TCRAP_Public/150106.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

           Tuesday, January 6, 2015, Vol. 18, No. 003


                            Headlines


A U S T R A L I A

GOSTIDE PTY: First Creditors' Meeting Set For January 13
MISS CHU: Chain Will Trade Through Administration, Founder Says
OCEANLINX LIMITED: Placed Into Liquidation
REGIONAL GROUP: Placed in Liquidation
SHEPHERD CONTRACTING: First Creditors' Meeting Set For January 13

SKYTRANS AIRLINE: Shuts Operations After 25 Years


C H I N A

AF OCEAN: Incurs $96.02-Mil. Net Loss for Quarter Ended Sept. 30
CAR INC: Fitch Assigns BB+ Issuer Default Rating; Outlook Stable
CHINA FRUITS: Incurs $245K Net Income in Third Quarter
CYBRDI INC: Has Insufficient Cash Flow to Sustain Operations
E-LAND FASHION: Moody's Withdraws Ba3 Corporate Family Rating

GREAT CHINA: Relies on Bank Loans to Fund Operations
LDK SOLAR: Forgives $46MM SPI Receivable in Exchange for $11MM
LDK SOLAR: Extraordinary General Meeting Set for January 22
LDK SOLAR: Has Deposit Agreement With JPMorgan Chase


H O N G  K O N G

XIANGTIAN USA: Jimmy P. Lee Issues Going Concern Qualification


I N D I A

ADITYAPUR CITY: ICRA Reaffirms B+ Rating on INR46.34cr Term Loan
AGARWAL MITTAL: CRISIL Reaffirms 'B' Rating on INR320MM Loan
AGRIGOLD ORGANICS: ICRA Cuts Rating on INR101.25cr ILC/FLC to 'D'
BALA SUNDRI: ICRA Assigns 'B' Rating to INR4.00cr Cash Credit
BSCPL GODHRA: ICRA Cuts Rating on INR525cr Term Loan to 'D'

EASTERN INFRATECH: ICRA Suspends B Rating on INR6.02cr Term Loan
FORUM IT: ICRA Reaffirms 'B' Rating on INR130.28cr Term Loan
GAJANAN REFRACTORY: CRISIL Puts D Rating on INR48.6MM Term Loan
GANESH SPONGE: CRISIL Cuts Rating on INR142.7MM LT Loan to 'D'
GANGAPUTRA: CRISIL Reaffirms B Rating on INR327.6MM Term Loan

GO AIRLINES: AAI Asked GoAir to Clear Dues In a Week
GURUKRUPA METALS: ICRA Reaffirms B- Rating on INR10cr Cash Credit
JAY RAVECHI: CRISIL Assigns B Rating to INR135MM Capital Loan
K.S.R. TEXTILE: ICRA Reaffirms B+ Rating on INR15.5cr LT Loan
KUSHAL BAGH: ICRA Upgrades Rating on INR6.32cr Loan to 'C'

LEELA GOLD: ICRA Cuts Rating on INR7.50cr Cash Credit to 'B-'
LEISURE WEAR: ICRA Assigns 'C' Rating to INR3cr Packing Credit
M. S. WOOD: CRISIL Reaffirms B Rating on INR90MM Cash Credit
MADHUCON SUGAR: ICRA Cuts Rating on INR80MM Cash Credit to 'D'
MAHABIR COLD: ICRA Suspends B Rating on INR19cr Bank Loan

MAHAKAUSHAL SUGAR: ICRA Suspends 'D' Rating on INR9cr Loan
MODEST INFRA: ICRA Upgrades Rating on INR45cr FB Loan to C+
MODEST INFRA: ICRA Ups Financial Strength Grade to Grade 7
PARTH PLASTPACK: ICRA Suspends B+ Rating on INR6.6cr Bank Loan
PNB REALTY: ICRA Assigns 'D' Rating to INR8.50cr LT Loan

PREMIER CONVEYORS: ICRA Puts C+ Rating on Notice For Withdrawal
PUNEET LABORATORIES: CRISIL Puts B+ Rating on INR60MM Term Loan
RANGOLI INDUSTRIES: CRISIL Assigns B+ Rating to INR52.5MM Loan
SAGA AUTOMOTIVE: ICRA Puts B+/A4 Rating on INR22.5cr Unalloc Loan
SIYARAM METAL: ICRA Reaffirms B+ Rating on INR35cr Cash Credit

SPICEJET LTD: No Salary Yet for Most Middle Management Staff
SREE GURUDEVA: ICRA Reaffirms 'B' Rating on INR17.91cr Term Loan
SRI NAGAMALLESWARA: ICRA Reaffirms B Rating on INR22.42cr LT Loan
SRI SRINIVAS: ICRA Reaffirms B+ Rating on INR4cr LT Loan
SRISHIRI AGROTECH: CRISIL Ups Rating on INR50MM Loan to 'B-'

V.R.K. ASSOCIATES: ICRA Assigns B Rating to INR8cr Term Loan
VENU INDUSTRIES: ICRA Reaffirms B+ Rating on INR15cr FB Loan
VIJAYA CHAITANYA: CRISIL Suspends 'D' Rating on INR110MM Loan


I N D O N E S I A

MASKAPAI REASURANSI: Fitch Puts 'BB-' IFS Rating; Outlook Stable


J A P A N

MT GOX: Police Say Losses Likely 99% Fraud


N E W  Z E A L A N D

KELTERN STUD: 'Unreliable Accounting' Stopped Debt Recovery
ROSS ASSET: Investors' Bid For Claw-Back Inquiry Rejected
VINE 2 WINE: Return Doubtful for Creditors, Liquidators Say


S O U T H  K O R E A

KOREA DEVELOPMENT: Moody's Confirms 'D' Standalone BFSR


X X X X X X X X

* BOND PRICING: For the Week Dec. 29, 2014, to Jan. 2, 2015


                            - - - - -


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


GOSTIDE PTY: First Creditors' Meeting Set For January 13
--------------------------------------------------------
Katherine Elizabeth Barnet and Hugh Armenis of Bentleys Corporate
Recovery were appointed as administrators of Gostide Pty Ltd on
Dec. 31, 2014.

A first meeting of the creditors of the Company will be held at
Bentleys Corporate Recovery, Level 3, 1 Castlereagh Street, in
Sydney, on Jan. 13, 2015, at 10:00 a.m.


MISS CHU: Chain Will Trade Through Administration, Founder Says
---------------------------------------------------------------
Kirsten Robb at SmartCompany reports that Nahji Chu, founder of
popular Vietnamese restaurant chain MissChu, has told customers
the company will trade through the voluntary administration of its
Sydney operations, despite letting a number of staff go.

SmartCompany says the Sydney operations of MissChu collapsed into
voluntary administration just days before Christmas, with
administrators Rahul Goyal and Jannamaria Robertson of KordaMentha
appointed on Dec. 23, 2014.

Mr. Goyal confirmed to SmartCompany the business had traded
through the Christmas and New Year period, even though it had
terminated roughly one third of its Sydney staff.

"All stores still open as usual and all suppliers will be
supporting the business going forward," SmartCompany quotes
Mr. Goyal as saying. "It is business as usual."

According to SmartCompany, Mr. Goyal said roughly 60 employees had
been terminated, while another third of full-time staff had had
their status changed to casual. A final third had remained in
full-time positions with the company. KordaMentha is currently
fielding calls and emails from any concerned employees, the report
notes.

SmartCompany says administrators have taken full control of the
day-to-day operations of MissChu and, according to a statement,
are "working with the management of MissChu to explore various
options whilst continuing to operate the retail and catering
businesses".

In the statement, Mr. Goyal said it was too early to fully
determine the outcome of the voluntary administration, but the
immediate priority was to implement controls in the business,
reduce the fixed costs and notify all stakeholders of the
appointment of the voluntary administrators.

The first meeting of creditors will be held on January 7.

Mr. Goyal told SmartCompany while more would become clear after
this meeting, he could confirm MissChu's major creditors were a
range of stakeholders including employees, the Australian Tax
Office, the Office of State Revenue, suppliers and the owners of
the business, including Chu herself. He also said landlords may be
affected, with close to a month's rent owed.

A spokesperson for KordaMentha also confirmed one of the strongest
options for MissChu was to sell the business a going concern,
SmartCompany adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 2, 2015, Rahul Goyal and Janna Robertson of KordaMentha
Restructuring have been appointed Voluntary Administrators of Miss
Chu Pty Limited and Miss Chu Manly Pty Limited (collectively known
as 'MissChu').

Miss Chu operates six retail tuckshops and a catering business in
New South Wales. The Melbourne and London MissChu businesses are
not affected by the Voluntary Administration.


OCEANLINX LIMITED: Placed Into Liquidation
------------------------------------------
John Ferguson at The Australian reports that Oceanlinx Limited has
been placed in liquidation, wiping out at least AUD10 million in
public grants and tax breaks and exposing its intellectual
property to an offshore raid.

The Australian says wave energy developer Oceanlinx went into
liquidation last month after a marine accident off the South
Australian coast in March torpedoed plans for a wave energy
generator designed to power 1,000 houses.

The cost to investors after the demise of the clean energy company
could be much more than AUD80 million, the report relates.

According to the report, company chairman Tibor Vertes on
Dec. 22, 2014, slammed liquidator Deloitte Australia, accusing it
of failing to properly assess his bid to keep the Oceanlinx name
afloat by protecting the intellectual property underpinning it.

The Australian relates that Mr. Vertes will take action in the
Federal Court this month to pursue Deloitte and others in an
attempt to protect intellectual property, but he believes a rival
bid values that intellectual property at vastly less, and expects
that the technology will be lost to Australia.

"It's money out of the country," the report quotes Mr. Vertes as
saying. "It's finished, it's over."

The Australian says Mr. Vertes has accused the then administrators
of failing to maximise the chances of Oceanlinx remaining alive,
claiming that too little time had been granted to enable his
interests to bid successfully for the remnants of Oceanlinx.

The preferred bidder is a company known as Wave Energy Renewable,
the report discloses.

Mr Vertes' lawyers argue that officials should ensure all bids are
properly considered. Deloitte did not respond, says The
Australian.

Earlier last month, however, lawyer Dominic Calabria defended the
handling of the administration, the report recalls. "Our clients .
. . have advertised the sale of the assets of the company, fielded
countless expressions of interest and conducted negotiations with
a number of parties over an extended period of time," Mr. Calabria
wrote, The Australian relays.

                          About Oceanlinx

Oceanlinx Limited was an Australian renewable energy company
specialising in ocean based energy technologies which harness
energy from waves to produce electricity for connection into
national electricity grids.

Vaughan Strawbridge and Jason Tracy of Deloitte Australia were
appointed as administrators of Oceanlinx Limited on April 2, 2014.


REGIONAL GROUP: Placed in Liquidation
-------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Regional Group
Training Limited has fallen into the hands of a liquidator.
Michael Gregory Jones of Jones Partners was appointed as
liquidator of the company on Dec. 17, 2014, the report says.

Regional Group Training Limited was a registered training
organisation that traded under the name Lyceum Institute of
Vocational Excellence. It sent trainers to various workplaces in
order to deliver sessions to small groups and people. Also,
apprentices were trained by the organisation through its
Australian Apprentices Centre.


SHEPHERD CONTRACTING: First Creditors' Meeting Set For January 13
-----------------------------------------------------------------
David Michael Stimpson and Anne Meagher of SV Partners were
appointed as administrators of Shepherd Contracting Pty Ltd on
Dec. 31, 2014.

A first meeting of the creditors of the Company will be held at
SV Partners, 138 Mary Street, in Brisbane, on Jan. 13, 2015, at
2:30 p.m.


SKYTRANS AIRLINE: Shuts Operations After 25 Years
-------------------------------------------------
Chris Chamberlin at Australian Business Traveller reports that
Skytrans Airline has ceased flying after 25 years of serving the
Queensland regional community.

The report relates that the airline said on January 2 it would
"cease trading, effectively immediately", with all flights
cancelled and all staff made redundant.

The Cairns-based airline flew across the state and in New South
Wales to destinations such as Brisbane, Toowoomba, Charleville,
the Sunshine Coast, Mount Isa and Sydney, but ahead of the shut
down it had already retrenched 121 staff during November and
December 2014, says Australian Business Traveller.

According to the report, Skytrans Managing Director Simon Wild
said the recent loss "of a large government contract" --subsidised
NSW routes which were handed over to Regional Express (REX) --
coupled with the sinking value of the Australian dollar meant the
airline had to abandon its plans for a leaner Skytrans focused on
the Cape routes.

"Our initial model for 2015 was based on an exchange rate with the
US$0.91" Mr. Wild revealed, however "the majority of our costs are
actually in US$, so fluctuations in exchange rates have a material
impact on our business," Mr. Wild said, the report relays.

"Within the last few weeks we have seen the Australian dollar fall
as low as US$0.81. Unfortunately a drop below US$0.88 means our
revised Skytrans model would not be a viable long term
proposition," the report quotes Mr. Wild as saying.

"In addition to the currency challenge it now appears likely that
we will have competition on our Cape routes with an inevitable
price war," Mr. Wild added, "a war where the only winner would be
the airline with the deepest pockets," notes the report.

Skytrans Airline was a Cairns-based regional airline.



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


AF OCEAN: Incurs $96.02-Mil. Net Loss for Quarter Ended Sept. 30
----------------------------------------------------------------
AF Ocean Investment Management Company filed its quarterly report
on Form 10-Q, reporting a net loss of $96.02 million on $70,400 of
total revenue for the quarter ended Sept. 30, 2014, compared with
a net loss of $34,900 on $135,000 of total revenue for the same
period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed $2.07
million in total assets, $1.33 in total liabilities, and
stockholders' equity of $742,931.

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

                       http://is.gd/lQzW6D

AF Ocean Investment Management Company promotes business relations
and exchanges between Chinese and United States-based companies.
The Company advises on international mergers and acquisitions,
promotes cooperation between Chinese companies and Wall Street
financial institutions, and helps Wall Street investors identify
and work with their Chinese counterparts.


CAR INC: Fitch Assigns BB+ Issuer Default Rating; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned China-based car rental company CAR Inc.
(CAR) a Long-Term Foreign Currency Issuer Default Rating (IDR) of
'BB+' and a senior unsecured rating of 'BB+.  The Outlook is
Stable.  Fitch has also assigned CAR's proposed senior unsecured
notes an expected rating of 'BB+(EXP)'.

The notes are rated at the same level as CAR's senior unsecured
rating as they represent direct, unconditional, unsecured and
unsubordinated obligations of the company.  The final rating of
the proposed notes is contingent upon receipt of documents
conforming to information already received.

CAR's ratings are supported by its dominant market share in the
car rental market in China, significant flexibility to scale down
capex during downturns and strong financial profile with low net
leverage.  The ratings are constrained by its short track record
in used car sales and regulatory uncertainty in the car rental
industry in China, which is in its early stages of development.

KEY RATING DRIVERS

Market Leader, Strong Profile: CAR is the No.1 car rental company
in China with 31% share of the short-term self-drive market as at
end-2013.  Consulting company Roland Berger expects the Chinese
car rental industry to grow at more than 20% a year into 2018,
with existing players having the advantage of high entry barriers
due to capital intensity, funding needs and restrictions on
vehicle license plates by the Chinese government.  CAR has
significant first-mover advantage over its peers; a large fleet
size that is four times that of the second-largest player; more
than 100 vehicle models to meet different rental needs; a wide
geographic spread covering 70 major cities; a lower cost structure
than its competitors; a dynamic pricing system; and a strong
distribution channel to dispose of its used cars.

Operational and Financial Flexibility: CAR has no minimum purchase
commitments with car manufacturers.  It also reduces its long-term
lease commitments by increasing the number of pick-up points -
parking facilities with simple service stands - instead of full
storefronts.  All the car parks have flexible lease termination
arrangements.  This business model gives CAR full flexibility to
adjust operations during downturns.  In addition, it has the
choice to postpone fleet renewal by adding fewer new cars or
disposing more used cars during downturns.

