TCRAP_Public/150105.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, January 5, 2015, Vol. 18, No. 002


                            Headlines


A U S T R A L I A

AZZURA ENTERPRISES: First Creditors' Meeting Set For Jan. 8
MULHERN'S WASTE: First Creditors' Meeting Set For January 12


C H I N A

AOXING PHARMACEUTICAL: Names Okeanos Executive as New CFO
CHINA FORESTRY: Offer Termination No Impact on Moody's Ca CFR
KAISA GROUP: Bonds Plunge to Record Low After Loan Default
KU6 MEDIA: Promotes Senior VP Feng Gao to President
PARKSON RETAIL: Qingdao Property Acquisition No Impact on Ba2 CFR


I N D I A

ADHUNIK POWER: CRISIL Assigns B Rating to INR250MM Bank Loan
ALLIED ICD: CARE Reaffirms D Rating on INR6.63cr LT Bank Loan
BALESHWAR SYNTHETICS: CRISIL Rates INR35MM Cash Credit at 'B+'
BHUVANESWARI SAKTHI: CRISIL Rates INR15MM Cash Credit at 'B'
BIHARILAL FASHIONS: CRISIL Suspends D Rating on INR40MM Loan

EVEREST KANTO: CARE Cuts Rating on INR295.17cr LT Loan to 'D'
GAJRAJ MINING: CARE Reaffirms 'C' Rating on INR16cr LT Bank Loan
KAMACHI STEELS: CRISIL Cuts Rating on INR170MM Cash Loan to B
KINGFISHER AIRLINES: Court Admits Winding-Up Bids Against UBHL
LAMER POWER: CARE Lowers Rating on INR8.43cr LT Bank Loan to 'D'

M.M. RICE: CRISIL Suspends 'B-' INR50M Whse Financing Loan Rating
NUZIVEEDU SWATHI: CARE Revises Rating on INR51cr LT Loan to 'B+'
NYSE INFRASTRUCTURE: CRISIL Ups Rating on INR1.10BB LT Loan to B-
OCEANIC TROPICAL: CRISIL Suspends D Rating on INR1.29BB Loan
OLUMPUS GLASSES: CRISIL Assigns B- Rating to INR45MM Term Loan

OMNI AUTO: CRISIL Suspends D Rating on INR262.8MM Term Loan
ORBIT TECHNOLOGIES: CRISIL Suspends B+ Rating on INR22.5MM Loan
OSWAL TRENDS: CRISIL Suspends B- Rating on INR110MM Cash Credit
OVERSEAS CARPETS: CRISIL Suspends D Rating on INR180MM Loan
PATEL COTTON: CRISIL Suspends B+ Rating on INR50MM Cash Credit

PAULOMI ESTATES: CRISIL Reaffirms B+ Rating on INR150MM Term Loan
PHOTONIX SOLAR: CRISIL Suspends B- Rating on INR42.5MM Term Loan
POOJA DEVELOPERS: CRISIL Suspends B Rating on INR50MM Cash Loan
RISHABH BUILDWELL: CRISIL Suspends B+ Rating on INR220MM Loan
RV ALLOYS: CRISIL Suspends B- Rating on INR70MM Term Loan

S.R. EDUCATIONAL: CRISIL Suspends B- Rating on INR110MM Term Loan
SABOO ALLOYS: CRISIL Suspends B- Rating on INR47.5MM Cash Credit
SHIV SHAKTI: CRISIL Suspends B Rating on INR90MM Term Loan
SHREE BALAJI: CARE Assigns 'B+' Rating to INR11cr LT Bank Loan
SITARAM MAHARAJ: CARE Reaffirms B Rating on INR72.87cr LT Loan

SPICEJET LTD: Extends Flight Cancellation Until January 31
SPICEJET LTD: Fails to Submit Cash Flow Plan
SPICEJET LTD: Gets 10-Day Reprieve to Pay Up INR200cr to AAI
SULOCHANA AGRO: CRISIL Reaffirms B Rating on INR67.5MM Cash Loan
V M S NIRMAN: CRISIL Suspends B Rating on INR80MM Cash Credit

VISHVAS POWER: CARE Assigns B- Rating to INR7.87cr LT Bank Loan


J A P A N

JAPAN: Approves $29 Billion Stimulus Package
VESTAX JAPAN: Mixware Issues Update on Bankruptcy Filing


M O N G O L I A

CHINA CARBON: Lack of Capital May Force Cessation of Operations


S O U T H  K O R E A

ESQUIRE FASHION: Shoemaker Put Up For Sale


                            - - - - -


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


AZZURA ENTERPRISES: First Creditors' Meeting Set For Jan. 8
-----------------------------------------------------------
Dino Travaglini and Bruno A Secatore of Cor Cordis Chartered
Accountants were appointed as administrators of Azzura Enterprises
Pty Ltd, previously trading as Azzura Gelati, on Dec. 30, 2014.

A first meeting of the creditors of the Company will be held at
Suite 2, 180 Newcastle Street, in Perth, on Jan. 8, 2015, at
2:00 p.m.


MULHERN'S WASTE: First Creditors' Meeting Set For January 12
------------------------------------------------------------
Timothy Clifton and Daniel Lopesti of Clifton Hall were appointed
Joint and Several Administrators of Mulhern's Waste Oil Removal
Pty Ltd on Dec. 30, 2014.

A first meeting of creditors will be held at 10:30 a.m. on
Jan. 12, 2015, at Clifton Hall, Level 3, 431 King William Street,
in Adelaide.



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


AOXING PHARMACEUTICAL: Names Okeanos Executive as New CFO
---------------------------------------------------------
Aoxing Pharmaceutical Company, Inc.'s Board of Directors appointed
Wilfred Chow to serve as its chief financial officer and corporate
secretary, effective on Jan. 1, 2015.  Guoan Zhang, who had been
serving as Interim CFO, will remain with the Company as senior
vice president for Finance, according to a regulatory filing with
the U.S. Securities and Exchange Commission.

Mr. Chow, age 48, was employed from 2012 to 2014 as managing
director of Okeanos Capital Investment, an investment banking firm
where Mr. Chow concentrated on media and pharmaceutical clients.

From 2010 to 2012, Mr. Chow was employed as chief financial
officer of Tiger Media (NYSE MKT:  IDI).  From 2006 to 2010 Mr.
Chow was employed as senior vice president for Finance by American
Oriental Bioengineering, a pharmaceutical company that was listed
on the NYSE at that time.  From 2005 to 2006 Mr. Chow was employed
as a senior manager by PriceWaterhouseCoopers.  Mr. Chow was
awarded a Masters Degree in Business Administration by the
University of Leicester in 1997 and a BSS Degree in Economics by
the University of Hong Kong in 1990.

The Company has entered into a three-year employment agreement
with Mr. Chow.  The agreement calls for an annual salary of
$250,000.  The agreement also provides for a grant of 300,000
shares of common stock, vesting one-third per year during the term
of the agreement, and a grant of options to purchase 300,000
shares at grant date market price vesting one-third per year
during the term of the agreement.

                       Director Appointment

Aoxing Pharmaceutical's Board of Directors appointed Hui Shao to
serve as a member of the Board of Directors, effective on Jan. 1,
2015.

Dr. Shao has been appointed to the board in order that the Company
can obtain the benefit of Dr. Shao's 16 years of experience in the
financing of pharmaceutical companies and his intimate knowledge
of the Company's business.  Most recently, Dr. Shao has been
employed, since 2010, as chief financial officer of Yisheng
Biopharma, which manufactures vaccines in China.  From 2007 to
2010 Dr. Shao was employed as the chief financial officer of the
Company, Aoxing Pharmaceuticals.  From 2003 to 2007, Dr. Shao was
employed as Senior Analyst by U.S. investment companies: Mehta
Partners from 2003 to 2005 and Kamunting Street Asset Management
from 2005 to 2007.  Prior to joining Mehta Partners, Dr. Shao was
employed as Principal Scientist by Roche Pharmaceuticals.  Dr.
Shao was awarded a Masters Degree in Business Administration by
New York University in 2003, a Doctor of Philosophy Degree in
Bioorganic Chemistry by the University of California - San Diego
in 1996, and a Bachelor of Science Degree with a concentration in
Polymer Chemistry by the University of Science and Technology of
China in 1990. From 2008 to 2011 Dr. Shao was a member of the
Board of Directors of Tongli Pharmaceuticals (USA), Inc. (OTC
Pink:  TGLP).  Dr. Shao is 46 years old.

On Dec. 19, 2014, the Board of Directors approved a resolution
that each independent member of the Board will receive, in
compensation for service on the Board, a cash fee of 60,000
Renminbi (approx. $9,700) per annum and 20,000 shares of the
Company's common stock for each year of service.

