin, the fixed overhead expenses (such as rentals,
employee costs and other store expenses) continue to remain high,
which coupled with significant proportion of discounted sales
undertaken to liquidate the unsold apparels of the previous
season, continue to result in low operating profitability.
Further, the working capital intensity continues to remain high
(NWC/OI at 42% as on March 31, 2014) which coupled with increase
in scale of operations (operating revenue increased by ~17% year-
on -year in FY14) in FY14 necessitated additional working capital
requirements which were funded through enhanced working capital
limits. This, coupled with moderate net worth, low profitability
and cash accruals continue to result in high gearing, weak debt
coverage indicators and stretched liquidity as reflected in
consistently high utilization of the working capital limits. The
rating however favorably factors in the improvement in sales
realization and the growing presence of its exclusive brand
outlets in the National Capital Region (wherein sales per outlet
is comparatively higher) and closure of low profit outlets.
Going forward, the ability of the company to improve its
profitability and attain a sustained reduction in its gearing
shall be the key rating sensitivities.

CAPL was incorporated in September 2007 and is engaged in
designing and retailing branded apparels for men in the domestic
market under its brand 'Cobb'. The company offers a wide range of
apparels which comprises of shirts, trousers, suits, T-shirts,
Bermudas, pullovers, jackets and men's accessories.

Recent Results
The company reported a net profit of INR0.22 crore on an operating
income of INR58.4 crore in FY 2013-14, as against a net profit of
INR0.21 crore on an operating income of INR49.8 crore in the
previous year.


CROWN REALTECH: CRISIL Suspends D Rating on INR445MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Crown
Realtech Pvt Ltd (CRPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          18         CRISIL D
   Term Loan              445         CRISIL D

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

CRPL, formerly Bhagat Steel & Forgings Pvt Ltd (BSFPL), is a part
of the Crown group, which is promoted by Mr. R S Gandhi and
develops moderate-sized commercial and residential real estate
projects in and around Delhi and the National Capital Region.
BSFPL was set up in 1983 and had an industrial land in Faridabad
(Haryana), which was acquired by the Crown group in 2005-06
(refers to financial year, April 1 to March 31), followed by
acquisition of an adjoining industrial land, which was under the
name of a partnership firm, M/s Khosla Foundaries. In 2009, the
name of the company was changed to CRPL.


D.K. ENGINEERING: CRISIL Suspends B Rating on INR7.5MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
D.K. Engineering and Construction Pvt Ltd (DKECPL).

                             Amount
   Facilities              (INR Mln)      Ratings
   ----------              ---------      -------
   Bank Guarantee              35          CRISIL A4
   Cash Credit                  7.5        CRISIL B/Stable
   Proposed Bank Guarantee     45          CRISIL A4
   Proposed Cash Credit
   Limit                        2.5        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
DKECPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DKECPL is yet to
provide adequate information to enable CRISIL to assess DKECPL'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 2000, DKECPL is promoted by Mr. Deokant Jha and
Mr. Vinay Kumar Jha. Prior to its reconstitution as a private
limited company in 2000, it operated as a proprietorship concern
under the name D K Engineering & Construction. The company is
engaged in civil construction work primarily construction of roads
and bridges for government organisation such as Public Works
Department (PWD) and Prime Minister Gramin Sadak Yojana (PMGSY).


DAWAR INTERNATIONAL: CRISIL Suspends B+ INR155MM Cash Loan Rating
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Dawar International Electronics Pvt Ltd (DIEPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              155       CRISIL B+/Stable

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

DIEPL was set up as a proprietorship firm in 1988 by Mr. Virender
Dawar; it was reconstituted as a private limited company in 2005.
The company has 23 retail showrooms and 12 exclusive brand outlets
for various consumer goods such as LCD's, refrigerators, washing
machines, and mobiles, mainly in Gurgaon (Haryana) and nearby
areas. In addition, DIEPL is an authorised distributor for
products of Sony India Pvt Ltd (rated 'CRISIL AA/Stable') and of
ETA General Pvt Ltd (rated 'CRISIL BBB+/Stable/CRISIL A2') for the
Gurgaon region. DIEPL derives about 90 per cent of its revenues
from its retail business, and the rest from its distribution
business.


DECCAN STRIPS: CRISIL Suspends B Rating on INR80MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Deccan
Strips and Tubes Pvt Ltd (DSTL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           10        CRISIL A4
   Cash Credit              70        CRISIL B/Stable
   Long Term Loan           80        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       40        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by DSTL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DSTL is yet to
provide adequate information to enable CRISIL to assess DSTL'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 as a private limited company, DSTL commenced
commercial operations during September 2010. Based in Hyderabad
(Andhra Pradesh), the company manufactures mild steel square bars,
flat bars, angle bars, channel bars, and section bars of various
sizes. DSTL has installed capacity of 31,000 tonnes per annum.
DSTL is in advanced stages of setting up a rolling mill with an
installed capacity of 36,000 tonnes per annum. The promoters, Mr.
Ramnivas Singhal and Mr. Sumeet Singhal, have extensive experience
in the secondary steel industry.


EDEN TRANSPORT: CRISIL Suspends D Rating on INR97.8MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Eden Transport Pvt Ltd (ETPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan               97.8         CRISIL D

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

ETPL, incorporated in 2010 and promoted by Mr. Sachidanandan Rai
and Mr. Niranjan Rai, provides passenger bus transport services in
Bihar. At present the company has 118 buses, including 78 buses
operating only within Patna city limits and 40 inter-city buses
operating from Patna to cities in the Chapra and Siwan belts.


ELECTRO INTERNATIONAL: CRISIL Suspends B+ Rating on INR4MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Electro
International Company (EIC).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bill Purchase            23         CRISIL A4
   Cash Credit               4         CRISIL B+/Stable
   Packing Credit           23         CRISIL A4

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

EIC, set up in 1996 by Mr. Piyush Mussadi and Mr. Prashant
Mussadi, is a trader and exporter of various ferro alloys such as
silico manganese, ferro manganese, and ferro silicate.


ESHWARI PETRO-TECH: CRISIL Suspends B Rating on INR41MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Eshwari Petro-Tech Products Private Limited (EPPPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          15         CRISIL A4
   Cash Credit             41         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      34         CRISIL B/Stable

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

EPPPL, incorporated in 2007, is promoted by Mr. K S Kabaaleeshwer
along with his wife. Based out of Chennai (Tamil Nadu), the
company manufactures and trades in bitumen emulsifiers, which are
used as a coating material in the construction of roads.


FLYING FASHIONS: CRISIL Suspends D Rating on INR16MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Flying
Fashions (FF).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              16         CRISIL D
   Foreign Bill Purchase    10         CRISIL D
   Letter of Credit          2         CRISIL D
   Overdraft Facility        7.3       CRISIL D
   Packing Credit           14         CRISIL D
   Term Loan                15.7       CRISIL D

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

FF, based in Delhi, was established as a proprietary concern in
1980 by Mr. Pramod Arora. The firm is engaged in manufacturing and
exporting apparels (mainly women-wear and kids wear), fashion bags
and fashion accessories.

GDC ADVERTISING: CRISIL Suspends B+ Rating on INR35MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of GDC
Advertising Pvt Ltd (GDC).
                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             35         CRISIL B+/Stable
   Long Term Loan          14         CRISIL B+/Stable
   Overdraft Facility       5         CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by GDC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GDC is yet to
provide adequate information to enable CRISIL to assess GDC'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 1985, GDC is an advertising and communication
agency, offering advertising services across all media categories
including print, television, outdoors, and radio. GDC is promoted
by Mrs. S Lakshmi and her family.


GE GODAVARI: CRISIL Suspends D Rating on INR38MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
GE Godavari Engineering Industries Ltd (GEIL; part of the GE
Godavari group).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          18         CRISIL D
   Cash Credit             38         CRISIL D
   Letter of Credit        18         CRISIL D
   Proposed Cash Credit
   Limit                    1.5       CRISIL D
   Term Loan               21.5       CRISIL D

The suspension of ratings is on account of non-cooperation by GEIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GEIL is yet to
provide adequate information to enable CRISIL to assess GEIL'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 the ratings, CRISIL has combined the business and
financial risk profiles of GEIL and GE Godavari Engineering Ltd
(GEL), together referred to as the GE Godavari group. This is
because both the companies are under the same management team, and
derive considerable operational and financial synergies from each
other.