Solid Financial Profile: CAR has sound credit metrics.  Its
consolidated EBITDA margin is higher than its peers at around 40%
(if excluding used car sales segment, the rental segment margin is
estimated to be as high as 50%).  Fitch expects this high margin
is sustainable and CAR can further expand margins through better
deployment of its car fleet, increasing economies of scale, and
reductions in overhead costs.  Fitch estimates its FFO adjusted
net leverage to be 0.1x as of end-2014.  Although CAR is expanding
rapidly, Fitch expects its FFO adjusted net leverage to remain
under 1.0x over 2015-2017 due to its prudent financial policy and
flexible capex requirements.

Short Track Record in Used Car Sales: CAR started operations in
September 2007 and listed on the Hong Kong stock exchange in
September 2014.  It only started meaningful sales of used cars in
2013.  CAR's financial stability is dependent on estimates of the
residual value of its used cars and whether CAR will be able to
sell its used cars at reasonable prices in a downturn.  CAR has
yet to achieve a steady state in fleet renewal and demonstrate
disciplined growth after raising high levels of offshore equity
and debt.

Regulatory Uncertainty: The car rental industry in China is
subject to the laws and regulations of various local governments.
One of CAR's key competitive advantages over peers is its stock of
car license plates in restricted and potentially restricted cities
to secure future development.  However, any unexpected change in
regulations could adversely impact CAR's operations.  Although
these risks are not imminent, the car rental industry is at an
early stage of development in China and there are likely to be
regulatory changes before the industry matures and stabilizes.

RATING SENSITIVITIES

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

   -- FFO adjusted net leverage sustained above 1.0x
   -- EBITDA margin sustained below 40%
   -- EBIT margin sustained below 15%
   -- Loss of dominant market share in the car rental industry
   -- Evidence of greater regulatory or legal intervention
      leading to an adverse change in the company's operation and
      business profile

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

   -- A more mature regulatory environment in the car rental
      business
   -- Longer track record of sustained fleet renewal cycle
   -- Maintenance of strong financial profile during the growth
      phase


CHINA FRUITS: Incurs $245K Net Income in Third Quarter
-------------------------------------------------------
China Fruits Corporation filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, disclosing
net income of $245,000 on $2.86 million of sales for the three
months ended Sept. 30, 2014, compared with net income of $49,300
on $555,000 of sales for the same period during the prior year.

The Company's balance sheet at Sept. 30, 2014, showed $10.6
million in total assets, $7.48 million in total liabilities and
total stockholders' equity of $3.14 million.

The Company had incurred substantial losses in previous years and
has a working capital deficit, all of which raise substantial
doubt about its ability to continue as a going concern.

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

                       http://is.gd/fesZ9c

China Fruits Corp. (CHFR:OTC US) is engaged in the manufacturing,
trading and distributing of fresh tangerines and other fresh
fruits in China.  The Company's primary facility in Nan Feng
County, China has a total land area of 755,228 square feet,
including manufacturing plants of 340,570 square feet and office
buildings of 19,267 square feet.


CYBRDI INC: Has Insufficient Cash Flow to Sustain Operations
------------------------------------------------------------
Cybrdi, Inc., filed its quarterly report on Form 10-Q, disclosing
a net loss of $153,000 on $112,000 of revenue for the three months
ended Sept. 30, 2014, compared with a net loss of $160,400 on
$133,000 of revenue for the same period last year.

The Company's balance sheet at Sept. 30, 2014, showed
$10.6 million in total assets, $7.28 million in total liabilities,
and stockholders' equity of $3.36 million.

The Company has incurred significant losses and has not
demonstrated the ability to generate sufficient cash flows from
operations to satisfy its liabilities and sustain operations.  The
Company had an accumulated deficit of $4.05 million and
$3.53 million as of Sept. 30, 2014, and Dec. 31, 2013, including
net losses of $601,000 and $496,000 for the nine months ended
Sept. 30, 2014 and 2013, respectively.  In addition, current
liabilities exceeded current assets by $4.58 million and $4.018
million as of Sept. 30, 2014, and Dec. 31, 2013, respectively.
These matters raise substantial doubt about the Company's ability
to continue as a going concern, according to the regulatory
filing.

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

                        http://is.gd/EZGK36

Cybrdi, Inc., owns 80% equity in Shaanxi Chao Ying Biotechnology
Co., Ltd., which is engaged in the manufacturing of tissue chips,
a newly developed technology that is intended to provide high-
thoroughput molecular profiling and parallel analysis of
biological and molecular characteristics for hundreds of
pathologically controlled tissue specimens.  Cybrdi maintains its
headquarters in Shaanxi, China.


E-LAND FASHION: Moody's Withdraws Ba3 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn its Ba3 corporate family
rating on E-Land Fashion China Holdings Limited.

Ratings Rationale

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

E-Land Fashion China Holdings Limited is one of the leading
women's apparel companies in China. The company designs,
distributes, and markets casual wear brands mainly through its
directly managed shops in department stores.


GREAT CHINA: Relies on Bank Loans to Fund Operations
----------------------------------------------------
Great China International Holdings, Inc., filed its quarterly
report on Form 10-Q, disclosing a net loss of $514,000 on $1.84
million of revenue for the three months ended Sept. 30, 2014,
compared with a net loss of $423,000 on $1.9 million of revenue
for the same period last year.

The Company's balance sheet at Sept. 30, 2014, showed $58 million
in total assets, $35.6 million in total liabilities, and
stockholders' equity of $22.4 million.

The Company has a working capital deficit of $26.4 million and
$28.08 million as of Sept. 30, 2014 and Dec. 31, 2013,
respectively.  In addition, the Company has incurred net loss in
the period ended Sept. 30, 2014 and Dec. 31, 2013 of $1.27 million
and $1.81 million respectively.  As the Company has limited cash
flow from operations, its ability to maintain normal operations is
dependent upon obtaining adequate cash to finance its overhead,
sales and marketing activities.  Additionally, in order for the
Company to meet its financial obligations, including salaries,
debt service and operations, it has maintained substantial short
term bank loans that have historically been renewed each
year.  The Company's ability to meet its cash requirements for the
next twelve months largely depends on the bank loans that involve
interest expense requirements that reduce the amount of cash for
operations.  These factors raise substantial doubt about the
Company's ability to continue as a going concern, according to the
regulatory filing.

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

                        http://is.gd/lMrx82

                About Great China International

Shenyang, P.R.C.-based Great China International Holdings, Inc.,
was incorporated in the State of Nevada on Dec. 4, 1987, under the
name of Quantus Capital, Inc.  The Company, through its various
indirect subsidiaries, has been engaged for more than 20 years in
commercial and residential real estate investment, development,
sales and/or management in the city of Shenyang, Liaoning
Province, in the People's Republic of China.


LDK SOLAR: Forgives $46MM SPI Receivable in Exchange for $11MM
--------------------------------------------------------------
A subsidiary of LDK Solar Co., Ltd., in provisional liquidation
-- LDK Solar International Company Limited ("LDK Solar HK") -- has
entered into a settlement and mutual release agreement with Solar
Power, Inc., an associate with approximately 30% of equity
investment by LDK Solar Co.  Pursuant to the arrangement, LDK
Solar HK agreed to release and discharge SPI from all actions,
claims, demands, damages, obligations, liabilities, controversies
and executions arising out of SPI's payables of approximately $46
million to LDK Solar HK and subsidiaries, in exchange for a
settlement amount of $11 million, in addition to $17 million
already paid by SPI.  Pursuant to the settlement and mutual
release agreement, SPI will pay the $11 million additional
settlement amount in seven installments before December 31, 2015
in accordance with an agreed schedule. Unless extended with mutual
agreement, LDK Solar HK is entitled to revoke the settlement
arrangement should SPI default in the payment of any agreed
installment for more than 30 days.

              Schemes of Arrangement Become Effective

LDK Solar and its Joint Provisional Liquidators, Tammy Fu and
Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, said on
December 10 that the Cayman Islands schemes of arrangement in
respect of LDK Solar and LDK Silicon & Chemical Technology Co.,
Ltd. ("LDK Silicon") and the Hong Kong schemes of arrangement in
respect of LDK Solar, LDK Silicon and LDK Silicon Holding Co.,
Limited (the "Schemes") became effective as of that day. The
Cayman Islands schemes of arrangement were previously sanctioned
by the Grand Court of the Cayman Islands (the "Cayman Court"), and
the Hong Kong schemes of arrangement were previously sanctioned by
the High Court of Hong Kong.

LDK Solar and the JPLs also confirmed that pursuant to an order of
the Cayman Court dated December 10, the powers of the JPLs were
suspended (except for certain residual powers required to finalize
the provisional liquidation) and the powers of the directors of
LDK Solar were restored. With effect from
December 10, the directors may exercise all their powers as such,
subject to the powers granted to the scheme supervisors in respect
of the Schemes.

Pursuant to the terms of the Schemes, the consummation of the
restructuring transactions as contemplated in the Schemes was to
occur on December 17.

On December 18, LDK stated that, pursuant to the terms of the
Cayman Islands schemes of arrangement in respect of LDK Solar and
LDK Silicon & Chemical Technology Co., Ltd. and the Hong Kong
schemes of arrangement in respect of LDK Solar, LDK Silicon and
LDK Silicon Holding Co., Limited, the closing date for the
restructuring transactions in respect of LDK Solar's senior
noteholders and preferred shareholders, as contemplated in the
Schemes, occurred on December 17.

                          About LDK Solar

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

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

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment. Its Joint
Provisional Liquidators are Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

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

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


LDK SOLAR: Extraordinary General Meeting Set for January 22
-----------------------------------------------------------
LDK Solar Co., Ltd., said in a regulatory filing that the
extraordinary general meeting of shareholders will be held on
January 22, 2015.

LDK Solar filed its report on Form 20-F for the fiscal year ended
December 31, 2013, with the U.S. Securities and Exchange
Commission on November 5, 2014.  A copy of the report is available
at http://1.usa.gov/1AoBwC3

              Schemes of Arrangement Become Effective

LDK Solar and its Joint Provisional Liquidators, Tammy Fu and
Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, said on
December 10 that the Cayman Islands schemes of arrangement in
respect of LDK Solar and LDK Silicon & Chemical Technology Co.,
Ltd. ("LDK Silicon") and the Hong Kong schemes of arrangement in
respect of LDK Solar, LDK Silicon and LDK Silicon Holding Co.,
Limited (the "Schemes") became effective as of that day. The
Cayman Islands schemes of arrangement were previously sanctioned
by the Grand Court of the Cayman Islands (the "Cayman Court"), and
the Hong Kong schemes of arrangement were previously sanctioned by
the High Court of Hong Kong.

LDK Solar and the JPLs also confirmed that pursuant to an order of
the Cayman Court dated December 10, the powers of the JPLs were
suspended (except for certain residual powers required to finalize
the provisional liquidation) and the powers of the directors of
LDK Solar were restored. With effect from
December 10, the directors may exercise all their powers as such,
subject to the powers granted to the scheme supervisors in respect
of the Schemes.

Pursuant to the terms of the Schemes, the consummation of the
restructuring transactions as contemplated in the Schemes was to
occur on December 17.

On December 18, LDK stated that, pursuant to the terms of the
Cayman Islands schemes of arrangement in respect of LDK Solar and
LDK Silicon & Chemical Technology Co., Ltd. and the Hong Kong
schemes of arrangement in respect of LDK Solar, LDK Silicon and
LDK Silicon Holding Co., Limited, the closing date for the
restructuring transactions in respect of LDK Solar's senior
noteholders and preferred shareholders, as contemplated in the
Schemes, occurred on December 17.

                          About LDK Solar

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

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

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment. Its Joint
Provisional Liquidators are Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

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

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

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


LDK SOLAR: Has Deposit Agreement With JPMorgan Chase
----------------------------------------------------
LDK Solar Co., Ltd., filed with the U.S. Securities and Exchange
Commission on December 16, a copy of the POST-EFFECTIVE AMENDMENT
NO. 1 TO FORM F-6 REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OF 1933 For Depositary Shares Evidenced by American Depositary
Receipts.  A copy of the document is available at
http://1.usa.gov/1xIBIy9

LDK Solar also filed with the U.S. SEC a copy of the AMENDED AND
RESTATED DEPOSIT AGREEMENT dated as of [DATE], 2014 among LDK
SOLAR CO., LTD. and its successors, JPMORGAN CHASE BANK, N.A., as
depositary, and all holders from time to time of American
Depositary Receipts issued ("ADRs") evidencing American Depositary
Shares ("ADSs") representing deposited Shares.

The Company appointed JPMorgan as depositary for the Deposited
Securities and authorized and directed the Depositary to act in
accordance with the terms set forth in the Deposit Agreement.   A
copy of the Deposit Agreement is available at
http://1.usa.gov/1F7rYky

                          About LDK Solar

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

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

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment. Its Joint
Provisional Liquidators are Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

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

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

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



================
H O N G  K O N G
================


XIANGTIAN USA: Jimmy P. Lee Issues Going Concern Qualification
--------------------------------------------------------------
Xiangtian (USA) Air Power Co., Ltd., filed its annual report on
Form 10-K, reporting a net loss of $681,000 on $nil of total
revenue for the year ended July 31, 2014, compared with a net loss
of $87,600 on $nil of total revenue for the same period in 2013.

The Company's balance sheet at July 31, 2014, showed $27.3 million
in total assets, $18.5 million in total liabilities, and
stockholders' equity of $8.88 million.

Jimmy P. Lee, CPA PC, raised substantial doubt on the Company's
ability to continue as a going concern in the 10-K annual report,
noting that the Company has incurred accumulated deficits of
$862,000 as of July 31, 2014 and further losses are anticipated in
the development of its business.

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

                        http://is.gd/qlNCHl

Hong Kong-based Xiangtian (USA) Air Power Co., Ltd., utilize a
proprietary compressed air energy storage power generation
technology that can operate in conjunction with electricity
produced by other alternative energy sources, such as solar, wind,
geothermal, and tidal as raw power to generate additional
electricity without the use of fossil fuels.  When the alternative
energy source is intermittent or unavailable, its novel approach
of releasing the compressed air to operate a compressed air engine
linked with a generator and thereby creating electricity provides
customers with an advanced power generation capability with no
carbon or toxic emissions.  The resulting power can either be used
for the customer's operations or for sale to the State Grid
Corporation of China.



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


ADITYAPUR CITY: ICRA Reaffirms B+ Rating on INR46.34cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR46.34 crore term loan facility of Adityapur City Centre Hotel
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits-    46.34        [ICRA]B+ reaffirmed
   Term Loan

The rating reaffirmation takes into account the lack of experience
of the promoters in the hotel business, the delays experienced in
the project thus far, and the nascent stage of construction,
exposing the project to execution risks. ICRA notes that
subsequent to the termination of management contract with Indian
Hotels Company Limited, which has increased operational
uncertainties, execution remains on hold at present. The rating is
also tempered by the long gestation period that is typical for a
new hotel to turn profitable, the company's exposure to
geographical as well as property concentration risks, and its
vulnerability to cyclicality associated with the hotel industry.
The rating, however, derives support from the demonstrated track
record of the Forum Group, of which ACCHPL is a part, in the real
estate space in Eastern India, and the relatively low cost of the
land acquired for the upcoming project, lowering the overall
development cost. Additionally, the rating also favourably factors
in the improvement in connectivity between the project site
(located at Adityapur) and Jamshedpur, thereby aiding its
competitive position.