Meanwhile, effective on Dec. 31, 2014, Zhimin Li has submitted his
resignation from the Board of Directors.

                           About Aoxing

Aoxing Pharmaceutical Company, Inc (NYSE AMEX: AXN) is registered
in Florida, U.S. It is a specialty pharmaceutical company which
specializes in research, development, manufacturing and
distribution of a variety of narcotics and pain-management
products and drug-relief medicine. Aoxing has its office in Jersey
City, New Jersey and headquartered in Shijiazhuang City, outside
Beijing.

In its report on the consolidated financial statements for the
year ended June 30, 2014, BDO China Shu Lun Pan Certified Public
Accountants LLP expressed substantial doubt about the Company's
ability to continue as a going concern, citing that the Company
continues to incur losses from operations, has negative cash flow
from operations and a working capital deficit.

The Company reported a net loss of $8.63 million for the fiscal
year ended June 30, 2014, compared to a net loss of $17.29 million
last year.

As of Sept. 30, 2014, the Company had $39.07 million in total
assets, $38.44 million in total liabilities and $631,865 in total
equity.


CHINA FORESTRY: Offer Termination No Impact on Moody's Ca CFR
-------------------------------------------------------------
Moody's Investors Service says China Forestry Holdings Co., Ltd's
termination of tender offer for its senior notes due 2015 has no
immediate impact on the company's Ca corporate family and senior
unsecured bond ratings.

The ratings outlook remains negative.

On 24 December 2014, China Forestry announced that it had failed
to secure external financing to repurchase the notes nor to obtain
valid offers of at least 80% in principal amount of its
outstanding notes. The tender offer was initially launched in
November 2013.

"The uncertainty of recovery, including the possibility of a
failure tender offer, was already incorporated in company's Ca
ratings and thus the release of announcement confirming formal
termination of the tender offer has no immediate impact on the
company's current rating level," says Chenyi Lu, a Moody's Vice
President and Senior Analyst.

The Ca ratings and negative outlook also consider the high
uncertainty over the sustainability of China Forestry's business
model, and Moody's assessment of the high economic loss of over
50% on the notes, when compared with the original payment promise
on the notes.

"China Forestry's ratings could be further downgraded if we expect
the recovery values on its debt instruments to be lower than
currently estimated as based on latest company financial and
operating information to be obtained. However, ratings could be
withdrawn on the ground of insufficient information if the company
continues to delay the publication of its statutory financial
statements," says Lu.

Since the irregularities reported in its financial accounts in
early 2011, the company's operations have been severely impaired,
and cash flow from its small-scale operations has been
insufficient to service even operating expenses. Such a situation
has led to the continued reduction of its cash balance and the
company's failure to make the interest payment.

China Forestry's ratings have been assigned based on factors that
Moody's believes are relevant to the risk profile of the company,
such as its: (1) exposure to business risks and competitive
position when compared with other firms in the industry; (2)
capital structure and financial risks; (3) projected performance
over the near to intermediate term; and (4) management's track
record and tolerance for risk.

These attributes were compared against other issuers both within
and outside China Forestry's core industry; Moody's believes the
company's ratings are comparable with those of other issuers of
similar credit risk.

China Forestry Holdings Co., Ltd listed on the Hong Kong Exchange
in 2009. It is one of China's operators of naturally regenerated
forest plantations. The company has rights over plantation assets
in Sichuan and Yunnan provinces.


KAISA GROUP: Bonds Plunge to Record Low After Loan Default
----------------------------------------------------------
Christopher Langner and David Yong at Bloomberg News report that
bonds of Kaisa Group Holdings Ltd. plunged to record lows after
the resignation of its chairman triggered a default on one of its
loans.

The developer's $800 million of 8.875 percent notes due 2018 and
sold to investors at par in March 2013 tumbled to 40.5 cents on
the dollar as of 2:44 p.m. in Hong Kong, from 66.3 cents on
Dec. 31, sending yields to 46.1 percent, according to Bloomberg.
Kaisa was unable to repay a HK$400 million ($51.6 million) loan
from HSBC Holdings Plc on Dec. 31, a deadline triggered by the
resignation of Chairman Kwok Ying Shing, the developer said in a
Hong Kong stock exchange filing on January 1, Bloomberg relays.

Bloomberg relates that the non-payment is the latest setback for
Kaisa after other key executives quit and authorities in Shenzhen
blocked several of its projects. Its shares slumped 47 percent in
December before being suspended from trade, the report notes. If
Kaisa can't either make the payment or negotiate a waiver with its
loans bankers, then cross defaults may be triggered, tipping other
bonds and loans into default, Bloomberg relays citing CreditSights
Inc.

"I think this is an isolated case at the moment that has to do
with the resignation of Kaisa's chairman," the report quotes
Cheong Yin Chin, an analyst at CreditSights in Singapore, as
saying. The key-person covenant that triggered the default is
"quite typical for bank loans and in normal circumstances, they'll
usually waive it."

Kaisa Group Holdings Ltd. (HKG:1638) is a China-based property
developer.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 2, 2015, Standard & Poor's Ratings Services placed its 'BB-'
long-term corporate credit rating and 'cnBB+' long-term Greater
China regional scale rating on Kaisa Property Holdings Ltd. on
CreditWatch with negative implications.  S&P also placed its
'BB-' long-term issue rating and 'cnBB+' long-term Greater China
regional scale rating on the company's outstanding senior
unsecured notes on CreditWatch with negative implications.

S&P placed the ratings on CreditWatch with negative implications
to reflect risks that Kaisa's sales prospects and financing
capabilities could weaken in 2015 following government
restrictions on the company's sales in Shenzhen.  There is still
no visibility on when the Shenzhen local government will lift its
restrictions on Kaisa's sales in several projects in the city.
The reasons behind the restrictions also remain unclear.


KU6 MEDIA: Promotes Senior VP Feng Gao to President
---------------------------------------------------
Ku6 Media Co., Ltd., announced the appointment of Mr. Feng Gao as
president of the Company, effective as of Dec. 29, 2014.

Mr. Gao has served as the Company's senior vice president of
strategic cooperation and the senior vice president of business
development since September 2011. From 2005 to 2011, Mr. Gao
served as industry cooperation director in Shanda Online and
Shanda Computer, assistant president in Hurray! Holding and chief
executive officer in Sun Shine after he joined Shanda Group in
2005. Prior to that, Mr. Gao served in Novell as China pre-sale
engineer, China product marketing manager, China channel marketing
manager and partner manager of the Asia Pacific region. Prior to
that, Mr. Gao was an engineer in the Chinese Academy of Sciences.

Mr. Gao received a bachelor's degree of computer science from
Beijing Computer College.

At the 2014 annual general meeting of shareholders held on
Dec. 26, 2014, the Company's shareholders:

     1. elected Xudong Xu, Robert Chiu, Haifa Zhu, Qingmin Dai,
        Yong Gui, Songhua Zhang and Jiangtao Li to serve as
        directors of the Company until the next annual general
        meeting of shareholders; and

     2. approved, confirmed and ratified the appointment of
        PricewaterhouseCoopers Zhong Tian CPAs Limited Company as
        the independent auditor of the Company for the fiscal
        year ended Dec. 31, 2014.

                          About Ku6 Media

Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content. Through its
premier online brand and online video website, www.ku6.com , Ku6
Media provides online video uploading and sharing service, video
reports, information and entertainment in China.

The Company's balance sheet at June 30, 2014, showed $5.83 million
(RMB36.19 million) in total assets, $9.4 million (RMB58.34
million) in total liabilities and total stockholders' deficit of
$3.57 million (RMB22.15 million).

KU6 Media reported a net loss of $34.42 million in 2013, a net
loss of $9.49 million in 2012 and a net loss of $49.38 million in
2011.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification in its
report on the consolidated financial statements for the year ended
Dec. 31, 2013. The independent auditors noted that facts and
circumstances including recurring losses, negative working
capital, net cash outflows, and uncertainties associated with
significant changes planned to be made in respect of the Company's
business model raise substantial doubt about the Company's ability
to continue as a going concern.


PARKSON RETAIL: Qingdao Property Acquisition No Impact on Ba2 CFR
-----------------------------------------------------------------
Moody's Investors Service says that Parkson Retail Group Limited's
proposed acquisition of a commercial property in Qingdao has no
immediate impact on its Ba2 corporate family and senior unsecured
ratings, or negative ratings outlook.

Parkson said on 29 December 2014 that it planned to acquire a
commercial property in Qingdao for a total consideration of RMB1.4
billion. The property totals around 220,000 square meters, of
which 131,000 square meters will be for retail use.

