TCRAP_Public/150107.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, January 7, 2015, Vol. 18, No. 004


                            Headlines


A U S T R A L I A

MACQUARIE DRILLING: Placed Into Voluntary Administration
PATINACK FARM: Creditors Unlikely to Recoup Money Owed
SEASIDE TOYS: First Creditors' Meeting Set For January 15


C H I N A

CAR INC: Moody's Assigns Ba1 Corporate Family Rating
CAR INC: S&P Assigns 'BB+' Corp. Credit Rating; Outlook Stable
KAISA GROUP: Moody's Cuts Sr. Unsecured Debt Rating to Caa3
KAISA GROUP: S&P Lowers CCR to 'SD' & Removes from Watch Neg.


I N D I A

ASSOCIATED MANUFACTURING: CRISIL Ups Rating on INR55MM Loan to B+
BAHULEYAN CHARITABLE: ICRA Reaffirms B+ Rating on INR8cr Loan
BALAJI BUILDERS: ICRA Cuts Rating on INR5cr LT Loan to 'B+'
BALAJI STEEL: CARE Assigns B Rating to INR11cr LT Bank Loan
BHAGAWATI DEVELOPMENT: CARE Reaffirms B+ Rating on INR6.64cr Loan

BHUSHAN STEEL: CARE Cuts Rating on INR1,500cr NCD Programme to D
BUMBLEBEE ELECTRONICS: ICRA Cuts Rating on INR7cr Cash Loan to B
CHAMUNDA PHARMA: CARE Reaffirms B/A4 Rating on INR3.7cr Loan
CHHAPRA HAJIPUR: ICRA Reaffirms 'D' Rating on INR585cr Term Loan
DEE CEE: CRISIL Assigns B Rating to INR60MM Proposed Term Loan

DHARIYA INFRASTRUCTURE: CRISIL Cuts Rating on INR70M Loan to B+
DRISHTI MOTORS: CRISIL Suspends B Rating on INR45MM Term Loan
HANS RAJ: CRISIL Reaffirms B+ Rating on INR190MM Cash Credit
HI-TECH FROZEN: ICRA Suspends 'D' Rating on INR5.31cr Term Loan
JUPITER INTERNATIONAL: CARE Cuts Rating on INR47.49cr Loan to B

KVJ BUILDERS: ICRA Lowers Rating on INR10cr LT Loan to 'B+'
MAGUS METALS: ICRA Assigns B+ Rating to INR7.26cr Fund Based Loan
MALWA INDUSTRIES: ICRA Suspends 'D' Rating on INR316.9cr LT Loan
MANDAVA COTTON: ICRA Assigns 'D' Rating to INR17.11cr LT Loan
MARVEL SIGMA: ICRA Reaffirms D Rating on INR25cr LT Loan

NARCINVA DAMODAR: CRISIL Cuts INR150M Overdraft Loan Rating to B
NAVDEEP CONSTRUCTION: ICRA Reaffirms B Rating on INR20cr Loan
NIMESH OIL: ICRA Cuts Rating on INR20cr Cash Credit to 'D'
P.M. COT: CARE Assigns 'B' Rating to INR7.75cr LT Bank Loan
POOJA JEWELLERS: ICRA Assigns B Rating to INR6cr Fund Based Loan

R.J. CHATHA: CRISIL Reaffirms B+ Rating on INR100MM Funding Loan
R.S. AJIT: ICRA Reaffirms B+ Rating on INR9cr LT Loan
RAMA RICE: ICRA Assigns B+ Rating to INR6cr Cash Credit
RAMDEV STAINLESS: CARE Reaffirms B+ Rating on INR10.37cr LT Loan
REDSON ENGINEERS: CRISIL Ups Rating on INR43MM Bank Loan to B

RISHI FIBERS: CARE Revises Rating on INR12.91cr LT Loan to 'BB-'
SAHYOG GINNING: CARE Revises Rating on INR15cr LT Loan to B+
SHAILI INFRA: ICRA Lowers Rating on INR64.18cr Loan to 'D'
SHARAD COTTON: CARE Reaffirms B Rating on INR5.48cr LT Bank Loan
SPICEJET LTD: Banks Unwilling To Loan Money Despite Guarantees

SPICEJET LTD: Talks Between Ajay Singh, Marans May Collapse
SRI SHIVA: ICRA Reaffirms B+ Rating on INR6.28cr Fund Based Loan
SUN SHINE: CARE Reaffirms B+ Rating on INR14.44cr LT Bank Loan
TAPOVAN INTERNATIONAL: CARE Reaffirms B+ Rating on INR5.73cr Loan
THAKAR INVESTMENTS: CRISIL Suspends FB- Bank Loan Rating

VASUDEVA DALL: CRISIL Reaffirms B Rating on INR52MM Cash Credit


J A P A N

* JAPAN: Number of Corporate Bankruptcies Down 10% in 2014


N E W  Z E A L A N D

CATHERINE'S FASHIONWEAR: Complaint Filed Over Discrepancies


S I N G A P O R E

JCET-SC PTE: STATS ChipPAC Deal No Impact on Moody's Ba3 CFR


T A I W A N

FIRST INTERNATIONAL: Taipei District Court Declares Firm Bankrupt


V I E T N A M

PARKSON VIETNAM: Hanoi Store Closes Doors Due to Losses


                            - - - - -


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


MACQUARIE DRILLING: Placed Into Voluntary Administration
--------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Macquarie Drilling
Pty Limited has been placed into voluntary administration.  Neil
Robert Cussen and Vaughan Strawbridge of Deloitte were appointed
as administrators of the company on Dec. 29, 2014.

Dissolve.com.au relates that Macquarie employs 120 people and
reports said the administrators are trying to save 80 of them. It
has been said that the downturn in mining was partly to blame for
the problems of the company, the report says.

Macquarie Drilling Pty Limited focuses on coal and mineral
drilling throughout Australia. It has bases in Victoria, Perth,
South Australia, Queensland and Sydney.


PATINACK FARM: Creditors Unlikely to Recoup Money Owed
------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that creditors of
Patinack Farm Administration owned by Nathan Tinkler have been
informed that they may not be able to get the money they are owed.
The company entered liquidation with only AUD100 in cash and over
AUD4.7 million debt, the report says.

According to Dissolve.com.au, the company had seven creditors
which include the Australian Taxation Office owed AUD4.7 million
and Peter Beer, former racing chief of Patinack who is owed
AUD36,077.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on May 10, 2013, that Nathan Tinkler's Mulsanne Resources
Pty was ordered liquidated by a New South Wales state judicial
officer on Nov. 20, 2012, after the company failed to pay AUD28.4
million for shares in coal developer Blackwood Corp. His Patinack
Farm Administration Pty was put in liquidation a day later by a
federal judge in Adelaide over a debt to Workcover Corp. of South
Australia.   Mr. Tinkler also lost ownership of his personal jet
and helicopter after a financing company pushed TGHA Aviation Pty
into receivership on Nov. 23, 2012.  He has avoided other of his
companies being pushed into bankruptcy
with settlements at the last minute, including an agreement with
Mirvac Group (MGR) over a failed property deal.


SEASIDE TOYS: First Creditors' Meeting Set For January 15
---------------------------------------------------------
Danny Vrkic of DV Recovery Management was appointed as
administrator of Seaside Toys Wollongong Pty Limited on Jan. 5,
2015.

A first meeting of the creditors of the Company will be held at
office of DV Recovery Management, Level 1, 76 Market Street, in
Wollongong, New South, Wales, on Jan. 15, 2015, at 11:00 a.m.



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


CAR INC: Moody's Assigns Ba1 Corporate Family Rating
----------------------------------------------------
Moody's Investors Service has assigned a first-time Ba1 corporate
family rating to CAR Inc.

At the same time, Moody's has assigned a provisional (P)Ba1 senior
unsecured rating to its proposed USD notes.

The ratings outlook is stable.

Once the notes issuance is completed, and upon satisfactory terms
and conditions, Moody's will remove the provisional status of the
rating.

The net proceeds from the notes issuance will be used by CAR for
capital expenditure and other general corporate purposes.

Ratings Rationale

"CAR's Ba1 corporate family rating reflects the company's
leadership in the growing car rental market in China, strong
shareholder support and sound financial metrics," says Gerwin Ho,
a Moody's Vice President and Senior Analyst.

Specifically, CAR commands the leadership position in the short-
term self-drive rental market and has strong brand awareness. Such
a position gives it a competitive edge in terms of pricing, cost
and growth potential.

The rating also reflects favorable market conditions, including
current low rental usage, continued tourism growth, government
reforms, and the large number of drivers in China who do not own
cars.

The Ba1 rating also considers the company's good profitability,
based on its competitive cost structure, as well as its robust
financial flexibility.

Moody's expects the company's financial profile to improve in the
next 12 to 18 months due to revenue growth driven by fleet
expansion, with debt/EBITDA declining to about 2.5x from about
3.0x in 2014.

Its financial strength and liquidity are also supported by its
large cash holdings, which amounted to RMB4.1 billion at 30
September 2014 and were greater than its total reported debt of
RMB4.0 billion.

Guidance on operations from Hertz Corporation (B1 stable) and
financial support in loan guarantees by Legend Holdings (unrated)
are important to the company which has a short operating history
in China.

Legend Holdings is 36.0% owned by the Chinese Academy of Sciences
Holdings, an arm of the Chinese Academy of Sciences which operates
directly under China's State Council.

Legend Holdings is a holding company with investments in diverse
industries. Its consolidated credit profile mainly reflects its
32.4% directly held ownership -- or 39.8% effectively held -- of
Lenovo Group Limited (unrated), a leading global personal
computer, server and smart phone maker.

On the other hand, CAR faces (1) indirect competition from non-car
rental companies that provide transportation services; and (2)
regulatory risks in terms vehicle ownership restrictions, the
traffic points system, and local regulation of the automotive
rental industry.

CAR's bond rating is not notched down for subordination, as
Moody's expects the proposed bond issuance to reduce the company's
secured and subsidiary debt to total assets ratio to below 15%
over the next 12 months. The ratio was around 61% at end-Jun 2014.

If the issuance amount is materially lower than Moody's
expectations, the bond rating would come under pressure.

The stable outlook reflects Moody's expectation that CAR will
maintain its leading market position, stable profit margin and
revenue growth. Moody's also expects the company to expand its
financing sources and adopt a prudent financial policy of keeping
debt leverage stable while expanding its business.

Upward pressure on CAR's rating or outlook could arise if (1) the
company establishes a track record of operating through cycles,
demonstrating its resilience in down-cycles; (2) its revenue scale
expands; (3) the company diversifies its funding channels and
raises funds without the guarantee of Legend Holdings; and/or (4)
the company shows improved credit metrics -- i.e. if gross
debt/EBITDA falls below 2.0 times and EBITDA/interest coverage
remains above 5.0 times on a sustained basis.

Negative pressure on the current outlook or ratings could arise if
CAR (1) exhibits weakening sales; and/or (2) deterioration in
profit margins and credit metrics due to increased competition.

Credit metrics indicative of downgrade pressure include
EBITDA/interest coverage falling below 3.0 times and debt/EBITDA
exceeding 3.5 times on a sustained basis.

The principal methodology used in this rating was Equipment and
Transportation Rental Industry published in December 2014.

CAR Inc., founded in 2007 and headquartered in Beijing, provides
car rental services, including short-term rental, long-term rental
and leasing in China. CAR listed on the Hong Kong Stock Exchange
in September 2014.

As of September 30, 2014, CAR had a total fleet of 57,745 company-
owned cars. CAR commands a leadership position in terms of fleet
size, revenue and network coverage. For the 12 months ended
September 30, 2014, CAR reported net sales of RMB3.4 billion
(USD560 million).

CAR's key shareholders include state-owned Legend Holdings
(unrated); private equity firm Warburg Pincus; the world's second-
largest car rental company Hertz Corporation (B1 stable); and its
Chairman, founder and CEO Mr. Charles Lu. These parties have
stakes of 29.2%, 18.3%, 16.2% and 14.8% respectively.


CAR INC: S&P Assigns 'BB+' Corp. Credit Rating; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating to China-based car rental company CAR Inc.
The outlook is stable.  At the same time, S&P assigned its 'BB+'
issue rating to a proposed issue of senior unsecured notes by CAR.
S&P also assigned its 'cnBBB+' long-term Greater China regional
scale ratings to CAR and the proposed notes.  The rating on the
notes is subject to S&P's review of the final issuance
documentation.

"The rating on CAR reflects the company's small scale, short track
record of operating and financial management, and exposure to
China's fragmented car rental market," said Standard & Poor's
credit analyst Joe Poon.  "These factors re tempered by the
company's strong market position in China for short-term self-
drive rentals and the stable demand at locations excluding
airports [off-airport].  In addition, CAR has good financial
strength and flexibility, while its operating efficiency and
profitability are improving."

S&P expects CAR's geographic and business diversity to remain
limited compared with its global peers.  The company generates all
of its earnings from China, mostly from short-term car rentals.
In addition, CAR has a small operating scale and short operating
track record relative to its global peers.  The company was only
set up in 2007 and listed on the Hong Kong stock exchange in
September 2014.  These factors continue to constrain its "fair"
business risk profile.

S&P's management and governance assessment of CAR is "fair,"
mainly due to the company's limited operating track record.  In
S&P's opinion, CAR's management team is experienced, the
composition of the board is good due to representatives from three
major investors, and it receives good support from strategic
investors.

"We believe that industry fragmentation and strong competition
could challenge CAR's ability to scale up and further improve its
market share and operating margins.  Nevertheless, the company's
business segment is less exposed to seasonality and cyclicality
than peers that focus on car rentals at airports.  CAR also
benefits from some entry barriers to markets in China's main
cities.  In our view, the company's early-mover advantage will
make it hard for a competitor to quickly erode its market share in
the self-drive short-term car rental market, which stood at 31.2%
of revenue in 2013.  The company's fleet is about 4x bigger than
the number two player in China.  CAR has 57,745 vehicles as of
September 2014, which excludes vehicles that franchisees own.  The
company's large number of vehicles and license plates in cities
that have purchase restrictions on new vehicles could support its
growth in coming years.  In our view, the company has built a good
reputation through quality services, good national coverage, and
competitive pricing," S&P said.