ACCHPL is a part of the Forum Group, promoted by S. M. Shroff, and
his son, Rahul Saraf. The group is primarily engaged in the
business of real estate development and caters to both the
commercial and residential segments in Eastern India. The group
has successfully undertaken construction of several landmark
projects in Eastern India, with a total built-up area of
approximately 17 lakh square feet, including the Forum Shopping
Mall in Kolkata, Forum Mart in Bhubaneshwar, Infinity and
Technopolis buildings at Salt Lake, Sector V in Kolkata among
others. Currently, ACCHPL is engaged in the development of a 3
Star category hotel in Adityapur, Jharkhand.


AGARWAL MITTAL: CRISIL Reaffirms 'B' Rating on INR320MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Agarwal Mittal Concast
Pvt Ltd (AMCPL) continue to reflect AMCPL's modest scale of
operations in the highly fragmented steel industry, its below-
average financial risk profile marked by high gearing and weak
debt protection metrics, and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            320       CRISIL B/Stable (Reaffirmed)
   Letter of Credit        20       CRISIL A4 (Assigned)
   Proposed Long Term
   Bank Loan Facility     170       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      13       CRISIL B/Stable (Reaffirmed)
   Long Term Loan         107       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AMCPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
financial risk profile on the back of an equity infusion or large
accretion to reserves. Conversely, the outlook may be revised to
'Negative' if the company reports significantly low revenue and
accruals or if its financial risk profile, including liquidity,
deteriorates because of debt-funded capital expenditure or
lengthening of its working capital cycle.

AMCPL, incorporated in May 2008 in Ahmedabad (Gujarat), is owned
and managed by the Agarwal group. The Agarwal group, through its
various entities, has been involved in the manufacturing and
trading in steel products (such as mild steel, alloy steel, and
stainless steel products) since 1972.

AMCPL took over the assets of a bankrupt company, Jalan Forgings
Ltd, based in Halol near Vadodara (Gujarat) and made additional
investment in the refurbishment of the latter's building and plant
and machinery. AMCPL manufactures steel products such as mild
steel billets, stainless steel billets, and ferro-alloys.

AMCPL provisionally reported a profit after tax (PAT) of INR13.8
million on net sales of INR1374 million for 2013-14 (refers to
financial year, April 1 to March 31); it reported PAT of INR12.6
million on net sales of INR620.6 million for 2012-13.


AGRIGOLD ORGANICS: ICRA Cuts Rating on INR101.25cr ILC/FLC to 'D'
-----------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR10.00 crore
cash credit limits and INR5.00 crore unallocated fund based limits
of Agrigold Organics Private Limited to [ICRA]D from [ICRA]BB-.
ICRA has also revised the short term rating assigned to INR101.25
crore non-fund based limits and INR38.75 crore unallocated non-
fund based limits of AOPL to [ICRA]D from [ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           10.00        Revised to [ICRA]D
   ILC/FLC              101.25        Revised to [ICRA]D
   Unallocated Fund
   Based Limits           5.00        Revised to [ICRA]D
   Unallocated Non-      38.75        Revised to [ICRA]D
   Fund Based Limits

The revision in ratings takes into consideration the devolvements
of LC facilities availed by the company for greater than 30 days
due to losses registered in its fertilizer trading business
coupled with stretched liquidity position on account of high
receivables, and delays in repayment of the consequent debt
obligations. AOPL's performance deteriorated in FY 2014 with the
company's revenue witnessing a de-growth of 35% in FY 2014 coupled
with losses at operating level due to sale of imported fertilizers
at losses on account of drop in global fertilizer prices coupled
with high competitive pressure. Further, the revenue of the
company in the fertilizer trading division is expected to witness
a significant reduction in the ongoing FY 2015 owing to
unavailability of non-fund based limits which are subject to
clearance of debt repayment obligations; revenues from the bio-
fertilizer, herbal and spa divisions are expected to remain
stagnant. While ICRA takes note of the long experience of the
promoters in the bio fertilizers industry and the favorable demand
prospects for both bio fertilizers and herbal healthcare products,
the same remain largely offset by the above concerns.

Going forward, the ability of the company to re-increase the scale
of its fertilizer trading business, timely debt repayments and
effective management of working capital requirements through
ensuring timely receivables remain the key rating sensitivities.

Agrigold Organics Private Limited (AOPL) was incorporated in 1999,
by Mr. A. V. Rama Rao and Mr. A. Udaya Bhaskar Rao to manufacture
bio fertilizers. In the year 2002, AOPL diversified its operations
by entering into manufacturing of herbal and healthcare products.
In the year 2009, AOPL started an ayurvedic spa at Vijayawada, and
currently has spa facilities at Visakhapatnam, Nellore, Bangalore
and Chennai. The manufacturing plant of bio fertilizer division is
located at Keesara in Andhra Pradesh and that of herbal and
healthcare division is located at Vijayawada in Andhra Pradesh.
The company makes the sales of the fertilizers under the brand
name 'Agrigold'. The company is also engaged in trading of
fertilizers and has obtained licenses from 5 state governments;
Tamil Nadu, Andhra Pradesh, Karnataka, Chhattisgarh and Orissa.

Recent Results
AOPL reported an operating income and net loss of INR60.38 crore
and INR26.10 crore respectively in FY2014 as against an operating
income and net profit of INR93.24 crore and INR1.55 crore
respectively in FY2013 (audited figures).


BALA SUNDRI: ICRA Assigns 'B' Rating to INR4.00cr Cash Credit
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR4.00
crore cash credit limit, INR1.90 crore term loan and INR4.08 crore
unallocated fund based limit of Bala Sundri Foods. ICRA has also
assigned its short term rating of [ICRA]A4 to the INR0.02 crore
short term limits of BSFS.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit Limit         4.00       [ICRA]B; Assigned
   Term Loan                 1.90       [ICRA]B; Assigned
   Unallocated Fund Based    4.08       [ICRA]B; Assigned
   Limit for Forward         0.02       [ICRA]A4; Assigned
   Contracts

ICRA's ratings factor in BSFS's modest scale of operations in the
fragmented and competitive rice industry, as well as the
vulnerability of the firm's operations to agro climatic risks,
which can affect the pricing and availability of paddy. The
ratings also take into account BSF's weak profitability metrics
and consequently weak coverage indicators. The ratings also factor
the risks inherent in a partnership firm like limited ability to
raise equity capital, risk of dissolution etc. However, the
ratings favourably factor in the proximity of the mill to a major
rice growing area which results in easy availability of paddy and
stable demand outlook given that India is a major consumer and
exporter of rice.

BSFS was formed in 2010, and is engaged in the business of
milling, processing and selling of basmati rice. It has a fully
automated plant at Karnal (Haryana) which has a milling capacity
of 4 tonnes per hour and a sortex machinery with a capacity of 4
tonnes per hour. The by-products of basmati rice viz husk, rice
bran and 'phak' are sold in the domestic market. At present, there
are three partners in the firm Mr. Parveen Kumar Gupta, Mr. Arun
Gupta and Ms. Santosh Rani, each having 1/3rd share in profit.

The company reported a net profit of INR1.49 crore on an operating
income of INR1.43 crore in FY 2013-14 as against a net profit of
INR0.08 crore on an operating income of INR2.53 crore in FY 2012-
13.


BSCPL GODHRA: ICRA Cuts Rating on INR525cr Term Loan to 'D'
-----------------------------------------------------------
ICRA has revised the suspended rating for the INR525.0 crore term
loans of BSCPL Godhra Tollways Ltd to [ICRA]D.  Further, the
rating suspension continues.

The rating revision takes into account irregularities in debt
servicing by the company in the past. It had recently come to
ICRA's knowledge from public sources that there had been
irregularities in debt servicing by the company in the past.
The suspension of the rating follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite information
from the company.


EASTERN INFRATECH: ICRA Suspends B Rating on INR6.02cr Term Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR6.02
crore term loans, INR2.00 crore cash credit and INR0.30 crore
stand-by line of credit facilities, and the [ICRA]A4 rating
assigned to the INR4.32 crore non-fund based bank facilities (sub-
limit of the aforesaid fund based facilities) of Eastern Infratech
(EI). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the firm.


FORUM IT: ICRA Reaffirms 'B' Rating on INR130.28cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR130.28
crore term loan facilities of Forum IT Parks Private Limited
(FITPPL) at [ICRA]B.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits-     130.28        [ICRA]B reaffirmed
   Term Loan

The rating reaffirmation takes into account the continuing delays
in execution of the Technopolis-II project, which increase the
risk of cost escalations, and the exposure of the project to
refinancing risks, given that the existing term loan is scheduled
for repayment between February to April of 2015. Such risks get
accentuated considering that construction remains stalled at
present on account of the current slack in demand in the
commercial real estate segment in Kolkata. The rating also factors
in the locational disadvantage of the upcoming project, in an area
at a distance from the major commercial locations of Kolkata, and
currently having infrastructural bottlenecks, as well as the
execution risks associated with the project, given that the
construction continues to remain at an initial stage. ICRA also
notes the vulnerability of the project to off-take risks, given
the early stage of construction, and the lack of advanced bookings
till date. The rating also incorporates the susceptibility of the
real estate sector to economic cycles, exposing the company to
market risks. The rating, however, derives support from the
established track record of the Forum Group, of which FITPPL is a
part, in the real estate space in Eastern India, and the prior
experience of the promoters in successfully developing commercial
office complex for the information technology (IT) and information
technology enabled services (ITeS) industry.

FITPPL is a part of the Forum Group, promoted by Sri S. M. Shroff,
and his son, Sri Rahul Saraf. The group is primarily engaged in
the business of real estate development and caters to both the
commercial and residential segments in Eastern India. The group
has successfully undertaken construction of several landmark
projects in Eastern India, with a total built-up area of
approximately 17 lakh square feet, including the Forum Shopping
Mall in Kolkata, Forum Mart in Bhubaneshwar, Infinity and
Technopolis-I buildings at Salt Lake Sector V in Kolkata, among
others. Currently, FITPPL is engaged in the development of a
commercial office complex at the IT SEZ in Bantala, near Kolkata
named Technopolis-II.


GAJANAN REFRACTORY: CRISIL Puts D Rating on INR48.6MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Gajanan Refractory Pvt Ltd (GRPL). The rating
reflects instances of delay by GRPL in servicing its debt; the
delays are because of GRPL's weak liquidity, driven by its
working-capital-intensive operations.

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Term Loan               48.6          CRISIL D
   Cash Credit             20            CRISIL D
   Proposed Long Term
   Bank Loan Facility      11.4          CRISIL D

Also, GRPL operates on a small scale in the highly competitive
refractory industry, and has large working capital requirements.
However, the company benefits from its promoters' extensive
industry experience.

Established in 2008, GRPL manufactures calcined bauxite and fire
bricks at Jamnagar (Gujarat). Its day-to-day operations are
managed by Mr. Jignesh Takodara who has experience of over 15
years in the refractory industry.

The company reported a profit after tax (PAT) of INR0.42 million
on net sales of INR50 million for 2013-14 (refers to financial
year, April 1 to March 31), compared with a PAT of INR0.46 million
on net sales of INR70 million for 2012-13.


GANESH SPONGE: CRISIL Cuts Rating on INR142.7MM LT Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ganesh Sponge Pvt Ltd (GSPL) to 'CRISIL D' from 'CRISIL B-
/Stable'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              180        CRISIL D (Downgraded from
                                       'CRISIL B-/Stable')

   Funded Interest           16.7      CRISIL D (Downgraded from
   Term Loan                           'CRISIL B-/Stable')

   Long Term Loan           142.7      CRISIL D (Downgraded from
                                       'CRISIL B-/Stable')

   Proposed Long Term         0.6      CRISIL D (Downgraded from
   Bank Loan Facility                  'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by GSPL in
servicing its term debt; the delays have been caused by the
company's weak liquidity. GSPL's liquidity is weak on account of
low cash accruals.

Moreover, GSPL has a small scale of operations in the competitive
steel industry, and its operating margin is susceptible to
volatility in raw material prices. Furthermore, GSPL has a weak
financial risk profile marked by weak debt protection metrics.
These weaknesses are partially offset by benefits GSPL receives
from its proximity to raw material sources.

GSPL, incorporated in 2004, manufactures sponge iron. Mr. S K
Dalmiya is the company's chairman and his son, Mr. Vikash Dalmiya,
is its managing director.


GANGAPUTRA: CRISIL Reaffirms B Rating on INR327.6MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gangaputra (GGR)
continue to reflect GGR's modest scale of operations along with
geographical concentration, and weak financial risk profile marked
by a high gearing and modest debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
GGR's trustees in the medical industry and the funding support
that the trust receives from its promoters.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          12.4      CRISIL B/Stable (Reaffirmed)
   Term Loan           327.6      CRISIL B/Stable (Reaffirmed)

CRISIL had reaffirmed its 'CRISIL B/Stable' rating to the bank
facilities of Gangaputra (GGR) on Sept. 30, 2014.

Outlook: Stable

CRISIL believes that GGR will continue to benefit over the medium
term from its trustees' extensive experience in the medical
industry. The outlook may be revised to 'Positive' in case of
significant ramp up in operations, leading to larger-than-expected
cash accruals. Conversely, the outlook may be revised to
'Negative' in case of pressure on GGR's liquidity on account of
lower-than-expected ramp up in operations or less-than-expected
funding support from its promoters.

Set up in 2008, GGR provides free healthcare services through
mobile clinics and health camps in Jind (Haryana). The trust has
set up a 300-bed hospital, under the name Gangaputra Hospital and
Research Center, in Jind. It commenced commercial operations in
April 2013. GGR is also setting up a medical college, through
which it will offer 150 seats for the MBBS course and 100 seats
for the BDS course. GGR is currently awaiting MCI approval for the
medical college.

GGR's net surplus (excess of income over expenditure) is estimated
at INR1.19 million on net sales of INR71.3 million (estimated) for
2013-14, against a net surplus of INR0.16 million on net sales of
INR20.8 million for 2012-13.


GO AIRLINES: AAI Asked GoAir to Clear Dues In a Week
----------------------------------------------------
Press Trust of India reports that acting tough after its
experiences with Kingfisher Airlines and SpiceJet Ltd, the
Airports Authority of India (AAI) has asked no-frill carrier Go
Airlines (India) Ltd., operating under the brand GoAir, to pay its
dues worth about INR38 crore within a week.

PTI relates that the AAI has issued a notice to the Wadia Group-
promoted airline warning that it may be put on the "pay-as-you-
fly" mode if the dues are not cleared on time.

A GoAir official said that the issue was being sorted out, the
report says.

"Going by the bank guarantee of Rs 30.50 crore that the AAI has
secured from us, we have an excess amount of only around Rs 8
crore towards the airport operator. We have received a
communication from them asking us to pay the balance amount. We
are hopeful of the issue being sorted out soon," the report quotes
the airline official as saying.

Due to AAI pressure last year, GoAir had doubled the collateral
amount or bank guarantee from about INR15 crore to INR30.5 crore,
the official, as cited by PTI, said.

According to the report, the airline owes this money to the
government-run airport operator towards charges relating to route
navigation, landing and parking at its airports across the
country.

AAI has allowed cash-strapped SpiceJet to use its airports for
landing and parking without prior payment only after the Civil
Aviation Ministry asked it to do so for a limited period, the
report says.  A large part of the dues of defunct Kingfisher
Airlines are yet to be cleared, adds PTI.

GoAir is a low cost carrier based in Mumbai, India.


GURUKRUPA METALS: ICRA Reaffirms B- Rating on INR10cr Cash Credit
-----------------------------------------------------------------
The rating of [ICRA]B- has been reaffirmed for the INR10.00 crore
cash-credit facility of Gurukrupa Metals.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Facility    10.00       [ICRA]B- reaffirmed

The reaffirmation of rating continues to take into account the
weak financial profile characterized by modest profitability
indicators, adverse capital structure and weak debt protection
metrics along with high working capital intensity and tight
liquidity position as reflected by almost full utilisation of cash
credit facility. The assigned rating also takes into account the
lack of diversification in product profile and the risks arising
out of volatility in brass prices as well as vulnerability to
foreign exchange rate fluctuations due to reliance on imports for
procurement. While assigning the rating, ICRA has also noted the
risks of capital withdrawals that are inherent in proprietorship
firms.

