TCRAP_Public/141126.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, November 26, 2014, Vol. 17, No. 234


                            Headlines


A U S T R A L I A

ALL THE PERKS: Placed in Liquidation
BISEJA PTY: Liquidator Charged With Obtaining Money by Deception
ELLA ROUGE: Director Pleads Guilty to ASIC Criminal Charges
SHUANGFU DEVELOPMENT: First Creditors' Meeting Set For December 2
STRONG FITNESS: In Administration; First Meeting Set For Dec. 2

TAYLOR & O'SIGN: First Creditors' Meeting Slated For December 2
* AUSTRALIA: Firms Entering EXAD Rises in Qtr Ended September


C H I N A

BEIJING CAPITAL: USD Securities No Impact on Moody's Ba2 CFR
CHINA GINSENG: Reports US$571,000 Net Loss for Third Quarter


H O N G  K O N G

LDK SOLAR: Bankruptcy Court Confirms U.S. Chapter 11 Plan


I N D I A

AGRI GREEN: CRISIL Suspends B Rating on INR200MM Cash Credit
AML STEEL: CRISIL Suspends B Rating on INR275MM Cash Credit
ASIAN EDUCATIONAL: CRISIL Suspends B+ Rating on INR98MM LT Loan
BARAK VALLEY: CRISIL Suspends D Rating on INR350MM Cash Credit
BHADRAMARUTI CONCAST: CRISIL Suspends D Rating on INR85MM Loan

BHARTI FARMS: ICRA Suspends B Rating on INR10.63cr LT Loan
BHARTI RESEARCH: ICRA Suspends B Rating on INR20.18cr LT Loan
COLOR EQUIPMENTS: CRISIL Suspends B+ Rating on INR180MM Bank Loan
DAVENDRA FEEDS: ICRA Suspends B Rating on INR9.95cr LT Loan
DELTA PRE: CRISIL Suspends C Rating on INR50MM Cash Credit

DEVI ISPAT: CRISIL Suspends 'D' Rating on INR625MM Cash Credit
GOLDEN TEX: CRISIL Suspends B Rating on INR20MM Bank Loan
GRAH AVAS: ICRA Upgrades Rating on INR10cr Term Loan to B
GREETINGS KNIT: CRISIL Suspends B+ Rating on INR23.9MM LT Loan
GUINEA MOTORS: CRISIL Suspends B- Rating on INR90MM Cash Credit

KIRTIMAN CEMENTS: CRISIL Suspends D Rating on INR70MM Cash Credit
LODHA DEVELOPERS: Moody's Assigns (P)Ba3 Corporate Family Rating
MACKEIL ISPAT: CRISIL Suspends 'D' Rating on INR948.3MM LT Loan
NORTH BENGAL: CRISIL Suspends 'D' Rating on INR80MM Term Loan
PAN FUEL: ICRA Suspends C- Rating on INR6cr Fund Based Cash Loan

PRECIOUS CONSTRUCTION: ICRA Withdraws B Rating on INR30cr Loan
QUENCH SOFT: ICRA Suspends D Rating on INR25cr LT Fund Based Loan
SAIRAM SUITINGS: CRISIL Suspends B+ Rating on INR45MM Cash Credit
SHIV POLYMERS: CRISIL Suspends B+ Rating on INR35MM Cash Credit
SHREE METALLOYS: ICRA Reaffirms B+ Rating on INR8cr Cash Credit

SHRI SHYAMJI: ICRA Ups Rating on INR21.25CR Fund Based Loan to B+
SINGHAL POLYTECH: CRISIL Suspends B Rating on INR55.5MM Cash Loan
SONALI ENERGEES: ICRA Reaffirms B+ Rating on INR16.10cr Term Loan
STORK FERRO: CRISIL Suspends B- Rating on INR190.4MM Term Loan
SUMA REFINARIES: CRISIL Suspends 'D' Rating on INR100MM Term Loan

SUN PAPER: CRISIL Suspends B- Rating on INR285.5MM Long Term Loan
SUNDARAM STEELS: CRISIL Suspends D Rating on INR99.6MM Term Loan
WILLIAM INDUSTRIES: CRISIL Suspends B+ Rating on INR52.6MM Loan
WAYNE-BURT PETROCHEM: CRISIL Suspends B+ Rating on INR110MM Loan


M A L A Y S I A

MALAYSIA AIRLINES: "Show Us Your Money First," MP Tells Suitors


N E W  Z E A L A N D

PUMPKIN PATCH: May Breach Banking Covenants


P A K I S T A N

PAKISTAN: S&P Rates Proposed Global Sukuk Trust Certificate 'B-'


S R I  L A N K A

UNION BANK: Fitch Raises Nat'l. LT Rating to BB+; Outlook Stable


                            - - - - -


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


ALL THE PERKS: Placed in Liquidation
------------------------------------
Cliff Sanderson at Dissolve.com.au reports that All The Perks Pty
Ltd, the company behind the Australian Indigenous Fashion Week,
is in liquidation. The company owes creditors and people involved
in the event nearly AUD400,000.

Dissolve.co.au says the April event is reportedly aimed at
showcasing Aboriginal modelling talent and design. RSM Bird
Cameron's Frank Lo Pilato was appointed as liquidator of the
company.


BISEJA PTY: Liquidator Charged With Obtaining Money by Deception
----------------------------------------------------------------
Following an Australian Securities and Investment Commission
investigation, a former liquidator on November 25 faced court
charged with various offences, including obtaining more than
AUD90,000 by deception, as part of a scheme to pay his own debts.