"We anticipate that CAR's fleet utilization rate will remain low
at about 60%-65% over the next few years, compared with an average
of 80% for global peers, given the company's rapid growth.
However, the company's rising scale and investments in
technologies have helped to improve its operating efficiency and
profitability.  Dynamic pricing also allows CAR to maintain its
price competiveness in the market and enhance earnings.
Additionally, some bargaining power over vehicle suppliers reduces
the likelihood of losses from used-car sales," S&P added.

Rapid expansion increases execution risk for CAR, and could weaken
its utilization rate and profitability.  But the company's
operating efficiency could improve if CAR organically expands into
business segments that mirror those of more established global
operators.  CAR is considering direct car sales, has made inroads
into vehicle repair and maintenance, and has just started
financial leasing.

CAR's business model supports its growth opportunities and
profitability in a fast-growing market, in our opinion.  S&P
expects the company to maintain good profitability due to stable
demand and higher margins at its off-airport business.  S&P
expects the company's EBITDA margin in the rental segment to be
55%-59% over the next few years while the consolidated EBITDA
margin (including used-car sales) is likely to be 40%-46%.

CAR's good financial strength and limited track record of
financial management contribute to S&P's assessment of an
"intermediate" financial risk profile.  Although the car rental
business is capital intensive, S&P believes the company will take
a cautious approach to expansion and investments, moderately
expand its fleet, and maintain moderate leverage over the next two
years.  CAR is likely to fund most of its capital spending through
internal cash resources and the proceeds from the sale of used
vehicles.

In S&P's view, CAR has good financial flexibility over its assets
because the company can significantly reduce capital spending or
increase the disposal of cars if China's economic growth is weaker
than it expected, causing demand to decline.

The stable outlook reflects S&P's expectation that CAR will
continue to generate stable cash flow despite operating in China's
fragmented car rental industry.  The outlook is further supported
by S&P's expectation that the ratio of debt to EBITDA will stay
below 2x and the ratio of funds from operations (FFO) to total
debt will be above 45% over the next 12 months.  In addition, S&P
do not expect the company to make any material acquisition over
the same period.

S&P could lower the rating if CAR's ratio of debt to EBITDA
exceeds 3x or the ratio of FFO to debt falls below 30% on a
consistent basis.  This could happen if the group makes material
acquisitions through borrowings or if the short-term car rental
business deteriorates due to weak market demand, which causes
profitability to weaken significantly.

Rating upside is limited due to CAR's lack of business diversity
and limited operating track record.  Over the next two to three
years, positive rating momentum could occur if CAR successfully
executes its growth strategy in China, establishes a track record
of prudent financial management, consistently generates positive
free operating cash flows, and maintains its operating margins and
financial strength.


KAISA GROUP: Moody's Cuts Sr. Unsecured Debt Rating to Caa3
-----------------------------------------------------------
Moody's Investors Service has downgraded Kaisa Group Holdings
Ltd's corporate family and senior unsecured debt ratings to Caa3
from B3.

The ratings outlook is negative.

The rating actions follow Kaisa's announcement on 1 January 2015
that the company failed to repay its loan due on 31 December 2014
from HSBC totaling HKD400 million.

Ratings Rationale

"The rating downgrades reflect Kaisa's heightened default risk
following the default on its HSBC loan, which in turn will likely
trigger a cross-default on its offshore bonds," says Franco Leung,
a Moody's Vice President and Senior Analyst.

On 1 January 2015, Kaisa's outstanding offshore bonds totaled
approximately USD2.5 billion, including RMB convertible bonds.

The company will unlikely be able to repay the bonds using its
internal resources if the bond repayments are accelerated.

"The incident will weaken Kaisa's access to funding and its sales
performance," adds Leung.

Moody's believes that Kaisa's default on its loan from HSBC will
significantly weaken its ability to access bank financing and the
capital markets.

The default will also undermine the confidence of property buyers
in Kaisa; particularly in relation to the company's property
offerings in Shenzhen, its home market. Such a weakening in buyer
confidence will in turn weaken Kaisa's property sales performance.

Moody's will continue to monitor the company's willingness and
ability to meet its remaining debt obligations.

Kaisa' ratings could be further downgraded if the company defaults
on its other debt obligations.

The negative ratings outlook reflects uncertainty over Kaisa's
liquidity position and the high likelihood that it will default on
the bond repayments if the bond repayments are accelerated. Such a
default will result in losses for bondholders.

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

Kaisa Group Holdings Ltd is a Shenzhen-based property developer
established in 1999. It listed on the Hong Kong Stock Exchange in
December 2009.

On January 1, 2015, the company was 49.28%-owned by its founder,
Mr. Kwok Ying Shing and his family members. Kaisa's second-largest
shareholder was Fude Sino Life Insurance Co., Ltd (unrated), with
a 29.96% ownership share on the same date.

Kaisa's land bank totaled around 23.6 million square meters in
gross floor area at end-June 2014. Its land holdings were located
in the Pearl River and Yangtze River Deltas, Pan-Bohai Rim, and
central and western China.


KAISA GROUP: S&P Lowers CCR to 'SD' & Removes from Watch Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China-based real estate
developer Kaisa Group Holdings Ltd. to 'SD' from 'BB-'.  At the
same time, S&P lowered its long-term Greater China regional scale
rating on Kaisa to 'SD' from 'cnBB+'.  S&P also lowered its issue
rating on the company's senior unsecured notes to 'CC' from 'BB-'
and the Greater China regional scale rating to 'cnCC' from
'cnBB+'.  S&P removed all the ratings from CreditWatch, where they
were placed with negative implications on Dec. 23, 2014.

"We downgraded Kaisa because the company has defaulted on a Hong
Kong dollar (HK$) 400 million offshore term loan," said Standard &
Poor's credit analyst Dennis Lee.  "This is an event of default
and could cause an acceleration of debt repayment on all its other
debt. Kaisa's other debt instruments have cross-default clauses."

The missed repayment on the loan puts Kaisa in "selective default"
as the company has not yet defaulted on its other debt
obligations.  The company failed to repay its HK$400 million
offshore loan from HSBC on Dec. 31, 2014, when the resignation of
Kaisa's chairman, Mr. Kwok Ying Shing, triggered a mandatory
repayment.

"We also lowered the rating on Kaisa's offshore senior unsecured
notes because there is a high likelihood that the company will
default on its upcoming obligations, given that Kaisa could not
meet the repayment of a relatively small sum of HK$400 million,"
said Mr. Lee.  This is despite the fact that the company had
Chinese renminbi (RMB) 9.4 billion in cash on June 30, 2014, and
it achieved good property sales of RMB27.2 billion in the first 11
months of 2014, meeting more than 90% of its 2014 target.  The
missed payment may reflect impaired access to lenders and
shareholders for funding, and we have therefore lowered our
assessment of the company's liquidity to "weak" from "adequate."

A high risk surrounds Kaisa's ability to pay its next interest
payment on Jan. 8, 2015, of about US$26 million for its US$500
million 10.25% notes due in 2020.  The company has outstanding
offshore debt of US$2.5 billion, all of which have cross-default
clauses.  Also, S&P do not expect the company to obtain any
financing support from its shareholders, including from its second
largest shareholder, Funde Sino Life Insurance Co. Ltd.

S&P believes Kaisa's ability to maintain it operations effectively
and provide a sufficient level of information disclosure will be
affected by the recent resignations of its chairman, two executive
directors, chief finance officer, and senior staff, particularly
given that the replacement of key personnel is still pending.  S&P
has therefore lowered the management and governance score on the
company to "weak" from "fair."

If Kaisa defaults on its other debts, S&P will lower the corporate
credit rating on Kaisa to 'D'.  S&P plans to raise its corporate
credit rating on Kaisa if the company completes the repayment of
the offshore loan on which it defaulted and we believe Kaisa will
be able to meet its other debt obligations.



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I N D I A
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ASSOCIATED MANUFACTURING: CRISIL Ups Rating on INR55MM Loan to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Associated Manufacturing Company (AMC) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable', while reaffirming its rating on
the company's short-term bank loan facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              55        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Letter of Credit         20        CRISIL A4 (Reaffirmed)

   Proposed Long Term       25        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in AMC's financial
risk profile, especially its liquidity, driven by increasing cash
accruals from business. Better realisations, increased capacity
utilization and correction in input costs have helped the firm to
improve its operating margin to about 12 per cent during the six
months through September 2014, from about 7.5 per cent in in 2013-
14 (refers to financial year, April 1 to March 31). Sustained
profitability at this level will translate into an increase in the
firm's net cash accruals to over INR15 million in 2014-15 from
INR3 million in the previous year. Continued control on operating
efficiencies will be crucial for AMC to maintain its liquidity
over the medium term.

The ratings reflect AMC's below-average financial risk profile,
marked by a modest net worth, high gearing, and moderate debt
protection metrics. The ratings also factor in the firm's small
scale of operations and the susceptibility of its operating margin
to volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of AMC's management
in the automotive components industry, and its established
relationships with customers.

Outlook: Stable

CRISIL believes that AMC will continue to benefit over the medium
term from the extensive industry experience of its management, and
its established relationships with vendors that enable it to avail
of extended credit. The outlook may be revised to 'Positive' in
case of substantial improvement in the firm's liquidity, most
likely through better working capital management or infusion of
sizable capital by the promoters. Conversely, the outlook may be
revised to 'Negative' in case of an unanticipated withdrawal of
capital by AMC's partners or significant delays in realisation of
receivables, leading to deterioration in its liquidity.

AMC is partnership firm owned Shah, family of Pune (Maharashtra).
AMC is a precision sheet metal based auto ancillary catering to
various Original Equipment Manufacturers (OEM) and Tier 1
customers from its state of the art plant having an area of around
1,00,000 Sq. ft. at Chakan, Pune. The firm manufactures various
types of sheet metal based components for braking systems, seating
systems, radiators, clutches as well as pulleys & other aluminum
components among others. AMC supplies to OEM companies in the
automotive industry such as General Motors India Pvt. Ltd., Force
Motors Ltd., MAN Trucks India Pvt. Ltd. as well as to Tier-1
players such as Bosch Chassis Systems India Ltd., Tata Toyo
Radiator Ltd. (rated 'CRISIL AA-/Stable/CRISIL A1+'), Johnson
Controls Automotive Ltd. ('CRISIL AA-/Stable'), Tata Autocomp
Systems Ltd. (CRISIL AA-/Stable), Faurecia Automotive Seating
India Pvt. Ltd., Fukoku India Pvt. Ltd., Jaya Hind Industries Ltd.
and Knorr-Bremse Systems for Commercial Vehicles India Pvt. Ltd.


BAHULEYAN CHARITABLE: ICRA Reaffirms B+ Rating on INR8cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ rating
outstanding on INR8.00 crore (revised from INR6.33 crore) term
loans, INR0.75 crore (revised from INR1.50 crore) fund based
facilities of Bahuleyan Charitable Foundation.  ICRA has also
reaffirmed the short term rating of {ICRA]A4 on INR0.10 crore non
fund based facilities of the company.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term loan facilities    8.00       [ICRA]B+/reaffirmed
   Long term fund based
   Facility                0.75       [ICRA]B+/reaffirmed
   Short term non fund
   based facility          0.10       [ICRA]A4/reaffirmed

The reaffirmation of ratings considers the improvement in the
revenue and profitability of the company on the back of increase
in no. of beds, higher occupancy and upward revision of rates in
the Hospital. ICRA also considers the experience of promoters in
the health care industry of over two decade, healthy demand growth
for healthcare services in the region and the technical
capabilities of the company backed by quality equipment and
experienced consultants. However the ratings are constrained by
the Company's small scale of operation with limited
diversification, being concentrated mainly in the tertiary field
of neuroscience (though the company has started diversifying in to
orthopedics over the last two years); significant geographical
concentration risk and financial profile characterized by high
gearing and stretched coverage indicators on account of debt
funded capital expenditure incurred. ICRA also takes note of the
competition in the education sector, which may impact the growth
and occupancy in BCF's nursing and physiotherapy colleges and the
ability of the company to retain experienced consultants and
faculties remains critical. With the repayment obligation of
~INR6.1 crore over the next three years, the ability of the
company to improve cash flows through revenue and profit expansion
remains critical.

Bahuleyan Charitable Foundation was incorporated in 1993 by Dr.
Kumar Bahuleyan in Vaikom, Kerala as non-profit organization. The
company currently runs Indo-American hospital (Brain and Spine
centre) with 205 bed facility and five operation theatres. The
company also manages BCF College of Nursing and BCF College of
Physiotherapy with an annual intake capacity of 50 students each.

Recent Results
During the year 2013-14, the company has reported a net profit of
INR1.4 crore on an operating income of INR20.3 crore as against a
net profit of INR0.4 crore on an operating income of INR18.1 crore
during the corresponding previous year.


BALAJI BUILDERS: ICRA Cuts Rating on INR5cr LT Loan to 'B+'
-----------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR5.00
crore fund based facility and INR5.00 crore non fund based
facility of Balaji Builders from [ICRA]BB- to [ICRA]B+.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long term-Fund Based     5.00       [ICRA]B+ (revised from
                                       [ICRA]BB-(stable))

   Long term-Non Fund       5.00       [ICRA]B+ (revised from
   Based                               [ICRA]BB-(stable))

The revision in the rating factors in the sharp decline in the
revenue of the firm in FY 2013-14 by around 24% on account of weak
order inflow in the current year. Further, high working capital
intensive nature of operations has led to deterioration of the
liquidity profile leading to high utilizations of the working
capital limits on account of higher inventory period and delays in
the payments from the government agencies. The rating is
constrained by the modest scale of operations in a highly
competitive industry, limiting operational and financial
flexibility of the firm to an extent and the high geographic
concentration risk with all projects being executed in Karnataka.
ICRA also takes into account the inherent risk associated with a
partnership firm, including the limited ability to raise equity
capital, risk of capital withdrawal, among others.

The rating, however, draws comfort from the long track record of
the firm in the construction industry with the promoters having
around 17 years of experience and the capability of the firm to
secure repeat orders from the government agencies. ICRA takes note
of the fact that the firm has started executing civil construction
work for government agencies, other than the Indian railways, like
the Karnataka State Warehousing Corporation and Bharat Heavy
Electricals Limited, thereby mitigating customer concentration
risk to an extent. The rating also factors in the comfortable
capital structure of the firm with a gearing of 0.9x times and
adequate coverage ratios as indicated by an interest cover of
3.25x and a Total debt/OPBDIT of 1.75x as on 31st March, 2014.

Going forward, the ability of the firm to secure new orders, while
managing its working capital requirements and maintaining the
profitability, will be the key rating sensitivities.