GEL, incorporated in 1980-81 (refers to financial year, April 1 to
March 31), manufactures fabricated equipment that is used mainly
in power generation, cement, and sugar plants. Its products
include surface condensers, heat exchangers, heaters, pressure
vessels, de-aerators, and storage tanks. It also undertakes
radiography and testing. GEIL was incorporated in 2008 as a
subsidiary of GEL to carry out job work for GEL. GEIL commenced
commercial operations in June 2009. However, in 2009-10, GEL sold
its entire stake in GEIL to promoters and others. The GE Godavari
group is promoted by Mr. M K Karande, his family, and others. The
group's manufacturing facility is at Peddapur (Andhra Pradesh).


GREEN CONCRETEX: CRISIL Suspends D Rating on INR90MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Green
Concretex Global Ltd (GCGL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Discounting         10        CRISIL D
   Cash Credit              90        CRISIL D
   Proposed Cash Credit
   Limit                    50        CRISIL D

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

GCGL was established in 2007 by Mr. Partha De, an engineer by
profession and a first-generation entrepreneur. The company
manufactures ready-mix concrete required by infrastructure and
realty companies. GCGL's office is in Kolkata (West Bengal [WB])
and its manufacturing units are in Durgapur, Howrah, Dankuni,
Kolkata (all in WB), and Bhilai (Chhattisgarh).


HARYANA PLYWOOD: CRISIL Suspends B Rating on INR60MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Haryana
Plywood Industries (HPI).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             60         CRISIL B/Stable
   Working Capital
   Term Loan               20         CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by HPI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HPI is yet to
provide adequate information to enable CRISIL to assess HPI'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 1980, HPI manufactures and trades in timber
products such as plywood, block boards and doors. The firm derives
majority of its revenues from trading operations with the balance
being contributed by the manufacturing segment. Currently, the
firm is owned and managed by its partners, Mr. Mahesh Bansal and
his wife Mrs. Upma Bansal.


HI GRADE: CRISIL Suspends D Rating on INR15MM Cash Credit
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of HI
Grade Shoe (HGS).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              15         CRISIL D
   Letter of Credit         10         CRISIL D
   Long Term Loan           14         CRISIL D
   SME Care Loan             3         CRISIL D

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

HGS, a partnership firm based in Vellore (Tamil Nadu), was set up
in 2005 by Mr. K S Sivakumar and his brother, Mr. K S Gandhi. The
firm manufactures shoe uppers and whole shoes.


INSTITUTE OF MANAGEMENT: ICRA Rates INR10cr Term Loan at 'D'
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]D to the INR10.0
crore term loans of Institute of Management & Information Science.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based-Term Loans    10.00       [ICRA]D assigned

Rating Rationale

The assigned rating takes into account the recent delays in debt
servicing by the society, its adverse financial profile
characterized by continuing cash losses incurred over the last
couple of years and the significant decline in occupancy levels
during the last two to three academic years, thus leading to
continuous decline in the Society's fee revenues. The rating also
takes into account the moderate scale of IMIS's operations and its
exposure to revenue concentration risks, given that significant
proportion of the revenues are being derived from the MBA courses.
The rating however, draws comfort from the experience of the
management in the education sector with over two decades of
association with the same. Going forward the ability of the
society to attract students to increase the occupancy levels, in
order to generate adequate profits and cash accruals for timely
servicing of its debt obligations, will remain a key rating
sensitivity.

Incorporated in 1995, Institute of Management & Information
Science (IMIS) offers two full time MBA courses at its campus in
Bhubaneswar, Odisha. The institute has an intake capacity of 120
students for Post Graduate Diploma in Management and 60 students
for Post Graduate Diploma in Finance & Control. The current
strength of the students stands at 182.

Recent Results
IMIS reported a net loss of INR2.17 crore on an operating income
of INR6.07 crore during the financial year 2013-14, as compared to
a net loss of INR2.21 crore on an operating income of INR8.54
crore during the financial year 2012-13.


KARTIKA ISPAT: ICRA Suspends B Rating on INR8.4cr LT Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR8.4 crore
long term fund based facilities and [ICRA]A4 rating to the INR0.60
crore short term non fund based limits of Kartika Ispat Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Incorporated in 2008, KIPL is engaged in manufacturing of mild
steel Ingots through induction furnace process. The company has an
installed capacity of 23800 MT per annum. Manufacturing facility
of the company is located in Malegaon MIDC near Nashik in
Maharashtra. The company uses sponge iron and steel scrap as raw
material for manufacturing of Ingots. Commercial operations of the
company commenced in December 2010.


MADRAS MEDICAL: ICRA Ups Rating on INR24.85cr Term Loan to 'B'
--------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR30.85
crore long term fund based facilities (revised from 26.72) of The
Madras Medical Mission from [ICRA]D to [ICRA]B. ICRA has also
upgraded the short-term rating assigned to the INR60.35 crore
short term fund based and non-fund facilities (revised from 27.56)
of the Entity from [ICRA]D to [ICRA]A4.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term loan facilities    24.85        [ICRA]B/upgraded from
                                        [ICRA]D

   Fund based facilities    6.00        [ICRA]B/upgraded from
                                        [ICRA]D

   Short term loan
   facilities              40.00        [ICRA]A4/upgraded from
                                        [ICRA]D

   Non-fund based          20.35        [ICRA]A4/upgraded from
   Facilities                           [ICRA]D

The rating upgrade factors in the regularisation in debt servicing
by the Entity, supported by revenue growth and margin improvement
during 2013-14, aided by improvement in occupancy in the flagship
Chennai facility. The ratings are constrained by MMM's stretched
capital structure due to accumulated losses over the years and
debt funded capital expenditure (to support periodic capital
expenditure), which is expected to remain under pressure in medium
term due to additional planned capex; thin profit margins due to
concessions being extended to patients for being a "not for profit
organization" and are also dependent on donations; concentration
risk due to high dependence on Chennai facility and high
dependence on short term loans, coupled with large repayment
obligations on term loans exposes the Entity to refinancing risks.
The ratings however draws comfort from MMM's long standing
presence in healthcare market in Chennai, with strong technical
capabilities backed by state-of-the art equipment and quality
professionals. ICRA also takes note of the expansion being
undertaken in Chennai and Pondicherry, which is expected to aid
revenue and accrual growth in medium term and will be critical for
improvement in credit profile.

The Madras Medical mission (MMM) is a registered society (under
the Tamil Nadu Societies Registration Act, 1975) established in
1982 by Bishop Zachariah Mar Dionysius. MMM commenced operations
in 1987 by providing cardiac care treatment out of rented premises
and over the years has developed into a multi specialty hospital.
Currently MMM has a cardiac centre, reproductive medicine centre,
transplant centre for renal cases, gastroentology division,
radiology division and a nuclear medicine centre with 270 beds in
Madras unit. In 2001, MMM started the Pondicherry Institute of
Medical Sciences (PIMS) to provide medical education with the
current capacity of 590 beds. MMM has also entered into public
private partnership with the Ministries of Health and Family
Welfare of several countries including Tanzania, Seychelles,
Bangladesh, Fiji, Bahrain, Maldives and Rwanda for treatment of
their patients and for training of their medical and paramedical
professionals. In 2008, MMM College of Nursing was established to
train nursing personnel to serve the global markets.

Recent Results
MMM has reported net profit of INR5.9 crore on an operating income
of INR207.0 crore in 2013-14, as against net profit of INR2.1
crore reported on an operating income of INR183.5 crore for 2012-
13.