However, the rating draws comfort from the experience of the
promoters in the non-ferrous metals industry as well as the
established relationships of the promoters with suppliers and
customers.

Incorporated in May 2011 as a proprietorship firm by Mr. Ramgopal
O. Maheshwari, GM is a metal merchant based out of Jamnagar,
Gujarat. The firm commenced the trading operations in September
2011 and has been involved in the business of trading of non-
ferrous metal scrap, mainly brass scrap. The firm caters to the
domestic market, particularly Jamnagar and surrounding areas.

Recent Results
For the year FY 2014, the firm reported an operating income of
INR67.70 crore and profit after tax of INR0.38 crore as against
operating income of INR70.18 crore and profit after tax of INR3.01
crore during FY 2013.


JAY RAVECHI: CRISIL Assigns B Rating to INR135MM Capital Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Jay Ravechi Chemicals Pvt Ltd (JRCPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Working         135        CRISIL B/Stable
   Capital Facility

The rating reflects JRCPL's modest scale of operations and low
operating margin. These rating weaknesses are partially offset by
the extensive experience of the promoters in the salt trading
industry and their financial support to the company.

Outlook: Stable

CRISIL believes that JRCPL will maintain its credit risk profile
over the medium term on the back of its promoters' extensive
experience in the salt industry and established relationships with
customers and suppliers. The outlook may be revised to 'Positive'
if the company registers healthy sales growth along with
improvement in its operating margin. Conversely, the outlook may
be revised to 'Negative' if the company's operating margin
declines leading to weakening of its overall financial risk
profile.

Incorporated in 2010, JRCPL trades in raw salt. It is promoted by
Mr. Jakha Bhima Humbal and his sister-in-law Mrs. Kuvarben
Babubhai Humbal. The company's operations are confined to Gujarat
and North India.

JRCPL reported profit after tax (PAT) of INR1.46 million on net
sales of INR388 million for 2013-14 (refers to financial year,
April 1 to March 31) against PAT of INR0.18 million on net sales
of INR52 million for 2012-13.


K.S.R. TEXTILE: ICRA Reaffirms B+ Rating on INR15.5cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ outstanding
on the INR10.42 crore (revised from INR17.63) term loan
facilities, INR5.00 crore (revised from INR10.00 crore) fund based
facilities and INR15.50 crore (revised from INR3.29 crore)
proposed facilities of K.S.R. Textile Mills Private Limited. ICRA
has also reaffirmed the short-term rating of [ICRA]A4 outstanding
on the INR0.58 crore non-fund based facilities of the Company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term: Term       10.42        [ICRA]B+/reaffirmed
   Loans

   Long-term: Fund        5.00        [ICRA]B+/reaffirmed
   based facilities

   Long-term: Proposed   15.50        [ICRA]B+/reaffirmed
   facilities

   Short Term: Non-       0.58        [ICRA]A4/reaffirmed
   fund based facilities

The reaffirmation of the ratings takes into account the experience
of the promoters in the spinning industry of over two decades and
the Company's diversified business profile with presence in both
yarn and fabric segments which lends stability to volumes. The
ratings favorably factor in the improvement in the Company's
operating income driven by growth in volumes on the back of robust
demand for yarn in the domestic market and the improvement in
capital structure and coverage indicators on the back of debt
repayments aided by healthy accruals. The ratings are, however,
constrained by a considerable decline in operating profit margins
on account of increase in raw material prices during 2013-14. The
ratings are further constrained by the Company's small scale of
operations which restricts the benefits from economies of scale
and financial flexibility. Coupled with the intense competition
arising from the highly fragmented nature of the domestic spinning
industry, this limits its pricing flexibility and bargaining
power. With repayment obligations to the tune of INR2.5 to INR3.5
crore per annum over the next three fiscals, ability of the
Company to sustain the growth in revenues while improving its
profit margins amid sluggish demand scenario will be critical to
generate strong cash flows and thereby, improve its credit
profile.

Incorporated in 1988, K. S. R. Textile Mills Private Limited is
primarily engaged in manufacture of grey/unbleached carded, combed
and compact cotton yarn in the 40's to 100's count range. The
Company also sells cotton fabric (woven/knitted) and the
manufacture of the same is outsourced to local fabric
manufacturers. The Company commenced operations in 1992 with a
capacity of 6,720 spindles and had gradually expanded over the
years to reach a capacity of 36,694. The manufacturing facilities
of the Company spread across two units in Thiruchengode (Tamil
Nadu) and it operates on a three-shift basis.

The Company is managed by Mr. K. S. Rangaswamy, Mr. R.
Balakrishnan and Mr. K. R. Sengottuvelu and is wholly owned by
their families. Other companies under the same management include
Summer India Textile Mills Private Limited, Summer India Weaving
and Processing Private Limited, R. B. Wovens Private Limited, K.
S. R. Exports and K. S. R. Educational and Charitable Trust. While
K. S. R. Educationaland Charitable Trust runs graduate, post
graduate and professional colleges, the remaining companies are
engaged in businesses in the textile sector.


KUSHAL BAGH: ICRA Upgrades Rating on INR6.32cr Loan to 'C'
----------------------------------------------------------
ICRA has upgraded the rating assigned to the INR6.32 crore fund
based facilities of Kushal Bagh Marbles Pvt Ltd to [ICRA]C from
[ICRA]D. ICRA has also upgraded the rating assigned to the INR0.68
crore non fund based facilities of KMPL to [ICRA]A4 from [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-based bank       6.32         [ICRA]C; upgraded
   facilities

   Non Fund Based        0.68         [ICRA]A4; upgraded
   bank Facilities

Rating Rationale

The rating upgrades factor in improvement in KMPL's liquidity
position due to an improvement in its working capital cycle with a
reduction in inventory holding period and receivable turnover
period enabling the company regularize its debt servicing. The
ratings are however constrained on account of the company's modest
scale of operations, system of license quota on raw marble imports
constraining business expansion and low value additive nature of
work resulting in modest profitability and cash accruals. This
apart, the ratings also factor in the high competitive intensity
of business due to the presence of a large number of players as
well as substitute products like vitrified tiles, and the
company's exposure to adverse foreign exchange fluctuations.

Going forward, KMPL's ability to service its debt in a timely
manner and attain a sustained improvement in profitability shall
be the key rating sensitivities.

Established in 1985 in Rajasthan, KMPL is engaged in the
procurement and processing of natural stone. The company started
its stone processing operations in 1994 and supplies natural
stones like marble stone, sandstone, limestone, and granite,
including slates, cobble stone, pebble stone and mosaics, along
with variety of kitchen countertops, construction stones and other
building stones. The company also imports stone for its higher
quality products. The company belongs to the Banswara based
Agrawal group which has interests in stone mining, processing and
IT services.

Recent Results
The company reported a net profit of INR0.09 crore on an operating
income of INR33.35 crore in FY 2013-14, as against a net loss of
INR0.04 crore on an operating income of INR20.51 crore in the
previous year. As per the provisional unaudited results shared by
the company, KMPL reported revenues of INR16.24 crore in the first
seven months of 2014-15.


LEELA GOLD: ICRA Cuts Rating on INR7.50cr Cash Credit to 'B-'
-------------------------------------------------------------
ICRA has downgraded the long-term rating outstanding on the
INR7.50 crore (earlier INR3.50 crore) fund-based facilities of
Leela Gold Designs Limited to [ICRA]B- from [ICRA]B. ICRA has also
withdrawn the short-term rating of [ICRA]A4 outstanding on the
INR4.00 crore non-fund-based, working capital facility of LGDL, as
the said bank facility has been closed and there are no
outstanding amounts against the rated bank facility.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term Fund Based    7.50        [ICRA]B-/downgraded
   Limits-Cash Credit                  from [ICRA]B

   Short-term Non-Fund      Nil        [ICRA]A4/Rating withdrawn
   Based Limits-Letter

The downgrade of the long-term rating takes into account the
weakening of the operating performance of the company as reflected
in sharp dip in operating income during FY 2014, decline in
operating profitability along with losses reported at net level.
The rating also continues to remain constrained by the modest size
of operations of the company in an industry which is highly
fragmented with stiff competitive pressures from organized and
unorganized players. LGDL's profitability faces uncertainties due
to wide fluctuations in gold prices which along with an unhedged
inventory position, which may lead to inventory losses. The rating
also captures the high customer concentration risk. The rating,
however, continues to favourably factor in the promoter's
established experience and operating track record of over three
decades in the gold jewellery business.

Promoted by Mr. Parasmal Sancheti, LGDL is a closely held concern
and is engaged in the manufacturing and selling of gold chains.
LGDL also undertakes job work for third parties. It was
incorporated in 2003 and prior to that the promoter was engaged in
the same line of business through a partnership firm named 'Leela
Impex'. The company operated through its manufacturing unit in
Sewri (Mumbai) till August 2014, post which it shifted its
manufacturing base to Kolkata, and at present has a capacity of
producing 3,600 kilograms per annum of machine-made gold chains.
LGDL also has a branch office in Chennai for conducting its job
work operations.

Recent results
As per audited 2014 results, for the twelve months ended
March 31, 2014, LGDL reported a net loss of INR0.50 crore on an
Operating Income (OI) of INR14.93 crore, as against a net profit
of INR0.30 crore on an OI of INR32.36 crore for FY 2013.


LEISURE WEAR: ICRA Assigns 'C' Rating to INR3cr Packing Credit
--------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]C to the INR3
crore packing credit/post shipment limit and INR3 crore foreign
outward bills purchased limits of Leisure Wear Exports Limited.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Packing Credit/Post     3.00        [ICRA]C; Assigned
   Shipment Limit

   Foreign Outward         3.00        [ICRA]C; Assigned
   Bills Purchased

ICRA's rating factors in the company's weak profitability metrics
which have resulted in weak debt protection indicators and the
company's stretched liquidity position, as reflected in high
utilisation of its bank limits due to high debtor days. The rating
also takes into account the high customer concentration risk and
the company's operations in the highly competitive readymade
garments segment. The rating further takes into account the
company's moderate scale of operations and exposure of
profitability to fluctuations in foreign exchange rates, given the
lack of hedging mechanism for export receivables. However, ICRA
favourably factors in the rich experience of the promoters,
strategic location of its integrated manufacturing facility and
moderately favourable capital structure.

Going forward, LWEL's ability to increase its scale of operations
accompanied by an improvement in profitability margins and
effective working-capital management would be the key rating
sensitivities.

LWEL incorporated in 1989, manufactures and exports collared and
polo-neck T-shirts, the company also trades in fabrics. Both
manufacturing and trading contribute almost equally to sales. The
company's manufacturing facility located at Ludhiana, with
manufacturing capacity of 8000 T-Shirts per day, has in house
facilities for knitting, stitching, dyeing and embellishment work,
and is presently utilized to the extent of 50%. The company
exports its products, to the US market, under the brand name
'Hautes'.

The company reported a net profit of INR0.12 crore on an operating
income of INR52.23 crore in FY 2013-14 as against a net profit of
INR0.0021 crore on an operating income of INR50.94 crore in FY
2012-13.


M. S. WOOD: CRISIL Reaffirms B Rating on INR90MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the bank facilities of M. S. Wood Products
(MSWP) to reflect MSWP's weak financial risk profile marked by a
small net worth and weak debt protection metrics; the rating also
factors in the firm's large working capital requirements and low
accretion to reserves. These rating weaknesses are partially
offset by MSWP's promoters' extensive experience in the timber
trading industry.

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

Outlook: Stable

CRISIL believes that MSWP's business risk profile will continue to
benefit from its promoters'extensive industry experience. The
outlook may be revised to 'Positive' in case of MSWP generating
higher-than-expected cash accruals, driven by sustained
improvement in revenues and profitability or in case of any large
equity infusion leading to substantial improvement in capital
structure and liquidity. Conversely, the outlook may be revised to
'Negative' in case the firm's liquidity weakens because of sharp
decline in profitability, increase in working capital
requirements, or capital withdrawals by the promoters.

MSWP was established as a proprietorship firm in 2007 by Mr.
WasimMaklai. In 2008, it was reconstituted as a partnership firm
by incorporating Mr. Salim Ibrahim Maklai and Mr. Abdulaziz
Dudhwala as partners. The Mumbai-based firm trades in veneer faced
plywood.

On a provisional basis, MSWP reported a profit after tax (PAT) of
INR1.5 million on net sales of INR461.7 million in 2013-14,
against a PAT of INR2.1 million on net sales of INR264.6 million
in 2012-13.


MADHUCON SUGAR: ICRA Cuts Rating on INR80MM Cash Credit to 'D'
--------------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR150.20
crore fund based facilities (earlier INR141.75 crore) and INR7.88
crore unallocated limits (earlier INR16.33 crore) of Madhucon
Sugar and Power Industries Limited (MSPIL) from [ICRA]BB+ to
[ICRA]D and then revised to [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             55.20        Downgraded to [ICRA]D from
                                      [ICRA]BB+ (Stable) and then
                                      revised to [ICRA]B

   Cash Credit           80.00        Downgraded to [ICRA]D from
                                      [ICRA]BB+ (Stable) and then
                                      revised to [ICRA]B

   Sugar Crop Loan       15.00        Downgraded to [ICRA]D from
                                      [ICRA]BB+ (Stable) and then
                                      revised to [ICRA]B

   Unallocated Limits     7.88        Downgraded to [ICRA]D from
                                      [ICRA]BB+ (Stable) and then
                                      revised to [ICRA]B

The rating action factors in the delays in debt servicing by the
company during FY14 on account of significant delays in the
receipt of payments from APTRANSCO (Andhra Pradesh Transmission
Corporation Limited) for the power sales from the cogeneration
division, which impacted its liquidity position. However, ICRA
takes note that the debt servicing has been timely in the last six
months.

ICRA's rating is constrained by a significant decline in the cane
crushing during SY14 constraining the revenues of the company, the
consequent weak financial profile of MSPIL as reflected by low
profitability, high gearing, stretched liquidity resulting in high
working capital utilization and weak debt coverage metrics in
FY14. The rating continues to remain constrained by the weak
financial risk profile of the promoter company Madhucon Projects
Limited (rated [ICRA]D); growing liquidity pressures within the
group and the continuous dependence on financial support by
Madhucon Granites Limited (which has been downgraded). This
coupled with the capex plans for the proposed distillery unit with
an estimated cost of INR114.00 crore, the risk associated with the
timely equity infusion of INR33.00 crore by the promoters cannot
be ruled out and also the company is vulnerable to project
implementation risk associated with the distillery unit. The
rating is also constrained by the vulnerability of sugar
operations to agro-climatic risks, cyclicality inherent in the
business as well as government policies relating to cane pricing
and exports.

Nonetheless, the rating of the company is supported by the
integrated nature of operations of the sugar unit with presence in
cogeneration which is expected to provide cushion during sugar
downturn and limited demand risk for power off-take for the
company on account of the prevailing high energy deficit in the
state of Telangana.

Going forward, the ability of the company to timely service the
debt obligations, improve crushing and timely project completion
of its distillery unit are the key rating sensitivities.

Madhucon Sugar and Power Industries Limited (MSPIL) was
incorporated in November 2002 as Madhucon Sugars Limited, with an
objective to acquire 'The Palair Co-Operative sugars Limited',
sugar plant in Khammam district (Palair, was established under co-
operative sector in the year 1982). MSPIL has gradually enhanced
the sugar capacity from 1,250 TCD to 2,000 TCD by FY07 and to
3,000 TCD by FY08 and 3,500TCD by FY09. The mill which was a
standalone sugar unit forayed into production of power with a
capacity of 24.2 MW from bagasse and coal in October 2008.