Balaji Builders is a partnership firm established in the year 1997
with Mr N Kumar and Mr Vasudeva Naidu as partners. The firm
specialises in civil construction work for the Indian Railways,
however, in the recent times the firm has also started accepting
projects from other governmental agencies like Bharat Heavy
Electricals Limited, Karnataka State Warehousing Corporation
(KSWC) and state governments. The orders executed include platform
works, construction of buildings, laying of tracks and conversion
of track to broad gauge and construction of other civil
structures.

Recent Results
The firm reported a profit before tax of INR2.52 crore on an
operating income of INR39.70 crore during FY 2013-14 (as per the
provisional numbers) as against a net profit of INR2.03 crore on
an operating income of INR52.39 crore during FY 2012-13.


BALAJI STEEL: CARE Assigns B Rating to INR11cr LT Bank Loan
-----------------------------------------------------------
CARE assigned 'CARE B' rating to the bank facilities of Balaji
Steel & Pipes.

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

Rating Rationale

The rating assigned to the bank facilities of Balaji Steel & Pipes
(BSP) is constrained by thin profitability inherent to the trading
business, susceptibility to fluctuation in prices of iron, steel
and cement and high leverage owing to working capital intensive
nature of operations. The rating is further constrained by the
firm's modest scale of operations in the highly fragmented and
competitive industry as well as the constitution of the entity as
a partnership firm with inherent risk of withdrawal of the capital
and limited access to funding.

The rating, however, derives strength from the established track
record and experience of the promoters in the industry for more
than three decades, growth in total operating income during the
last three years ending FY14 (refers to the period April 1 to
March 31). Furthermore, the rating also favorably factors in the
firm's diversified customer base.

The ability of the firm to grow its operations, improve its
profitability and capital structure with efficient working capital
management are the key rating sensitivities.

Balaji Steel & Pipes (BSP) was established in the year 2008 as a
partnership concern by Mr P Venugopal Naidu, Mr P Chandrashekar
and Mrs P Subbamma, who have three decades of experience in the
trading industry. BSP is engaged in trading of MS, GI Pipes &
Fittings, PVC pipes & fittings, iron products and cement. The firm
procures iron & steel products and cement from West Bengal,
Gujarat, Nepal, Delhi, Haryana, Punjab and Southern India. BSP
sells its products to various industries covering engineering,
automobile, construction and other retailers consisting of five
hundred customers primarily in South India. In FY14, about 85% of
the purchases were of steel products, 15% iron products and the
rest 5% from cement.

During FY14, BSP reported a PAT of INR0.25 crore on a total
operating income of INR49.19 crore as compared to a PAT of INR0.22
crore on a total operating income of INR41.02 crore in FY13.


BHAGAWATI DEVELOPMENT: CARE Reaffirms B+ Rating on INR6.64cr Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
Bhagawati Development Services Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.64      CARE B+ Reaffirmed
   Short term Bank Facilities     4.25      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Bhagawati
Development Services Private Limited (BDSPL) continue to remain
constrained on account of its weak financial risk profile marked
by low profitability, leveraged capital structure and weak debt
coverage indicators during FY14 (refers to the period April 1 to
March 31). The ratings are further constrained by BDSPL's stressed
liquidity position in a working capital-intensive business and its
presence in a highly competitive commercial vehicle dealership
segment. The ratings also factor in the increase in operating
income and cash accruals with deterioration in profitability and
capital structure during FY14.

The ratings, however, continue to derive strength from the wide
experience of the promoters through established presence of the
group in various business segments within Madhya Pradesh (MP).

The ability of BDSPL to increase its scale of operations, improve
its profitability and capital structure along with efficient
management of its working capital requirements in light of
competitive nature of the industry will remain the key rating
sensitivities.

Incorporated in November 2005, BDSPL is a private limited company
and was promoted by Mr Vikram Singh Kirar. BDSPL has been engaged
in the warehousing and trading of commodities since 2005. BDSPL
also offers finance against warehouse receipt to farmers.
Furthermore, during FY12, the company took the distributorship of
Indo Farm tractors for the entire MP region.

Its group concern Bhagawati Cools Private Limited (BCPL; rated
'CARE BB-/ CARE A4') is the distributor of Mahindra and Mahindra
(M&M) tractors in Gwalior, Agra Mandal and Bhopal region and is
also engaged into the trading and warehousing of commodities, cold
storage like BDSPL. The group incorporated Bhagawati India
Motorizer Private Limited (BIMPL- rated 'CARE B') in October 2013
to take up the dealership of Mahindra & Mahindra (M&M) vehicles
and servicing of auto parts in four districts of Madhya Pradesh
(MP), namely, Shahdol, Mandla, Dindori and Anuppur. Bhagawati
Estate Warehouse (BEW; rated 'CARE B+/CARE A4') is another group
concern which is engaged in trading of agro commodities and
providing agriwarehousing facilities.

During FY14, BDSPL reported a PAT of INR0.19 crore on a total
operating income (TOI) of INR24.87 crore as against a PAT
of INR0.13 crore on a TOI of INR15.12 crore in FY13. During FY15,
till October 31 2014, the company has achieved a turnover of
approximately INR17 crore.


BHUSHAN STEEL: CARE Cuts Rating on INR1,500cr NCD Programme to D
----------------------------------------------------------------
CARE revises ratings assigned to instruments of Bhushan Steel
Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Non-Convertible Debenture     1,500     CARE D Revised from
   (NCD) Programme-I                       CARE BB "Credit Watch"

   Non-Convertible Debenture       800     CARE D Revised from
   (NCD) Programme-II                      CARE BB "Credit Watch"

   Cumulative Redeemable
   Preference Shares-I (CRPS-I)            Rating withdrawn

   Cumulative Redeemable
   Preference Shares-II (CRPS-II)          Rating withdrawn

   Pass Through Certificates
   (PTCs)                                  Rating withdrawn

   Commercial Paper (CP)/
   Short-term Debt Programme               Rating withdrawn

Rating Rationale

The revision in the rating of Non-convertible debenture (I and II)
takes into account instances of delays in servicing of interest on
NCD by Bhushan Steel Ltd (BSL).

The ratings for instrument mentioned from serial no. 3 to 5 (CRPS-
I, CRPS-II and PTCs) are being withdrawn as the respective
instruments have been redeemed completely. Rating of Commercial
paper/Short-term Debt Programme is also being withdrawn at the
request of the company. Further there is no amount outstanding
against the said CPs.

Bhushan Steel Ltd (formerly known as Bhushan Steel & Strips Ltd),
incorporated in 1993, is one of the large players in the steel
industry with a steel making capacity of 4.7 Million Tonnes Per
Annum (MTPA) (including Phase-III expansion of 2.5 MTPA). The
company has HR steel capacity of 4.4 MTPA, billet manufacturing
capacity of 0.3 MTPA and captive power generation capacity of 158
MW (including 110 MW waste heat recovery based capacity in
Orissa). The company's manufacturing facilities are situated in
Sahibabad (UP), Khopoli (Maharashtra) and Dhenkanal (Orissa). The
company supplies a variety of finished products such as hot rolled
coil/sheet, cold rolled coil/sheet, galvanized coil/sheet, high
tensile steel strapping, colour coated coil/sheet, galume
coils/sheets, hardened & tempered steel strips, precision tubes
etc. Its products primarily cater to the demand of automobiles and
consumer durable industries.

During FY14 (refers to the period April 1 to March 31) BSL
reported PBILDT and PAT of INR2,693 crore.and INR62 crore
respectively on a total operating income of INR9,676 crore.
Further, during H1FY15 (Prov) (refers to period April 1 to
September 30), the company reported net loss of INR439 crore on a
total operating income of INR5,766 crore.


BUMBLEBEE ELECTRONICS: ICRA Cuts Rating on INR7cr Cash Loan to B
----------------------------------------------------------------
ICRA has revised long term rating assigned to INR7.00 crore cash
credit limits to [ICRA]B from [ICRA]BB(Stable) of Bumblebee
Electronics Private Limited. ICRA has also revised short term
rating assigned to INR7.00 crore non fund based limits to [ICRA]A4
from [ICRA]A4+ of BEPL. ICRA has also revised the ratings assigned
to INR1.00 crore unallocated limits to [ICRA]B/[ICRA]A4 from
[ICRA]BB(Stable)/[ICRA]A4+ of BEPL.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit          7.00       Revised to [ICRA]B from
                                   [ICRA]BB(Stable)

   Letter of Credit     7.00       Revised to [ICRA]A4 from
                                   [ICRA]A4+

   Unallocated Limits   1.00       Revised to [ICRA]B/[ICRA]A4
                                   from ICRA]BB(Stable)/[ICRA]A4+

The revision in ratings takes into consideration the stretched
liquidity position of the company as reflected by full utilization
of working capital limits arising from high inventory levels. The
ratings continue to be constrained by susceptibility of operating
profitability to adverse fluctuations in cost of raw materials and
also the stiff competition owing to fragmented and unorganized
nature of transformer industry. The ratings however favorably
factor the experience of promoters over three decades in the
transformer manufacturing industry and demonstrated ability in the
execution of orders over the years.

S L G Electronics, proprietary concern, founded in 2005 by Mr. A.
Venkateshwara Rao, is engaged in the manufacturing of isolation
transformers. In year 2010, name of the organization was changed
to Sloka Power Systems (SPS). In the year 2013, the name of the
organization was changed to Bumblebee Electronics Private Limited
(BEPL). BEPL manufactures isolation transformers in the range of 2
KVA to 5000 KVA with an installed capacity of 10,000 units per
annum. In FY2012, BEPL started manufacturing of buck boost
transformers ranging from 10 KVA - 500 KVA. The manufacturing
facilities are located at Hyderabad.

Recent Results
The company reported an operating income and net profit of
INR45.80 crore and INR0.46 crore respectively in FY2014
(provisional and unaudited) as against an operating income and net
profit of INR51.36 crore and INR2.68 crore respectively in FY2013.

CHAMUNDA PHARMA: CARE Reaffirms B/A4 Rating on INR3.7cr Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Chamunda Pharma Machinery Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term /Short-term        3.70        CARE B/CARE A4
   Bank Facilities                          Reaffirmed

   Short-term Bank Facilities    0.75       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Chamunda Pharma
Machinery Private Limited (CPMPL) continue to remain constrained
on account of the modest scale of operations coupled with
fluctuating turnover and consistent net loss during the past three
years ended FY14 (refers to the period April 1 to March 31). The
ratings further continued to remain constrained on account of
small order book, weak liquidity indicators coupled with
susceptibility of operating margins to volatility in raw material
prices coupled with its presence in competitive and fragmented
pharmaceutical process equipment Industry.

The ratings, however, continued to derive strength from the
experience of the promoters and its comfortable capital
structure and debt coverage indicators.

CPMPL's ability to improve its overall financial risk profile
through efficient working capital management and improvement in
the profitability amidst competitive nature of the industry and
fluctuating raw material prices are the key rating sensitivities.

Incorporated in March 2000, CPMPL is promoted by Mr Sanil Suthar
with an objective to manufacture various types of pharmaceutical
process equipments. Mr Sanil Suthar has 69.13% share holdings in
the company and looks after the overall operations of the company.
CPMPL's product portfolio consisted of specially designed process
equipments such as tablet press machines; tablet coating machines
equipments for liquid processing and various other R&D and
pharmaceutical ancillary equipments. CPMPL's manufacturing
facility is located at Vatva, Ahmedabad. The products are
manufactured as per good manufacturing practices (GMP) guidelines
and are marketed under the brand name "Clit" and "Chamunda".

As per the audited results of FY14, CPMPL reported net losses of
INR0.13 crore on a total operating income (TOI) of INR12.68
crore as against the TOI of INR17.68 crore and net losses of
INR1.64 crore. As per the provisional results for H1FY15, CPMPL
registered the turnover of INR4.26 crore.


CHHAPRA HAJIPUR: ICRA Reaffirms 'D' Rating on INR585cr Term Loan
----------------------------------------------------------------
ICRA has re-affirmed the long-term rating assigned to INR585.00
crore fund based facilities of Chhapra Hajipur Expressways Limited
at [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loans           585.00        [ICRA]D Reaffirmed

The re-affirmation of rating takes into account the continued
delays in servicing its term loan obligations. ICRA notes that
owing to delays in securing RoW by the authority, CHEL was granted
extension of timeline for completion of project till November,
2014 as against scheduled COD of July, 2013. However, in terms of
financial progress, CHEL achieved a progress of 75% of initial
project cost as against the revised target of 100% as on Oct, 2014
due to unavailability of RoW and soil & aggregates.

Further, there has been cost escalation which is estimated to be
in the range of INR100-120 crore for which funding is yet to be
tied up. The rating continues to take into account the
implementation risks, pending land acquisition and susceptibility
to adverse movement of the interest rates. The rating is further
constrained by CHEL's exposure to funding risk in the light of
deteriorated financial risk profile of Madhucon Projects Limited
(MPL) and given that MPL could be required to part fund the cost
escalation, which gets further accentuated by group's significant
funding commitments towards various on-going BOT projects. While
reaffirming the rating, ICRA has noted the operational strength of
the promoter (MPL), who is also the Engineering, Procurement and
Construction (EPC) contractor, fixed-price EPC contract; absence
of traffic risk and low revenue risk due to annuity nature of the
project and the deferment in repayment schedule by 15 months from
31st Mar 2014 to 30th Jun 2015. However, ICRA believes that the
current deferment would not suffice the project requirements as it
is unlikely to achieve provisional COD before March 2015 in which
case the first semi-annuity will fall due after Sept 2015 as
against the revised repayment start date of June 30, 2015.

Going forward, CHEL's ability to service its debt obligations in a
timely manner will be the key rating sensitivity. Further, tying
up funds for the escalation in cost, achieving provisional COD,
the acquisition of the remaining right of way will be the other
rating sensitivities.

Chhapra-Hajipur Expressways Limited (CHEL) has been incorporated
as a special purpose vehicle promoted by Madhucon Infra Limited
(MIL) and Madhucon Projects Limited (MPL) to undertake the
implementation of four- laning of Chhapra to Hajipur section of
NH-19 from km 143.200 to km 207.200 in the state of Bihar under
NHDP Phase III on Design, Build, Finance, Operate, Transfer
(DBFOT) Annuity basis. The total cost of the project is INR812.50
crore. The total concession period is 15 years including the
construction period of 2.5 years. CHEL will receive a fixed
annuity payment of INR65.43 crores semi-annually for a period of
12.5 years. The project is being funded by INR585 crore debt and
INR227.5 crore of promoter's contribution in the form of INR39.00
crore equity and INR188.50 crore interest free unsecured loans.