MID INDIA: ICRA Reaffirms B+ Rating on INR80cr Long Term Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the INR80
crore long term bank facilities of Mid India Creations.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund        80.00        [ICRA]B+; reaffirmed
   based limits

ICRA rating reaffirmation takes into account the favorable project
location on the Indore bypass road, which has many upcoming
residential and commercial projects nearby. Further, the rating
also takes into account the extensive experience of the promoters
in the construction and real estate industry. While reaffirming
the rating, ICRA has taken note of increase in the scope of the
project which has increased the estimated project cost from
INR123.27 crore to INR164.37 crore. Due to the change in the scope
of the project, the commercial operations date (COD) of the
project has been shifted from the previously planned date of
October 2014 to July 2015. However, given that 55% of the costs
were incurred by August 2014 (majority of which comprise of land
costs), achieving the targeted COD will be challenging. The
additional costs are being funded in almost the originally planned
debt to equity ratio of 1.55x. Nevertheless, the terms of the
loans are favorable with a maturity of eight years, along with
ballooning repayments starting from December 2015. Subsequently,
ability to achieve planned occupancies and realizations and thus
generate adequate cash accruals to meet the repayments will be
critical. Further, the rating factors in the concentration risk of
the revenue stream by virtue of the single hotel property and
risks inherent in a partnership firm.

Going forward, timely infusion of promoter funds, completion of
the project within the revised estimates and subsequently achieve
targeted realizations and occupancies will be crucial for timely
debt servicing and hence will remain the key rating sensitivities.

MIC is a partnership firm incorporated in October, 2011 under the
Limited Liability Partnership Act 2008 and is constructing a 120
room hotel in indore, Madhya Pradesh. MIC has three partners
belonging to the BCM Group and the Naidunia Group of Madhya
Pradesh, and the Surana Group of Jaipur. The BCM Group has
undertaken many real estate projects in Madhya Pradesh, while the
Naidunia Group is engaged in the print media business in Madhya
Pradesh and is also present in information technology services.
The Surana Group has presence in jewellery and construction
business and also operates a multiplex, a hotel and a convention
centre.


NITYA HOTELS: ICRA Assigns 'B+' Rating to INR5.0cr Term Loan
------------------------------------------------------------
ICRA has assigned its rating of [ICRA] B+ to the INR5.7 crore
fund-based bank facilities of Nitya Hotels Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan              5.0        [ICRA]B+; Assigned
   Cash Credit            0.7        [ICRA]B+; Assigned

The rating is constrained by the hotel being in the initial phase
of operations with the ramp up in revenues critically dependent on
the hotel's ability to attract corporate clients. The rating is
further constrained by the cyclicality associated with the hotel
industry. With the hotel having started operations and repayments
having commenced from June 2014, any delay in stabilization of
cash flows would result in a cash flow mismatch and necessitate
external financing. However, the rating favourably factors in the
management agreement between NHPL and the Carlson Rezidor Hotel
Group for their 'Country Inn & Suites by Carlson' brand, which is
expected to lend the hotel an established global brand name and
provide it with operational and management expertise. The rating
also takes into account the extensive experience of the promoters
in the real estate business, having managed resorts in the past as
well. Further, the rating also takes into account the first mover
advantage the hotel enjoys on account of it being the first
operational international brand hotel in Bhiwadi.

The stabilization of operations to help the company attain break
even and improvement in its financial risk profile will be the key
rating sensitivities.

Incorporated in 2006, NHPL is a private limited company and has an
operational hotel in the Bhiwadi region of Alwar, Rajasthan. The
hotel is branded under Country Inns & Suites by Carlson, a brand
owned by the Carlson Rezidor group. As part of the management
agreement with Carlson Rezidor Group, Carlson Bestech Management
Services, the Indian affiliate of the group will manage the
operations of the hotel. The hotel has 50 guest rooms; a banquet
hall, a resto-bar, a coffee shop, a business centre, a banquet
hall, a fitness centre and a swimming pool. The hotel commenced
operations in June 2014.

The directors of the company include Mr. Lalit Kumar Dhingra and
Mr. Anil Gupta. The directors have experience in the construction
and real estate business. The promoters have an existing shopping
mall operational at Bhiwadi known as KG Plaza. They also have a
hospital under construction in Gurgaon, Haryana.


PANDIT AUTOMOBILES: ICRA Suspends B+/A4 Rating on INR9.5cr Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA]A4 rating assigned to the
INR9.50 crore, long term loans & working capital facilities of
Pandit Automobiles Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


PRATEEK APPARELS: ICRA Upgrades Rating on INR70cr Loan to 'B-'
--------------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR25.00
crore term loan facilities and the INR70.00 crore fund based
facilities of Prateek Apparels Private Limited to [ICRA]B- from
[ICRA]D. ICRA has also revised the short term rating outstanding
on the INR30.00 crore fund based facilities and the INR6.00 crore
non-fund based facilities of PAPL to [ICRA]A4 from [ICRA]D.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan Facilities    25.00       [ICRA]B-/Revised from
                                       [ICRA]D

   Fund Based Limits       70.00       [ICRA]B-/Revised from
                                       [ICRA]D

   Fund Based Limits       30.00       [ICRA]A4/Revised from
                                       [ICRA]D

   Non-fund based           6.00       [ICRA]A4/Revised from
   facilities                          [ICRA]D

The revision of ratings reflects timely servicing of the debt
obligations by the Company over the last six months. The ratings
however remain constrained on account of the stretched liquidity
profile of PAPL due to high inventory levels. The Company operates
in a highly competitive environment in both the retail and
manufacturing operations, which limits the pricing flexibility
thereby resulting in thin operating margins. The ratings however
factor PAPL's reduced dependence on low value additive trading
business in the context of subdued domestic market demand; its
recent foray into e-retail segment and new customer additions in
the export market improving the Company's business mix. PAPL's
well established relationships with its major customers coupled
with long standing experience of the promoters in the garmenting
industry further lends business support.

Incorporated in 1995, PAPL is engaged in the businesses of making
readymade garments, retailing apparels and trading in fabric.
Promoted by Mr. Pradeep Aggarwal and the Phulchand Group, PAPL has
five manufacturing units in Karnataka. The Company largely makes
men's and women's formal and casual wear. The Company entered
retail operations in 2007 through its subsidiary Prateek Lifestyle
Limited, which was merged in PAPL in 2009. It operates through two
retail formats, namely, 'Coupon' stores (which is large-format
discount store) and 15 'F-Square' stores (which are small-format
stores selling in-house brands). The Company during 2013-14
liquidated 13 of its large-format stores to Future Retail Limited
and presently operates one store in Bangalore under 'Coupon'
brand.
The Company has two subsidiaries namely, Munch Design Workshop
Private Limited (which provides design solutions for PAPL) and
Prateek Spintex Limited (which manufactures knitted garments for
PAPL). PAPL also has floated a new entity 'Bilteek Fashions Pvt
Ltd' which is a 50:50 JV with a turkey based ready made garment
manufacturing company, Bilasar AS in 2011-12.

Recent Results
During 2013-14, the Company reported profit after tax of INR1.3
crore on operating income of INR273.6 crore against profit after
tax of INR0.8 crore on operating income of INR313.7 crore during
2012-13.


QUALITY TEA: ICRA Assigns B+ Rating to INR6.60cr Cash Credit
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR6.60
crore cash credit facility, the INR1.73 crore term loan, the
INR0.50 crore bank guarantee and the INR0.17 crore unallocated
limits of Quality Tea Plantations Private Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit Facility     6.60       [ICRA]B+ assigned
   Term Loan                1.73       [ICRA]B+ assigned
   Bank Guarantee           0.50       [ICRA]B+ assigned
   Unallocated Limits       0.17       [ICRA]B+ assigned

The rating takes into account QTPPL's weak financial profile
characterised by its low net profitability, moderate capital
structure and weak coverage indicators. ICRA notes that tea being
an agricultural commodity exposes the company to agro climatic
risks. A single garden located in the Jalpaiguri district of West
Bengal along with the small scale of current operations further
accentuates this risk for the company. Further, the cyclicality
associated with the bulk tea industry also tends to keep profits
and cash flows volatile. The rating however, draws comfort from
the experience of the promoters in the domestic bulk tea industry,
the favourable age profile of tea bushes leading to better
productivity and the company's superior quality of tea commanding
a premium over industry averages. ICRA also factors in the
favourable price outlook for the domestic bulk tea industry at
least over the short to medium term.

Quality Tea Plantations Pvt. Ltd. (QTPPL) was incorporated in 1989
and has a tea garden in the Jalpaiguri district of West Bengal
covering an area of around 659 hectares. The company primarily
produces CTC variety of tea which it sells in the domestic market
through a mix of auction and private sales.

Recent Results
QTPPL registered a profit after tax of INR0.13 crore on the back
of OI of INR21.72 crore in 2013-14. In 2012-13, the company
registered a profit after tax of INR0.05 crore on the back of OI
of INR20.24 crore.