Madhucon Sugar and Power Industries Limited (MSPIL) is part of the
Madhucon Group of Companies which has interests in construction,
granites, coal, sugar and power. It is promoted by MPL (27.59%)
and MGL (63.07%) which together holds 91% in its equity share
capital.

Recent Results
In FY14, MSPIL reported operating income of INR206.45 crore and
net profit of INR5.81 crore as against an operating income of
INR224.18 crore and net profit of INR6.41 crore in FY13.


MAHABIR COLD: ICRA Suspends B Rating on INR19cr Bank Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR19.00 crore bank limits of Mahabir Cold Storage Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


MAHAKAUSHAL SUGAR: ICRA Suspends 'D' Rating on INR9cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR9 crore fund
based limit and INR6.50 crore term loan of Mahakaushal Sugar and
Power Industries Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.


MODEST INFRA: ICRA Upgrades Rating on INR45cr FB Loan to C+
-----------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]D to [ICRA]C+ and
the short-term rating from [ICRA]D to [ICRA]A4 assigned to the
INR45.00 crore (reduced from INR55.00 crore) fund based limits,
the INR150.00 crore (reduced from INR195.00 crore) non-fund based
limits and the INR55.00 crore proposed limits of Modest
Infrastructure Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based limit      45.00       [ICRA]C+ upgraded from
                                     [ICRA]D

   Non-fund based       150.00       [ICRA]C+/[ICRA]A4 upgraded
   limit                             from [ICRA]D

   Proposed Limits       55.00       [ICRA]C+/[ICRA]A4 assigned

The rating revision takes into account the regularization of debt
servicing by MIL. The rating also takes into account the company's
financial support from the Dempo Group in the form of unsecured
loans to fund cash losses and meet liquidity requirements. The
healthy order book position, moreover, provides revenue
visibility.

The ratings, however, continue to remain constrained by
deterioration in the company's financial performance as reflected
by de-growth in operating income, coupled with erosion of net-
worth due to consistent losses reported over the last five
fiscals. Prolonged losses incurred in the past were because of
foreign exchange volatility, liquidated damages and high interest
costs. Going forward, these factors would continue to exert
pressure on the profitability of the company. Moreover, MIL's
profitability remains vulnerable to input price variations owing
to fixed price nature of contracts. The company's working capital
requirements remain high resulting in high utilization of bank
limits. It also remains exposed to high client concentration
risks.

Modest Infrastructure Limited (MIL) is a ship-building and
repairing company, which undertakes projects for building small to
medium sized product tankers, bulk carriers and offshore survey
vessels, in addition to ship repairing. The company was started as
a shipping agency by Mr. Kishore Gambani as 'Modest Offshore
Services Pvt. Ltd.', and was engaged in managing and repairing
vessels, dry docking ships and other related shipping services. In
2006 MIL ventured into the shipbuilding segment, and currently has
a shipyard facility at Ramsar in Bhavnagar, Gujarat. The company
is in the process of establishing another shipyard at Ratanpar in
Bhavnagar. In 2012 the Goa-based shipbuilding company -- Dempo
Shipbuilding and Engineering Private Limited -- acquired a 74%
stake in MIL through a share purchase/share subscription
agreement.

For the year ended March 31, 2014, the company reported a net loss
of INR59.30 crore on an operating income (OI) of INR37.35 crore.
For the year ended March 31, 2013, the company reported a net loss
of INR96.67 crore on an OI of INR41.72 crore.


MODEST INFRA: ICRA Ups Financial Strength Grade to Grade 7
----------------------------------------------------------
ICRA has revised the Financial Strength Grade of Modest
Infrastructure Limited (MIL) from Financial Strength Grade-8 to
Financial Strength Grade-7.

The grading revision takes into account the regularization of debt
servicing by MIL. The grading also takes into account the
company's financial support from the Dempo Group in the form of
unsecured loans to fund cash losses and meet liquidity
requirements. The healthy order book position, moreover, provides
revenue visibility.

The grading, however, continues to remain constrained by
deterioration in the company's financial performance as reflected
by de-growth in operating income, coupled with erosion of net-
worth due to consistent losses reported over the last five
fiscals. Prolonged losses incurred in the past were because of
foreign exchange volatility, liquidated damages and high interest
costs. Going forward, these factors would continue to exert
pressure on the profitability of the company. Moreover, MIL's
profitability remains vulnerable to input price variations owing
to fixed price nature of contracts. The company's working capital
requirements remain high resulting in high utilization of bank
limits. It also remains exposed to high client concentration
risks.

Modest Infrastructure Limited (MIL) is a ship-building and
repairing company, which undertakes projects for building small to
medium sized product tankers, bulk carriers and offshore survey
vessels, in addition to ship repairing. The company was started as
a shipping agency by Mr. Kishore Gambani as 'Modest Offshore
Services Pvt. Ltd.', and was engaged in managing and repairing
vessels, dry docking ships and other related shipping services. In
2006 MIL ventured into the shipbuilding segment, and currently has
a shipyard facility at Ramsar in Bhavnagar, Gujarat. The company
is in the process of establishing another shipyard at Ratanpar in
Bhavnagar. In 2012 the Goa-based shipbuilding company -- Dempo
Shipbuilding and Engineering Private Limited -- acquired a 74%
stake in MIL through a share purchase/share subscription
agreement.

For the year ended March 31, 2014, the company reported a net loss
of INR59.30 crore on an operating income (OI) of INR37.35 crore.
For the year ended March 31, 2013, the company reported a net loss
of INR96.67 crore on an OI of INR41.72 crore.


PARTH PLASTPACK: ICRA Suspends B+ Rating on INR6.6cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR6.60 crore bank facilities of Parth Plastpack Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


PNB REALTY: ICRA Assigns 'D' Rating to INR8.50cr LT Loan
--------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]D to the INR8.50
crore fund based facilities of PnB Realty Ltd.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund Based     8.50        [ICRA]D

The assigned rating takes into account the delays in debt
servicing by PnB in the recent past, towards servicing of term
loan obligations, availed to part fund the acquisition of 'Aurick
Hotel', erstwhile '6th Avenue', owned and operated by C&D
Ventures. The aforementioned acquisition has led to significant
increase in bank borrowings, resulting in sizable repayment
obligations in the short and medium term, vis-…-vis the scale of
current operations and cash accruals. The company has witnessed
modest revenue and profitability levels in the past, moreover the
high interest cost, on account of large quantum of debt availed,
has further driven down the profitability levels, resulting in
net-losses during FY14.

However, the rating positively factors in the strong track record
of the promoter in the real estate and hospitality industry for
the last 20 years. The rating takes into account the esteemed
corporate clients, tied-up in the early stages of hotel operation,
reflecting the operational and marketing capabilities of the
promoter. The rating also takes comfort from the good location of
the hotel, J.P. Nagar 6th Phase, which may aid in achieving
healthy occupancy levels.

Going forward, the ability of the company to attain healthy
occupancy levels coupled with timely execution of the proposed
real estate projects, will be key rating sensitivities.

PnB Realty Ltd. (PnB), part of PnB group of entities, was
incorporated in March'2008 as a public limited company. The group
is promoted by Mr. VGP Babudas (98.8% shareholding in PnB) and his
family, who is a second generation entrepreneur, with a track
record of more than 20 years into real estate and hospitality
industry. Currently, the company has acquired the 'Aurick Hotel'
(erstwhile 6th Avenue) from C&D Ventures. The aforementioned
acquisition, for INR18.0 crore, was funded by a term loan of
INR8.0 crore, and balance of INR10 crore from promoter
contribution.

Recent Results
In FY14, the company reported a net loss of INR1.59 crore on an
operating income (OI) of INR2.25 crore as against a net profit
(PAT) of INR0.03 crore on an OI of INR1.99 crore in FY13.


PREMIER CONVEYORS: ICRA Puts C+ Rating on Notice For Withdrawal
---------------------------------------------------------------
ICRA has placed the long-term rating of [ICRA]C+ assigned to the
INR4.10 crore fund-based facilities and the short-term rating of
[ICRA]A4 rating assigned to the INR4.00 non-fund-based facilities
of Premier Conveyors Private Limited on notice for withdrawal for
one month at the request of the company. As per ICRA's 'Policy on
Withdrawal of Credit Rating', the aforesaid ratings will be
withdrawn after one month from the date of this withdrawal notice.


PUNEET LABORATORIES: CRISIL Puts B+ Rating on INR60MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Puneet Laboratories Pvt Ltd (PLPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              50         CRISIL B+/Stable
   Term Loan                60         CRISIL B+/Stable

The rating reflects PLPL's modest and stagnant scale of operations
in the fragmented pharmaceutical sector, and susceptibility to
regulatory risks inherent to the sector. The rating also factors
in the company's average financial risk profile marked by expected
deterioration in the capital structure, because of large debt-
funded capital expenditure (capex) and below-average debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of PLPL's promoters and
established relationships with reputed customers.

Outlook: Stable

CRISIL believes that PLPL will benefit over the medium term from
the promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company reports significant and
sustained improvement in its scale of operations and
profitability, supported by successful increase in its scale of
operations at its new unit, leading to sizeable cash accruals.
Conversely, the outlook may be revised to 'Negative' if PLPL's
financial risk profile and liquidity are adversely impacted by
muted growth in revenue with pressure on its profitability leading
to lower cash accruals or by stretch in its working capital cycle.

PLPL was incorporated in Mumbai in 1986 by the late Mr. Lalit
Raizada. The company provides solutions from the concept stage to
the final product, to pharmaceutical manufacturers. Ms. Sunila
Raizada, Ms. Priyanka Raizada and Mr. Puneet Raizada, the family
members of late Mr. Lalit Raizada, manage PLPL's operations.


RANGOLI INDUSTRIES: CRISIL Assigns B+ Rating to INR52.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Rangoli Industries - Banaskantha (RI).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Proposed Long Term       1.1         CRISIL B+/Stable
   Bank Loan Facility

   Cash Credit             52.5         CRISIL B+/Stable

   Long Term Loan          21.4         CRISIL B+/Stable

The rating reflects PCI's modest scale of operations in the highly
competitive cotton industry, its large working capital
requirements, and expected average financial risk profile marked
by average gearing and debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of RI's promoters and the benefits expected from the
proximity of the firm's unit to the cotton-growing belt in
Gujarat.

Outlook: Stable

CRISIL believes that RI will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm reports substantial revenue
while improving its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
considerable decline in revenue and profitability, or
deterioration in working capital management impacting its
liquidity, or large debt-funded capital expenditure, weakening its
financial risk profile.

Set up in 2013, RI is a partnership firm promoted by Thakkar
family. RI undertakes cotton ginning and pressing operations at
its production facility in Bhabhar (Gujarat).

For 2013-14 (refers to financial year, April 1 to March 31), RI
reported net profit of INR0.1 million on net sales of INR80.9
million.


SAGA AUTOMOTIVE: ICRA Puts B+/A4 Rating on INR22.5cr Unalloc Loan
-----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 to the INR22.50 crore proposed bank facilities
of Saga Automotive India Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Unallocated           22.50        [ICRA]B+/[ICRA]A4; assigned

ICRA's ratings take into account the exposure of the company to
the inherent cyclicality of the Indian passenger car industry,
intense competition from other passenger car dealers given the
highly competitive environment in the Indian passenger car segment
with aggressive model launches and expansion of service network.
Also, the business remains working capital intensive which
necessitates high dependence on bank financing, which has resulted
in high debt levels and elevated gearing and weak coverage
indicators. However, ICRA takes into account the company's strong
position as the only authorized dealer of Skoda Auto India Private
Limited (Skoda) in Jaipur and Kota (Rajasthan) as well as the
comfort of steady income from after sales related activities which
have kept the profitability margins healthy. SAIPL's ability to
scale up revenues, improve its capital structure and debt
protection metrics will be the key rating sensitivities.

SAIPL was incorporated in 2006 by Mr. Sanjay Maheshwari with the
support of other family members and friends. SAIPL is an
authorized dealer for sales and distribution of passenger vehicles
manufactured by Skoda Auto India Private Limited in Jaipur and
Kota regions of Rajasthan. The company deals in sales of new cars,
and repairs and servicing of cars. The day to day management of
the firm is handled by Mr. Sanjay Maheshwari. The company has two
3S (Sales, service, spares) facilities located in Jaipur and Kota
in addition to one showroom and workshop at Jaipur.

Recent Results
SAIPL, on a provisional basis, reported an operating income of
INR29.3 crore and Profit After Tax (PAT) of INR0.4 crore in half
year 2014-15. For 2013-14, the company reported an operating
income of INR54.3 crore, and PAT of INR0.70 crore as compared to
an operating income of INR64.5 crore, and PAT of INR0.40 crore in
the previous year.


SIYARAM METAL: ICRA Reaffirms B+ Rating on INR35cr Cash Credit
--------------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed for the INR35.00 crore
cash credit facility of Siyaram Metal Udyog Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit facility    35.00       [ICRA]B+ reaffirmed

The reaffirmation of rating takes into account the weak financial
profile characterized by modest profitability indicators, adverse
capital structure and debt protection metrics along with high
working capital intensity and tight liquidity position as
reflected by regular over-drawls in the cash credit facility of
the company. The rating also takes into account the lack of
diversification in product profile and the risks arising out of
volatility in brass prices as well as to foreign exchange rate
fluctuations due to reliance on imports for procurement.
However, the rating draws comfort frosm the experience of the
promoters and the established position of the company within the
non-ferrous metals industry as well as the established
relationships with suppliers and customers.

SMUPL is a metal merchant based out of Jamnagar, Gujarat and has
been in operation for the last two decades; the company has
primarily been involved in the business of trading of non-ferrous
metallic scrap. The company was operated as a proprietorship
concern called Siyaram Metal Udyog till April 2010, when it was
converted to a private limited company. SMUPL mainly imports non-
ferrous scrap; the product profile largely includes brass scrap,
ingots and other copper alloys, besides zinc. The company caters
to the Indian market, particularly Jamnagar and surrounding areas.

Recent Results
For the year FY 2014, the company reported an operating income of
INR271.13 crore and profit after tax of INR0.21 crore as against
an operating income of INR222.39 crore and profit after tax of
INR0.55 crore during FY 2013.


SPICEJET LTD: No Salary Yet for Most Middle Management Staff
------------------------------------------------------------
The Times of India reports that SpiceJet Ltd defaulted a second
time on salary payments in last two months but on Dec. 31, 2014,
got a reprieve from the Airports Authority of India (AAI), which
extended the two-week credit payment facility to it by another
14 days.

"The airline today [Dec. 31] paid salary to a section of its
employees but one section remained unpaid," the report quotes
airline sources as saying.

Those who were not paid were middle management employees, they
said, adding, "Mostly general manager and above rank executives
have not yet been paid their December salary," TOI relays.

According to the report, over 15% had not received their salary on
time in November last year as well and they were paid by the
airline only in late December, that too after the intervention of
the Directorate General of Civil Aviation.

A SpiceJet spokesperson refused to comment on the issue. However,
providing a much-needed relief to the airline, AAI extended the
two-weeks credit facility to it following directions from the
civil aviation ministry to do so, official sources said, relates
TOI.

An AAI official had said that AAI will have to put the airline on
'pay-as-you-fly' mode if no direction comes from the government to
extend the relief period, recalls TOI.

SpiceJet owes INR200 crore to the state-run AAI towards landing,
parking and route navigation charges, the report discloses.

TOI notes that this is the second time the ministry has come to
the rescue of the cash-strapped airline, which remained grounded
almost for an entire day early this month due to the paucity of
funds.

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.