As on Oct, 2014, INR516 crore of debt has been drawn and
promoters' have infused INR224.75 crore (Rs. 64.18 crore as equity
and remaining INR160.57 crore as unsecured loan) out of INR227.5
crore. Further, the cost escalation is estimated to be in the
range of INR100-120 crore for which funding is yet to be tied up.
CHEL has achieved a progress of 75% against the target of 100%.


DEE CEE: CRISIL Assigns B Rating to INR60MM Proposed Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of DEE CEE Hospitalities (DCH).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Term Loan      60          CRISIL B/Stable

The rating reflects DCH's below-average financial risk profile
marked by its weak debt protection metrics and its exposure to
risks related to the implementation and stabilisation of its
planned renovation project. These rating weaknesses are partially
offset by the partners' extensive experience in the hospitality
business and the benefits derived from the strategic location of
its convention centre.

Outlook: Stable

CRISIL believes that DCH will continue to benefit from the
partners' extensive industry experience. The outlook may be
revised to 'Positive' if the firm achieves earlier-than-expected
completion and stabilisation of project, leading to better-than-
expected cash accruals and financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of any significant
delay in project implementation or in case of cost overruns,
leading to deterioration in its liquidity.

Set up in 2009 as a partnership firm, DCH is in the hospitality
business and operates a convention centre. Located in T. Nagar,
the popular shopping destination of Chennai, the firm hosts social
as well as corporate events. Its daily activities are managed by
the managing partner, Mr. Chenchaiah.

DCH reported net losses of INR1.8 million on an operating income
of INR10 million for 2013-14 (refers to financial year, April 1 to
March 31) as against net losses of INR1.6 million on an operating
income INR15.4 million for 2012-13.


DHARIYA INFRASTRUCTURE: CRISIL Cuts Rating on INR70M Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Dhariya Infrastructure Development Pvt Ltd (DIDPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB+/Stable/CRISIL A4+'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           50       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit              70       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB+/Stable')

   Proposed Long Term       30       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB+/Stable')

The rating downgrade reflects the pressure on DIDPL's credit risk
profile on account of decline in its scale of operations and
profitability. The company reported an operating loss of INR12.9
million for 2013-14 (refers to financial year, April 1 to
March 31) as against an operating profit of INR11.6 million for
the previous year. Its revenue declined by 53 per cent year-on-
year to INR269 million for 2013-14. The discontinuation of
dealership of Case New Holland Construction Equipment India Pvt
Ltd in 2014 is likely to impact DIDPL's revenue over the medium
term. Subdued business conditions in the domestic construction
market are expected to continue in 2014-15.

DIDPL continues to have working capital intensive operations, as
reflected in its gross current assets of 115 days as on March 31,
2014. Besides, given its weak cash accruals, the company's
reliance on short-term debt has increased, leading to high
utilisation of working capital bank lines. Significant debt
funding of working capital requirements and weak profitability
have impacted DIDPL's debt protection metrics. CRISIL believes
that DIDPL's financial risk profile will remain constrained over
the medium term by its weak profitability and working-capital-
intensive operations.

The ratings reflect DIDPL's modest scale of operations in the
intensely competitive earth moving equipment segment and its large
working capital requirements. The ratings also factor in the
company's below-average financial risk profile, marked by modest
net worth and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of DIDPL's promoters.

Outlook: Stable

CRISIL believes that DIDPL will continue to benefit over the
medium term from its established market position as a leading
distributor of earth-moving equipment of L&T Construction
Equipment Ltd in Maharashtra. The outlook may be revised to
'Positive' if the company's revenue and profitability improves,
leading to improvement in its debt protection metrics. Conversely,
the outlook may be revised to 'Negative' if DIDPL's financial risk
profile deteriorates on account of decline in its profitability,
or lengthening of its working capital cycle, or any large debt-
funded capital expenditure.

DIDPL was incorporated in Pune (Maharashtra) in 2007. The company
is promoted by Mr. Mukund Dhariya. It is a dealer of heavy
commercial vehicles and earth-moving equipment of L&T Construction
Equipment Ltd.


DRISHTI MOTORS: CRISIL Suspends B Rating on INR45MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Drishti Motors Pvt Ltd (DMPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit             40           CRISIL B/Stable
   Term Loan               45           CRISIL B/Stable

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

DMPL, incorporated in 2011, is promoted by Rakesh Jain and his
family members. It is an authorised dealer of the passenger cars
of Hyundai Motor India Ltd (rated 'CRISIL A1+') in the Jhajjar
region (Haryana).


HANS RAJ: CRISIL Reaffirms B+ Rating on INR190MM Cash Credit
------------------------------------------------------------
CRISIL ratings on the bank facilities of Hans Raj Agros Pvt Ltd
(HRA) continue to reflect HRA's weak financial risk profile marked
by high gearing and weak debt protection metrics, small scale of
operations in the intensely competitive rice processing industry,
and susceptibility to volatility in raw material prices. These
rating weaknesses are partially offset by the benefits that the
company derives from its promoters' extensive industry experience.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         0.2       CRISIL A4 (Reaffirmed)
   Cash Credit          190         CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term     4.8       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan              5.0       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HRA will continue to benefit from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company improves its financial risk
profile, driven most likely by substantial net cash accruals, or
if its working capital cycle improves significantly. Conversely,
the outlook may be revised to 'Negative' if HRA reports
significant deterioration in its liquidity or capital structure or
in case of any pressure on its profitability.

Update
HRA reported an operating income of INR432 million for 2013-14
(refers to financial year, April 1 to March 31) vis-a-vis INR249
million for 2012-13. The significant ramp-up in scale of
operations is driven primarily by volume increase, owing to an
increase in milling capacity in 2012-13 (which became operational
in 2013-14). The company recorded sales of around INR200 million
till October 2014 in 2014-15 and is expected to report around
INR450 million for the whole year because of its seasonal nature
of operations. HRA's operating margin decreased to 5.9 per cent in
2013-14 from 7.4 per cent in 2012-13 because of high paddy prices.
The operating margin is expected to remain at similar levels
because of low end product prices currently and will remain
exposed to volatility in raw material prices.

The company's financial risk profile remains weak, marked by
gearing of 7.68 times (considering unsecured loans, at INR53.4
million as on March 31, 2014, as neither debt nor equity) and a
net worth of INR13.2 million as on March 31, 2014. The gearing is
expected to remain at around 8 times over the medium term on
account of large incremental working capital requirements with low
net cash accruals to fund the same. The interest coverage ratio is
expected to remain at around 1.5 times over the medium term
because of a moderate operating margin. The net cash accruals are
expected to range from INR9 million to INR11 million, sufficient
to meet the repayment obligations of around INR3 million. The bank
limits remain highly utilised to fund the inventory requirement.
The inventory is expected to remain at around 140 days over the
medium term on account of increased sheds and the seasonal nature
of HRA's business.

HRA was established in 1996 as a private limited company by Mr.
Hans Raj in Fazilka (Punjab). The company is mainly engaged in the
milling and marketing of higher grade variety of rice such as
basmati as well as non-basmati varieties such as parmal. The
company is managed by Mr. Ranjam Kamra.

HRA reported a net profit of INR1.4 million on net sales of INR432
million for 2013-14, against a net profit of INR1.1 million on net
sales of INR249 million for 2012-13.


HI-TECH FROZEN: ICRA Suspends 'D' Rating on INR5.31cr Term Loan
---------------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR5.31 crore
term loan, INR5.0 crore fund based facilities, and INR1.49 crore
proposed limits of Hi-Tech Frozen Facilities Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Hi-Tech Frozen Facilities Private Limited (HTFFPL) was
incorporated by Mr. Vijay Shah for setting up a Frozen & Cold
Chain Facility in Surat, Gujarat. The cold chain facility
commenced operations in FY 2011 and has an installed cold storage
capacity of 10,000 MT. The company also has two refrigerated
trucks of 7 MT and 9 MT capacities for transporting the farm
produce to cold storage facility and then to the consumption
centers. The cold storage facility was set up under the aegis of
the "Integrated Cold chain Infrastructure Project Scheme" launched
by Ministry of Food Processing Industries, Govt. of India under
which financial assistance in the form of grant-in-aid @ 50% of
the total cost of plant and machinery and technical civil works is
given to the company (subject to a maximum grant of INR10.00
crore). HTFFPL received a total grant of INR7.20 Cr under the
scheme.


JUPITER INTERNATIONAL: CARE Cuts Rating on INR47.49cr Loan to B
---------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of
Jupiter International Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term bank facilities     47.49      CARE B Revised from
                                            CARE BB+

   Short Term Bank Facilities    43.00      CARE A4 Revised from
                                            CARE A4+

Rating Rationale

The revision in the ratings of JIL takes into account
deterioration in the financial risk profile along with stretched
liquidity of the company arising on account of subdued demand from
the end user industries.

Further, the ratings are constrained by high leverage ratio,
significant exposure in subsidiary company, low margins with
exposure to volatility in raw material & finished goods prices,
exposure towards foreign exchange fluctuation risk and intense
competition amidst subdued industry scenario for domestic IT
peripherals industry. The aforesaid ratings also take into account
the satisfactory track record of the company, established brand in
domestic market with gradual diversification into high margin
products and leading distributor status of reputed international
brands in India. Improvement in profitability and capital
structure in JIL through new initiatives undertaken by the
management and improvement in profitability in subsidiary are the
key rating sensitivities.

Jupiter International Limited (JIL) was promoted by Shri Raj Kumar
Garodia of Kolkata in 1978. The company is engaged in
manufacturing of CD-Rs and DVD-Rs at its manufacturing facility at
Baddi, Himachal Pradesh (installed capacity of 77.7 million
pieces), trading of computer peripherals (CD-Rs, DVD-Rs & computer
accessories, etc) and strategic products (solar UPS, solar
battery, Tablets and Toner cartridges manufactured in China &
Taiwan), in the domestic market under the brand name of
'Frontech'. JIL is also engaged in distribution of computer
hardware & peripherals of international reputed brands in the
domestic market. Trading sales of computer peripherals constituted
about 74% of net sales in FY14 (refers to the period April 1 to
March 31).

On total operating income of INR163.73 crore, JIL reported loss of
INR7.91 crore in FY14 vis-a-vis operating income of INR159.90
crore and PAT of INR0.05 crore in FY13. Further, the company
reported sales of around INR80.0 crore in H1FY15.


KVJ BUILDERS: ICRA Lowers Rating on INR10cr LT Loan to 'B+'
-----------------------------------------------------------
ICRA has revised the [ICRA]BB- ratings assigned to the INR10.0
crore cash credit facility of KVJ Builders and Developers Private
Limited to [ICRA]B+.  ICRA has also reaffirmed the [ICRA]A4 rating
to the INR11.0 crore bank guarantee facility of KVJ.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term, fund
   based facilities      10.0         [ICRA]B+ downgraded

   Short term, non-
   fund based facilities 11.0         [ICRA]A4 reaffirmed

The rating revision takes into account the company's stretched
receivable position owing to delays in payments from its
government sector clients; and the significant delays in
implementation of key projects which -- in the absence of price
escalation clauses -- is likely to impact its near term
profitability. The ratings also continue to take into account the
moderate scale of operations of the company, the significant
geographical concentration, with of its operations restricted to
projects in Kerala; and the vulnerability of its profit margins to
volatility in raw material prices and labour costs. The ratings
are also constrained by the company's high financial risk profile
characterized by the high working capital intensity and high --
albeit improving -- gearing levels.

The ratings, however, take comfort from the longstanding
experience and track record of the promoters in the construction
industry; the company's healthy order book position as on October
2014 which provides revenue visibility for the near term; and the
adequate man power and equipment resource base available to back
execution of ongoing projects. Going forward, the ratings would
remain sensitive to the ability of the company in obtaining price
revisions for projects delayed due to client-side constraints;
maintaining a healthy order inflow and managing its stretched
working capital cycle.

KVJ Builders & Developers Private Limited (KVJ), incorporated in
2004, is a company engaged in undertaking civil construction
contracts in the state of Kerala. It is part of the KVJ group,
which has been active in the contracting industry for more than
four decades. The company's managing director is Mr Binu George,
who is also the President of KVJ and Sons. The company is
primarily engaged in specialized piling work, construction of
bridges and buildings.

For FY 2014, the company has reported Profit after Tax (PAT) of
INR1.6 crore on an operating income of INR32.5 crore as per
provisional financials shared by the company.


MAGUS METALS: ICRA Assigns B+ Rating to INR7.26cr Fund Based Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR7.26 crore
fund based limits and to INR1.74 crore unallocated limits of Magus
Metals Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits      7.26       [ICRA]B+ assigned
   Unallocated Limits     1.74       [ICRA]B+ assigned

The assigned ratings are constrained by modest scale of operations
in the secondary metal extraction business; vulnerability of
profits and revenues to variations in agro climatic conditions as
monsoon is a key determinant for demand of fertilizers and
availability of raw material at viable price given the limited
bargaining power vis-…-vis its suppliers; and high customer
concentration risk with 80% of revenue for FY14 coming from top 3
customers. The ratings also take into account high working capital
intensity with NWC/OI of 65% due to high inventory and high
receivable levels and moderate gearing of 1.10 times as on FY14
end and low coverage indicators with interest coverage of 2.01
times and NCA/TD of 9% for FY14. The assigned ratings however
positively factor in promoters experience of more than 20 years in
the metal extraction business; reputed customer base such as state
governmental departments of Telangana, Andhra Pradesh and
Karnataka and diverse product portfolio comprising zinc sulphate,
zinc ingots, copper cathode, copper cement and cadmium however
more than 60% of contribution of revenue is from zinc sulphate for
FY14.

Going forward, the company's ability to increase its scale of
operations while managing working capital requirements will remain
key rating sensitivities from credit perspective.

Magus Metals Private Limited (MMPL) was started as R.R. Metals
Private Limited in the year 1990. Later in the year 2001, the name
of the company was changed as Magus Metals Private Limited. From
inception, the company is into manufacturing of non ferrous metals
from the scrap generated by smelters like Hindustan zinc limited
and Binani Zinc Limited. The company manufactures cadmium, zinc
sulphate, copper cathode and zinc ingots. The factory is situated
at Chotuppal, Nalgonda Dist, Telangana.