S.M. COLD: ICRA Assigns 'B' Rating to INR0.52cr Term Loan
---------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR0.52 crore term loan
facility of S.M. Cold Storage Private Limited. ICRA has also
assigned an [ICRA]A4 rating to the INR5.03 crore fund based and
INR0.26 crore non-fund based bank facilities of SMCSPL. An
unallocated amount of INR0.19 crore has been rated by ICRA at
[ICRA]B and [ICRA]A4 on long term and short term scale
respectively.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit-      0.52       [ICRA]B assigned
   Term Loan

   Fund Based Limit-      4.16       [ICRA]A4 assigned
   Short Term Bulk
   Finance

   Fund Based Limit-      0.65       [ICRA]A4 assigned
   Short Term
   Operating Expenses

   Fund Based Limit-      0.22       [ICRA]A4 assigned
   SOD

   Non Fund Based         0.26       [ICRA]A4 assigned
   Limit-Bank
   Guarantee

   Fund Based/Non Fund    0.19       [ICRA]B/ [ICRA]A4 assigned
   Based Limit-
   Unallocated limit

The assigned ratings take into account SMCSPL's small scale of
operations, its weak financial risk profile characterized by low
profitability, highly leveraged capital structure, subdued
business return indicators and depressed level of coverage
indicators. The ratings also take into account SMCSPL's exposure
to agro-climatic risks, with its business performance being
entirely dependent upon a single agricultural commodity, i.e.
potato, and its exposure to counter party risk arising from loans
extended to farmers, which may lead to delinquency, if potato
prices fall to a low level. The ratings take note of the regulated
nature of the industry that makes it difficult for SMCSPL to pass
on the increase in the operating costs in a timely manner,
leading, in turn, to a downward pressure on profitability. The
ratings, however, take into account the long track record of the
promoters in the cold storage business, and the locational
advantage of SMCSPL by way of presence of its cold storage unit in
West Bengal, a state with large potato production. In ICRA's
opinion, the ability of the company to improve profitability while
managing its working capital requirements would be a key rating
sensitivity going forward.

Incorporated in 1984, SMCSPL is a cold storage set up in Bankura
district of West Bengal. SMCSPL is primarily engaged in the
business of storage and preservation of potatoes. Currently,
SMCSPL has an annual storage capacity of 17,000 tonnes.

Recent Results
In 2013-14, the company reported a net profit of INR0.03 crore
(provisional) on an operating income of INR1.63 crore
(provisional), as compared to a net profit of INR0.01 crore on an
operating income of INR1.54 crore in 2012-13.


SAHARA GROUP: Awaits Ct. Ruling on New Loan For Chief's Release
---------------------------------------------------------------
The Times of India reports that embattled Indian conglomerate
Sahara is readying for a court verdict on December 24 that will
determine if it can take on a new loan and refinance debt on its
overseas hotels, including the Plaza in New York, to secure the
release of its jailed chief.

TOI relates that Sahara chairman Subrata Roy has been held in a
New Delhi jail for more than nine months now in Sahara's long-
running dispute with the country's capital markets regulator. The
feud is over the company's alleged failure to repay, with
interest, billions of dollars it had raised in bonds that were
later ruled to be illegal, the report says.

Mr. Roy's release from jail is crucial for the group as he
directly oversees its main businesses and is its public face,
according to the report.

TOI notes that Sahara's total liability has been estimated at up
to $7.4 billion by the regulator and the Supreme Court has
demanded Sahara pay INR100 billion ($1.6 billion) initially before
it grants interim bail to 66-year-old Roy, a prominent business
tycoon.

The report says the group has sought the court's permission to
raise $650 million in new debt and provide the remaining $900
million-plus by refinancing a loan from Bank of China (BOC)
through a willing creditor.

According to the report, Sahara has named in court a company
called Oasis as among those interested to refinance the BOC loan
and provide the new debt, but its identity was not immediately
clear in court documents that are public.

The group has also tried to sell its trophy hotels, including the
Plaza and Grosvenor House in London, but has not been successful.
The court has prohibited Sahara from selling the hotels at a
discount of more than 5 percent to current market value, the
report adds.

"There is no plan B as of now," said a person with knowledge of
Sahara's plans, adding the company was betting on the court
accepting its refinancing-cum-debt-raising proposal after which it
would try to close the deal at the earliest and apply for a bail
for Roy, TOI relays.

"What can you do? The potential bidders know the situation, and
they would like to do a bargain deal," said the person, who
declined to be named due to sensitivity of the issue," notes the
report.

Although the court is expected to pass an order on Sahara's plea
on December 24, it can also defer a verdict, the report notes.
Sahara has previously said that it had repaid most investors, a
claim the court and the markets regulator, the Securities and
Exchange Board of India, have disputed, TOI adds.

Sahara Group operates businesses ranging from finance, housing,
manufacturing and the media.  Sahara also sponsors the Indian
hockey team and owns a stake in Formula One racing team, Force
India.


SAVFAB DEVELOPERS: ICRA Assigns B+ Rating to INR35cr Term Loan
--------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR35.0
crore long term loan of Savfab Developers Private Limited.  The
rating favourably factors in the experience of SBPL's promoters in
the real estate sector in the National Capital Region (NCR) and
the low approval risks for SBPL's project Jasmine Grove. The
rating also factors in the debt tie-up and the fact that promoters
have brought in a substantial part of their envisaged
contribution.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loans             35.0        [ICRA]B+; Assigned

However the rating is constrained by the execution risks given the
initial stage of project completion and the modest level of
bookings. The company plans to fund large part of the project cost
through promoter funds and bank debt, however with substantial
debt repayment obligation in 2016-17, it will be exposed to
refinancing risk in absence of strong bookings and consequent
collections. Moreover, with the company envisaging enhancing the
scope of the project applying for additional Floor Area Ratio
(FAR) approvals, upfront funding requirements are expected to
increase.

Going forward, the company's ability to improve booking levels,
execute the project as planned while managing its cashflows will
be key rating sensitivities. Further, the timing of any additional
approval costs and revenue share to land owning entities will also
be rating sensitivities.

Incorporated in 2012, SBPL is developing a residential project
called "Jasmine Grove" at Village Mehrauli, NH-24, Ghaziabad,
Uttar Pradesh. The project has a current saleable area of 455120
sq ft with a total cost of INR105 crore. The same is envisaged to
be funded through bank term loan of INR35 crore, customer advances
of INR41 crore and balance through promoter funds. The land is
owned by a consortium of SBPL and other promoter owned entities.
The company is part of the Saviour group which is promoted by Mr.
Dhanesh Goel and Mr. Vineet Goel who have been executing projects
in NCR for the past many years.


SHINE METALTECH: ICRA Suspends D Rating on INR6.40cr Term Loans
---------------------------------------------------------------
ICRA has suspended [ICRA] D rating assigned to the INR7.0 crore of
working capital facilities and term loans of Shine Metaltech
Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.60       [ICRA]D suspended
   Term Loans             6.40       [ICRA]D suspended

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

SHREE GOVARDHAN: ICRA Reaffirms B+ Rating on INR10cr FB Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR10.00 crore (Enhanced from INR9.00 crore) fund based facilities
of Shree Govardhan Steels Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based limits     10.00        [ICRA]B+ (reaffirmed)

The rating reaffirmation continues to be constrained by company's
presence in a highly fragmented nature of industry with low entry
barriers. Further ICRA takes note of the deterioration in the
financial risk profile of the company as reflected by the fall in
net profit, increased gearing level and weak debt protection
metrics coupled with company's small scale of operations with
moderate capacity utilization of the plant which impacts business
returns. The rating, however, favorably factor in the long
experience of the promoters in the iron & steel business and
positive demand outlook for the Iron angles driven by increased
demand from infrastructure, manufacturing sectors, indicates
robust business potential for the company.

Shree Govardhan Steels Pvt. Ltd (SGSPL) was incorporated in the
year 2010 with the manufacturing facility situated at Kasganj
(U.P). The company is primarily engaged in manufacturing of Iron
Angles with a installed capacity of 30000 tons. The Company is
professionally managed by Mr. Ashish Agrawal.