"Parkson's acquisition of the Qingdao property will not have any
material impact on its financial profile, given that more than
half of the total consideration has been settled, and the
remaining will be funded with its cash holdings and paid by end-
November 2015," says Lina Choi, a Moody's Vice President and
Senior Analyst.

Moody's believes Parkson's cash holdings -- totaling approximately
RMB4.2 billion at June 30, 2014 -- will remain sufficient to cover
outstanding acquisition amount about RMB660 million and its
liquidity position will remain adequate for construction and
renovation even after funding the acquisition.

"Parkson's decision to acquire the commercial property reflects
the company's strategy to move towards higher levels of store
ownership from its current operating lease model," adds Choi, who
is also the Lead Analyst for Parkson.

Moody's expects that Parkson's acquisition will lead to execution
risks, given that is the first shopping mall the company owns in
China.

China's retail industry has operated in a challenging environment
over the last 12-18 months, due to stronger competition from
investment property developers and online retailers.

Nevertheless, Moody's believes such risk are manageable within the
Ba2 ratings level, given its long track record of operating across
China.

The new acquisition and its existing and planned stores in Qingdao
will further strengthen Parkson's market position in the city.

As for Parkson's adjusted debt/EBITDA, Moody's expects the ratio
to stay at around 5.5x for all of 2014; a result which is at the
lower end of its Ba2 ratings category.

The principal methodology used in this rating was Global Retail
Industry published in June 2011.

Parkson Retail Group Limited, listed on the Hong Kong Stock
Exchange, is one of the largest operators of department store
chains in China. At end-2013, Parkson owned 58 stores and managed
one store. The 59 stores were spread across 37 Chinese cities. The
company targets the middle- and middle-upper end of the Chinese
retail market. It is 52.1% owned by Parkson Holdings Berhad (PHB),
an affiliate of Malaysia's Lion Group.



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I N D I A
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ADHUNIK POWER: CRISIL Assigns B Rating to INR250MM Bank Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Adhunik Power Transmission Ltd (APTL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term      250         CRISIL B/Stable
   Bank Loan Facility

The rating reflects APTL's working-capital-intensive operations
and exposure to intense industry competition. The rating also
factors in the company's below-average financial risk profile,
marked by weak debt protection metrics and modest net worth. These
rating weaknesses are partially offset by the extensive industry
experience of APTL's promoters.

Outlook: Stable

CRISIL believes that APTL will benefit over the medium term from
its promoters' extensive industry experience and healthy
relationship with major customers. The outlook may be revised to
'Positive' if ATPL significantly improves its scale of operations
and profitability, leading to substantially high accruals and
improvement in working capital requirements. Conversely, the
outlook may be revised to 'Negative' if the company's scale of
operations or profitability declines further and if its working
capital requirements stretch, leading to deterioration in its
financial risk profile.

APTL manufactures and supplies galvanised transmission towers,
switchyard structures, telecom towers, and welded structures.
Based in Kolkata, APTL was acquired by Deepak Cables India Ltd
(DCIL) on November 01, 2011; and APTL subsequently became a 100
per cent subsidiary of DCIL.

For 2013-14 (refers to financial year, April 1 to March 31), APTL
reported, on a provisional basis, a profit after tax of INR8.4
million on net sales of INR541.1 million; the company reported a
net loss of INR56.8 million on net sales of INR447.8 million for
2012-13.


ALLIED ICD: CARE Reaffirms D Rating on INR6.63cr LT Bank Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Allied ICD Services Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.63       CARE D Reaffirmed
   Short term Bank Facilities    0.68       CARE D Reaffirmed

Rating Rationale

The rating continues to factor in the on-going delays in debt
servicing on account of stretched liquidity position of the
company.

Kolkata-based (West Bengal) Allied ICD Services Limited (AISL) was
incorporated in September 1997 in the name of Reforms Exim
Limited, by Mr Pramod Kumar Srivastava along with his wife Mrs
Rupa Srivastava. The company remained dormant for 8 years. In
December 2004, the name of the company was changed to the current
one and AISL started its operation since 2005. It offers services
like transportation of containers and various other equipments,
warehousing, cargo handling and custom clearance services to
exporters and importers. The company operates through a fleet of
110 trailers. Currently, about 80% of business is generated
through own fleet of vehicles and for balance, the company resorts
to hired vehicles.

AISL's, warehouse located in Durgapur, is the first operational
dry port in Eastern India and has strong presence in the
container handling activities at Kolkata & Haldia port having its
own reach stacker container handlers, forklifts, cranes and
excavators for smooth and efficient handling of containerised
cargo. The company has recently got Authorised Economic
Operator (AEO) license.

During FY14 (refers to the period April 1 to March 31), the
company reported a total operating income of INR20.6 crore
(FY13: INR22.4 crore) and a PAT of INR0.3 crore (FY13: INR1.9
crore).


BALESHWAR SYNTHETICS: CRISIL Rates INR35MM Cash Credit at 'B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Baleshwar Synthetics Textiles Private
Limited (BST).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan                8          CRISIL B+/Stable
   Proposed Long Term      14.7        CRISIL B+/Stable
   Bank Loan Facility
   Packing Credit          30          CRISIL A4
   Buyer Credit Limit      12.3        CRISIL B+/Stable
   Cash Credit             35          CRISIL B+/Stable

The rating reflects modest scale of operations in the intensely
competitive textile industry along with below average financial
risk profile marked by leverage capital structure. These rating
weaknesses are partially offset by extensive experience of
promoters in the textile industry along with established
relationship with customer and suppliers.

Outlook: Stable

CRISIL believes that BST will continue to benefit over the medium
term from its promoters extensive experience in the textile
industry. The outlook may be revised to 'Positive' in case there
is significant improvement in the company's revenues and
profitability leading to improvement in the overall financial risk
profile marked by capital structure and debt protection measures.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in the company's revenues or profitability
margins or elongation of working capital cycle or larger than
anticipated debt funded capex resulting in a weakening in its
financial risk profile.

Baleshwar Synthetics Textiles Private Limited (BST), established
in 1981, by Mr. Rajendrakumar Biyani is engaged in manufacturing
of fabrics made out of viscose and cotton yarn. The company has
facility at Tarapur, Maharashtra. The fabric produced by the firm
is sold in the domestic as well as export market used primarily
for suiting and shirting.


BHUVANESWARI SAKTHI: CRISIL Rates INR15MM Cash Credit at 'B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Bhuvaneswari Sakthi Saw Mill & Timber Depot
(BSSMTD).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Working         15         CRISIL B/Stable
   Capital Facility
   Cash Credit              15         CRISIL B/Stable
   Letter of Credit         40         CRISIL A4

The ratings reflect BSSMTD's small scale of operations in the
competitive timber industry, its below-average financial profile
marked by a high total outside liabilities to tangible net worth
ratio, and its working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of
BSSMTD's promoters in the timber trading business.

Outlook: Stable

CRISIL believes that BSSMTD will continue to benefit over the
medium term from its promoters' extensive experience in the timber
trading business. The outlook may be revised to 'Positive' if the
firm significantly scales up its operations and operating
profitability, or improves its working capital management,
resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if BSSMTD's
profitability declines or if the firm has significantly large
working capital requirements, resulting in deterioration in its
financial risk profile.

BSSMTD, set up in 1980 and based in Chennai, trades in timber. It
is promoted and managed by Mr. Jayanthilal Patel and Mr. Dinesh
Patel.

BSSMTD reported a net profit of INR0.26 million on sales of
INR134.86 million for 2013-14 (refers to financial year, April 1
to March 31), against a net profit of INR0.29 million on sales of
INR133.94 million for 2012-13.


BIHARILAL FASHIONS: CRISIL Suspends D Rating on INR40MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Biharilal Fashions (Biharilal).

                            Amount
   Facilities             (INR Mln)        Ratings
   ----------             ---------        -------
   Foreign Usance Bills       30           CRISIL D
   Purchase - Discounting
   Packing Credit             40           CRISIL D
   Term Loan                   6.9         CRISIL D

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

Biharilal was formed as a proprietorship concern by the late Mr.
Kumar Biharilal Rajani in Mumbai (Maharashtra). Its day-to-day
activities are being managed by his son, Mr. Rishi K Rajani. The
firm manufactures women's readymade garments (casual wear) for
export. The manufacturing facility of the firm is in Lower Parel
(Mumbai).


EVEREST KANTO: CARE Cuts Rating on INR295.17cr LT Loan to 'D'
-------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Everest Kanto
Cylinder Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Fund Based         295.17      CARE D Revised from
   Bank Facilities                          CARE BB+

   Long-term Fund Based         150.19      CARE C Revised from
   Bank Facilities                          CARE BB+

   Short-term Non Fund           60.92      CARE A4 Revised from
   Based Bank Facilities                    CARE A4+

Rating Rationale

The ratings revision takes into account ongoing delays in
servicing debt obligations for one of the bank facilities availed
by Everest Kanto Cylinder Ltd. (EKCL), liquidity crunch in the
company weakening its debt servicing ability and heightened
business risk with continuation of slump in demand leading to drop
in operating income and increasing losses. The revision in ratings
also factors in delays in reducing or refinancing high cost debt
burden as envisaged earlier.