Recent Results
The company reported an operating income and net profit of
INR18.89 crore and INR0.38 crore respectively in FY2014 as against
an operating income and net profit of INR14.13 crore and INR0.05
crore respectively in FY2013.


MALWA INDUSTRIES: ICRA Suspends 'D' Rating on INR316.9cr LT Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to INR316.90 crore
long term fund based and INR14.00 crore short term non-fund based
bank facilities of Malwa Industries Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

MIL was incorporated in March 1993 and is part of the Malwa Group,
earlier known as Vidya Sagar Oswal (VSO) Group. The other group
companies are Malwa Cotton & Spinning Mills Limited and Oswal Knit
India Limited. MIL has an integrated facility for manufacturing
denim fabric and denim garments located in Ludhiana (Punjab). The
integrated facility has a spinning unit comprising of 1,840 rotors
and 9,516 spindles, a weaving unit comprising of 95 looms (2 crore
meters of denim fabric per annum), a garment unit with a capacity
of manufacturing 19.2 lac garment pieces per annum in single shift
and a processing unit capable of providing multiple finishes to
fabric and garments. MIL's subsidiaries, Third Dimension Apparel
in Jordan and Emmetre in Italy are engaged in the manufacturing to
jeans wear and dyeing/washing of garments respectively. Third
Dimension Apparel has a capacity of manufacturing 40 lac pieces of
garments per annum and Emmetre has a capacity of processing 22.5
lac pieces of garments per annum.


MANDAVA COTTON: ICRA Assigns 'D' Rating to INR17.11cr LT Loan
-------------------------------------------------------------
ICRA has assigned [ICRA]D to the INR17.11 crore long term fund
based limits and INR1.78 crore non-fund based limits. ICRA has
also assigned [ICRA]D/D to the INR11.11 crore unallocated limits
of Mandava Cotton Mills Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits          17.11        [ICRA]D assigned

   Long Term Non Fund
   Based Limits           1.78        [ICRA]D assigned

   Long/Short Term
   Unallocated Limits    11.11        [ICRA]D/D assigned

The rating assigned takes into account the delays in debt
servicing by the company owing to the tight liquidity condition.
The rating also takes into account the weak financial profile of
the company with negative gearing of 3.82 times as on 31st March
2014 and stretched coverage indicators as reflected in
OPBIDTA/Interest and Finance charges at 1.65 times and NCA/Total
Debt at 8.82% as on 31st March 2014. Further, all the loans taken
by the company are not classified under TUFS scheme which results
in high interest burden. The rating is also constrained by the
small scale of operations which restricts economies of scale and
financial flexibility and commoditized nature of the cotton yarn
which limits the pricing power in a fragmented industry. However,
the rating favourably takes into account the proximity of the
company to cotton growing areas of Guntur resulting into easy
availability of raw materials and reduced logistics cost.

Mandava Cotton Mills Pvt Ltd. (MSMPL), incorporated as a private
limited company in 2007 by Mr. M. Venkateshwara Rao and his son
Mr. M. Sridar, to set up a plant to manufacture cotton yarn with
14128 spindles capacity at Bapulapadu Mandal of Krishna District
in Andhra Pradesh. The production started in March 2008 and the
company produces cotton and polyester yarn of counts 20's to 54's.
The spindles capacity has been enhanced to 15328 spindles in July
2014. The Group company include Mandava Institute of Engineering
and Technology which was established in 2007 by Mr. M. Sridhar and
his wife Ms. Kusuma Kumari.

Recent Results
As per audited financials for FY14, MCMPL reported an operating
income of INR29.30 crore with net loss of INR0.06 crore as against
INR30.24 crore of operating income with net loss of INR2.37 crore
in FY13.


MARVEL SIGMA: ICRA Reaffirms D Rating on INR25cr LT Loan
--------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]D assigned to
the INR25.00 crore fund based limit of Marvel Sigma Homes Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund        25.00        [ICRA]D Re-affirmed
   Based Limit (TL)

The re-affirmation of the rating continues to factor in the delays
in debt servicing owing to a stretched liquidity position due to
delay in execution of key projects.

Marvel Sigma Homes Private Limited (MSHPL) is part of the Pune
based real estate developers, Marvel Group and a subsidiary of
Marvel Promoters and Developers (Pune) Pvt Ltd (MPDPL). MSHPL was
incorporated in June 2010, being 74:26 joint venture between MPDPL
and ICICI Prudential AMC Ltd. Promoted by Mr. Vishwajeet Jhavar,
the Marvel group is a first-generation entrepreneurial setup with
over a decade of experience in the Pune real estate market, having
developed over 1.2 million sq. ft. of residential real estate in
the city since 2000. The other promoters of the group are Mr.
Vinay Chudiwal who is a real estate developer, and Mr. Mahesh
Laddha and Mr. Prithviraj Solanki who have an extensive experience
in liaison and execution of construction projects respectively.
The company is currently developing six real estate residential
projects -- Marvel Bounty I, Marvel Arco, Marvel Cascada, Marvel
Bounty II, Marvel Kyra and Marvel Viva.

For the full year FY14, the company reported a profit after tax of
1.81 crore on a topline of INR45.77 crore, as compared to a net
profit after tax of INR2.04 crore for FY13 on a topline of
INR110.37 crore.


NARCINVA DAMODAR: CRISIL Cuts INR150M Overdraft Loan Rating to B
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Narcinva Damodar Naik (NDN) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Secured Overdraft       150        CRISIL B/Stable (Downgraded
   Facility                           from 'CRISIL B+/Stable')


The rating downgrade reflects the deterioration in NDN's credit
profile, marked by significantly lower-than-expected revenue and
consequent negative cash accruals from operations. The firm's
revenue declined to INR305.4 million in 2013-14 (refers to
financial year, April 1 to March 31) from INR493 million in 2012-
13. The decline was driven by the ban on mining activity in Goa,
which resulted in negligible demand for heavy and medium
commercial vehicles coupled with subdued demand for light and
small commercial vehicles such as Ace, Magic, and Winger, for
which NDN is a dealer. Sharp degrowth in scale coupled with high
fixed cost led to negative cash accruals in 2013-14.

CRISIL believes that NDN's business and financial risk profiles
will remain susceptible to mining-related norms in Goa. Partial or
full removal of the ban on mining will result in an increase in
demand for heavy and medium commercial vehicles, and hence, will
remain a key rating sensitivity factor.

The rating reflects NDN's exposure to risks arising from
increasing financial support to group companies, and its
susceptibility to the cyclicality inherent in the commercial
vehicles segment. These rating weaknesses are partially offset by
the extensive industry experience of NDN's promoters, its
established relationship with Tata Motors Ltd (TML), and its
strong market position in the commercial vehicles segment in Goa.

Outlook: Stable

CRISIL believes that NDN's operating performance will remain
susceptible to mining-related norms in Goa. The outlook may be
revised to 'Positive' in case of a significant increase in the
firm's scale of operations and profitability, along with improving
debt protection metrics. Conversely, the outlook may be revised to
'Negative' in case of deterioration in the firm's debt protection
metrics or increased financial support to group entities.

NDN was set up a proprietorship concern in Goa by the late Mr.
Vasudev B Naik in 1896. The firm initially traded in various
commodities; it undertook the dealership of Mercedez Benz
passenger cars in 1952. NDN was reconstituted as a partnership
firm in 1967; in the same year, the firm exited its dealership for
Mercedez Benz vehicles and commenced operations as an authorised
dealer of TML's commercial vehicles for Goa. The firm is currently
managed by Mr. Damodar N Naik, along with his sons, Mr. Narcinva D
Naik and Mr. Ashwinkumar D Naik. Mr. Damodar N Naik has been
engaged in the automobile dealership industry for over 40 years.
NDN currently has five showrooms and four workshops across Goa.


NAVDEEP CONSTRUCTION: ICRA Reaffirms B Rating on INR20cr Loan
-------------------------------------------------------------
ICRA has re-affirmed the long-term rating outstanding on the
INR20.00 crore (enhanced from INR15.00 crore) fund based bank
facilities of Navdeep Construction Company at [ICRA]B. ICRA has
also re-affirmed the short term rating outstanding on the INR20.00
crore (enhanced from INR10.00 crore) non-fund based bank
facilities of NCC at [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Overdraft             20.00       [ICRA]B/Re-affirmed

   Bank Guarantee        20.00       [ICRA]A4/Re-affirmed

The rating re-affirmation takes into account the high working
capital intensive nature of operations, with NWC/OI of 48% in FY14
due to stretched receivable days which in turn has resulted in a
stretched liquidity position as evidenced high limit utilization
levels. While there has been an improvement in the firms
profitability in 7MFY15 owing to cost saving measures undertaken
by the firm, it remains susceptible to adverse fluctuations in
input prices, since it is protected against cost escalation only
to the tune of 5% of the total contract value. The ratings are
further constrained by sharp increase in debt levels of the firm
in FY 14 which has resulted in a stretched capital structure as
reflected by high gearing of 2.49x as of March 31, 2014.

Furthermore, the firm is exposed to project and geographical
concentration risks with its operations focussed in Mumbai and the
largest order in hand accounts for 41% of the total unexecuted
order book of the firm as of October 2014.

The ratings, however, are supported by the long track record and
experience of NCC's promoters in the construction sector, which
has enabled it to garner repeat orders over the years. The ratings
are also supported by the healthy unexecuted order book of
INR41.29 crore as of October, 2014, which is 2.73x FY14
construction revenue-giving visibility to revenues in the near to
medium term. NCC's ability to execute these projects in a timely
manner, with minimum overruns, remains critical to ensure revenue
growth, going forward.

Incorporated in 1986, Navdeep Construction Company (NCC) is a
partnership firm, based out of Mumbai. Promoted by Shri Shantilal
Shah and the Late Shri Babulal Mehta, the firm is presently
managed by Shri Shantilal Shah. NCC has two business segments --
civil construction, and the manufacturing and sale of ready-mix
concrete. The firm commenced business operations as a civil
contractor, and specializes in the construction and repairing of
buildings, roads, nallas and drains. The operations of the firm
are mainly concentrated on Mumbai and its suburbs, primarily
undertaking projects for the Municipal Corporation of Greater
Mumbai (MCGM). Apart from operating as an independent contractor,
NCC also works as a sub-contractor for other civil contractors.
NCC started its ready-mix concrete (RMC) business in 2007, and
owns four RMC plants. The company entered into joint ventures to
undertake projects in the past, to meet the qualification
requirements to bid for larger projects. The promoters of the firm
have long track record and experience in the construction sector
and the firm has been able to garner repeat orders from its
clients over the years.


NIMESH OIL: ICRA Cuts Rating on INR20cr Cash Credit to 'D'
----------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR20.00
crore1 cash credit facilities and INR0.60 crore term loan facility
of Nimesh Oil Private Limited from [ICRA]BB- to [ICRA]D.  ICRA has
also suspended [ICRA]D rating assigned to the INR20.60 crore long
term loans & working capital facilities of Nimesh Oil Private
Limited as the company has not provided adequate information to
assess its credit worthiness.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-Term, Cash       20.00       Downgraded from [ICRA]BB-
   Credit facility                   (stable) to [ICRA]D and
                                     suspended

   Long-Term, Term        0.60       Downgraded from [ICRA]BB-
   loan limits                       (stable) to [ICRA]D and
                                     Suspended

The rating revision takes into account the delays in debt
servicing by the company due to delays in repayment of interest.
The suspension of the ratings for the bank facilities of NOPL
follows ICRA's inability to carry out a rating surveillance with
NOPL not providing the complete information as sought by ICRA.
According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise. ICRA will
withdraw the rating in case it remains under suspension for a
period of three years.

Nimesh Oil Private Limited (NOPL) was incorporated in the year
2008 by Mr. Manojbhai D. Kimtani and family, through consolidation
of the operations of its four different group entities, all
operating in Bhavnagar. NOPL is engaged in - i) packaging and
marketing of refined edible oil, and ii) cleaning and packaging of
wheat and bajra, besides trading of other agro-commodities.
Presently, the company has wheat cleaning machine, oil packaging
machine and wheat flour mill for its operation with the capacity
of 220 MT, 95 MT and 20 MT respectively.


P.M. COT: CARE Assigns 'B' Rating to INR7.75cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of P.M. Cot
Fibers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.75       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of P.M. Cot Fibers
(PMCF) are primarily constrained on account of implementation and
stabilization risk associated with the cotton ginning project
coupled with susceptibility of operating margins to changes in raw
material prices, seasonality associated with the cotton industry
and Government regulations going forward. PMCF's presence in the
highly competitive and fragmented cotton ginning industry coupled
with constitution of the entity as a partnership firm further
constrains the rating.

The rating, however, favorably factors in vast experience of the
partners in the cotton ginning industry and the firm's presence in
the cotton-producing belt of Madhya Pradesh region with easy
access to raw material and lower logistics expenditure.

Going forward, PMCF's ability to stabilize its business operations
and achieving envisaged level of production would be the key
rating sensitivity. Furthermore, achieving envisaged level of
profitability and management of its working capital requirements
would also remain crucial.

Barwani (Madhya Pradesh) based PMCF was formed in April 2014 as a
partnership firm by three partners with unequal profit and loss
sharing agreement between them to undertake green field project in
the field of cotton ginning & pressing of cotton bales and cotton
seeds. PMCF will operate from its sole manufacturing facility
located in Barwani (Madhya Pradesh) with proposed installed
capacity of 25,000 metric tonnes per annum (MTPA) for cotton
bales. The total project cost is estimated to be INR5.62 crore,
which is to be funded through term loan of INR2.75 crore and
balance by way of partners' capital and unsecured loan. PMCF has
envisaged commencing commercial production from the end of
December 2014.


POOJA JEWELLERS: ICRA Assigns B Rating to INR6cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned its [ICRA]B rating to the INR6.00 crore fund
based limits of Pooja Jewellers.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits      6.00       [ICRA]B; assigned

The rating is constrained by the firm's modest scale of operations
and its weak financial profile. The company's financial profile is
characterised by low profitability owing to the trading nature of
operations, leveraged capital structure (gearing of 8.49 times as
on March 31, 2014) and consequently weak coverage indicators
(NCA/Debt of 3%, Debt/OPBDIT of 7.74 times as on March 31, 2014).
This apart, the rating takes into account the client and supplier
concentration risk which the firm is exposed to, as it caters to a
limited set of clients and purchases the jewellery and bullion
from one supplier only. The firm also remains exposed to risks
inherent to proprietorships like risk of capital withdrawal etc.