Recent Results
During the financial year 2013-14, the Company reported profit
after tax (PAT) of INR0.17 crore on an operating income of
INR26.22 crore as against PAT of INR0.24 crore on an operating
income of INR27.18 crore in 2012-13.


SHYAM FERROUS: ICRA Reaffirms B+ Rating on INR11cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR7.0 crore fund-
based bank facilities, INR4.00 crore term loan and INR3.60 crore
of unallocated limits of Shyam Ferrous Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term Fund        11.00        [ICRA]B+ (reaffirmed)
   based limits

   Unallocated limits     3.60        [ICRA]B+ (reaffirmed)

The ratings reaffirmation takes into account the marginal growth
in sales reported by SFL in FY14 and relatively moderate debt
protection metrics with gearing and interest coverage at 1.45
times and 2.3 times respectively as on 31st March 2014. Further,
low but improved capacity utilization of induction furnace and
rolling mill. The company is also planning a debt funded capex in
the near future, which may further deteriorate the coverage
indicators. Further, cash flows of SFL remained stretched with
negative free cash flows in FY14 and the profitability of the
company remained thin and exposed to persisting high competitive
nature of the industry. However, the ratings continue to draw
comfort from the long experience of the promoters in the steel
industry. The rating also factors in the integrated plant with
capabilities to manufacture MS Billets and TMT bars and low
working capital intensity of the company. ICRA has also taken into
consideration of the well established dealer network of the
company, which help SFL to maintain its sales despite of downturns
in the industry.

Incorporated in 1996, SFL is engaged in the manufacture of mild
steel (MS) ingots and thermo-mechanically treated (TMT) bars. The
manufacturing facility of the company is located at Devarapalli
Hindupur in the Ananthapur district of Andhra Pradesh. The
installed capacity of the facility for MS ingots is 19,500 metric
tonnes per annum (MTPA) and that for TMT bars is 60,000 MTPA. The
customer base of the company mainly comprises traders and
retailers based in and around Bangalore.

Recent Results
The company reported an operating income of INR126.4 Cr and net
profit of INR0.4 Cr for the financial year 2013-2014 as opposed to
an operating income of INR123.4 Cr and net profit of INR0.1 Cr for
the financial year 2012-2013.


SPICEJET LTD: Parent Says Can't Make Large Sums to Revive Carrier
-----------------------------------------------------------------
The Times of India reports that the parent of loss-making SpiceJet
Ltd cannot make large investment into the carrier and can do no
more than provide a guarantee for a bank loan needed to keep the
airline from collapsing, said Sun Group chief financial officer.

"We do not have the liquidity to invest large sums at the time
which is why we need bank financing. For which the promoters are
willing to provide a guarantee. We cannot do more than this," the
report quotes SL Narayanan as saying.

SpiceJet was forced to ground its entire fleet on December 17
after oil companies, which are owed money by the airline, refused
to refuel its planes, TOI notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 18, 2014, Economic Times said 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 related.

Bloomberg News said 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.

                         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. The carrier is India's second-
biggest budget airline, after IndiGo.

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.


TAXUS INFRASTRUCTURE: ICRA Assigns B+ Rating to INR6cr FB Loan
--------------------------------------------------------------
ICRA has assigned ratings of [ICRA] B+ to the INR6.00 crores fund-
based limits of Taxus Infrastructure & Power Projects Private
Limited. ICRA has also assigned ratings of [ICRA]A4 to the short
term non fund based bank lines of Taxus.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based limits         6.0        [ICRA]B+ assigned
   Non Fund Based limits    15.0        [ICRA]A4 assigned

The rating is constrained below average performance of the solar
power plant which has held to below average debt coverage
indicators. The company is also engaged in providing turnkey
solution for automation of capacitor banks which is highly working
capital intensive thus has resulted in poor cash generation from
operations. In addition the company remains exposed to delays in
payments from state utilities who are its primary customers. In
addition to above the rating also factors in Taxus's modest scale
of operations which coupled with the company's low profitability
has resulted in modest cash accruals. However the ratings continue
to draw comfort from the long standing track record of promoters
in the power industry and successful commissioning of the 5.0 MW
solar power plant and firm PPA in place with GUVNL at an
attractive preferential tariff.

Going forward, operations of the plant need to be monitored in
order to benchmark the actual performance against the initially
projected level. The credit risk profile would remain
significantly dependent on the timely collection from GUVNL.

Taxus Infrastructure & Power Projects Private Limited (Taxus) was
established in the year 2009 in Delhi for providing turnkey
services in power industry. The company was promoted by Mr. Satyen
Sharma. Taxus Infrastructure & Power Projects Pvt. Ltd. is engaged
in providing turnkey solutions in Reactive Power Management, Up
gradation of Fixed Type Capacitor Banks to Automatic Capacitor
Banks of 33/11 KV and 66/11 KV substations of state utilities. In
the year 2010 the company ventured in setting up of solar power
plant under the Gujarat State solar policy, under which the
company has set up a 5.0 MW solar power plant.

Recent Results
Taxus reported a profit after tax (PAT) of INR0.61 crores on an
operating income of INR43.17 crore in FY 2013-14 as against profit
after tax (PAT) of INR0.07 crores on an operating income of
INR42.15 crore in FY 2012-13.


VISHWA GREEN: ICRA Assigns D Rating to INR14cr Term Loan
--------------------------------------------------------
ICRA has assigned a rating of [ICRA]D to the INR14.00 crore long
term fund based facilities of Vishwa Green Realtors Private
Limited.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            14.00        [ICRA]D assigned

Rating Rationale

The assigned rating factors in the recent instances of delays in
debt servicing by the company on account of its weak liquidity
position arising as a result of lower sales realisations from the
sold area coupled with cost escalations in one of the projects,
and utilization of some part of proceeds from ongoing projects for
purchase of land for upcoming projects. The rating also takes into
account the company's exposure to risks of time and cost overruns
for the two ongoing projects which are currently in the initial
stages of construction; and vulnerability of the company's
profitability to fluctuations in prices of key raw materials.
Further, the assigned rating is constrained by the company's
exposure to selling risks for the unsold portion of the projects
and to funding risks as the proposed debt funding for the two
ongoing projects is yet to be tied up.

The rating however favourably factors in the clear land title,
presence of key regulatory approvals for the projects, and
favourable location of the projects in the rapidly developing Navi
Mumbai region.

VGRPL was set up in August 2010 by Mr. Sunil Khanna and his son
Mr. Siddharth Khanna with the objective of undertaking development
of real estate projects in Navi Mumbai region. Mr. Sunil Khanna is
a textile engineer by qualification and has been operating a
proprietorship firm named Sagar Enterprises from 1995, which is
engaged in the business of supplying hosiery and textile items to
the canteen store departments of Indian defence sector. Although
the company has not executed any residential or commercial
projects previously, it is currently developing three residential
projects in the Navi Mumbai region with a total aggregated
saleable area of 1.85 lakh sq. ft.

Recent Results
For the financial year ended March 31, 2014, the company reported
an operating income of INR19.62 crore and a net loss of INR6.22
crore as against an operating income of INR0.03 crore and profit
after tax of INR0.23 crore for the financial year 2012-13.



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


XACBANK: Fitch Affirms B Issuer Default Rating; Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of Mongolia-based XacBank LLC at 'B'.  The Outlook remains
Negative.  The Viability Rating (VR) was affirmed at 'b' and the
Support Rating Floor (SRF) affirmed at 'B-'.

KEY RATING DRIVERS - IDRS, VRS AND SENIOR DEBT

The VR-driven IDR of the bank captures the weakening operating
environment in Mongolia.  This contributed to a spike in impaired
loans in 2014 following the bank's shift towards SME lending,
which now account for more than half of its loans, from
microfinance operations.  Management has been tightening its
lending policies and Fitch believes that measures, such as
limiting loan growth, reducing foreign currency lending and higher
provisioning, could help the bank to maintain the financial
characteristics associated with the current rating level.

Adherence to its significantly lower growth target, possibly at
the expense of market share, should enable the bank to maintain
adequate capitalisation; XacBank's Fitch core capital ratio stood
at 10.7% at 1H14.  The ratings also capture the bank's
satisfactory deposit franchise and stable access to foreign-
currency funding from multinational and bilateral institutions.
Diversified ownership and involvement of international
shareholders in the bank's management underpin a reasonable degree
of corporate governance.