The ratings are further constrained by decline in net worth with
continuous losses, stretched operating cycle of the company and
foreign currency risk.

Going forward, revival in demand for EKCL's products resulting in
improvement in its operational performance may weigh positively on
the credit profile of the company. At the same time, EKCL's
ability to reduce its high cost debt burden continues to be key
rating sensitivity.

Incorporated in 1978, EKCL has three facilities to manufacture
cylinders located at Tarapur in Maharashtra and Gandhidham &
Kandla in Gujarat. Apart from its domestic operations, EKCL has
developed presence in the international high pressure seamless
cylinders market through various subsidiaries (including step-
down), with manufacturing facilities in Dubai, China & USA and
marketing offices in Thailand & Germany.

EKCL's products find application in various industries such as
automobile OEMs, CNG cylinder retrofitters, gas distribution
companies, healthcare, defence etc.

During FY14 (refers to period from April 1 to March 31), EKCL
registered total income of INR499 crore and net loss of INR138
crore. For H1FY15, net loss stood at INR55 crore on total income
of INR230 crore.


GAJRAJ MINING: CARE Reaffirms 'C' Rating on INR16cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Gajraj Mining
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      16        CARE C Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Gajraj Mining
Private Limited (GMPL) continues to remain constrained on
account of its weak liquidity position resulting in frequent
overdrawing in its working capital limits. The rating is further
constrained on account of leveraged capital structure and debt
coverage indicators, high revenue concentration risk and presence
in a seasonal and highly regulated industry.

The rating continues to derive strength from the experience of the
promoters in the mining industry, successful completion of mining
contract, healthy order book position and high entry barriers
owing to stringent technical and financial qualification criteria
for the bidders. The rating also factors in the increase in
operating income and cash accruals along with slight improvement
in solvency position owing to infusion of capital during FY14
(refers to the period April 1 to March 31).

The ability of GMPL to improve its liquidity position and capital
structure alongwith the achieving envisaged scale of operations
through successful completion of the ongoing contract are the key
rating sensitivities.

Singrauli, Madhya Pradesh-based (M. P.) GMPL was incorporated on
September 07, 2010 and is engaged in the mining related jobs which
includes overburden removal, blast hole drilling, excavation,
sorting of rejects, grade wise stacking, lifting and
transportation of the same. GMPL was a sub-contractor of the
principal contractor, Saumya Mining Limited (SML; rated CARE C &
CARE A4) till September 2014. GMPL generated entire revenue during
FY14 from the single project of SML which was the principal
contractor for Northern Coalfields Limited (NCL) to excavate 54
Million Tonnes (MT) jointly by GMPL and SML during the contract
period till August 2014. However, during current FY15, GMPL
directly entered into an agreement with NCL for a period of three
years to excavate the overburden at the specified location at west
section of Dudhichua and Jayant of NCL.

During FY14 (refers to the period April 1 to March 31), GMPL
registered a total operating income (TOI) of INR70.40 crore
with PAT of INR1.04 crore as compared with TOI of INR57.40 crore
with PAT of INR0.74 crore during FY13.


KAMACHI STEELS: CRISIL Cuts Rating on INR170MM Cash Loan to B
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kamachi Steels Ltd (KSL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', and has reaffirmed its rating on the company's short-
term facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           5         CRISIL A4 (Reaffirmed)

   Cash Credit            170         CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Letter of Credit        60         CRISIL A4 (Reaffirmed)

The rating downgrade reflects the continued pressure on KSL's
business risk profile, with a loss incurred in 2013-14 (refers to
the financial year, April 1 to March 31); the loss has resulted in
a steep deterioration in the company's financial risk profile as
well. KSL reported revenue of INR1.15 billion for 2013-14, a year-
on-year decline of 36 per cent. It reported an operating loss of
INR48 million for the year as against an operating profit of INR60
million for the previous year. The tepid business conditions in
the domestic construction market and the over-supply of structural
steel products, which impacted KSL during 2013-14, are expected to
continue in 2014-15. Consequently, KSL is expected to report a
moderate loss for the year.

Furthermore, sluggish demand for KSL's products has resulted in a
continued stretch in its working capital cycle due to large
inventory, which stood at 91 days as on March 31, 2014. Given
KSL's weak cash generation, the company's reliance on short-term
debt for funding its large working capital requirements is
expected to increase, leading to high utilisation of its working
capital bank lines. Debt funding of working capital requirements
and weak profitability have impacted KSL's key debt protection
metrics. Losses, along with continuing high working capital
requirements, will lead to pressure on the company's liquidity and
to moderation in its credit metrics in 2014-15.

The ratings continue to reflect KSL's modest scale of operations
in the intensely competitive secondary steel industry and its
working-capital-intensive operations. The ratings also factor in
the company's below-average financial risk profile, marked by weak
debt protection metrics. These rating weaknesses are partially
offset by the extensive industry experience of KSL's promoters and
benefits it derives from its synergies with group entities.

Outlook: Stable

CRISIL believes that KSL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
its established relationships with key customers. The outlook may
be revised to 'Positive' in case of significant improvement in the
company's revenue and profitability, resulting in higher cash
accruals, or if its working capital management improves, leading
to a better financial risk profile. Conversely the outlook may be
revised to 'Negative' in case of a decline in KSL's revenue or
profitability, or large debt-funded capital expenditure, resulting
in further deterioration in its liquidity.

KSL manufactures mild-steel ingots and thermo-mechanically-treated
bars. The company was taken over from Tulsyan Steels in 1996 by
the Kamachi group, which was set up by Mr. G L Kothari in 1978.
The group is an integrated secondary-steel player in Chennai.

KSL reported a net loss of INR99 million on an operating income of
INR1.15 billion for 2013-14, as against a profit after tax of
INR6.9 million on an operating income of INR1.79 billion for 2012-
13.


KINGFISHER AIRLINES: Court Admits Winding-Up Bids Against UBHL
--------------------------------------------------------------
The Times of India reports that the Karnataka High Court on
January 2 admitted a batch of company petitions filed by the
consortium of banks, which has lent money, and several companies,
which sold machines, materials and services to the beleaguered
Kingfisher Airlines (KFA).

"In any event, the fact that finances of the respondent company
(UBHL) are not happily placed cannot also be denied," Justice A S
Bopanna observed, while directing the carrying of a public notice
in one Kannada and one English daily newspaper in the first week
of February 2015, with regard to the petitions filed by the
companies, TOI relays.

According to the report, the petitions seek initiation of winding
up proceedings against United Breweries (Holdings) Limited, the
company which stood guarantor on behalf of Kingfisher Airlines.

"Though the learned senior counsel for the respondent company
(UBHL) contended that they have deposited a sum of INR1,250 crore,
including FD receipts, the amount will not satisfy the claim.
Further, the said amount is not a voluntary deposit to establish
their bona fides and raise the dispute, but the deposit made is
pursuant to the orders of this court in the fringe proceedings
relating to the sale of shares," the judge observed, while posting
the batch of petitions for hearing on February 26, according to
TOI.

The report notes that the petitioners include the consortium of
banks led by SBI, seeking clearing of INR5,800 cr-plus debt, and
Rolls Royce & Partners Finance Ltd which lent spare aircraft
engines, seeking to recover the due amount from UBHL.

                    About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on Jan. 27, 2014, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level. Losses in the past six years have resulted in a
complete erosion of KFAL's net worth, leading to its weak
financial risk profile.

For 2012-13 (refers to financial year, April 1 to March 31),
KFAL reported a net loss of INR83.5 billion (INR23.3 billion for
2011-12) on net sales of INR5 billion (INR54.85 billion). For the
six months ended September 30, 2013, it reported a net loss of
INR18.72 billion (INR14.04 billion for the corresponding period
of 2012-13) on net revenues of INR0.0 (INR5.01 billion).


LAMER POWER: CARE Lowers Rating on INR8.43cr LT Bank Loan to 'D'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Lamer
Power and Infrastructures Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.43      CARE D Revised from
                                            CARE B-

   Long-term/Short-term Bank      2.50      CARE D Revised from
   Facilities                               CARE B-/CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Lamer Power and Infrastructures Private Limited (LPI) takes
into account the ongoing delays in debt servicing due to its
stressed liquidity position attributable to cash losses in FY14
(refers to the period April 1 to March 31) and delay in
realization from the customers.