However, the ratings favourably factors in the experience of the
promoter in the jewellery business and modest working capital
intensity of business (NWC**/OI of 14.7% in 2013-14). Going
forward, the ability of the firm to achieve steady revenue growth
and register a sustained improvement in its debt coverage
indicators will be the key rating sensitivities.

Incorporated in 1993 as a sole proprietorship concern promoted by
Mr Shankar Maity, Pooja Jewellers is engaged in the trading and
manufacturing of gold and diamond jewellery. The firm operates
from Chandni Chowk, Delhi and largely supplies its products in the
wholesale market. The product portfolio of the firm includes gold
and diamond jewellery necklace sets, rings, earrings, chains etc.

Recent Results
In 2013-14, the firm reported net profit of INR0.13 crore on an
operating income of INR29.06 crore as compared to a net profit of
INR0.11 crore on an operating income of INR25.10 crore in the
previous year.


R.J. CHATHA: CRISIL Reaffirms B+ Rating on INR100MM Funding Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of R.J. Chatha Rice Mills
(RJCRM) continue to reflect RJCRM's weak financial risk profile,
marked by a small net worth, a high total outside liabilities to
total net worth (TOLTNW) ratio, and weak debt protection metrics,
driven by large working capital requirements and low cash
accruals.

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

   Inventory Funding     100        CRISIL B+/Stable (Reaffirmed)
   Facility

   Packing Credit        100        CRISIL A4 (Reaffirmed)

The ratings also factor in the firm's small scale of operations,
and its susceptibility to volatility in raw material prices,
regulatory changes, and erratic rainfall. These rating weaknesses
are partially offset by the healthy growth prospects for, and
extensive experience of RJCRM's promoters in, the basmati-rice-
processing industry.

Outlook: Stable

CRISIL believes that RJCRM will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the firm's
scale of operations and profitability improve substantially,
leading to a considerable increase in its cash accruals, or if its
capital structure improves with capital infusion by its partners.
Conversely, the outlook may be revised to 'Negative' if RJCRM's
capital structure weakens, most likely because of large debt-
funded capital expenditure or a decline in its profitability.

Update
RJCRM's revenue registered a 58-per-cent year-on-year growth to
around INR995.4 million in 2013-14 (refers to financial year,
April 1 to March 31); the high growth was  on account of better
price realisation and increased offtake by existing customers in
both the export domestic markets. The revenue growth is expected
to moderate over the medium term, in spite of an increase in the
volume, because of lower price realisation. The firm's operating
margin has remained low at 2 to 3 per cent due to the trading
nature of its business, and is expected to remain at this level
over the medium term.

RJCRM's operations are working capital intensive, as reflected in
its gross current assets (GCAs) of 122 days as on March 31, 2014;
the GCAs have been at similar levels in the past. The high GCAs
were driven by large inventory of around 70 days and a receivables
cycle of 52 days, as on March 31, 2014. As a result, the firm's
average bank limit utilisation was high, at around 90 per cent
during the 12 months ended September 30, 2014.

RJCRM's net worth is estimated to have remained low, at around
INR27.1 million as on March 31, 2014. The firm has large debt
contracted for funding its working capital requirements; the large
debt along with a small net-worth resulted in a high TOLTNW ratio
of 11.58 times as on March 31, 2014.

RJCRM reported a profit after tax (PAT) of INR1.47 million on net
sales of INR995.4 million for 2013-14, as against a PAT of INR1.23
million on net sales of INR631.8 million for 2012-13.
About the Company

RJCRM, established in 1971 by Mr. R S Chatha and Mr. J S Chatha,
processes basmati rice. The firm exports its produce to Middle-
East countries, such as Saudi Arabia, Iran, and Oman, and to the
US and Canada. In the domestic market, it sells rice under its own
brands, Heera and Anarkali, which contribute to around 30 per cent
of its total sales. The firm has a rice-milling capacity of 5
tonnes per hour (tph) and a sorting capacity of 4 tph.


R.S. AJIT: ICRA Reaffirms B+ Rating on INR9cr LT Loan
-----------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR9.00 Crore fund based facilities of R.S. Ajit Singh & Company
(Automotives) Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund        9.00         [ICRA]B+; reaffirmed
   Based Facilities

ICRA's rating continues to factor in the high competitive
intensity in auto dealership business, cyclicality inherent in the
commercial vehicle (CV) industry and blockage of funds in working
capital during FY2014, leading to stretched liquidity. The rating
is further constrained on account of decline in the company's
revenues in FY2014 due to a drop in volume of vehicles sold
coupled with low margins, modest debt coverage indicators and
highly leveraged capital structure as indicated by gearing of 7.1
times as on March 31, 2014. However, ICRA favorably takes into
consideration the company's established track record of operations
and the inherent credit strength of the company by virtue of it
being an authorized dealer of Volvo Eicher Commercial Vehicles
Limited (VECV), one of the top five OEMs in the commercial vehicle
segment in India.

Going forward, RSAPL's ability to increase its sales volumes and
improve its margins while maintaining its liquidity will remain
the key rating sensitivities.

RSAPL is an authorised dealer of vehicles manufactured by VECV in
the Delhi region. The company deals in trading of Medium and Heavy
Commercial vehicles, Light commercial vehicles and buses
manufactured by VECV. The company's head office, from where all
the sales activity is controlled, is located in Wazirpur
Industrial Area, Delhi. In addition the company also owns one
spares and sales shop in Sanjay Gandhi Transport Nagar, Delhi and
has two service centres located at Alipur and Kapashera in Delhi-
NCR, which are on rented premises.

Recent results
The company reported a PAT (profit after tax) of INR0.21 crore on
an operating income of INR86.07 crore in FY2014 as compared to a
PAT of INR0.33 crore on an operating income of INR104.43 crore in
FY2013.


RAMA RICE: ICRA Assigns B+ Rating to INR6cr Cash Credit
-------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR6.00
crore cash credit limit, INR2.00 crore term loan and INR5.00 crore
unallocated bank limits of Rama Rice and Gen. Mill. ICRA has also
assigned its short term rating of [ICRA]A4 to the INR0.50 crore
non fund based limits of RRGM.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limits      6.00        [ICRA]B+; Assigned
   Term Loan Limits        2.00        [ICRA]B+; Assigned
   Unallocated Limits      5.00        [ICRA]B+; Assigned
   Non fund based limits   0.50        [ICRA]A4; Assigned

ICRA's ratings are constrained by the firm's weak financial risk
profile as reflected in its elevated gearing due to its large
working capital requirements which have been substantially debt
funded, and have translated into modest coverage indicators. The
rating is further constrained by the low value additive and highly
competitive nature of the rice milling industry which has impacted
the firm's profitability indicators. ICRA also factors in the agro
climatic risks, which can impact the availability of the basic raw
material, namely paddy. The ratings however, favorably takes into
account the long standing experience of the promoters in the rice
industry, their strong relationships with several customers and
suppliers and proximity of the mill to major rice growing areas,
which results in easy availability of paddy.

RRGM was established in 1997 as a partnership firm by Mr. Sohan
Lal and his family members. The firm is engaged in milling and
trading of basmati as well as non basmati rice and trades in the
domestic market with local players who are ultimately engaged in
exports. The firm's manufacturing unit at Nissing, Karnal
(Haryana) has a milling capacity of 2 tonnes per hour.

Recent Results
RRGM reported a net profit of INR0.02 crore on an operating income
of INR22.12 crore in FY 2013-14 as compared to a net profit of
INR0.04 crore on an operating income of INR24.71 crore in the
previous year.


RAMDEV STAINLESS: CARE Reaffirms B+ Rating on INR10.37cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Ramdev Stainless Strips Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.37      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Ramdev Stainless
Strips Private Limited (RSSPL) continues to remain constrained on
account of its financial risk profile marked by modest scale of
operations with thin profitability margins, weak solvency
position, moderate liquidity position and significant intergroup
transactions. The rating, further, remains constrained due to its
presence in the highly fragmented and competitive downstream
segment of the steel industry and raw material price variability.

The rating, however, continues to derive strength from the vast
experience of the promoters in the Stainless Steel (SS) industry
for more than three decades.

RSSPL's ability to increase its scale of operations with an
improvement in capital structure and liquidity position are the
key rating sensitivities.

Jodhpur (Rajasthan) based RSSPL, incorporated in May, 2010, is
promoted by Mr Mohan Lal Agarwal along with his family members.
RSSPL was formed with a purpose to manufacture SS sheets & circles
and utensils from SS flats. RSSPL does cutting, rolling, re-
rolling, annealing, pickling and grinding process to convert SS
flat into sheets/circles and consequently to utensils. The company
took the plant & machineries of its group concerns, Jupitor
Industries (JPI) and Jupitor Enterprises (JPE), on lease to
manufacture SS sheets & circles and undertook a project for
manufacturing of utensils. It started commercial production of SS
sheets & circles and utensils from October, 2011. The plant of the
company is located at Jodhpur with an installed capacity of 9000
Metric Tonne Per Annum (MTPA) for manufacturing of SS sheets and
3000 MTPA for manufacturing SS utensils as on March 31, 2014. It
sales its product under the brand name of 'Jupitor' and
'Sunshine'.

During FY14 (refers to the period April 1 to March 31), RSSPL
reported a total operating income of INR53.57 crore (FY13:
INR42.32 crore) with a PAT of INR0.25 crore (FY13: INR0.27 crore).
During 8MFY15, RSSPL reported a total operating income of INR40.08
crore.


REDSON ENGINEERS: CRISIL Ups Rating on INR43MM Bank Loan to B
-------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Redson Engineers Pvt. Ltd (REPL) to 'CRISIL B/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           3         CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Cash Credit             30         CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

   Letter of Credit         1.5       CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Proposed Long Term      43         CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

   SME Credit               2.5       CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects the regularisation of REPL's debt over
the last six months ended November 2014, supported by improvement
in its receivables cycle. CRISIL believes that the company will
sustain this improvement on the back of its cautious strategy to
offer low credit to customers and its enhanced collection efforts.
Furthermore, REPL liquidity profile is also supported by absence
of term loans; the company does not intend to contract any
incremental term loan over the medium term.

The rating continues to reflect REPL's small scale of operations,
its large working capital requirements, its small net-worth
limiting its financial flexibility, and the susceptibility of its
profitability margins to volatility in raw material prices. These
rating weaknesses are partially offset by the extensive experience
of the company's promoters in the capital goods industry.

Outlook: Stable

CRISIL believes that REPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relations with customers. The outlook may be revised
to 'Positive' if there is a substantial and sustained improvement
in the company's scale of operations and profitability margins, or
there is a further improvement in its working capital management.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in the company's profitability margins, or
significant deterioration in its capital structure caused most
likely by a stretch in its working capital cycle.

Redson was set up in 1983 by Mr. P Gangadhar Reddy, Mrs. Karuna
Reddy, Mr. PS Rao, Mr. Murli Mohan Reddy, and Mr. Krishna Mohan
Reddy. The company designs, fabricates, and manufactures capital
machinery, used by cylinder-manufacturing plants. The company also
undertakes turnkey projects for cylinder-manufacturing plants.


RISHI FIBERS: CARE Revises Rating on INR12.91cr LT Loan to 'BB-'
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Rishi Fibers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.91      CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Rishi Fibers Private Limited (RFPL) is primarily on account of
increase in its scale of operations and improvement in its capital
structure and liquidity position. However, the rating continues to
remain constrained on account of its modest scale of operations
with short track record, thin profit margins, weak debt coverage
indicators, susceptibility of profit margins to cotton price
fluctuations, seasonality associated with cotton industry and its
presence in highly fragmented industry with limited value
addition.

The rating, however, continues to derive comfort from long
experience of the promoters in the cotton industry, its strategic
location in the cotton-growing region of Maharashtra and presence
of group entities in similar line of business activities.

The ability of RFPL to increase the scale of operations along with
improvement in the profit margins and capital structure while
managing its working capital requirements efficiently are the key
rating sensitivities.

Incorporated in April 2011, RFPL acquired Radhika Ginning for
acquisition value of around INR2.60 crore and commenced the
commercial production from October 2011. RFPL is promoted by Mr
Shyam Agrawal, Mr Gopal Agrawal and Mr Sanjay Goyal and is
primarily engaged in the processing of raw cotton and
manufacturing and trading of cotton bales and cotton seeds. RFPL
operates from its sole manufacturing facility located at Sillod
(Maharashtra) with an installed capacity to process 500 cotton
bales per day as on March 31, 2014.

In addition to RFPL, the Agrawal family also operates two other
cotton processing units under Riddhi Siddhi Cotex Private Limited
(RSCPL; rated 'CARE BB-') and Siddhi Vinayak Cotsin (SVC, rated
'CARE B+') in Ahmednagar district and Yavatmal district of
Maharashtra, respectively. Furthermore, two proprietorship firms,
namely, Riddhi Siddhi Enterprises and Riddhi Siddhi Cotton
Corporation in Sendhawa district of Madhya Pradesh, which are
engaged in the trading of cotton bales and cotton seeds, are also
promoted by the Agrawal family. The family has presence in the
real estate business via Rishi Realcon Private Limited.

During FY14, RFPL reported a total operating income (TOI) of
INR107.11 crore and PAT of INR0.33 crore as against a TOI of
INR73.49 crore and a PAT of INR0.27 crore during FY13. Up to
December 8, 2014, RFPL has reported a TOI of INR52 crore.


SAHYOG GINNING: CARE Revises Rating on INR15cr LT Loan to B+
------------------------------------------------------------
CARE revises rating assigned to bank facilities of Sahyog Ginning
& Pressing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      15        CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating of Sahyog Ginning & Pressing Pvt Ltd
takes into account increase in the scale of operations during FY14
(refers to the period April 1 to March 31) along with improvement
in its interest coverage.

The rating continues to be constrained due to SGPPL's presence in
the highly fragmented cotton ginning industry with limited value
addition resulting in thin profitability which is susceptible to
inherent volatility associated with cotton prices.

The rating is further constrained on account of its susceptibility
to regulatory changes governing the cotton industry.  The rating,
however, continues to derive strength from the vast experience of
the promoters of SGPPL in the agro business (including cotton
ginning) and its proximity to the cotton ginning region of
Gujarat.

SGPPL's ability to increase its scale of operations while managing
volatility associated with cotton prices along with improvement in
the profitability and capital structure would be the key rating
sensitivities.