SREE GURUDEVA: ICRA Reaffirms 'B' Rating on INR17.91cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR17.91
crore (revised from 11.81) term loan facilities, INR5.00 crore
(revised from 2.50) long-term fund based facilities, and INR0.09
crore (revised from 1.69) proposed long-term limits of Sree
Gurudeva Charitable and Educational Trust.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term loan facilities     17.91       [ICRA]B Reaffirmed
   Long term facilities      5.00       [ICRA]B Reaffirmed
   Proposed Limits           0.09       [ICRA]B Reaffirmed

The ratings reaffirmation considers the highly regulated nature of
education sector in Kerala which limits the Trust's ability to
increase fees; the intense competition in the sector for
attracting quality students and faculty and the entity's highly
geared capital structure due to the debt funded capex being
undertaken. While ICRA takes cognizance of the increase in intake
capacity for courses with higher demand, it notes that improving
the enrollment levels from the subdued levels of 2013-14 would be
critical from the credit perspective.

Sree Gurudeva Charitable and Educational Trust was established in
the year 2008 by Mr. Thushar Vellappally and seven other trustees;
the Trust has its registered office in Kayamkulam, Kerala. The
Trust manages "Sri Vellappally Natesan College of Engineering",
established in the year 2009.

SVNCE offers undergraduate courses in five specializations;
namely, Mechanical Engineering and Civil Engineering with
sanctioned intake of 120 students each and Electronics &
Communication Engineering, Computer Science and Electrical and
Electronics Engineering with sanctioned intake of 60 students
each. The college currently has 1,193 students, 82 faculty members
and around 30 supporting staff.

Recent Results
The Trust reported net surplus of INR0.8 crore on an operating
income of INR10.7 crore during 2013-14 as against the net surplus
of INR0.5 crore on an operating income of INR9.2 crore during
2012-13.


SRI NAGAMALLESWARA: ICRA Reaffirms B Rating on INR22.42cr LT Loan
-----------------------------------------------------------------
ICRA has reaffirmed [ICRA]B to the INR22.42 crore (revised from
INR25.86 crore) long term fund based limits of Sri Nagamalleswara
Spintex (India) Pvt Ltd. ICRA has also reaffirmed [ICRA]B/[ICRA]A4
to the INR4.58 crore (revised from INR1.14 crore) unallocated
limits of SNSPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund        22.42        [ICRA]B Reaffirmed
   Based Limits

   Long/Short Term        4.58       [ICRA]B/[ICRA]A4 Reaffirmed
   Unallocated

The re-affirmation of ratings takes into account the small scale
of SNSPL's operations, highly competitive and fragmented nature of
the spinning industry which limits the pricing power. The ratings
also takes into account high customer concentration with ~78% of
its revenues coming from its top 5 customers in FY14 and also the
interest cost which is high on account of non classification of
loans into TUFS scheme. The ratings are further constrained by
weak financial profile as reflected in high gearing of 3.33 times
as on 31st March 2014 and weak coverage indicators as reflected in
with NCA/Debt at 6.6% and OPBDITA/Interest at 1.59 times as on
31st March 2014. The ratings however takes into account the
significant increase in the OI in FY14 by 152% however ~44% of the
total revenues were contributed from the trading of kapas, cotton
lint and cotton seeds which resulted into decreased operating
margins. The ratings, favourably take into account two decades of
experience of the promoters in the cotton industry and proximity
to cotton growing areas of Guntur in the state of Andhra Pradesh
which provides competitive advantage.

Sri Nagamalleswara Spintex (India) Private Limited (SNSPL),
incorporated as a private limited company on 17th May 2010 by Mr.
S. B. Suryanarayana and Mr. K. S Rao, has set up a plant to
manufacture cotton yarn with 12,960 spindles capacity at Rajupalem
mandal of Guntur in Andhra Pradesh. The promoters Mr. S. B.
Suryanarayana and Mr. Ch. Hanumantha Rao have also set up a TMC
(Technology Mission on Cotton) unit in 2012 under the partnership
firm "Gayatri Narayana Swamy Ginning Mill" in Guntur district of
Andhra Pradesh to undertake cotton ginning.

Recent Results
As per audited financials for FY14, SNSPL reported an operating
income of INR66.66 crore with profit after tax of INR0.87 crore as
against INR26.48 crore of operating income with profit after tax
of INR0.38 crore in FY13.


SRI SRINIVAS: ICRA Reaffirms B+ Rating on INR4cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR4.0
crore (Revised from 2.5) fund based limits of Sri Srinivas
Industries (SSI) at [ICRA]B+. ICRA has also reaffirmed the short
term rating assigned to the INR1.0 crore (Revised from 1.5) fund
based limits of the firm at [ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limit           4.0          [ICRA]B+ (Reaffirmed)

   Short Term Fund
   Based Limit           1.0          [ICRA]A4 (Reaffirmed)

The ratings reflect improvement in operational and financial
performance of the firm during the last two fiscal years and the
healthy pace of mechanization and diversification in procurement
of raw material (through import of raw cashew nuts at lower cost),
resulting in less dependence on manual labor, and also less
uncertainty in raw material availability. The ratings continue to
draw comfort from the long standing presence of the promoters in
the cashew processing industry with an experience of over 20 years
and the firm's diversified customer and supplier base.

The ratings are, however, constrained by the firm's small scale of
operations restricting economies of scale, high competitive
intensity in the industry owing to presence of a large number of
small players, low product differentiation and limited pricing
flexibility. The firm remains exposed to volatility in cashew
prices and labor shortages in the industry leading to sub-optimal
capacity utilization. The ratings also take into account the below
average financial risk profile of the firm characterized by modest
profit margins (on account of low value addition), stretched
gearing and coverage indicators and high working capital
intensity, notwithstanding some improvement in recent years.

Established in 1981, Sri Srinivas Industries has been promoted by
Mr. M Vedavyasa Prabhu. The operations of the firm are currently
managed by Mr. Vinayak Prabhu (son of Mr. M Vedavyasa Prabhu) and
Mrs. M Vinaya Prabhu (wife of Mr. Vinayak Prabhu). The firm is
primarily engaged in the processing plain cashew kernels from raw
cashew nuts (RCNs).


SRISHIRI AGROTECH: CRISIL Ups Rating on INR50MM Loan to 'B-'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Srishiri Agrotech Pvt Ltd (SSAPL) to 'CRISIL B-/Stable' from
'CRISIL D'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              2.5        CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

   Long Term Loan          50.0        CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

The rating upgrade reflects SSAPL's track record of timely debt
servicing with improved liquidity. The company's liquidity is
likely to improve further led by increased order flow. SSAPL's
business performance has improved with revenue of INR29.4 million
for 2013-14 (refers to financial year, April 1 to March 31) and
operating margin of 61.4 per cent as against INR24.6 million and
53.1 per cent for 2012-13, respectively. The company is likely
maintain comfortable liquidity, with cash accruals expected to be
sufficient vis-a-vis debt obligations of INR1.7 million in 2014-
15.

The rating continues to reflect SSAPL's below-average financial
risk profile marked by high gearing, average debt protection
metrics, and small net worth. The rating also factors in the
company's small scale of operations, and customer concentration in
its revenue profile. These rating weaknesses are partially offset
by the extensive experience of SSAPL's promoters in the seed
processing segment.

Outlook: Stable

CRISIL believes that SSAPL will continue to benefit over the
medium term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports a
substantial and sustained improvement in its revenues, while
sustaining its profitability margins. A sizeable increase in its
net worth on the back of an equity infusion by the promoters,
leading to improvement in its capital structure, may also result
in a 'Positive' outlook. Conversely, the outlook may be revised to
'Negative' if SSAPL's working capital cycle stretches, leading to
deterioration in its liquidity, or if it undertakes a large, debt-
funded capital expenditure programme, thereby weakening its
financial risk profile.

SSAPL, set up in 2011, shells and processes seeds. The company is
promoted by Mr. N Srinivasa Rao and his family, and has a seed
shelling and processing facility in West Godavari District (Andhra
Pradesh).

SSAPL registered a profit after tax (PAT) of INR1.7 million on net
sales of INR29.4 million for 2013-14, as compared to a PAT of
INR2.1 million on net sales of INR24.6 million for 2012-13.


V.R.K. ASSOCIATES: ICRA Assigns B Rating to INR8cr Term Loan
------------------------------------------------------------
ICRA has assigned its [ICRA]B rating to the INR8.00 crore term
loan of V.R.K. Associates (P) Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              8.00        [ICRA]B; assigned

The rating is constrained by the nascent stage of construction of
the company's new hotel project which entails significant equity
commitments and exposes the company to execution and funding
risks. Further, the rating factors in the small operating scale
and low profitability of the existing operations, which results in
limited cash accruals. This limits the extent of support that the
existing operations can provide for debt servicing for the new
hotel in the ramp up phase, given the lack of cushion between the
date of commencement of operations and the commencement of loan
repayments.

However the rating favourably factors in the experience of the
promoters in the hotel business through an existing hotel and
modest funding requirements in the existing business due to the
largely cash nature of operations. Going forward, the ability of
the company to complete the new hotel within the budgeted cost and
time and ramp up the occupancy in order to generate adequate cash
flows for debt servicing will be the key rating sensitivities.

Incorporated in 2001 as a private limited company, VRK is engaged
in various activities which include prepaid distribution of Tata
Docomo, retailing of mobile phones and running an eight room hotel
in Sarnath, Uttar Pradesh. Currently, majority of its revenues
come from distributorship of Tata Docomo which involves pre paid
activation and recharge for Tata Docomo mobile users. The company
is planning to construct a new hotel in Sarnath, which is expected
to commence operations from September 2016, with the loan
repayment scheduled to commence from October 2016. The project
cost of INR12.75 crore is being funded through debt of INR8.00
crore and promoter's contribution of INR4.75 crore.

Recent Results
In 2013-14, VRK reported a net profit of INR0.07 crore on an
operating income of INR5.88 crore as compared to a net profit of
INR0.08 crore on an operating income of INR4.78 crore in the
previous year.


VENU INDUSTRIES: ICRA Reaffirms B+ Rating on INR15cr FB Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR15.00
crore fund based bank lines of Venu Industries at [ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     15.00        [ICRA]B+

The reaffirmed rating continues to be constrained by the weak
financial profile of the firm characterized by low profitability,
moderate gearing level and weak coverage indicators; and the
intensely competitive and fragmented nature of the rice industry
which limits the ability of the firm to extract premium. The
rating is also constrained by decrease in operating income in
FY2014, the firm's susceptibility to climatic risks that can
affect the availability of paddy during adverse weather conditions
and the risks arising from the partnership nature of the firm.
However, the reaffirmed rating of the firm is strengthened by vast
experience of the promoters in the rice industry, easy
availability of raw material with the mill being located in major
rice growing in Telengana and the favorable demand prospects for
rice. Going forward, the ability of the firm to improve its scale
and profitability, and thereby improve its coverage metrics, would
be the key rating sensitivities.

Venu Industries is engaged in the milling of paddy and produces
raw and boiled rice. The rice mill is located in Nizamabad
district in Telengana. Its installed production capacity is 14
MTPH, of which, 8 MTPH was installed in 2010.The firm is managed
by Mr. Srinivas, Mr. Sai Rahul, Mr. Venugopal and Mr. Balaji who
are siblings. The family also owns and operates a three star hotel
(Nikhil Sai International), a lodge (Devi Lodge), a Cinema Hall
(Devi Cinema Hall) and an oil mill (Venu Oil Mill), all based out
of Nizamabad. Prior to 2004, the operations of the rice mill and
the oil mill were merged and the entity was known as Venu Oil &
Rice Mills, which had been operating for 30 years.

Recent Results

Venu Industries reported an operating income(provisional) of
INR62.99 crore and a net profit of INR0.15 crore in FY2014 as
against INR70.01 crore and INR0.12 crore respectively in FY2013.


VIJAYA CHAITANYA: CRISIL Suspends 'D' Rating on INR110MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vijaya
Chaitanya Enterprises Private Limited (VCEPL; a part of the Vijaya
Chaitanya group).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Cash Credit              110          CRISIL D
   Letter of credit &
   Bank Guarantee            11.6        CRISIL D
   Term Loan                 60.7        CRISIL D

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

Set up in 2006 by Mr. Rayani Venkateswarulu and his family, VCEPL
undertakes ginning of raw cotton at its unit in Dhulipalla village
(Andhra Pradesh) and sells the resultant cotton lint and cotton
seeds. Set up in 2007, RSPL commenced commercial operations in
November 2011. It has a cotton-spinning mill with capacity of
14,400 spindles at Dhulipalla village.


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


MASKAPAI REASURANSI: Fitch Puts 'BB-' IFS Rating; Outlook Stable
----------------------------------------------------------------
Fitch Ratings Indonesia has assigned PT Maskapai Reasuransi
Indonesia (Marein) a National Insurer Financial Strength (IFS)
Rating of 'A+(idn)'.  Fitch Ratings has also assigned the company
an international IFS Rating of 'BB-'.  The Outlooks are Stable.

'A' National IFS Ratings denote a strong capacity to meet
policyholder obligations relative to all other obligations or
issuers in the same country, across all industries and obligation
types.  However, changes in circumstances or economic conditions
may affect the capacity for payment of policyholder obligations to
a greater degree than for financial commitments denoted by a
higher rated category.

KEY RATING DRIVERS

The rating reflects Marein's long track record in the Indonesian
reinsurance industry, supported by strong capitalization,
conservative investment portfolio and sound operating performance.
It also considers the challenges the company faces in
strengthening its overall market position and its business
concentration in Indonesia.  The company's market share and asset
size is small compared with some of its peers locally and within
the region.

The company's capitalization, as measured by its risk-based
capitalization (RBC) ratio, is strong.  Its RBC ratio was 246% at
end-June 2014, well above the minimum regulatory requirement of
120%.  This is supported by the company's efforts to strengthen
its capitalization through on-going surplus growth.

Marein's investment portfolio is conservative and highly liquid
with cash equivalents and fixed-income instruments forming more
than 80% of the company's total invested assets over the last five
years.  Its exposure to risky investments, such as stocks and
properties, is low relative to its capitalization.

Marein has consistently posted healthy operating performance over
the last five years, underpinned by its prudent underwriting,
steady investment return and focus on bottom-line performance.
The company's combined ratio (aggregate of the life and non-life
incurred loss and expense ratio) has remained below 90% over the
last five years.

Almost 75% of the company's gross written premiums were derived
from the life reinsurance business at end-2013.  Fitch believes
that Marein could benefit from growth in its non-life business,
which would create a more balanced business portfolio and
strengthen its overall market position in the Indonesian
reinsurance market.  Improvement in the company's overall business
scale could enhance the company's competitiveness and
sustainability in the longer term, especially as other local
reinsurers are expanding their capacity to underwrite business in
Indonesia.

The reinsurer's rating is also constrained by the company's high
business concentration in the catastrophe-prone Indonesian market.
Marein is not as geographically diversified as some of its Asian
reinsurance peers.

The Stable Outlook reflects Fitch's expectation that Marein will
continue to maintain sufficient capital buffers and prudent
underwriting practices to support its operations and business
expansion.

RATING SENSITIVITIES

Key rating triggers for an upgrade include enhancement of the
company's fundamentals, which include strengthening its market
franchise and successful diversification to achieve a more
balanced business portfolio while maintaining a healthy operating
performance and capitalization.

Key rating triggers for a downgrade include significant
deterioration in operating performance with a combined ratio
consistently higher than 100%, and a weakening capitalization with
the local statutory capitalization ratio below 180% on a sustained
basis.  Material deterioration in its market franchise could also
lead to a rating downgrade.



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


MT GOX: Police Say Losses Likely 99% Fraud
------------------------------------------
The Yomiuri Shimbun reports that about 99 percent of the bitcoins
that disappeared from a virtual currency transaction system
operated by Mt. Gox may have vanished due to fraudulent
transactions, not from cyber-attacks as the company initially
claimed.