LPI was incorporated by Mr Jugal Kishore Jain and Ms Sarita Jain
in 2011. The company commenced its commercial production from
August 2012 and is engaged in the manufacturing of electrical
equipments viz insulators, isolators, lightning arrester, drop-out
fuse and Gang Operated Air Break (GOAB) switch. The company has
its manufacturing facilities set up at Samba, Jammu & Kashmir.
LPI's products find applications in power transmission and
distribution industry.


M.M. RICE: CRISIL Suspends 'B-' INR50M Whse Financing Loan Rating
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
M.M. Rice Mill (MRM).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             20          CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      11.9        CRISIL B-/Stable
   Term Loan                1.8        CRISIL B-/Stable
   Warehouse Financing     50          CRISIL B-/Stable

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

Initially established in 1998 as a partnership firm, MRM was
reconstituted as a proprietorship concern under Mr. Surinder Pal
in 2011-12 (refers to financial year, April 1 to March 31). MRM is
engaged in milling of basmati rice with its production facilities
located at Malout (Punjab).


NUZIVEEDU SWATHI: CARE Revises Rating on INR51cr LT Loan to 'B+'
----------------------------------------------------------------
CARE revises and reaffirms rating assigned to the bank facilities
of Nuziveedu Swathi Coastal Consortium.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      51        CARE B+ Revised from
                                            CARE B

   Short-term Bank Facilities      5        CARE A4 Re-affirmed

Rating Rationale

The revision in the long-term rating takes into account the
significant progress in the project work with substantial growth
in the operating income, profitability and cash accrual during
FY14 (refers to the period April 1 to March 31) and extension
received from the government of Andhra Pradesh (A.P.) for project
completion. Furthermore, the ratings continue to factor in the
experience of the partners with support in the form of capital and
unsecured loans and satisfactory financial position. The ratings,
however, continue to be constrained by the revenue concentration
with an order book comprising single project work, project
execution behind schedule due to unforeseen geological risks
encountered and stretched working capital cycle though improved
during FY14. The ability of the firm to complete the
project within the revised timeline with uninterrupted project
progress and manage its working capital efficiently are the
key rating sensitivities.

Nuziveedu Swathi Coastal Consortium (NSCC) is a partnership firm
formed in September 2009 by a consortium comprising Splendid
Minerals Pvt. Ltd. (SMPL, subsidiary of Mandava Holdings Pvt. Ltd.
of the NSL group of Hyderabad, holding 50% shares), Coastal
Projects Ltd. (CPL, holding 25% share) and Siva Swathi
Constructions Pvt. Ltd. (SCL, holding 25% share).

NSCC is engaged in the construction of a tunnel [Tunnel I, using
Tunnel Boring Machine (TBM)] as a part of the Veligonda Irrigation
Project in the Prakasam district of A.P. The said project has been
received as a sub-contract work. The Veligonda project comprises a
single order in hand with the work valued at INR591.81 crore
completed till Sept. 30, 2014 (contract value being INR624.6
crore) and revised completion date as June 2017 (extended from
June 2014), as approved by the government of A.P.

During FY14, NSCC posted PBILDT of INR16.82 crore (FY13: INR4.98
crore) and net profit of INR2.29 crore (FY13: net loss of INR9.31
crore) on a total operating income of INR81.06 crore (FY13:
INR54.31 crore).


NYSE INFRASTRUCTURE: CRISIL Ups Rating on INR1.10BB LT Loan to B-
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Nyse Infrastructure Pvt Ltd (NYSE) to 'CRISIL B-/Stable' from
'CRISIL D'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Long Term Loan         1,100        CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects the regularisation of NYSE's term debt
repayments due to the company's improved liquidity. The
improvement in liquidity was backed by recovery of advances that
NYSE had extended to group companies. Post recovery, advances made
to group companies reduced to around INR284.4 million as on March
31, 2014, from INR352.1 million as on March 31, 2012. This was
accompanied by the improvement in NYSE's cash accruals to INR133.3
million in 2013-14 (refers to financial year, April 1 to March
31), from INR97.6 million in 2011-12. However, the company's
liquidity remains stretched due to tightly matched cash flows with
debt obligations. Hence, improvement in its debt service coverage
ratio will remain a key rating sensitivity factor over the medium
term.

The rating reflects NYSE's below-average financial risk profile,
marked by a highly leveraged capital structure and weak debt
protection metrics. This rating weakness is partially offset by
the company's stable annuity structure and its promoters'
extensive experience in the infrastructure construction industry.

Outlook: Stable

CRISIL believes that NYSE will continue to benefit over the medium
term from its stable annuity structure and the extensive industry
experience of its promoters. The outlook may be revised to
'Positive' if the company improves its financial risk profile,
especially its liquidity, most likely through increased cash
accruals. Conversely, the outlook may be revised to 'Negative' if
there is significant delay in annuity payments or if NYSE extends
more funds to other group companies, resulting in weakening of its
liquidity.

NYSE was incorporated in 2001 as a special-purpose vehicle,
promoted by Navayuga Engineering Company Ltd and Soma Enterprises
Ltd. The company undertook the construction of a four-lane highway
of around 17 kilometres on National Highway-5, the Chennai-Kolkata
section of the Golden Quadrilateral project. It was a build,
operate, and transfer project on an annuity basis awarded by
National Highways Authority of India.


OCEANIC TROPICAL: CRISIL Suspends D Rating on INR1.29BB Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Oceanic
Tropical Fruits Pvt Ltd (OTFPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit            1,290        CRISIL D
   Export Packing Credit    250        CRISIL D
   Letter of Credit         210        CRISIL D
   Proposed Long Term
   Bank Loan Facility       181        CRISIL D
   Standby Line of Credit    50        CRISIL D
   Term Loan                570        CRISIL D

The suspension of ratings is on account of non-cooperation by
OTFPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, OTFPL is yet to
provide adequate information to enable CRISIL to assess OTFPL'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 September 2007, OTFPL is a part of the Oceanaa
group (formerly, the Oceanic group) promoted by Mr. A Joseph Raj
and Mrs. Vimala Joseph. The company is engaged in fruit-pulp
extraction and aseptic packaging of processed-fruit products.


OLUMPUS GLASSES: CRISIL Assigns B- Rating to INR45MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Olumpus Glasses Pvt Ltd (OGPL). The rating reflect
OGPL's small scale and short track record of operations, and weak
financial risk profile marked by low net worth. These rating
weaknesses are partially offset by the extensive experience of the
promoters in similar industry.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             15         CRISIL B-/Stable
   Term Loan               45         CRISIL B-/Stable

Outlook: Stable

CRISIL believes that OGPL will maintain its business risk profile
backed by its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
substantial growth in revenue and profitability, resulting in
improvement in its business financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of low growth or
dip in margins because of high competition or slowdown in the end
user industry, leading to weakening in its business or large debt-
funded capital expenditure, again leading to weakening in
financial risk profile.

Incorporated in 2013, OGPL started operations in June 2014 and
manufactures toughened glass for use in architectural industry.
The product is marketed under the brand name 'Olumpus Glass'. The
company based in Lucknow (Uttar Pradesh) is managed by Mr. Ashok
Kumar Gupta, Mr. Vivek Kumar Gupta and Ms. Mansi Gupta.

OGPL registered a turnover of INR15 million till September 2014
and is likely to register ~Rs.50 million to INR55 million for the
full year 2014-15.


OMNI AUTO: CRISIL Suspends D Rating on INR262.8MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Omni
Auto Ltd (OAL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit             189          CRISIL D
   Letter of Credit         50          CRISIL D
   Proposed Long Term
   Bank Loan Facility        2          CRISIL D
   Term Loan               262.8        CRISIL D

The suspension of ratings is on account of non-cooperation by OAL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, OAL is yet to
provide adequate information to enable CRISIL to assess OAL'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 1996, OAL is promoted by Mr. Anil Roy. The company
manufactures auto components for TML (Tata Motors Ltd) and TIL
(Timken India Ltd). OAL manufactures auto components, such as
bearing rings, coupling flanges, forks, gear parts, and other
precision machined castings.


ORBIT TECHNOLOGIES: CRISIL Suspends B+ Rating on INR22.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Orbit
Technologies Pvt Ltd (OTPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee          15           CRISIL A4
   Cash Credit             22.5         CRISIL B+/Stable
   Letter of Credit         2.5         CRISIL A4
   Proposed Long Term
   Bank Loan Facility       6.9         CRISIL B+/Stable
   Term Loan                8.1         CRISIL B+/Stable

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

OTPL was established in 1995 by Mr. Venkat Prasad. The company
trades in instruments used to analyse quality of the environment,
fuel, and water. It is an authorised dealer for various
manufacturers. OTPL also executes service and maintenance
contracts for customers to whom the equipment is sold.