XacBank's Outlook remains Negative as Fitch considers it possible
that XacBank's loan quality will continue to worsen as the
weakening local currency lowers the capacity of borrowers to repay
their foreign-currency loans.

RATING SENSITIVITIES - IDRS, VRS AND SENIOR DEBT

Fitch would downgrade XacBank's ratings if the bank were to
increase its risk appetite, if its tightened risk management was
insufficient to contain further material loan deterioration or if
the bank was not able to quickly react to tougher operating
conditions.

Positive rating actions could derive from improving operating
conditions, including a favourable resolution to a dispute between
Rio Tinto and the government over the Oyu Tolgoi copper mining
project and successful gradual removal of government stimulus
measures.  Less reliance on external parties to fund growth would
be another consideration.

KEY RATING DRIVERS AND RATING SENSITVITIES - SUPPORT RATING AND
SUPPORT RATING FLOOR

The Support Rating (SR) and SRF of the bank reflect Fitch's view
that sovereign support, although possible, cannot be relied upon.
Although Fitch believes the government is willing to support
systemically important banks, its ability to do so remains
limited.

The SR and SRF are sensitive to changes in the authorities'
ability and willingness to provide support.  An upgrade of
Mongolia's sovereign rating (B+/Negative) could result in a higher
SRF while a downgrade may not necessarily trigger a change as the
existing SR and SRF already indicate poor prospects for timely
support.

The rating actions are:

XacBank
Long-Term Foreign Currency IDR affirmed at 'B'; Outlook Negative
Short-Term Foreign Currency IDR affirmed at 'B'
Long-Term Local Currency IDR affirmed at 'B'; Outlook Negative
Viability Rating affirmed at 'b'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'B-'

In accordance with Fitch's policies the issuer appealed and
provided additional information to Fitch that resulted in a rating
action that is different than the original rating committee
outcome.



=====================
P H I L I P P I N E S
=====================


RURAL BANK OF BURAUEN: Placed in PDIC Receivership
--------------------------------------------------
The Monetary Board (MB) placed the Rural Bank of Burauen (Leyte),
Inc. under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 1922 dated
December 4, 2014. As Receiver, PDIC took over the bank on December
10, 2014.

Rural Bank of Burauen is a single-unit rural bank with Head Office
located at San Ramon St., Burauen, Leyte. Latest available records
show that as of September 30, 2014, Rural Bank of Burauen had
2,026 accounts with total deposit liabilities of PHP33.13 million.
A total of 2,020 deposit accounts or 99.70% of the accounts have
balances of PHP500,000 or less and are fully covered by deposit
insurance. Estimated total insured deposits amount to PHP32.42
million or 97.86% of the total deposits.

PDIC said that upon takeover, all bank records shall be gathered,
verified and validated. The state deposit insurer assured
depositors that all valid deposits shall be paid up to the maximum
deposit insurance coverage of PHP500,000.00.

The PDIC also announced that it will conduct the Depositors-
Borrowers Forum on December 19, 2014 to inform depositors of the
requirements and procedures for filing deposit insurance claims.
Claim forms will be distributed during the Forum. The schedule and
venue of the Forum will be posted at the bank premises and in the
PDIC website, www.pdic.gov.ph. The claim forms and the
requirements and procedures for filing are likewise available for
downloading from the PDIC website.

Depositors may update their addresses with the PDIC
representatives at the bank premises using the Mailing Address
Update Forms to be furnished by PDIC representatives. Duly
accomplished Mailing Address Update Forms should be submitted to
PDIC representatives accompanied by a photo-bearing ID with
signature of the depositor. Depositors may update their addresses
until December 17, 2014.

Depositors with valid deposit accounts with balances of
PHP50,000.00 and below need not file deposit insurance claims. But
depositors who have outstanding obligations with Rural Bank of
Burauen including co-makers of the obligations, or have incomplete
and/or have not updated their addresses with the bank, regardless
of amount, should file deposit insurance claims.

The schedule of the claims settlement operations will be announced
during the Depositors'-Borrowers' Forum and through notices to be
posted in the bank premises and other public places as well as
through the PDIC website, www.pdic.gov.ph.

According to the latest Bank Information Sheet (BIS) as of
June 30, 2013 filed by the Rural Bank of Burauen with the PDIC,
the bank is owned by Rosario V. Dagatan (30.1%), Jerone V. Dagatan
(24.11%), Valeria G. Brigola (7.83%), Corazon D. Oribia (5.18%),
Allan Jesus P. Bantula (3.04%), Ma. Fe P. Bantula (2.95%),
Eufrocina C. Dagatan (2.86%), Emelita M. Almerino (2.7%) and
Clinton Val G. Brigola (2.33%). Its Chairman is Valeria G. Brigola
and its President is Jerone V. Dagatan.



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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------


AUSTRALIA

360 CAPITAL OFFI          TOF            88.94        -33.19
AAT CORP LTD              AAT            32.50        -13.46
AAT CORP LTD              AAT            32.50        -13.46
ATLANTIC LTD              ATI            64.03       -517.87
AUSTRALIAN ZI-PP        AZCCA            14.89        -65.04
AUSTRALIAN ZIRC           AZC            14.89        -65.04
BESRA GOLD -CDI           BEZ            67.38        -22.27
BIRON APPAREL LT          BIC            19.71         -2.22
BLUESTONE GLOBAL          BUE            46.32         -2.40
CLARITY OSS LTD           CYO            13.99        -15.57
KASBAH RESOURCES          KAS            18.24         -0.85
KASBAH RESOUR-NS         KASN            18.24         -0.85
LEGEND MINING             LEG            20.24         -0.66
MACQUARIE ATLAS           MQA         1,643.30     -1,018.14
MIRABELA NICKEL           MBN           158.54       -375.82
NATURAL FUEL LTD          NFL            19.38       -121.51
QUICKFLIX LTD             QFX            12.12         -4.38
QUICKFLIX LTD-N          QFXN            12.12         -4.38
RIVERCITY MOTORW          RCY           386.88       -809.13
SAVCOR GRP LTD            SAV            25.90        -10.32
STERLING PLANTAT          SBI            55.20        -11.32
STONE RESOURCES           SHK            21.01         -5.58
STRAITS RESOURCE          SRQ           185.04        -65.47
TZ LTD                    TZL            12.45        -10.10
VDM GROUP LTD             VMG            17.70         -2.10


CHINA

ANHUI GUOTONG-A            600444        75.69         -6.25
BAIOO                        2100        88.34         -3.21
CHANG JIANG-A                 520        85.63       -803.28
HUNAN TIANYI-A                908        56.58         -1.61
JIANGXI CHANG-A            600228       110.07         -9.15
LUOYANG GLASS-A            600876       203.45         -2.05
LUOYANG GLASS-H              1108       203.45         -2.05
NANNING CHEMIC-A           600301       344.15         -9.59
SHAANXI QINLIN-A           600217       349.25        -14.52
SHANG BROAD-A              600608        35.87         -0.22
SHANGHAI CHAOR-A             2506       577.79       -465.36
TIANGE                       1980       139.51        -13.82
WUHAN BOILER-B             200770       203.68       -218.32


HONG KONG

BEIJINGWEST INDU             2339        28.39        -57.06
BIRMINGHAM INTER             2309        59.86        -21.91
C FOOD&BEV GP                8272        50.10         -4.36
CHINA E-LEARNING             8055        13.33         -4.07
CHINA HEALTHCARE              673        27.19        -12.96
CHINA OCEAN SHIP              651       315.16        -76.51
CNC HOLDINGS                 8356        42.92        -52.59
CROWN INTERNATIO              727        64.61         -5.12
EFORCE HLDGS LTD              943        55.72        -17.55
GR PROPERTIES LT              108        17.83        -52.36
GRANDE HLDG                   186       205.00       -295.25
HARMONIC STR                   33        32.93         -2.03
MASCOTTE HLDGS                136        18.90        -12.88
MEGA EXPO HOLDIN             1360        17.00         -0.53
PALADIN LTD                   495       148.01        -14.35
PROVIEW INTL HLD              334       314.87       -294.85
SINO DISTILLERY                39        72.30         -7.54
SINO RESOURCES G              223        30.65        -17.93
SURFACE MOUNT                 SMT        41.44         -9.21
TITAN PETROCHEMI             1192       422.49     -1,073.54