Amreli-based SGPPL was initially set-up in 2006 as a partnership
firm named M/s Sahyog Cotton Industries by Mr Kalubhai Bhanderi
and six other partners for undertaking the business of cotton
processing, trading and oil mill. Subsequently, in November 2008,
it was converted into a private limited company under its current
name. Before venturing into this business, the main promoters were
engaged in the groundnut oil business through their firm M/s Vivek
Oil Industry. Mr Kalubhai Bhanderi, chairman, has an experience of
around 20 years in trading of agricultural commodities and oil
mill business.

Based on the audited results for FY14, SGPPL reported a total
operating income of INR188.01 crore (Rs.151.95 crore in FY13) with
a net profit of INR0.49 crore (Rs.0.41 crore in FY13).
Furthermore, as per the provisional results for 8MFY15,
SGPPL achieved a total operating income of INR139.24 crore.


SHAILI INFRA: ICRA Lowers Rating on INR64.18cr Loan to 'D'
----------------------------------------------------------
ICRA has revised the long term rating assigned to INR64.18 crore
fund based limits of Shaili Infra Limited (SIL) to [ICRA]D from
[ICRA]B. ICRA has also revised the short term rating assigned to
INR17.06 crore non fund based limits to [ICRA]D from [ICRA]A4  of
SIL. ICRA has also revised the ratings assigned to INR48.76 crore
unallocated limits to [ICRA]D from [ICRA]B/[ICRA]A4 of SIL.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits       64.18        Revised to [ICRA]D
   Non Fund Based Limits   17.06        Revised to [ICRA]D
   Unallocated Limits      48.76        Revised to [ICRA]D

The revision in ratings takes into consideration overutilsation of
cash credit limits beyond 30 days owing to stretched liquidity
position of the company arising from high receivables and
inventory levels. The stretched liquidity position of the company
has resulted in slower order execution in the past 2 years; as a
result, the revenues have decreased to INR112.45 crore in FY2014
from INR150.51 crore in FY2013 and sharply further to INR19.09
crore in 6mFY2015. These apart, the ratings continue to be
constrained by high geographic, client and project concentration
of order book; and moderate scale of operations; highly
competitive nature of the industry & subcontract nature of works
restricting the operating margins for the company. The ratings
however favorably factor in healthy order book position of the
company (Rs 544.42 crore as on November 30,2014 which is 3.62
times the operating income of FY2014); and diversified order book
with presence in roads, buildings, irrigation, urban
infrastructure and mining works.

Going forward, improved execution of the order book, tying up of
funds for working capital requirements and realization of
receivables are the key rating drivers from credit perspective.

Shaili Infra Limited (SIL) was incorporated as Shaili Paradigm
Infratech Private Limited (SIPL) in the year 2010 and in 2014,
company name was changed to SIL. The company is primarily into
execution of road works, building construction, irrigation works,
urban infrastructure and recently ventured into mining excavation.

Recent Results
The company reported an operating income and net profit of
INR112.45 crore and INR1.77 crore respectively in FY2014 as
against an operating income and net profit of INR150.51 crore and
INR5.59 crore respectively in FY2013.The company has also reported
an operating income and net profit of INR19.09 crore and INR0.19
crore respectively in 6mFY2015(Provisional and Unaudited).


SHARAD COTTON: CARE Reaffirms B Rating on INR5.48cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of
Sharad Cotton Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.48      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Sharad Cotton
Private Limited (SCPL) continue to remain constrained on account
of the modest scale of operations, thin profitability, moderately
leveraged capital structure and weak debt coverage indicators. The
rating also continued to remain constrained on account of its
working capital intensive nature of operation in the fragmented
and competitive cotton ginning industry, susceptibility of margins
to fluctuation in raw material prices and seasonality associated
with availability of raw material.

The rating, however, continues to derive strength from the
experienced promoters and favourable location with presence
in the leading cotton-producing region of India. The rating also
considers successful completion of the expansion project and
commencement of commercial production of cotton seed oil and de-
oiled cake in FY14 (refers to the period April 1 to March 31).

The ability of SCPL to increase its scale of operations along with
stabilization of the recently completed expansion project and
improve its profitability and capital structure in light of the
competitive nature of the industry are the key rating
sensitivities.

Incorporated in 2011, SCPL was promoted by the Goyal family, and
the company is engaged in the business of cotton ginning &
pressing. The plant commenced commercial production from December
2011 onwards and therefore FY13 was first full year of operation.
SCPL's plant is located at Sendhwa (Madhya Pradesh) with an
installed capacity of 100 bales per day per shift of twelve hours
of cotton ginning and pressing. SCPL has recently completed
expansion project of setting up cotton seed crushing facility with
an installed capacity of 250 quintals of cotton seeds per day per
shift of twelve hours. SCPL has started commercial production from
the crushing unit from April, 2014.

As per the audited results for FY14, SCPL reported net profit of
INR0.15 crore on a total operating income (TOI) of INR34.38
crore as against net profit of INR0.17 crore on a TOI of INR43.40
crore in FY13. As per the provisional results for 8MFY15,
SCPL registered a turnover of INR25.52 crore.


SPICEJET LTD: Banks Unwilling To Loan Money Despite Guarantees
--------------------------------------------------------------
Live Mint reports that banks are unwilling to loan money to
SpiceJet Ltd, the cash-strapped airline now controlled by
billionaire Kalanithi Maran, despite the aviation ministry asking
them to lend as much as INR600 crore to the airline against
guarantees by the promoters, two people familiar with the matter
said.

On December 16, the ministry of civil aviation asked banks to loan
SpiceJet short-term working capital funds against assurances from
the airline's promoters, the Mint says. The ministry's request
came a day after the airline sought state support amid concerns
that it could shut down.

"SpiceJet has not been able to secure loans despite promoters
being willing to guarantee the same. There is a larger malaise in
that airlines in India cannot access a basic source of capital
domestically due to irrational fears," the Mint quotes one of the
two people as speaking on condition of anonymity.

On December 5, the aviation ministry asked SpiceJet, which was
raising some of its working capital through advance ticket sales,
to stop sales of tickets more than a month in advance, the Mint
recalls.

The report relates that restriction came after the airline
cancelled around 1,800 flights in December after it shrank its
fleet, largely owing to financial reasons.

That restriction on advance sales precipitated a crisis by drying
up the airline's source of funds.  On December 16, SpiceJet had to
briefly ground its fleet for more than 10 hours after oil
companies refused to fuel aircraft until it pays its dues. The
aviation ministry has since permitted SpiceJet to accept bookings
till March-end, according to the Mint.

According to the report, Kapil Kaul, chief executive officer
(South Asia) at consulting firm Capa Centre for Aviation, said
banks are unlikely to lend to airlines given the high risk
profile, poor financials and bad previous experiences with earlier
lending.

"SpiceJet's inability to raise debt in spite of possibly very
strong collaterals is not surprising given the challenges in
enforceability that banks, especially public sectors banks, face
at the time of recovery. Promoters may have to look at other means
of raising funds, and further capitalization by new investors is
dependent on the first tranche of about $100 million by the
existing promoters," the report quotes Mr. Kaul as saying.

In the last week of December, SpiceJet outlined a turnaround plan
to the government, centred on a proposed $200 million investment
by Ajay Singh, one of its original founders who subsequently
exited the airline and now seems keen on reacquiring an interest
in it, and a unit of JPMorgan Chase and Co, the report recounts.
The first person, according to the Mint, denied the rumours that
investors were pumping in advance money to keep the airline
afloat.

State-run banks, facing mounting bad loans and pressure to boost
profitability, said they need greater autonomy to improve their
performance, at a special meeting attended by Prime Minister
Narendra Modi and central bank governor Raghuram Rajan, Mint
reported on January 5.  The Mint notes that the clamour for
freedom was the key theme that emerged in brainstorming sessions
between chiefs of state-controlled banks, the Union government and
Reserve Bank of India (RBI) officials over two days in Pune.

The Mint, citing RBI's financial stability report, published on
December 29, discloses that gross non-performing advances (NPAs)
of banks increased to 4.5% of total advances in September from
4.1% in March, while net NPAs increased to 2.5% in September from
2.2% in March. Together with restructured assets, stressed loans
increased to 10.7% of total loans in September from 10% in March.
The stressed loans of public sector banks made up 12.9% of their
total loan book, much higher than the 4.4% of private sector
banks.

A financial adviser said the real problem behind the reluctance of
banks to lend to SpiceJet could lie elsewhere, the Mint adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 18, 2014, Economic Times said the Civil Aviation Ministry
said on December 16 it may request Indian banks/financial
institutions to extend loans of up to INR600 crore to SpiceJet Ltd
as part of measures to keep the carrier functional.
Besides, it will also request the Finance Ministry to permit
external commercial borrowing (ECB) for working capital as special
dispensation, a Ministry release said, ET related.

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.

As reported in the TCR-AP on Nov. 17, 2014, The Times of India
said auditors of financially struggling SpiceJet airlines have
cast 'significant' doubts on the ailing company's future.  The
low-cost carrier incurred a loss of INR310 crore in the quarter
ended Sept. 30, 2014, down 45% from the loss of INR560 crore in
same period last fiscal.

"As of that date (Sept. 30, 2014) the company's total liabilities
exceed its total assets by INR1,459.7 crore. These conditions
. . . indicate the existence of a material uncertainty that may
cast significant doubt about the company's ability to continue as
a going concern," auditor S R Batliboi & Associated said.  The
auditors point out that SpiceJet had made no provision for
interest of INR7.5 crore. "Had the same been accounted for, the
net loss for the quarter ended Sept.30, 2014, would have been
higher by INR7.5 crore," the auditor said.


SPICEJET LTD: Talks Between Ajay Singh, Marans May Collapse
-----------------------------------------------------------
moneycontrol.com reports that talks between Spicejet Ltd's former
promoter Ajay Singh and its current promoters the Marans are on
the brink of a break down.

According to the report, sources said Singh has said he wants
Marans to pay nearly INR1,100 crore in liabilities. But Marans
have disagreed to pay the amount in a crucial meeting held with
Singh and others on January 5.  moneycontrol.com says the Maran
family wants to exit the airline completely.

moneycontrol.com notes that Singh had helped set up the airline in
2005. He is in talks with US-based private equity investors to
raise funds and lead a turnaround of the low-cost airline, the
report says.

The report notes the beleaguered airline company ran into trouble
when aviation regulator DGCA forbid it to offer or sell tickets
beyond a month, which was later revised to March 31. The company's
problems surfaced in November after it sharply reduced the number
of flights and returned some aircraft. It owes money to airport
authorities, employees, vendors and even the government.

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.

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.

As reported in the TCR-AP on Nov. 17, 2014, The Times of India
said auditors of financially struggling SpiceJet airlines have
cast 'significant' doubts on the ailing company's future.  The
low-cost carrier incurred a loss of INR310 crore in the quarter
ended Sept. 30, 2014, down 45% from the loss of INR560 crore in
same period last fiscal.

"As of that date (Sept. 30, 2014) the company's total liabilities
exceed its total assets by INR1,459.7 crore. These conditions
. . . indicate the existence of a material uncertainty that may
cast significant doubt about the company's ability to continue as
a going concern," auditor S R Batliboi & Associated said.  The
auditors point out that SpiceJet had made no provision for
interest of INR7.5 crore. "Had the same been accounted for, the
net loss for the quarter ended Sept.30, 2014, would have been
higher by INR7.5 crore," the auditor said.


SRI SHIVA: ICRA Reaffirms B+ Rating on INR6.28cr Fund Based Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR6.28 crore fund based limits and INR0.72 crore unallocated
limits of Sri Shiva Parvathi Industries.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based Limits     6.28       [ICRA]B+ reaffirmed
   Unallocated Limits    0.72       [ICRA]B+ reaffirmed

The reaffirmation of rating factors in the intensely competitive
nature of rice industry with presence of several small-scale
players which puts pressure on the operating margins; moderate
financial profile of the firm characterized by low profitability,
moderate gearing levels and modest coverage indicators; and risks
inherent to a partnership firm. This apart, the rating is also
constrained by the susceptibility of profitability & revenues to
agro-climatic risks which impact the availability of paddy in
adverse weather conditions. The rating, however, takes comfort
from the long track record of the promoters in the rice mill
business and favorable demand prospects for rice with India being
the second largest producer and consumer of rice internationally.
Going forward, the ability of the firm to improve its
profitability and efficiently managing its working capital
requirements remains the key rating sensitivity.

Founded in the year 2009 as a partnership firm, Sri Shiva Parvathi
Industries (SSPI) is engaged in the milling of paddy and produces
raw & boiled rice. The rice mill is located at Ramunipatla village
of Medak district, Telangana. The installed production capacity of
the rice mill is 6 tons per hour and ravva mill is 2 tons per
hour.

Recent Results
For FY2014, the firm reported profit after tax of INR0.10 crore
for operating income of INR23.74 crore as against profit after tax
of INR0.09 crore for operating income of INR21.97 crore in FY2013.


SUN SHINE: CARE Reaffirms B+ Rating on INR14.44cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sun Shine Rice Unit.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     14.44      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to Sun Shine Rice Unit (SSR) continues to be
constrained by its small scale of operations with low
profitability margins and leveraged capital structure. The rating
is further constrained by the fragmented nature of the industry
with high government regulation and partnership nature of its
constitution.

The rating, however, continues to favourably factor in the
experienced partners and strategic location of the unit being
located in Taraori, Haryana.

Going forward, SSR's ability to scale-up its operations while
improving its profitability margins and capital structure along
with prudent working capital management shall be the key rating
sensitivities.

Sun Shine Rice Unit (SSR) is a partnership firm established in
2010 by Mr Inder Parkash, Mr Narain Parkash, Mr Vijay
Kumar, Mr Sanjay Kumar and Ms Sudesh Rani sharing profits and loss
equally. SSR commenced commercial operations from July 2011, and
is engaged in the processing of basmati rice. The manufacturing
facility is located at Taraori, Haryana, with an annual installed
capacity of 32,120 metric tonnes per annum (MTPA) as on March 31,
2014. SSR procures paddy through commission agents and stockist
from the local grain markets located in Haryana, Punjab, and Uttar
Pradesh. The firm sells rice through network of commission agents
to exporters based in Haryana, Punjab and Gujarat.

SSR has reported a net profit of INR0.13 crore on a total
operating income of INR43.28 crore during FY14 (refers to the
period April 1 to March 31). During FY15, the firm achieved total
income of around INR16 crore till November 30, 2014.