OSWAL TRENDS: CRISIL Suspends B- Rating on INR110MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Oswal
Trends Pvt Ltd (OTPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             110         CRISIL B-/Stable

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

OTPL was incorporated in 2009, promoted by Vikash Jain. It is
currently owned and managed by Mr Vikash Jain, Mrs Teena Jain
(wife of Mr Vikash Jain) and Mrs Meena Jain (mother of Mr Vikash
Jain). It is engaged in trading of fabrics and garments.


OVERSEAS CARPETS: CRISIL Suspends D Rating on INR180MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Overseas Carpets Ltd (OCL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bill Discounting        180          CRISIL D
   Cash Credit              70          CRISIL D
   Packing Credit in        70          CRISIL D
   Foreign Currency

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

OCL, incorporated in 1981, is engaged in the export of carpets. It
is promoted by Mr. O P Garg, who has been associated with the
carpet export industry for long, and has held prominent positions
with the Carpet Export Promotion Council and the Silk Board. Mr.
Garg is also the founder-director of the India Exposition & Mart
Centre based in Greater Noida (Uttar Pradesh).  OCL is the
flagship company of Garg group, which has interests in carpet and
handicraft exports, travel services, and manufacturing of compact
discs, among others.


PATEL COTTON: CRISIL Suspends B+ Rating on INR50MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Patel
Cotton Industries (Bhavnagar) (PCI).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              50         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       16.4       CRISIL B+/Stable
   Term Loan                13.6       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by PCI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PCI is yet to
provide adequate information to enable CRISIL to assess PCI'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, PCI is promoted by Talaja (Gujarat)-based Mr.
Hirabhai Beladiya. It, is mainly engaged in ginning and pressing
of cotton into bales as well as cotton seed oil extraction.


PAULOMI ESTATES: CRISIL Reaffirms B+ Rating on INR150MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Paulomi
Estates Pvt Ltd (PEPL) continues to reflect the company's exposure
to the risks and cyclicality inherent in the real estate sector.
The rating also reflects implementation-related risks associated
with the company's ongoing real estate project, which can affect
the project saleability, and therefore, its operating cash flows.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term      50       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan              150       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of PEPL's management in the real estate industry.

Outlook: Stable

CRISIL believes that PEPL will continue to benefit over the medium
term from its promoter's extensive experience in the real estate
industry. The outlook may be revised to 'Positive' if the company
generates substantial cash flows, most likely through early
completion of its project, or achieves higher than expected
bookings from the project, thereby strengthening its financial
flexibility. Conversely, the outlook may be revised to 'Negative'
if PEPL faces any delays in project completion or in receipt of
customer advances, or in case of a cost overrun in the project, or
significant fall in realisations. Any diversion of the sizeable
funds from the project to other businesses could also lead to
revision in the outlook to 'Negative'.

Update
PEPL has completed the Reinforced Cement Concrete (RCC) work for
all the villas, and work on the club house, roads, and common
infrastructure is currently under progress. The project has
achieved about 56 per cent progress, funded mainly by infusion of
funds by the promoters. While this reduced the implementation
related risks compared to the previous year, CRISIL notes that the
company still has a sizeable portion of the project to be
completed, and believes that implementation risks therefore are
moderate for PEPL.

Despite the progress achieved in the project construction, the
company has sold only two out of its 31 villas; which reflects on
the offtake risk for the project. Although the model villa
constructed in September 2014 is expected to drive sales, the
demonstration of steady sales is still to be achieved. Partially
offsetting the risk, CRISIL continues to believe that the location
of the project in Kokapet area, which is in proximity to the
Gachibowli financial district in Hyderabad (Telangana), will help
the project gain traction with target customers.

Furthermore, a significant proportion of the remaining project
cost, about 55 per cent, is expected to be met through booking
advances, the timely sale of the villas will be critical to the
on-schedule completion of the project. The project has largely
been funded through promoters' infusions till date, and has
recently been sanctioned a term loan of INR150 million. While
CRISIL believes that the term loan does not impact the financial
flexibility of the company, given the project's moderate economic
gearing after availing the term loan, timely availability of funds
via customer advances will be a key rating sensitivity factor.

Incorporated in 2005, PEPL is promoted by Mr. J Madan Mohan Rao;
it undertakes residential real estate projects in Hyderabad
(Andhra Pradesh). The company is currently constructing a villa
project in Kokapet, Hyderabad. It plans to diversify its business
by entering the solar power industry in Andhra Pradesh.


PHOTONIX SOLAR: CRISIL Suspends B- Rating on INR42.5MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Photonix Solar Pvt Ltd (PSPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee           5           CRISIL A4
   Cash Credit             22.5         CRISIL B-/Stable
   Letter of Credit         5           CRISIL A4
   Term Loan               42.5         CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by PSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PSPL is yet to
provide adequate information to enable CRISIL to assess PSPL'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, PSPL manufactures solar PV panels which are
used in solar power generation. The company has its manufacturing
facility in Wai (Maharashtra) and its registered office in Pune
(Maharashtra). PSPL is promoted by Mr. Dileep Deshpande and Mr.
Shishir Khandwala.


POOJA DEVELOPERS: CRISIL Suspends B Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Pooja
Developers (PD).

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

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

Established in 2003, PD is engaged in residential real estate
development in Pune (Maharashtra). The firm has executed one
project under the name Shivam at Pimple Saudagar in Pune in 2009,
and is currently executing a two-building extension of Shivam. PD
is promoted by Mr. Sacchanad Galani, who has been in the real
estate business for nearly three decades.


RISHABH BUILDWELL: CRISIL Suspends B+ Rating on INR220MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Rishabh
Buildwell Pvt Ltd (RBPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Term Loan                220          CRISIL B+/Stable

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

RBPL, part of the Rishabh Group of companies, was set up by Mr.
Sanjeev Jain in 1998 to develop residential and commercial real
estate projects. RBPL is implementing residential real estate
project at Indirapuram (Ghaziabad).


RV ALLOYS: CRISIL Suspends B- Rating on INR70MM Term Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
RV Alloys India Pvt. Ltd (RVAIPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             20         CRISIL B-/Stable
   Term Loan               70         CRISIL B-/Stable

The suspension of rating is on account of non-cooperation by
RVAIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RVAIPL is yet to
provide adequate information to enable CRISIL to assess RVAIPL'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 2009, RVAIPL is involved in the manufacture of
ferroalloys with a special focus on ferrosilicon. The company is
promoted and managed by is promoted by Mr.S.Veerender Reddy and
Mr.R.Rama Krishna Rao.


S.R. EDUCATIONAL: CRISIL Suspends B- Rating on INR110MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
S.R. Educational and Welfare Trust (SRE).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan                110         CRISIL B-/Stable

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

SRE was set up in 2006 as an educational charitable trust by Dr.
Sanjay Nijhawan. SRE opened an engineering and management college
in 2007, Delhi Institute of Technology and Management, in Ganaur,
District Sonepat.


SABOO ALLOYS: CRISIL Suspends B- Rating on INR47.5MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Saboo
Alloys Private Limited (SAPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             47.5       CRISIL B-/Stable
   Letter of Credit         7.5       CRISIL A4
   Proposed Long Term
   Bank Loan Facility      10         CRISIL B-/Stable
   Term Loan               10         CRISIL B-/Stable

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Saboo Tor Private Limited (STPL), Saboo
Alloys Private Limited (SAPL) and Saboo Ispat Private Limited
(SIPL), referred to as the Saboo group. There are significant
business and financial linkages between these three companies.
Besides, all the companies have a common management.

STPL, incorporated in 1991, is engaged in manufacture of TMT bars
and angles. The company markets TMT bars under 'J. Jeendal' brand
name.


SHIV SHAKTI: CRISIL Suspends B Rating on INR90MM Term Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shiv
Shakti Exports (SSE).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bill Discounting        95          CRISIL A4
   Packing Credit          95          CRISIL A4
   Term Loan               90          CRISIL B/Stable

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

SSE is a partnership firm promoted by Mr. Sunil Mittal and his
family members in 2000. The firm manufactures rugs, bath mats and
carpets. Its manufacturing unit is located in Panipat, Haryana.


SHREE BALAJI: CARE Assigns 'B+' Rating to INR11cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shree
Balaji Texspin Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      11        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shree Balaji Texspin
Pvt Ltd (SBTPL) takes into account of small scale of operation,
thin operating margin due to trading nature of business,
profitability margin susceptible to volatility in cotton prices,
working capital-intensive nature of operation and vulnerable
financial risk profile with tight liquidity position. The rating
weakness is, however, partially offset by long experience of the
promoters and wide network of customers and suppliers. The ability
of the company to improve its scale of operation and profitability
margin and efficient management of working capital are the key
rating sensitivities.