INDONESIA

APAC CITRA CENT          MYTX           172.86        -12.52
ARPENI PRATAMA           APOL           182.55       -333.91
ASIA PACIFIC             POLY           330.86       -853.09
BAKRIE & BROTHER         BNBR           956.98       -156.77
BAKRIE TELECOM           BTEL           748.76       -111.71
BERLIAN LAJU TAN         BLTA         1,074.01     -1,177.97
BERLIAN LAJU TAN         BLTA         1,074.01     -1,177.97
BUMI RESOURCES           BUMI         6,764.90       -242.51
ICTSI JASA PRIMA         KARW            54.93         -6.88
JAKARTA KYOEI ST         JKSW            23.75        -35.86
MATAHARI DEPT            LPPF           282.58        -74.21
ONIX CAPITAL TBK         OCAP            11.39         -1.66
PRIMARINDO ASIA          BIMA            11.89        -16.86
RENUKA COALINDO          SQMI            17.04         -0.33
SUMALINDO LESTAR         SULI            77.74        -33.80
UNITEX TBK               UNTX            18.83        -18.53


INDIA

ABHISHEK CORPORA         ABSC            53.66        -25.51
AGRO DUTCH INDUS          ADF            85.09        -22.81
ALPS INDUS LTD           ALPI           201.29        -41.70
AMIT SPINNING            AMSP            12.85         -7.68
ARTSON ENGR               ART            11.64        -10.64
ASHAPURA MINECHE         ASMN           162.39        -16.64
ASHIMA LTD               ASHM            63.23        -48.94
ATV PROJECTS              ATV            48.47        -43.93
BELLARY STEELS           BSAL           451.68       -108.50
BENZO PETRO INTL          BPI            26.77         -1.05
BHAGHEERATHA ENG         BGEL            22.65        -28.20
BINANI INDUS LTD          BZL         1,163.38        -38.79
BLUE BIRD INDIA          BIRD           122.02        -59.13
CELEBRITY FASHIO         CFLI            24.96         -8.26
CHESLIND TEXTILE          CTX            20.51         -0.03
CLASSIC DIAMONDS          CLD            66.26         -6.84
COMPUTERSKILL             CPS            14.90         -7.56
DCM FINANCIAL SE        DCMFS            18.46         -9.46
DFL INFRASTRUCTU         DLFI            42.74         -6.49
DIGJAM LTD               DGJM            99.41        -22.59
DISH TV INDIA            DITV           462.53        -52.19
DISH TV INDI-SLB       DITV/S           462.53        -52.19
DUNCANS INDUS             DAI           122.76       -227.05
ENSO SECUTRACK           ENSO            15.57         -0.46
EURO CERAMICS            EUCL           110.62         -6.83
EURO MULTIVISION         EURO            36.94         -9.95
FERT & CHEM TRAV          FCT           314.24        -76.26
GANESH BENZOPLST          GBP            44.05        -15.48
GANGOTRI TEXTILE         GNTX            54.67        -14.22
GOKAK TEXTILES L         GTEX            46.36         -0.29
GOLDEN TOBACCO            GTO            97.40        -18.24
GSL INDIA LTD             GSL            29.86        -42.42
GSL NOVA PETROCH         GSLN            16.53         -1.31
GUJARAT STATE FI          GSF            15.26       -304.68
GUPTA SYNTHETICS        GUSYN            44.18         -6.34
HARYANA STEEL            HYSA            10.83         -5.91
HEALTHFORE TECHN         HTEC            14.74        -46.64
HINDUSTAN ORGAN           HOC            57.24        -51.76
HINDUSTAN PHOTO          HPHT            49.58     -1,832.65
HIRAN ORGOCHEM             HO            14.56         -4.59
HMT LTD                   HMT           106.62       -454.42
ICDS                     ICDS            13.30         -6.17
INDAGE RESTAURAN          IRL            15.11         -2.35
INDOSOLAR LTD            ISLR           193.78         -6.91
INTEGRAT FINANCE          IFC            49.83        -51.32
JCT ELECTRONICS          JCTE            80.08        -76.70
JENSON & NIC LTD           JN            16.49        -71.70
JET AIRWAYS IND         JETIN         2,856.84       -697.07
JET AIRWAYS -SLB      JETIN/S         2,856.84       -697.07
JOG ENGINEERING           VMJ            45.90         -5.28
KALYANPUR CEMENT         KCEM            23.39        -42.66
KERALA AYURVEDA          KERL            13.97         -1.69
KIDUJA INDIA              KDJ            11.16         -3.43
KINGFISHER AIR           KAIR           515.93     -2,371.26
KINGFISHER A-SLB       KAIR/S           515.93     -2,371.26
KITPLY INDS LTD           KIT            14.77        -58.78
KLG SYSTEL LTD           KLGS            40.64        -27.37
KM SUGAR MILLS           KMSM            19.14         -0.47
KSL AND INDUSTRI        KSLRI           269.42        -14.19
LML LTD                   LML            43.95        -78.18
MADHUCON PROJECT        MDHPJ         1,226.74        -21.90
MADRAS FERTILIZE          MDF           289.78        -34.43
MAHA RASHTRA APE         MHAC            14.49        -12.96
MALWA COTTON             MCSM            44.14        -24.79
MAWANA SUGAR             MWNS           142.07        -32.88
MILTON PLASTICS          MILT            17.67        -51.22
MODERN DAIRIES            MRD            38.61         -3.81
MOSER BAER INDIA          MBI           727.13       -165.63
MOSER BAER -SLB         MBI/S           727.13       -165.63
MTZ POLYFILMS LT          TBE            31.94         -2.57
MURLI INDUSTRIES         MRLI           262.39        -38.30
MYSORE PAPER             MSPM            87.99         -8.12
NATL STAND INDI          NTSD            22.09         -0.73
NAVCOM INDUS LTD          NOP            10.19         -3.53
NICCO CORP LTD           NICC            71.84         -4.91
NICCO UCO ALLIAN         NICU            23.25        -83.90
NK INDUS LTD              NKI           141.35         -7.71
NRC LTD                  NTRY            63.70        -53.01
NUCHEM LTD                NUC            24.72         -1.60
PANCHMAHAL STEEL          PMS            51.02         -0.33
PARAMOUNT COMM           PRMC           124.96         -0.52
PARASRAMPUR SYN           PPS            99.06       -307.14
PAREKH PLATINUM          PKPL            61.08        -88.85
PIONEER DISTILLE          PND            53.74         -5.62
PREMIER INDS LTD         PRMI            11.61         -6.09
PRIYADARSHINI SP         PYSM            20.80         -2.28
QUADRANT TELEVEN         QDTV           127.72       -153.54
QUINTEGRA SOLUTI          QSL            16.76        -17.45
RAMSARUP INDUSTR         RAMI           433.89        -89.28
RATHI ISPAT LTD          RTIS            44.56         -3.93
RELIANCE MED-SLB        RMW/S           276.99        -88.49
RENOWNED AUTO PR          RAP            14.12         -1.25
RMG ALLOY STEEL           RMG            66.61        -12.99
ROYAL CUSHION            RCVP            14.70        -75.18
SAAG RR INFRA LT         SAAG            12.54         -4.93
SADHANA NITRO             SNC            16.74         -0.58
SANATHNAGAR ENTE         SNEL            49.23         -6.78
SANCIA GLOBAL IN         SGIL            53.12        -30.47
SBEC SUGAR LTD          SBECS            92.44         -5.61
SERVALAK PAP LTD         SLPL            61.57         -7.63
SHAH ALLOYS LTD            SA           168.13        -81.60
SHALIMAR WIRES           SWRI            21.39        -24.28
SHAMKEN COTSYN            SHC            23.13         -6.17
SHAMKEN MULTIFAB          SHM            60.55        -13.26
SHAMKEN SPINNERS          SSP            42.18        -16.76
SHREE GANESH FOR         SGFO            44.50         -2.89
SHREE KRISHNA            SHKP            14.62         -0.92
SHREE RAMA MULTI         SRMT            38.90         -4.49
SHREE RENUKA SUG         SHRS         2,162.34        -82.52
SHREE RENUKA-SLB       SHRS/S         2,162.34        -82.52
SIDDHARTHA TUBES          SDT            44.95        -15.37
SIMBHAOLI SUGAR          SBSM           268.76        -54.47
SPICEJET LTD             SJET           489.96       -170.22
SQL STAR INTL             SQL            10.58         -3.28
STATE TRADING CO          STC           556.35       -392.74
STELCO STRIPS            STLS            14.90         -5.27
STI INDIA LTD            STIB            21.69         -2.13
STL GLOBAL LTD           SHGL            30.73         -5.62
STORE ONE RETAIL         SORI            15.48        -59.09
SUPER FORGINGS            SFS            14.62         -7.00
SURYA PHARMA             SUPH           370.28         -9.97
SUZLON ENERG-SLB       SUEL/S         5,061.62        -53.02
SUZLON ENERGY            SUEL         5,061.62        -53.02
TAMILNADU JAI            TNJB            17.07         -1.00
TATA METALIKS             TML           122.76         -3.30
TATA TELESERVICE         TTLS         1,311.30       -138.25
TATA TELE-SLB          TTLS/S         1,311.30       -138.25
TODAYS WRITING           TWPL            18.58        -25.67
TRIUMPH INTL             OXIF            58.46        -14.18
TRIVENI GLASS            TRSG            19.71        -10.45
TUTICORIN ALKALI         TACF            19.86        -19.58
UDAIPUR CEMENT W          UCW            11.38        -10.53
UNIFLEX CABLES           UFCZ            47.46         -7.49
UNIWORTH LTD               WW           149.50       -151.14
UNIWORTH TEXTILE          FBW            22.54        -35.03
USHA INDIA LTD           USHA            12.06        -54.51
VANASTHALI TEXT           VTI            14.59         -5.80
VENUS SUGAR LTD            VS            11.06         -1.08
WANBURY LTD              WANB           141.86         -3.91
WEBSOL ENERGY SY         WESL           105.10        -23.79