TAPOVAN INTERNATIONAL: CARE Reaffirms B+ Rating on INR5.73cr Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Tapovan International School.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.73       CARE B+ Re-affirmed

Rating Rationale

The rating assigned to the Tapovan International School (TIS)
continues to remain constrained on account of its weak financial
risk profile marked by highly leveraged capital structure, below
moderate debt coverage indicators and dependence on external
sources for debt repayment.

The rating, however, continues to derive strength from the strong
group support, high operating margin, long-term revenue visibility
of TIS due to rental agreement with Madhav Education Trust (MET)
and other sources of income of the proprietor. The rating also
derived strength from the increased scale of operations of MET.

The ability of TIS to increase its rental inflow and continued
inflow from other income sources is the key rating sensitivity.

TIS was started in May 2010 by Mr Chirag Patel. The school is
managed and run by MET which was established in 2010 to run TIS by
the promoter and founder (Mr Dashrathbhai V Patel) of Gujarat
Multi Gas Base (GMGB) Group which is engaged in manufacturing of
different grades of specialty chemicals. Mr Chirag Patel, who is a
trustee in MET and proprietor of TIS, has constructed the school
building which has been leased out to MET. TIS has taken term loan
for the construction of school building and will be servicing the
loan from rental income from MET.

The school is spread over 23 acres of land in Mehsana. It is a day
boarding-cum-residential school with hostel facility for the
students not belonging to Mehsana. The school is co-educational
and English medium affiliated to the Central Board of Secondary
Education (CBSE).

During FY14 (refers to the period April 1 to March 31), TIS
reported a net profit of INR0.21 crore on a total operating
income (TOI) of INR3.44 crore as against net loss of INR1.02 crore
on TOI of INR2.56 crore in FY13.


THAKAR INVESTMENTS: CRISIL Suspends FB- Bank Loan Rating
--------------------------------------------------------
CRISIL has suspended its rating the bank facility of Thakar
Investments Ltd (TIL).

   Facilities                   Ratings
   ----------                   -------
   Fixed Deposit Programme      FB-/Stable (Suspended)

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

TIL, a deposit-taking, asset-financing, NBFC, operates in Vadodra.
The present promoter, Mr. Arvind Vakhtaria, took over the company
in 2012 and infused about INR16.3 million of capital in 2012-13.
Mr. Vakhtaria along with his wife presently holds about 81 per
cent of TIL's shares. TIL is engaged in lending to small
businesses (financing of their plants and machinery), and
providing vehicle loans and personal loans. The company had loans
outstanding of INR19.8 million as on March 31, 2013.


VASUDEVA DALL: CRISIL Reaffirms B Rating on INR52MM Cash Credit
---------------------------------------------------------------
CRISIL rating on the bank facilities of Vasudeva Dall Products Pvt
Ltd (VDPL) continues to reflect VDPL's moderate scale of
operations in a highly fragmented agricultural commodity trading
industry and its susceptibility to volatility in raw material
prices. These rating weaknesses are partially offset by the
extensive industry experience of its promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         2.5       CRISIL A4 (Reaffirmed)
   Cash Credit           52         CRISIL B/Stable (Reaffirmed)
   Long Term Loan        18.3       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VDPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company registers higher-than-
expected offtake and operating margin leading to healthy accruals
or efficient working capital management. Conversely, the outlook
may be revised to 'Negative' in case of lower-than-expected
revenues and profitability coupled with increase in working
capital requirements, or climatic changes affecting supply of
inputs, leads to lower-than-expected accruals resulting in
deterioration in financial risk profile.

Set up in 2010, VDPL is engaged in the processing and trading of
various dals, pulses, grams, and other foodgrain. Based out of
Vijaywada (Andhra Pradesh), VDPL is promoted by Mr. Desu Murli
Krishna and his family members.

VDPL reported, on a provisional basis, net loss of INR     0.9
million on net sales of INR488.9 million for 2013-14 against a
profit after tax of INR0.2 million on net sales of INR50.6 million
for 2012-13.



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


* JAPAN: Number of Corporate Bankruptcies Down 10% in 2014
----------------------------------------------------------
Nikkei reports that business bankruptcies in Japan are estimated
to have decreased about 10% in 2014 as smaller companies had
easier access to bank loans and were aided by low interest rates.

Bankruptcies between January and November came to 9,045, Nikkei
discloses citing research company Tokyo Shoko Research. The number
for December is estimated at around 700, making the total about
10% less than the 10,855 of 2013. The last time the tally was
below 10,000 was in 1990, Nikkei relays.

Banks with earnings improvements are boosting lending to small and
midsize companies.  Nikkei says that the Bank of Japan said loans
to such companies increased for 16 straight months through
October.

Nikkei notes that with Japan's long-term interest rates having
dropped to the 0.3% level due to the BOJ's aggressive monetary
easing, interest rates on bank loans have also fallen, curbing
fundraising costs for businesses. Lenders are also giving grace
periods for repayment and other loan adjustments based on requests
from the Financial Services Agency, the report states.

According to the report, the yen's sharp decline is squeezing
earnings of some companies.  Bankruptcies attributed to the soft
yen doubled last year to 278.  More transport businesses, weighed
down by high fuel costs, are going bankrupt, relates Nikkei.

Nikkei meanwhile reports that many healthy small companies are
suspending operations due to lack of successors in management.

Some analysts said the tide may turn and the number of
bankruptcies may start rising. "With the weak yen and a shortage
of labor, bankruptcy may increase mildly," Nikkei quotes Nobuo
Tomoda of Tokyo Shoko Research as saying.



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


CATHERINE'S FASHIONWEAR: Complaint Filed Over Discrepancies
-----------------------------------------------------------
Matt Nippert at The New Zealand Herald reports that liquidators
probing the collapse of Catherine's Fashionwear have complained
records were destroyed.

Catherine's Fashionwear collapsed into receivership in July 2013
following court action brought by Heartland Bank, the report
discloses.

The NZ Herald relates that reports by receivers James Greenway and
Andrew Bethell of BDO said creditors were owed NZ$2.3 million and
a complaint had been laid with the Serious Fraud Office after
discrepancies were found in the accounts.

"These practices resulted in the level of accounts receivable and
stock being substantially overstated in the company's financial
accounts," the reports said, NZ Herald relays.

According to the NZ Herald, liquidators Christopher McCullagh --
anthony.mccullagh@pkfcr.co.nz -- and Stephen Lawrence --
steve.lawrence@pkfcr.co.nz --  of PKF, appointed alongside BDO,
said in a recent report that reconstructing the affairs of the
company was proving difficult: "as the relevant accounting records
have been destroyed, this is a complex task."

The NZ Herald notes that the company's owner and managing
director, Catherine Casey, also ran non-trading clothing company
Apparel House and children's "princess party" firm Club Girly
Girlz which are also in receivership and liquidation.

Following the collapse of her firms Ms. Casey re-emerged as
founding manager of Albany restaurant-cum-strip-club Sin City,
which folded less than a month after its opening last year, the
report says.

The report relates that the company's website said the venue
traded as a "restaurant by day/early evening and adult
entertainment by night."

The NZ Herald says liquidator Jurgen Herbke, appointed to Sin City
operator CGG Pty, said trade creditors and CGG were owed nearly
NZ$200,000 but there were negligible assets.

According to the report, Mr. Herbke said Ms. Casey and the owner
of CGG were in dispute over who was to blame for the failure. "She
blames the funder and owner, and he blames her -- but because of
holidays I haven't yet had time to get to the bottom of these
claims," the report quotes Mr. Herbke as saying.

Ms. Casey said through a friend that she did not wish to respond
to the liquidators' comments or discuss the ongoing SFO probe, the
report notes.

Catherine's Fashionwear accountant, John Gray, was convicted in
2010 for his role in the collapse of National Finance, the NZ
Herald says.

Mr. Gray had also worked at television waste recycler RCN E-Waste,
which collapsed in July leaving half-finished a
NZ$4.4 million contract with the Ministry for the Environment. The
firm is also being investigated by the SFO, the report adds.

Catherine's Fashionwear imported sporting apparel and outfitted
numerous sports teams including the Tasman Makos.



=================
S I N G A P O R E
=================


JCET-SC PTE: STATS ChipPAC Deal No Impact on Moody's Ba3 CFR
------------------------------------------------------------
Moody's Investors Service says JCET-SC (Singapore) Pte. Ltd.'s
(JCET-SC, unrated) pre-conditional voluntary offer to acquire
STATS ChipPAC Ltd. has no impact on the STATS ChipPAC's Ba3
corporate family rating and senior unsecured bond rating. The
ratings remain on review for downgrade.

On December 30, 2014, JCET-SC, a subsidiary of JCET (unrated),
announced that it intends to make a voluntary conditional cash
offer for all the shares in STATS ChipPAC Ltd. subject to the
fulfilment of certain conditions. The purchase price of USD780
million is in line with November 2014 non-binding proposal.

JCET; the National Integrated Circuit Industry Investment Fund
Co., Ltd. (unrated); and SilTech Semiconductor (Shanghai)
Corporation Limited -- a subsidiary of Semiconductor Manufacturing
International Corporation (unrated), have formed a consortium to
undertake the offer.

The proposed transaction does not include STATS ChipPAC's
subsidiaries in Taiwan - 52%-owned STATS ChipPAC Taiwan
Semiconductor Corporation and 100%-owned STATS ChipPAC Taiwan Co.,
Ltd. STATS ChipPAC therefore announced on 30 December 2014 that it
intends to restructure its Taiwan operations through a capital
reduction and a USD200 million perpetual securities rights
offering.

Pre-conditions to the making of the offer by JCET-SC notably
include (1) regulatory and shareholder approvals; (2) Singapore
court approval of the Taiwan capital reduction; and (3) STATS
ChipPAC consolidated aggregate debt being below USD 1.28 billion
at the earlier of 30 April 2015 or the date of the offer
announcement. The consolidated aggregate debt excludes any debt to
be incurred by its Taiwan subsidiaries to repay intercompany debt
owing to the company. Moody's notes that if the pre-conditions are
not fulfilled before 5pm on 30 June 2015 or such later date as the
parties may agree, the offer will not be made.

If the transaction is successful and Temasek's shareholding falls
below 34%, this would trigger the change of control put option on
STATS ChipPAC's senior unsecured bonds due 2016 and 2018,
totalling USD811 million. There are no ratings triggers. This
means bond holders could put the bonds back to the company at 101.
Assuming all bonds are put back to the company, the funding
requirements for the acquisition would increase by an additional
USD819 million.

Moody's review will focus on (1) the fulfilment of the pre-
conditions, (2) the final the terms and conditions of the sale,
including the funding arrangements at each JCET-SC and STATS
ChipPAC, particularly with respect to the funding for any bonds
that are put and (3) the overall operational and financial impact
of the acquisition on STATS ChipPAC's credit profile going
forward, should a definitive deal be struck.

If the deal were to fail to materialize, and there is no
fundamental change to STATS ChipPAC's business and financial
profile, then the outlook could revert to stable at the Ba3 level.

STATS ChipPAC Ltd. is the fourth-largest player in the OSAT
(Outsourcing Semiconductor Assembly and Test) industry. It
provides full turnkey solutions to semiconductor companies, among
them foundries, integrated device manufacturers, and fabless
companies in the US, Europe, and Asia.



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


FIRST INTERNATIONAL: Taipei District Court Declares Firm Bankrupt
-----------------------------------------------------------------
John Liu at The China Post reports that First International
Telecom Corp. (Fitel) was declared bankrupt by the Taipei District
Court on Dec. 26, 2014.

The China Post relates that the announcement was made after the
company's five-year restructuring efforts failed. Nevertheless,
the company said it will try its best to keep its 1,900MHz
frequency network running in the interest of the company's
customers.

Established in 1997, First International Telecom Corp. launched
the PHS service in 2001. It was once a popular company in Taiwan,
and had more than one million customers at its peak.

The company operates mostly in Northern Taiwan and serves groups
with special requirements, such as hospital customers. The PHS
operator claims that its low-power network is healthier than other
phone systems, and it does not interfere with the operation of
medical equipment.

However, sales began to go down after the arrival of smartphones
and a change of industry landscape, the report says.  The company,
which provides voice service only, has over time been
outmaneuvered by other operators that provide Internet service and
free calls within the same network, The China Post notes.

With few storefronts left, the company currently has about 600,000
customers, less than 100,000 of which are paying customers,
according to the report.

As the company encountered a financial crisis, the court ordered a
restructuring in 2008, the report recalls. The company in
May 2014 announced a PHS upgrade plan, inviting XGP Forum from
Japan to give a report on Taiwan's upgrade from the PHS system to
the XGP system.

The efforts, however, were still unable to plug the company's
financial hole.  The China Post relates that at a restructuring
meeting earlier last month, all participants agreed that the
company could not meet its objectives. All seven board directors,
including former Chairman Ming Chien and two independent
directors, have resigned, the report states.

First International Telecom has a debt of NT$1 billion, and
analysts said it's unlikely that other phone operators will take
over the company, The China Post discloses.

First International Telecom was Taiwan's sole personal handy-phone
system (PHS) provider.



=============
V I E T N A M
=============


PARKSON VIETNAM: Hanoi Store Closes Doors Due to Losses
-------------------------------------------------------
Biz Hub reports that Parkson stores, housed in a 72-storey
skyscraper in Viet Nam, Ha Noi Keangnam Landmark, closed its doors
suddenly on January 2.

Biz Hub relates that the management unit at Parkson had earlier
issued an unexpected notification stating that the last trading
day for the department store would be January 2 and that the
counter's owners will have access to the building for the next two
days, on January 3 and 4, to remove their fixtures and stocks.

According to the notification, the store's closure is a result of
the company and its partners having suffered "huge losses" since
the shopping mall's opening in 2011, which has led to the owner of
the Parkson Landmark terminating tenancy for the counters, relates
Biz Hub.

Meanwhile, Biz Hub says Nguyen The Cuong, the Head of the Market
Management Unit in Nam Tu Liem district, was quoted by
vietnamplus.vn as saying that the Parkson's closure was a result
of a tenancy dispute between the Keangnam and Parkson.

The Parkson's five-floor department store opened its doors in the
Ha Noi skyscraper on December 2, 2011, occupying retail space of
up to 35,600 square metres, Biz Hub discloses.

Parkson has investment capital of US$10 million and is located
near the Pham Hung boulevard in Nam Tu Liem district.

Parkson Vietnam Co. Ltd. operates as a subsidiary of Lion
Diversified Holdings Berhad.


                             *********

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.



                 *** End of Transmission ***