SBTPL, incorporated in 2009, is promoted by Mr. Bijay Kumar
Agarwal. Before 2009, the business was carried on under the name
of Shree Balaji Trading as a partnership firm with Mr. Udayram
Agarwal (brother of Mr. Bijay Agarwal) since 1980. SBTPL is mainly
into wholesale trading of cotton yarn.

During FY14 (refers to the period April 01 to March 31), SBTPL
reported PAT of INR0.22 crore (Rs.0.22 crore in FY13) on a
total operating income of INR115.06 crore (Rs.114.24 crore in
FY13).  In 7MFY15, the company has reported a PBT of INR0.29 crore
on net sales of INR62.02 crore.


SITARAM MAHARAJ: CARE Reaffirms B Rating on INR72.87cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of Sitaram
Maharaj Sakhar Karkhana (Khardi) Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     72.87      CARE B Reaffirmed

Rating Rationale

The rating continues to be constrained by the relatively small
scale of operations coupled with partially integrated nature
of the sugar plant of Sitaram Maharaj Sakhar Karkhana (Khardi)
Limited (SMSKL), financial risk profile marked by the highly
leveraged capital structure, operating losses and working capital-
intensive nature of operations. The rating also factors in the
cyclical and seasonal nature of the sugar industry and associated
agro-climatic risks.  The rating, however, derives strength from
the experience of the promoters in the sugar industry, and
strategic location of SMSKL's sugar plant.

The ability of SMSKL to stabilize its operations going forward
with the procurement of the envisaged volume of sugarcane
at envisaged price and improvement in the debt protection metrics
are the key rating sensitivities.

SMSKL was incorporated by Mr Baban Sonawale, Chairman, under the
guidance of chief promoter Mr Kalyanrao Kale in May 1999 to
undertake sugar and sugar-related production at Khardi village, in
Pandhrapur District, Solapur Maharashtra.

Post fund tie-ups and receiving all the necessary approvals, over
the period FY10 (refers to the period April 1 to March 31)
to FY12, SMSKL set up a partially integrated sugar manufacturing
facility with the installed capacity of 2,500 tonnes of cane
crushed per day (TCD) and bagasse-based co-generation plant with
an installed capacity of 10 mega-watts (MW).

SMSKL commenced commercial operations from the sugar season (SS)
2012-2013 and crushed about 0.80 lakh metric tonnes (MT) of sugar
cane in the first crushing season. The co-generation unit
commenced commercial operations from the sugar season (SS) 2013-
14. During SS 2013-2014, SMSKL crushed about 1.21 lakh MT of sugar
cane.

During FY14 (refers to the period April 1 to March 31), SMSKL
reported a total operating income of INR49.69 crore with a
loss of INR11.08 crore.


SPICEJET LTD: Extends Flight Cancellation Until January 31
----------------------------------------------------------
The Times of India reports that SpiceJet Ltd has extended its
cancellations till this month affecting over 300 flights, but the
government on Dec. 30, 2013, made it clear that the airline will
have to itself resolve its financial woes.

TOI relates that according to the latest update on the airline's
website, over 300 flights have been cancelled till January 31,
2015, which include mostly domestic flights and a few connecting
Nepal and Afghanistan.

This follows cancellation of over 1,800 flights, announced earlier
last month by the Chennai-based airline, till
December 31, 2014.

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.


SPICEJET LTD: Fails to Submit Cash Flow Plan
--------------------------------------------
The Times of India reports that SpiceJet Ltd reportedly failed to
submit a cash flow plan to the aviation ministry to show that its
prospective investors mean business. An unimpressed ministry had
asked the low cost carrier management and SpiceJet's former
promoter Ajay Singh to submit the plan by today, January 5.

According to the report, the government wanted to make it sure
that SpiceJet's plan to get some funds has some concrete basis so
that it can meet its financial requirements -- pay salaries of
December to employees and dues to airports and others.

TOI notes that the LCC has dues of almost INR200 crore to the
state-run Airports Authority of India (AAI). While AAI wanted to
put the LCC on cash-and-carry, it was asked by the aviation
ministry not to revoke SpiceJet's credit facility till the year-
end, the report notes.

The report says the ministry made similar requests to oil
companies regarding jet fuel supply to SpiceJet, apart from asking
banks to give loans to it. But apart from AAI, no one listened to
the aviation ministry, says TOI.

"We will take a call on whether AAI should stop credit to SpiceJet
and put it on cash and carry. That decision will be taken by
Wednesday [December 31]," the report quotes a senior official of
the ministry as saying.  According to TOI, sources said if AAI
stops credit to SpiceJet, the LCC may find it difficult to operate
flights. Airline CEO Sanjiv Kapoor did not say if the LCC will be
able to fly if AAI puts it on cash-and-carry.

"We had asked the prospective investors of SpiceJet (read former
promoter Ajay Singh-led band of investors) to put in some money by
the year-end. Such a move will also convince us that they mean
business and then we may ask AAI to give the LCC some more time,"
the official, as cited by TOI, said.

TOI says Ajay Singh is in talks with a unit of the US-based J P
Morgan Chase and some other PE investors to pump in
INR1,200 crore to INR1,500 crore into the airline. Sources close
to Singh said the proposed investors are conducting due diligence
of SpiceJet and this process may take up to six weeks (till
January end), the report adds.

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.


SPICEJET LTD: Gets 10-Day Reprieve to Pay Up INR200cr to AAI
------------------------------------------------------------
Hindustan Times reports that the aviation ministry on Dec. 31,
2013, extended the deadline for Spicejet Ltd to make payments to
the Airports Authority of India (AAI) by another ten days to
January 10.

SpiceJet had time till December 31 to deposit INR200 crore with
AAI or provide bank guarantees to avoid being put on cash and
carry (where it has to pay for daily operations), the report
relates.

"We have extended the deadline by another 10 days. Putting it on
cash and carry could have impacted its operations resulting in
unnecessary problems for passengers during the peak season," the
report quotes an official as saying.

On December 16, the ministry had given the Kalanithi Maran-
controlled airline 15 days time to clear its dues to AAI. Sources
said the airline has deposited a bank guarantee of about
INR82 crore so far and assured the government that it would make
payments to AAI by this week, the report 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.


SULOCHANA AGRO: CRISIL Reaffirms B Rating on INR67.5MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Sulochana Agro and
Infratech Pvt Ltd (SAIPL) continues to reflect SAIPL's modest
scale of operations in the intensely competitive edible oils
industry and the product concentration in the company's revenue
profile.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            67.5       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     33.5       CRISIL B/Stable (Reaffirmed)
   Term Loan              49         CRISIL B/Stable (Reaffirmed)

The rating also reflects the company's average financial risk
profile marked by high gearing, modest net worth, and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of SAIPL's promoters.
Outlook: Stable

CRISIL believes that SAIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial and
sustained improvement in the company's revenue and profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's profitability declines steeply or if the company
undertakes a large debt-funded capital expenditure (capex)
programme, weakening its financial risk profile, particularly its
liquidity.

Update
SAIPL achieved a 55 per cent growth in operating income to INR470
million for 2013-14 (refers to financial year, April 1 to
March 31) from INR300 million for the previous year, on account of
better capacity utilisation backed by incremental business from
its existing customers and acquisition of new customers. CRISIL
notes that the company had completed its capex programme in 2012-
13, doubling its capacity to 400 tonnes per day, which has also
provided a boost to the company's sales. While the scale of
operations has improved considerably, CRISIL believes that the
growth will remain exposed to the extent of competition in the
edible oil industry.

SAIPL's operating margin improved to 3.2 per cent for 2013-14 from
2.0 per cent earlier on account of better procurement terms from
suppliers. The company previously procured raw material from
Andhra Pradesh; during 2013-14, it commenced procurement from
Telangana and Tamil Nadu on better terms. SAIPL's operating margin
is expected to remain stable over the medium term.

The company's financial risk profile is expected to remain
constrained over the medium term by modest net worth and weak debt
protection metrics. Its liquidity is expected to remain stretched
over the medium term with cash accruals of INR5.5 million being
tightly matched against debt obligations of INR5.5 million.
However, SAIPL had unencumbered cash and bank balance of INR46
million as on March 31, 2014, which provides a cushion to its
liquidity profile.

Incorporated in 2006, SAIPL is managed by Mr. T Mahender Reddy and
associates. It extracts rice bran oil.

SAIPL reported a profit after tax (PAT) of INR0.4 million on net
sales of INR456 million for 2013-14, against a PAT of INR1.6
million on net sales of INR303.3 million for 2012-13.