The Yomiuri Shimbun relates that the Metropolitan Police
Department has been investigating the case in which about 650,000
bitcoins -- worth about JPY24.7 billion as of December 31 -- went
missing from Mt. Gox's online exchange system, which is currently
undergoing bankruptcy procedures.

According to the report, investigative sources within the MPD said
police concluded that about 7,000 bitcoins disappeared due to
cyber-attacks, only about 1 percent of the total bitcoins missing.

Thus the remaining 99 percent, or about 643,000 bitcoins, are
highly likely to have disappeared after the system was
fraudulently operated by an unknown party, according to the
sources, the report relays.

The Yomiuri Shimbun says the MPD is currently investigating Mt.
Gox, suspecting an individual familiar with the exchange system
may have misappropriated bitcoins belonging to the company's
customers.

According to The Yomiuri Shimbun, investigative sources said based
on analyses of access records and other materials, police
confirmed traces of cyber-attacks that made the system believe
there were failed remittance operations, prompting total erroneous
payments of 7,000 bitcoins. But there were no signs of such cyber-
attacks on the remaining 643,000 bitcoins.

The report relates that following the voluntary submission of the
server system of the company in Shibuya Ward, Tokyo, MPD
investigators restored and analyzed the transaction records on the
server.

The investigators found at least two suspicious accounts with
balances that continued to grow despite no records of bitcoin
purchases, the investigators, as cited by The Yomiuri Shimbun,
said.

The report says the balances in clients' accounts were transferred
to these suspicious accounts through system operations. When the
affected clients checked their bitcoin balances on the website,
the transfers were not displayed.

From these findings, the MPD believes that an unknown party may
have repeatedly conducted sales transactions using the bitcoins
transferred from clients' accounts to earn a profit margin,
according to The Yomiuri Shimbun.

But due to the falling market and other reasons, the transactions
likely generated massive losses, eventually resulting in the
disappearance of clients' bitcoins, investigators said, the report
relays.

The Yomiuri Shimbun notes that police believe such fraud could be
committed by people familiar with the system, such as those
involved in the management of the transaction server. The MPD will
therefore question Mt. Gox employees and people related to the
firm to examine how the system was managed, the report relates.

The Yomiuri Shimbun says Mt. Gox's bitcoin transaction website was
launched in 2011 by President Mark Karpeles. The site started by
the French-born 29-year-old was once a major player in the bitcoin
market.

But in February 2014 the company filed for court protection under
the Civil Rehabilitation Law, claiming that bitcoins disappeared
from its system due to cyber-attacks. It subsequently descended
into bankruptcy, the report states.

Creditors totaled about 127,000, including 7,000 Japanese. The MPD
has been probing the case with investigative authorities in the
United States, many of whose citizens have become victims in this
case, The Yomiuri Shimbun says.

In an interview with The Yomiuri Shimbun in December,
Mr. Karpeles said a person who knew the system well could have
conducted unauthorized transactions using clients' bitcoins.

He added that the company was also conducting a separate
investigation into the disappearance of the virtual currency, and
that he was unable to comment on the issue in detail at the time,
The Yomiuri Shimbun reports.

                          About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange halted trading in February 2014. It
filed for bankruptcy protection in the U.S. to prevent customers
from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The bankruptcy trustee and foreign representative of MtGox Co.
Ltd. with respect to the Japan Bankruptcy Proceedings:

     MtGox Co., Ltd.
     Office of Bankruptcy Trustee
     Kojimachi 3 chome building #202
     Kojimachi 3-4-1
     Chiyoda-ku, Tokyo
     Tel: +81-3-4588-3922
     Attn: Nobuaki Kobayashi

The Ontario Superior Court of Justice (Commercial List) on
Oct. 3, 2014, ordered, pursuant to Section 272 of the Bankruptcy
and Insolvency Act, that the bankruptcy proceedings commenced with
respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox
-- be recognized as a "foreign main proceeding."

The Canadian legal counsel to the bankruptcy trustee and foreign
representative of MtGox Co., Ltd, are:

     MILLER THOMSON LLP
     Scotia Plaza
     40 King Street West, Suite 5800
     PO Box 1011
     Toronto, ON Canada M5H 3S1
     Tel: 416-595-8615/8577
     Fax: 416-595-8695
     Attn: Jeffrey Carhart/ Margaret Sims

The company said it has estimated assets of $10 million to
$50 million and debts of $50 million to $100 million.



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


KELTERN STUD: 'Unreliable Accounting' Stopped Debt Recovery
-----------------------------------------------------------
Patrick O'Sullivan at Hawke's Bay Today reports that Keltern
Stud's final liquidator's report said unreliable accounting
information prevented the recovery of debts and the liquidator was
obligated to pay for the welfare of remaining horses.

The company was put into liquidation in 2013 after court action by
merchant banker Sam Kelt's sister, Susan Foote, and her husband,
Stuart, who sought to recover a NZ$313,000 inheritance as trustees
of the Foote Family Trust, according to Hawke's Bay Today.

The report notes that Ms. Foote said her father, Gordon, made the
loan to the stud, which he ran with Sam Kelt.

Director Sam Kelt claimed the money was a shareholding in the
company but, when declaring the company in liquidation, Judge
Gendall said it was a loan, the report notes.  Incorporated in
1986, the horse breeding business was a major force in the Hawke's
Bay horse racing industry.

In his final report, liquidator Kevin Russell said the company
operated within a group of inter-related company entities known as
the Kelt Group, the report discloses.

Keltern Stud was wound down two years previous to the liquidation
and the only physical assets remaining were several horses, the
report relays.

"Due to the condition of the horses and the lack of feed available
to the horses, it was necessary for the liquidator to to incur
costs for the welfare of the animals," the liquidator report said,
Hawke's Bay Today relays.

"The horses were found to be of no significant value and the
liquidator was fortunate enough to rehouse the horses at no cost
to the liquidation," the liquidator report added.

Debtors were all Kelt Group companies.  "All the book debts were
disputed on the grounds that the financial records relied upon had
been corrupted beyond the point of being accurate and reliable,"
the liquidator report said, Hawke's Bay Today notes.

Hawke's Bay Today relays that the debts were not recoverable due
to the unreliability of the accounting information available.

The stud's 37 hectares property in Roy's Hill, on SH50, was sold
in 2012 for NZ$1.35 million, 10 times more than its purchase
price.


ROSS ASSET: Investors' Bid For Claw-Back Inquiry Rejected
---------------------------------------------------------
Hamish Fletcher at the New Zealand Herald reports that Commerce
Minister Paul Goldsmith has rejected a request from David Ross'
burned investors to look into the country's claw-back regime as
the first court case looms against those paid out by the
fraudster.

Wellington-based Ross Asset Management cost investors around
NZ$115 million when it folded in November 2012.

Investors are likely to get only a fraction of this money back,
the NZ Herald relates.

The report says Mr. Ross ran the country's largest ever Ponzi
scheme and was sentenced to 10 years and 10 months' jail in 2013
after admitting fraud and other charges.

According to the NZ Herald, the firm's liquidators, John Fisk and
David Bridgman, have taken High Court action against three
investors who received a payout before the collapse in an attempt
to claw back money.

The first of these test cases, where millions of dollars are
believed to be at stake, is due to be heard in Wellington this
March, the report notes.

Last year, investor spokesperson Bruce Tichbon wrote to Commerce
Minister Paul Goldsmith about aspects of New Zealand's claw-back
regime and asking for an inquiry to be launched, the NZ Herald
recalls.

The report relates that Mr. Goldsmith said in his response that
the courts were the appropriate forum for dealing with the issues
raised.

While Mr. Tichbon and other members of the Ross Asset Management
investor group had asked Mr. Goldsmith why New Zealand did not
have a fidelity fund that could be paid out to those who lose
money, the minister said such a system could incentivise risk
taking, the NZ Herald relates.

"A fidelity fund for financial markets may sound like an appealing
solution to combat losses," the report quotes
Mr. Goldsmith as saying.  "However there are some issues that
would need to be carefully weighed-up if New Zealand were to
consider introducing a fidelity fund. These issues include matters
such as if the scheme is funded via a levy on financial market
participants, as increased costs may be passed on to investors
through higher management fees. Also, a fidelity fund to guard
against financial loss may incentivise investors and providers to
take greater investment risks with less caution," the minister
said.

The NZ Herald notes that the liquidators' test case involves
claims filed under the Companies Act over allegedly voidable
transactions, which could reverse payouts from two years prior to
RAM's collapse if it is proven the company was insolvent at the
time.

Another aspect of the recovery action is under the Property Law
Act, which has the ability to look at transactions up to six
years' old, the report says.

Mr. Goldsmith said in his letter to Tichbon that he was awaiting
the outcome of the case with interest, the report adds.

                         About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).


VINE 2 WINE: Return Doubtful for Creditors, Liquidators Say
-----------------------------------------------------------
Marlborough Express reports that it is likely creditors of
Blenheim vineyard contracting company Vine 2 Wine, which was
forced into liquidation in 2013, will see little or no return,
said liquidators.

Liquidators Craig Melhuish -- CWM@hfk.co.nz -- and Michael Keyse -
-MJK@hfk.co.nz -- of HFK in Christchurch, released their six-
monthly report at the end of December, according to Marlborough
Express.  It showed the company was put into liquidation on May
27, after it fell behind in its payments to Inland Revenue due to
"possible reckless trading action against the director," the
report notes.

Marlborough Express discloses that the six-month report showed no
breakdown of the money the company owed or who it owed money to.

However, it did state there would be "little or no return to
creditors at this stage," the report relays.

If assets were found, preferential and secured creditors, such as
Inland Revenue, employees and hire-purchase contracts would be
paid first, the report says.

"Unfortunately, it is [also] unlikely that unsecured creditors
will receive a dividend payment upon completion of this
liquidation," the six-month report said, Marlborough Express
notes.

The company stopped trading in August 2013.

Liquidators were unable to estimate a completion date for the
liquidation process, "due to outstanding matters", it said, the
report relays.

Marlborough Express recalls that Kaur's husband, Prubhjit Singh,
was arrested last year and deported after spending five years in
New Zealand as an overstayer following the expiry of his work visa
in July 2008.

Singh, a former vineyard contractor, owed almost NZ$1 million to
New Zealand creditors, including Accident Compensation
Corporation, Inland Revenue and the New Zealand Transport Agency,
when he left the country, Marlborough Express adds.


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


KOREA DEVELOPMENT: Moody's Confirms 'D' Standalone BFSR
-------------------------------------------------------
Moody's Investors Service has affirmed Korea Development Bank's
(KDB) ratings, following the re-merger of KDB and Korea Finance
Corporation (KoFC) on December 31, 2014.

At the same time, Moody's has confirmed KDB's standalone bank
financial strength rating (BFSR) of D, which is equivalent to a
baseline credit assessment (BCA) of ba2.

The ratings outlook is stable.

A full list of the affirmed ratings can be found at the end of
this press release.

All of the balance sheet items relating to KoFC -- including all
debt rated by Moody's -- was transferred to KDB upon the re-
merger.

Ratings Rationale

"The confirmation of KDB's standalone BFSR/BCA of D/ba2 reflects
Moody's assessment that the bank's financial fundamentals will
remain largely unchanged from the levels seen before the re-
merger," says Hyun Hee Park, a Moody's Assistant Vice President
and Analyst.

"At the same time, the affirmation of KDB's ratings reflects
Moody's assessment of the high probability of government support
for the bank in times of need. The likelihood of systemic support
is the key rating driver behind the Aa3 long-term senior unsecured
debt ratings for KDB," adds Park.

However, Moody's says that KDB's renewed policy role leaves it
highly exposed to weak borrowers, as seen by the bank's
substantial net loss during the financial year ended 31 December
2013.

KDB's standalone credit profile of ba2 reflects its persistent
asset quality challenges, as well as its low levels of
profitability due to its policy function.

Nevertheless, KDB's solid capitalization profile and asset
holdings are mitigating factors that will support its credit
profile. For example, its Tier 1 capital ratio was at 11.46% at
end-September 2014. Moody's notes that the re-merger will result
in the ratio falling by 30-40 basis points.

In addition, Moody's expects that the earnings from KoFC's 29.94%
equity investments in Korea Electric Power Corporation (KEPCO, Aa3
stable) will boost KDB's Tier 1 capital ratio by around 100 basis
points over the next three quarters.

KEPCO will receive cash proceeds of KRW10.55 trillion from the
sale of its land parcels in Seoul to the Hyundai Motor Consortium.
The first of three installments for the sale was paid in September
2014, the other payments will be received no later than September
2015.

In 2015, the cash proceeds will be recognized as KDB's non-
operating profits.

Moody's says that the re-merger of KDB and KoFC signals that the
government retains a strong commitment to KDB and values the
policy role the bank performs, and that capital and other forms of
support from the government to the bank can be expected.

What Could Change the Rating - Up

Upward pressure on KDB's ratings is unlikely unless the sovereign
rating is upgraded, as the bank's Aa3 ratings are at the same
rating level as the sovereign rating.

Moody's will likely upgrade the bank's long-term debt and deposit
ratings if Korea's sovereign rating is upgraded, and even then,
only if the deficiency guarantee in the KDB Act remains in force,
requiring the government to replenish any deficit if KDB's
reserves prove insufficient to absorb annual net losses.

What Could Change the Rating - Down

KDB's long-term deposit or debt ratings could be downgraded if the
sovereign rating is downgraded, or if there is a large increase in
the losses incurred from its policy function, without a
corresponding increase in its capital levels.

Moreover, Moody's would lower the standalone BFSR if the bank's
non-performing loans exceed 5% of total loans (2.88% as of end-
September 2014), its core Tier 1 ratio -- excluding hybrid Tier 1
securities -- falls below 8%, or if there is a fall in its funding
levels.

KDB's affirmed ratings:

Long-term deposit rating of Aa3; senior unsecured debt
rating/senior unsecured MTN/senior unsecured shelf ratings of
Aa3/(P)Aa3/(P)Aa3; short-term bank deposit/commercial paper/MTN
program short-term ratings of P-1/P-1/(P)P-1.

KDB, New York Branch: Commercial paper program: Short-term rating
of P-1

KDB, London Branch: Senior unsecured debt rating of Aa3, senior
unsecured MTN rating of (P)Aa3, and MTN program's short-term
rating of (P)P-1

KDB, Singapore Branch: Senior unsecured debt rating of Aa3

The methodologies used in these ratings were Global Banks
published in July 2014 and Government-Related Issuers published in
October 2014.

Korea Development Bank (KDB) was established in 1954 as a
government-owned financial institution pursuant to the KDB Act.
The bank's assets totaled KRW175.9 trillion ($166.7 billion) as of
end-September 2014.

KDB is a policy bank mandated to provide long-term funding to
corporates in strategically important industries, working capital
loans to small- and medium-sized businesses, as well as loans to
the high-tech and newly growing industries.

Korea Finance Corporation was established in 2009, after certain
assets and liabilities were spun-off from KDB. The corporation was
re-merged with KDB on 31 December 2014.