JAPAN

GOYO FOODS INDUS             2230        11.93         -1.86
LCA HOLDINGS COR             4798        19.37         -7.17
OPTROM INC                   7824        17.71         -2.66
PIXELA CORP                  6731        15.08         -1.63


KOREA

HYUNDAI CEMENT               6390       454.92       -262.92
SHINIL ENG CO               14350       199.04         -2.53
STX CORPORATION             11810     1,275.13       -484.08
STX ENGINE CO LT            77970     1,170.67        -62.72
TEC & CO                     8900       139.98        -16.61
TONGYANG INC                 1520     1,068.15       -452.52
TONGYANG INC-2PF             1527     1,068.15       -452.52
TONGYANG INC-3RD             1529     1,068.15       -452.52
TONGYANG INC-PFD             1525     1,068.15       -452.52
VERITAS INVESTME            19660        16.04         -0.09


MALAYSIA

DING HE MINING            705            75.97        -26.38
HAISAN RESOURCES          HRB            39.97        -11.83
HIGH-5 CONGLOMER         HIGH            34.30        -46.85
ML GLOBAL BHD             MLG            17.74         -3.63
PERWAJA HOLDINGS         PERH           632.62         -7.46
PETROL ONE RESOU         PORB            51.39         -4.00


PHILIPPINES

CYBER BAY CORP           CYBR            13.72        -23.36
DFNN INC                 DFNN            13.15         -2.31
FILSYN CORP A             FYN            23.11        -11.69
FILSYN CORP. B           FYNB            23.11        -11.69
GOTESCO LAND-A             GO            21.76        -19.21
GOTESCO LAND-B            GOB            21.76        -19.21
LIBERTY TELECOMS          LIB            91.11        -40.80
METRO GLOBAL HOL           FC            40.90        -15.77
PICOP RESOURCES           PCP           105.66        -23.33
STENIEL MFG               STN            21.07        -11.96
UNIWIDE HOLDINGS           UW            50.36        -57.19


SINGAPORE

ADVANCE SCT LTD          ASCT            19.68        -22.46
CHINA GREAT LAND          CGL            16.52        -19.01
HL GLOBAL ENTERP         HLGE            83.11         -4.63
OCEANUS GROUP LT        OCNUS            85.03         -5.53
QT VASCULAR LTD          QTVC            10.21        -25.76
SCIGEN LTD-CUFS           SIE            46.71        -55.42
SINGAPORE EDEVEL          SGE            20.68         -9.36
TERRATECH GROUP          TEGP            13.55         -5.24
TT INTERNATIONAL          TTI           399.33        -11.36
UNITED FIBER SYS          UFS            51.61        -76.05


THAILAND

ABICO HLDGS-F         ABICO/F            15.28         -4.40
ABICO HOLDINGS          ABICO            15.28         -4.40
ABICO HOLD-NVDR       ABICO-R            15.28         -4.40
ASCON CONSTR-NVD      ASCON-R            59.78         -3.37
ASCON CONSTRUCT         ASCON            59.78         -3.37
ASCON CONSTRU-FO      ASCON/F            59.78         -3.37
BANGKOK RUBBER            BRC            77.91       -114.37
BANGKOK RUBBER-F        BRC/F            77.91       -114.37
BANGKOK RUB-NVDR        BRC-R            77.91       -114.37
BIG CAMERA COP-F        BIG/F            19.86        -13.03
BIG CAMERA CORP           BIG            19.86        -13.03
BIG CAMERA -NVDR        BIG-R            19.86        -13.03
CIRCUIT ELEC PCL       CIRKIT            16.79        -96.30
CIRCUIT ELEC-FRN     CIRKIT/F            16.79        -96.30
CIRCUIT ELE-NVDR     CIRKIT-R            16.79        -96.30
ITV PCL-NVDR            ITV-R            36.02       -121.94
K-TECH CONSTRUCT        KTECH            38.87        -46.47
K-TECH CONSTRUCT      KTECH/F            38.87        -46.47
K-TECH CONTRU-R       KTECH-R            38.87        -46.47
KUANG PEI SAN          POMPUI            17.70        -12.74
KUANG PEI SAN-F      POMPUI/F            17.70        -12.74
KUANG PEI-NVDR       POMPUI-R            17.70        -12.74
PATKOL PCL              PATKL            52.89        -30.64
PATKOL PCL-FORGN      PATKL/F            52.89        -30.64
PATKOL PCL-NVDR       PATKL-R            52.89        -30.64
PICNIC CORP-NVDR      PICNI-R           101.18       -175.61
PICNIC CORPORATI        PICNI           101.18       -175.61
PICNIC CORPORATI      PICNI/F           101.18       -175.61
SHUN THAI RUBBER        STHAI            19.89         -0.59
SHUN THAI RUBB-F      STHAI/F            19.89         -0.59
SHUN THAI RUBB-N      STHAI-R            19.89         -0.59
TONGKAH HARBOU-F        THL/F            62.30         -1.84
TONGKAH HARBOUR           THL            62.30         -1.84
TONGKAH HAR-NVDR        THL-R            62.30         -1.84
TRANG SEAFOOD             TRS            15.18         -6.61
TRANG SEAFOOD-F         TRS/F            15.18         -6.61
TRANG SFD-NVDR          TRS-R            15.18         -6.61
TT&T PCL                 TTNT           589.80       -223.22
TT&T PCL-NVDR          TTNT-R           589.80       -223.22
TT&T PUBLIC CO-F       TTNT/F           589.80       -223.22
WORLD CORP -NVDR      WORLD-R            15.72        -10.10
WORLD CORP PCL          WORLD            15.72        -10.10
WORLD CORP PLC-F      WORLD/F            15.72        -10.10


TAIWAN

BEHAVIOR TECH CO        2341S            34.54         -2.57
BEHAVIOR TECH-EC        2341O            34.54         -2.57
HELIX TECH-EC           2479T            23.39        -24.12
HELIX TECH-EC IS        2479U            23.39        -24.12
HELIX TECHNOL-EC        2479S            23.39        -24.12
POWERCHIP SEM-EC        5346S         1,761.34       -296.10
TAIWAN KOL-E CRT        1606U           507.21       -147.14
TAIWAN KOLIN-EN         1606V           507.21       -147.14
TAIWAN KOLIN-ENT        1606W           507.21       -147.14



                             *********

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 ***