V M S NIRMAN: CRISIL Suspends B Rating on INR80MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
V M S Nirman Private Limited (VMSNPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              80         CRISIL B/Stable
   Letter of Credit         30         CRISIL A4
   Proposed Long Term        6         CRISIL B/Stable
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by
VMSNPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VMSNPLL is yet
to provide adequate information to enable CRISIL to assess
VMSNPL'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 1993, VMSNPL (Formerly Visakha Machine Spares
Private Limited) is located in Visakhapatnam (Andhra Pradesh) and
manufactures spares, gears, conveyor system, and accessories. From
2010-11 (refers to financial year, April 1 to March 31), the
company has also been engaged in structural fabrication works and,
over the medium term, this segment will account for majority of
its revenues.


VISHVAS POWER: CARE Assigns B- Rating to INR7.87cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B-/CARE A4' ratings to the bank facilities of
Vishvas Power Engineering Services Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.87       CARE B- Assigned
   Short term Bank Facilities    7.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Vishvas Power
Engineering Services Private Limited (VPES) are constrained on
account of the small scale of operations in highly fragmented
engineering industry, working capital-intensive nature of business
operations and susceptibility of margins to volatility in the
prices of the raw material.

The ratings, however, draw support from experienced promoters,
diversified & established customer base and financial risk profile
marked by moderate profitability and debt coverage indicators.
The ability of the company to increase its scale of operations and
profitability margins, amidst volatility in prices of raw
materials, while managing its working capital cycle effectively is
the key rating sensitivity.

Incorporated in the year 1995 by Mr Rajeev Bhave, Mr S.V. D'mello
and Mr Kiran Joharapurkar, VPES is a Nagpur-based company engaged
in the manufacturing, repairs, erection and commissioning of
power transformers.

VPES manufactures current transformers (CT) and potential
transformers (PT) of capacity up to 400 KV. It has its own
manufacturing facility at MIDC Nagpur (ISO 9001:2008 certified).

The company broadly derives revenue from three divisions, namely,
refurbishing of transformers, repair of transformers and sale of
spares and accessories. In FY14 (provisional. refers to the period
of April 1 to March 31), the company derived around 74% of the
revenue from repair of transformers, 24% from refurbishing and
balance through sales of accessories.

In FY14, VPES has earned a PAT of INR0.66 crore on a total income
of INR18.83 crore as against a PAT of INR0.79 crore on a total
income of INR19.54 crore in FY13.



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


JAPAN: Approves $29 Billion Stimulus Package
--------------------------------------------
Reuters reports that Japan's government approved on Dec. 27, 2014,
stimulus spending worth $29 billion aimed at helping the country's
lagging regions and households through steps like subsidies and
merchandise vouchers, but analysts are skeptical about how much
the government can spur growth.

Reuters says the package, worth JPY3.5 trillion (about $29
billion) was unveiled two weeks after a huge election victory by
Prime Minister Shinzo Abe's ruling coalition gave him a fresh
mandate to push through his stimulus policies, known as Abenomics.
The report relates that the government said it expected the
stimulus plan to increase Japan's gross domestic product 0.7
percent.

Given Japan's dire public finances, the government will avoid
issuing fresh debt and will finance the package with unspent money
from previous budgets and with tax revenues that have exceeded
budget forecasts because of economic recovery, according to
Reuters.

With nationwide local elections planned in April, which Abe's
ruling bloc must win to cement his grip on power, the package
centers on subsidies to regional governments to stimulate private
consumption and support small firms, says Reuters.

Reuters relates that of the total, JPY1.8 trillion will be spent
on measures such as distributing coupons to buy merchandise,
providing low-income households with subsidies for fuel purchases,
supporting funding at small firms and reviving regional economies.

The remaining JPY1.7 trillion will be used for disaster prevention
and rebuilding disaster-hit areas, including those affected by the
March 2011 tsunami, the report relays. Tokyo will also seek to
bolster the housing market by lowering the mortgage rates offered
by a government home-loan agency, adds Reuters.

"It's better than doing nothing, but I don't think this stimulus
will have a big impact on boosting the economy," the report quotes
Masaki Kuwahara, a senior economist at Nomura Securities, as
saying. "This package directly targets households and regions left
behind by Abenomics, so it may work favorably to Abe's ruling
coalition in the nationwide local elections."

Reuters relates that Mr. Kuwahara said the stimulus was unlikely
to spur consumer spending while uncertainty remained over the
economic outlook, adding that it could push up G.D.P. about 0.2
percent.

With little room left for Japan to resort to big fiscal spending,
analysts said the government must pin its hopes on wage increases
by big companies to play a greater role in bolstering the economy
and pulling Japan out of deflation, relays Reuters.

The stimulus highlights a tough balance Mr. Abe must strike
between lifting the economy and curbing runaway debt, which is
more than twice the size of the country's G.D.P., the report adds.


VESTAX JAPAN: Mixware Issues Update on Bankruptcy Filing
--------------------------------------------------------
Ryan Middleton at Music Times reports that after several months of
rumors swirling around lackluster sales from Vestax Japan, a
Japanese manufacturer of DJ equipment and digital mixers, the
company filed for bankruptcy earlier this last month.

According to the report, Vestax had been in trouble ever since it
reportedly lost its United States distributer in October, and
sales started to languish in Japan due to varying economic
factors, including the rise in the Value Added Tax from 5 percent
to 8 percent as part of Shinizo Abe's plan to generate government
revenue and a recent dip back into recession.

Music Times relates that the company fell into debt of
JPY900 million ($7.5 million) and was forced to file for
bankruptcy, which makes it one of the 9,045 as of November 2014.

The report says Mixware, a U.S. representative and distributer for
Vestax, has released a statement about bankruptcy and how there
might actually be a light at the end of the tunnel via DJ Times:

"The bankruptcy procedure was a necessary first step into the
rebuilding of Vestax Japan and Vestax brand. Measures, engineering
team, new product designs and financial support are already in
place to support the rebuilding process and more information will
be published by Vestax Japan during the course of the first
semester 2015.

"This process will definitely take some time before the first new
Vestax products reach the worldwide markets but we're confident
that once again under the leadership of its original founders,
Vestax will soon re-emerge as a strong, innovative brand as it has
always been."



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


CHINA CARBON: Lack of Capital May Force Cessation of Operations
---------------------------------------------------------------
China Carbon Graphite Group, Inc., filed its quarterly report on
Form 10-Q, reporting net income of $50,400 on $99,200 of total
revenue for the quarter ended Sept. 30, 2014, compared with a net
loss of $6.89 million on $nil of total revenue for the same period
in 2013.

The Company's balance sheet at Sept. 30, 2014, showed $2.32
million in total assets, $1.8 million in total current
liabilities, and a stockholders' deficit of $0.53 million.
The Company has incurred significant operating losses and working
capital deficit. The ability of the Company to continue as a
going concern is dependent on the Company obtaining adequate
capital to fund operating losses until it becomes profitable. If
the Company is unable to obtain adequate capital, it could be
forced to cease operations, according to the regulatory filing.

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

                        http://is.gd/o0vZGg

China Carbon Graphite Group, Inc. (OTCMKTS:CHGI) manufactures
graphite-based products that are used in the manufacturing of
other products, including non-ferrous metals and steel. The
Xinghe County, Inner Mongolia-based Company's products are also
incorporated in other types of products or processes like atomic
reactors.




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


ESQUIRE FASHION: Shoemaker Put Up For Sale
------------------------------------------
Park Si-soo at The Korea Times reports that homegrown casual shoes
maker Esquire is for sale. Its holding company, Esquire Fashion
Company (EFC), has been in court receivership since April, and the
court recently decided to find a new owner, the report says.

Deloitte Anjin, an accounting firm, is handling the sale. The
deadline for letters of intent is Jan. 23, the Korea Times
discloses.

According to the report, EFC began self-imposed restructuring in
March amid declining sales, under which it sold various properties
and tangible assets to keep afloat. But it failed to regain the
confidence of its biggest creditor H&Q, a private equity fund.

H&Q took a controlling stake for KRW80 billion ($72.78 million) in
2009, the report notes.

The Korea Times says the shoemaker has been losing money since
2012. Last year, it posted KRW15.63 billion in sales and a
KRW6.2 billion in operating loss, the report discloses.

"We want to sell the company to a single preferred bidder," the
report quotes an EFC official as saying. "But it's subject to
change, which means, depending on bidding conditions, some units
of the company can be sold separately."

The company, established in 1961, had its heyday in the 1980s and
'90s with a variety of products that appealed to young and old.
Esquire is one of its most widely known brands.



                             *********

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
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Bond Pricing table is compiled on the Friday prior to
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Friday's edition of the TCR-AP features a list of companies with
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                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
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Editors.

Copyright 2015.  All rights reserved.  ISSN: 1520-9482.

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                 *** End of Transmission ***