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


* BOND PRICING: For the Week Dec. 29, 2014, to Jan. 2, 2015
-----------------------------------------------------------

Issuer               Coupon   Maturity   Currency   Price
------               ------   --------   --------   -----


  AUSTRALIA
  ---------

ANTARES ENERGY L     10.00    10/30/23      AUD       1.93
EMECO PTY LTD         9.88    03/15/19      USD      77.00
EMECO PTY LTD         9.88    03/15/19      USD      76.00
GRIFFIN COAL MIN      9.50    12/01/16      USD      72.63
GRIFFIN COAL MIN      9.50    12/01/16      USD      72.63
KBL MINING LTD       10.00    08/05/16      AUD       0.16
MIDWEST VANADIUM     11.50    02/15/18      USD      11.00
MIDWEST VANADIUM     11.50    02/15/18      USD      11.00
RESOLUTE MINING      10.00    12/04/17      AUD       0.65
ST BARBARA LTD        8.88    04/15/18      USD      81.50
ST BARBARA LTD        8.88    04/15/18      USD      81.00
STOKES LTD           10.00    06/30/17      AUD       0.44
TREASURY CORP OF      0.50    11/12/30      AUD      62.28


CHINA
-----

ANHUI CONCH CEME      4.89    11/07/17      CNY     100.49
CHANGCHUN CITY D      6.08    03/09/16      CNY      69.52
CHANGCHUN CITY D      6.08    03/09/16      CNY      70.27
CHANGZHOU INVEST      5.80    07/01/16      CNY      70.30
CHANGZHOU INVEST      5.80    07/01/16      CNY      69.97
CHINA GOVERNMENT      1.64    12/15/33      CNY      69.65
CHINA NATIONAL E      5.65    09/26/17      CNY      61.93
DANYANG INVESTME      6.30    06/03/16      CNY      70.17
HANGZHOU XIAOSHA      6.90    11/22/16      CNY      71.21
HANGZHOU XIAOSHA      6.90    11/22/16      CNY      70.95
HEILONGJIANG HEC      7.78    11/17/16      CNY      71.12
HEILONGJIANG HEC      7.78    11/17/16      CNY      71.01
HUAIAN CITY URBA      7.15    12/21/16      CNY      70.24
JIANGSU HUAJING       5.68    09/28/17      CNY      74.77
JIANGSU HUAJING       5.68    09/28/17      CNY      73.00
JIANGSU LIANYUN       7.85    07/22/15      CNY      70.73
KUNSHAN ENTREPRE      4.70    03/30/16      CNY      69.55
KUNSHAN ENTREPRE      4.70    03/30/16      CNY      69.81
NANJING PUBLIC H      5.85    08/08/17      CNY      64.40
NANTONG STATE-OW      6.72    11/13/16      CNY      70.84
NINGDE CITY STAT      6.25    10/21/17      CNY      60.19
OCEAN RIG UDW IN      7.25    04/01/19      USD      70.00
OCEAN RIG UDW IN      7.25    04/01/19      USD      76.00
PANJIN CONSTRUCT      7.70    12/16/16      CNY      71.69
PANJIN CONSTRUCT      7.70    12/16/16      CNY      71.53
QINGZHOU HONGYUA      6.50    05/22/19      CNY      50.24
QINGZHOU HONGYUA      6.50    05/22/19      CNY      52.01
WUXI COMMUNICATI      5.58    07/08/16      CNY      49.55
WUXI COMMUNICATI      5.58    07/08/16      CNY      49.81
XIANGTAN JIUHUA       6.93    12/16/16      CNY      69.58
XIANGTAN JIUHUA       6.93    12/16/16      CNY      69.41
YANGZHOU URBAN C      5.94    07/23/16      CNY      70.34
YANGZHOU URBAN C      5.94    07/23/16      CNY      70.15
YIYANG CITY CONS      8.20    11/19/16      CNY      71.71
ZHENJIANG CITY C      5.85    03/30/15      CNY      69.92
ZHENJIANG CITY C      5.85    03/30/15      CNY      69.86
ZHUCHENG ECONOMI      7.50    08/25/18      CNY      48.85
ZIBO CITY PROPER      5.45    04/27/19      CNY      59.75
ZOUCHENG CITY AS      7.02    01/12/18      CNY      71.17


INDONESIA
---------

BERAU COAL ENERG      7.25    03/13/17      USD      53.15
BERAU COAL ENERG      7.25    03/13/17      USD      47.43
BERLIAN LAJU TAN     15.50    05/28/12      IDR       8.08
BERLIAN LAJU TAN     16.25    05/28/14      IDR       8.08
DAVOMAS INTERNAT     11.00    12/08/14      USD      19.50
DAVOMAS INTERNAT     11.00    12/08/14      USD      19.50
PERUSAHAAN PENER      6.75    04/15/43      IDR      74.80
PERUSAHAAN PENER      6.10    02/15/37      IDR      70.50


INDIA
-----

BLUE DART EXPRES      9.30    11/20/17      INR      10.08
BLUE DART EXPRES      9.40    11/20/18      INR      10.11
BLUE DART EXPRES      9.50    11/20/19      INR      10.13
JAIPRAKASH ASSOC      5.75    09/08/17      USD      73.85
PRAKASH INDUSTRI      5.25    04/30/15      USD      70.38
GTL INFRASTRUCTU      3.03    11/09/17      USD      28.75
REI AGRO LTD          5.50    11/13/14      USD      55.88
REI AGRO LTD          5.50    11/13/14      USD      55.88
SHIV-VANI OIL &       5.00    08/17/15      USD      26.25
3I INFOTECH LTD       5.00    04/26/17      USD      31.38
CORE EDUCATION &      7.00    05/07/15      USD       9.38
COROMANDEL INTER      9.00    07/23/16      INR      15.64
PYRAMID SAIMIRA       1.75    07/04/12      USD       1.00
ORIENTAL HOTELS       2.00    11/21/19      INR      70.54
INDIA GOVERNMENT      0.26    01/25/35      INR      22.24
MASCON GLOBAL LT      2.00    12/28/12      USD       5.63
JCT LTD               2.50    04/08/11      USD      18.13
INCLINE REALTY P     10.85    04/21/17      INR      13.55
INCLINE REALTY P     10.85    08/21/17      INR      16.67


JAPAN
-----

AVANSTRATE INC        3.02    11/05/15      JPY      39.13
AVANSTRATE INC        5.00    11/05/17      JPY      32.00
ELPIDA MEMORY IN      0.70    08/01/16      JPY      17.00
ELPIDA MEMORY IN      0.50    10/26/15      JPY      17.00
ELPIDA MEMORY IN      2.03    03/22/12      JPY      17.00
ELPIDA MEMORY IN      2.10    11/29/12      JPY      17.00
ELPIDA MEMORY IN      2.29    12/07/12      JPY      17.00


KOREA
-----

2014 KODIT CREAT      5.00    12/25/17      KRW      30.21
2014 KODIT CREAT      5.00    12/25/17      KRW      30.21
DONGBU METAL CO       5.20    09/12/19      KRW      54.97
EXPORT-IMPORT BA      0.50    12/22/17      BRL      70.44
EXPORT-IMPORT BA      0.50    11/21/17      BRL      70.89
EXPORT-IMPORT BA      0.50    12/22/17      TRY      74.69
HYUNDAI HEAVY IN      4.90    12/15/44      KRW      60.32
HYUNDAI HEAVY IN      4.80    12/15/44      KRW      61.40
HYUNDAI MERCHANT      7.05    12/27/42      KRW      40.86
KIBO ABS SPECIAL      5.00    01/31/17      KRW      30.09
KIBO ABS SPECIAL     10.00    02/19/17      KRW      30.94
KIBO ABS SPECIAL     10.00    09/04/16      KRW      32.38
KIBO ABS SPECIAL     10.00    08/22/17      KRW      30.15
KIBO GREEN HI-TE     10.00    12/21/15      KRW      33.27
KIBO GREEN HI-TE     10.00    03/20/15      KRW      63.21
LSMTRON DONGBANG      4.53    11/22/17      KRW      29.94
POSCO ENERGY COR      4.66    08/29/43      KRW      74.61
POSCO ENERGY COR      4.72    08/29/43      KRW      73.72
POSCO ENERGY COR      4.72    08/29/43      KRW      74.06
SINBO SECURITIZA      5.00    01/15/18      KRW      30.21
SINBO SECURITIZA      5.00    01/15/18      KRW      30.21
SINBO SECURITIZA      5.00    02/11/18      KRW      29.95
SINBO SECURITIZA      5.00    07/26/16      KRW      30.61
SINBO SECURITIZA      5.00    06/07/17      KRW      26.02
SINBO SECURITIZA      5.00    06/07/17      KRW      26.02
SINBO SECURITIZA      5.00    02/21/17      KRW      29.61
SINBO SECURITIZA      5.00    02/21/17      KRW      29.61
SINBO SECURITIZA      5.00    03/13/17      KRW      29.50
SINBO SECURITIZA      5.00    03/13/17      KRW      29.50
SINBO SECURITIZA      8.00    03/07/15      KRW      61.51
SINBO SECURITIZA      5.00    08/31/16      KRW      30.40
SINBO SECURITIZA      5.00    06/29/16      KRW      30.83
SINBO SECURITIZA      5.00    08/31/16      KRW      30.41
SINBO SECURITIZA      5.00    02/02/16      KRW      29.79
SINBO SECURITIZA      8.00    02/02/16      KRW      31.86
SINBO SECURITIZA      5.00    08/24/15      KRW      31.72
SINBO SECURITIZA      5.00    05/27/16      KRW      31.06
SINBO SECURITIZA      5.00    05/27/16      KRW      31.06
SINBO SECURITIZA      5.00    12/07/15      KRW      29.68
SINBO SECURITIZA      9.00    07/27/15      KRW      34.01
SINBO SECURITIZA      5.00    10/05/16      KRW      30.32
SINBO SECURITIZA      5.00    10/05/16      KRW      30.32
SINBO SECURITIZA      5.00    01/29/17      KRW      29.75
SINBO SECURITIZA      5.00    03/14/16      KRW      29.32
SINBO SECURITIZA     10.00    12/27/15      KRW      32.42
SINBO SECURITIZA      5.00    07/19/15      KRW      31.99
SINBO SECURITIZA      5.00    01/19/16      KRW      29.60
SINBO SECURITIZA      5.00    07/26/16      KRW      30.61
SINBO SECURITIZA      5.00    09/13/15      KRW      31.07
SINBO SECURITIZA      5.00    09/13/15      KRW      25.72
SINBO SECURITIZA      4.60    06/29/15      KRW      33.04
SINBO SECURITIZA      4.60    06/29/15      KRW      33.04
SINBO SECURITIZA      5.00    12/13/16      KRW      29.94
SINBO SECURITIZA      5.00    12/25/16      KRW      30.27
SINBO SECURITIZA      5.00    07/08/17      KRW      30.45
SINBO SECURITIZA      5.00    07/08/17      KRW      30.45
SINBO SECURITIZA      5.00    10/01/17      KRW      29.91
SINBO SECURITIZA      5.00    10/01/17      KRW      29.91
SINBO SECURITIZA      5.00    10/01/17      KRW      29.91
SINBO SECURITIZA      5.00    03/12/18      KRW      30.04
SINBO SECURITIZA      5.00    03/12/18      KRW      30.04
SINBO SECURITIZA      5.00    08/16/17      KRW      30.29
SINBO SECURITIZA      5.00    08/16/17      KRW      30.29
SINBO SECURITIZA      5.00    02/11/18      KRW      29.95
SINBO SECURITIZA      5.00    09/28/15      KRW      31.54
SINBO SECURITIZA      5.00    08/16/16      KRW      30.67
SK TELECOM CO LT      4.21    06/07/73      KRW      71.67
STX OFFSHORE & S      3.00    09/06/15      KRW      72.94
TONGYANG CEMENT       7.30    06/26/15      KRW      70.00
TONGYANG CEMENT       7.30    04/12/15      KRW      70.00
TONGYANG CEMENT       7.50    07/20/14      KRW      70.00
TONGYANG CEMENT       7.50    09/10/14      KRW      70.00
TONGYANG CEMENT       7.50    04/20/14      KRW      70.00
U-BEST SECURITIZ      5.50    11/16/17      KRW      30.33
WOONGJIN ENERGY       2.00    12/19/16      KRW      65.32


MALAYSIA
--------

BANDAR MALAYSIA       0.35    12/29/23      MYR      68.37
BANDAR MALAYSIA       0.35    02/20/24      MYR      67.87
BIMB HOLDINGS BH      1.50    12/12/23      MYR      68.52
BRIGHT FOCUS BHD      2.50    01/24/30      MYR      63.92
BRIGHT FOCUS BHD      2.50    01/22/31      MYR      60.39
LAND & GENERAL B      1.00    09/24/18      MYR       0.37
SENAI-DESARU EXP      0.50    12/31/38      MYR      60.34
SENAI-DESARU EXP      0.50    12/31/47      MYR      69.90
SENAI-DESARU EXP      0.50    12/31/42      MYR      65.37
SENAI-DESARU EXP      0.50    12/31/43      MYR      66.44
SENAI-DESARU EXP      0.50    12/31/40      MYR      63.15
SENAI-DESARU EXP      0.50    12/31/41      MYR      64.17
SENAI-DESARU EXP      0.50    12/30/44      MYR      67.37
SENAI-DESARU EXP      0.50    12/29/45      MYR      68.21
SENAI-DESARU EXP      0.50    12/31/46      MYR      69.11
SENAI-DESARU EXP      0.50    12/30/39      MYR      61.94
SENAI-DESARU EXP      1.15    12/29/23      MYR      64.72
SENAI-DESARU EXP      1.35    12/31/25      MYR      60.51
SENAI-DESARU EXP      1.35    06/30/27      MYR      57.10
SENAI-DESARU EXP      1.35    06/28/30      MYR      50.90
SENAI-DESARU EXP      1.35    12/29/28      MYR      54.05
SENAI-DESARU EXP      1.10    06/30/22      MYR      69.23
SENAI-DESARU EXP      1.15    12/30/22      MYR      67.89
SENAI-DESARU EXP      1.15    06/30/23      MYR      66.28
SENAI-DESARU EXP      1.35    06/30/26      MYR      59.31
SENAI-DESARU EXP      1.35    06/30/28      MYR      55.07
SENAI-DESARU EXP      1.10    12/31/20      MYR      74.45
SENAI-DESARU EXP      1.10    06/30/21      MYR      72.68
SENAI-DESARU EXP      1.10    12/31/21      MYR      70.89
SENAI-DESARU EXP      1.35    12/31/27      MYR      56.09
SENAI-DESARU EXP      1.35    12/31/29      MYR      52.01
SENAI-DESARU EXP      1.35    06/30/31      MYR      48.66
SENAI-DESARU EXP      0.65    06/30/20      MYR      74.19
SENAI-DESARU EXP      1.15    06/28/24      MYR      63.21
SENAI-DESARU EXP      1.15    12/31/24      MYR      61.67
SENAI-DESARU EXP      1.15    06/30/25      MYR      60.27
SENAI-DESARU EXP      1.35    12/31/26      MYR      58.17
SENAI-DESARU EXP      1.35    06/29/29      MYR      53.02
SENAI-DESARU EXP      1.35    12/31/30      MYR      49.78
UNIMECH GROUP BH      5.00    09/18/18      MYR       1.25


PHILIPPINES
-----------

BAYAN TELECOMMUN     13.50    07/15/06      USD      22.75
BAYAN TELECOMMUN     13.50    07/15/06      USD      22.75

SINGAPORE
---------

BAKRIE TELECOM P     11.50    05/07/15      USD       8.55
BAKRIE TELECOM P     11.50    05/07/15      USD       8.63
BERAU CAPITAL RE     12.50    07/08/15      USD      50.50
BERAU CAPITAL RE     12.50    07/08/15      USD      49.13
BLD INVESTMENTS       8.63    03/23/15      USD      14.38
BUMI CAPITAL PTE     12.00    11/10/16      USD      22.00
BUMI CAPITAL PTE     12.00    11/10/16      USD      21.50
BUMI INVESTMENT      10.75    10/06/17      USD      20.11
BUMI INVESTMENT      10.75    10/06/17      USD      21.88
ENERCOAL RESOURC      6.00    04/07/18      USD      22.38
INDO INFRASTRUCT      2.00    07/30/10      USD       1.88
OSA GOLIATH PTE      12.00    10/09/18      USD      60.00


THAILAND
--------

G STEEL PCL           3.00    10/04/15      USD       3.63
MDX PCL               4.75    09/17/03      USD      25.00




                             *********

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

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

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


                            *********


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

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

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

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

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



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