Mark Levi appeared before Downing Centre Local Court charged with
two counts of obtaining money by deception, two counts of making
a false instrument, two counts of using a false instrument and
two counts of making a false document.

The deception offences carry a maximum penalty of five years
jail. All the other offences carry a maximum penalty of 10 years
jail.

ASIC alleges that in April and October 2009, Mr Levi used
approximately AUD92,000 to pay off two personal tax bills by
deceiving his then employer to sign two cheques from a
receivership account of Biseja Pty Ltd (receiver and manager
appointed). The amounts of the two cheques were inflated to a
higher amount in order for Mr Levi to use the money to pay his
personal tax liability.

At the time Mr Levi's employer was the receiver for Biseja Pty
Ltd.

ASIC alleges Mr Levi altered and used two business activity
statements in order to induce his employer into signing the
cheques, and that he altered the books and records of Biseja to
cover up his alleged conduct.

The matter has been adjourned to Sydney's District Court on
Feb. 24, 2015.

The Commonwealth Director of Public Prosecutions is prosecuting
this matter.


ELLA ROUGE: Director Pleads Guilty to ASIC Criminal Charges
-----------------------------------------------------------
Ali Hammoud, the director of Ella Rouge Beauty Pty Ltd, which now
operates the NSW chain of 'Ella Rouge Beauty' salons, appeared in
the Downing Centre Local Court in Sydney on Nov. 25, 2014,
following an Australian Securities and Investment Commission
investigation.

Mr. Hammoud, 55, of Brighton-Le-Sands, Sydney, entered a guilty
plea to one count of dishonestly misusing his position as a
director of ERB International Pty Ltd (ERB) and one count of
making a false statement to obtain a financial advantage.

ASIC alleged that between Aug. 9, 2007 and March 4, 2008, Mr
Hammoud used his position as a director of ERB dishonestly with
the intention of gaining a financial advantage for himself,
namely by misappropriating AUD2,609,831.91 from the company for
his own use.

ASIC also alleged that between Aug. 8, 2003 and June 26, 2007,
Mr Hammoud, with the intent to gain a financial advantage,
recklessly made false statements in workers compensation
insurance forms by understating the estimated and actual wages of
the company. It is estimated that ERB obtained a financial
advantage of approximately AUD338,709.25 as a result of the false
statements.

Mr Hammoud was committed to the Sydney District Court where the
matter will be mentioned on Dec. 5, 2014.

A breach of directors' duties carries a penalty of five years
imprisonment and/or a fine of AUD220,000. Making a false
statement to obtain a financial advantage carries a penalty of
five years imprisonment and/or a fine of AUD22,000.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

ASIC's investigation into Mr Hammoud arose during the course of
its investigation into the conduct of Pino Fiorentino and
William Hamilton, the former joint liquidators of ERB, which
operated the Ella Rouge Beauty chain prior to its liquidation.
Both Mr Fiorentino and Mr Hamilton were the subject of Companies
Auditors and Liquidators Disciplinary Board proceedings brought
by ASIC.


SHUANGFU DEVELOPMENT: First Creditors' Meeting Set For December 2
-----------------------------------------------------------------
Bruce Gleeson of Jones Partners Insolvency was appointed as
administrator of Shuangfu Development Pty Ltd on Nov. 20, 2014.

A first meeting of the creditors of the Company will be held at
Jones Partners Insolvency & Business Recovery, Level 13, 189 Kent
Street, in Sydney, on Dec. 2, 2014, at 11:00 a.m.


STRONG FITNESS: In Administration; First Meeting Set For Dec. 2
---------------------------------------------------------------
Brent Kijurina & Richard Albarran of Hall Chadwick were appointed
as administrators of Strong Fitness Pty Limited on Nov. 20, 2014.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 40, 2 Park Street, in Sydney, on Dec. 2,
2014, at 10:00 a.m.


TAYLOR & O'SIGN: First Creditors' Meeting Slated For December 2
---------------------------------------------------------------
Johnathan Robert Murrell & Paul John Cook of Paul Cook &
Associates were appointed as administrators of Taylor & O'Sign
Holdings Pty Ltd, trading as Broxburn Civil Construction, on Nov.
20, 2014.

A first meeting of the creditors of the Company will be held at
Hotel Grand Chancellor, 29 Cameron St, in Launceston, on Dec. 2,
2014, at 12:00 noon.


* AUSTRALIA: Firms Entering EXAD Rises in Qtr Ended September
-------------------------------------------------------------
Kayleen Chen at InsolvencyNews reports that ASIC has recently
revealed the Insolvency Statistics for September Quarter 2014.

InsolvencyNews says the key findings show an increase of 7.0% in
companies entering external administration (EXAD), with a total
of 2,469 companies compared to 2,308 companies in June Quarter
2014.

All types of EXAD appointments increased except for creditors
voluntary liquidation, which fell 2.8%, the report discloses.

ACT and Tasmania aside, appointments rose across all states
compared to June Quarter 2014. New South Wales (35.3%) and
Victoria (27.7%) have the most appointments, the report adds.



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


BEIJING CAPITAL: USD Securities No Impact on Moody's Ba2 CFR
------------------------------------------------------------
Moody's Investors Service says that Central Plaza Development
Limited's (CPD) proposed issuance of USD senior perpetual capital
securities (unrated) does not affect the following ratings:

* Ba2 corporate family rating of Beijing Capital Land Limited
(BJCL)

* Ba3 corporate family rating of International Financial Center
Property Ltd (IFC)

* Ba3 senior unsecured rating of existing IFC-guaranteed bonds

The outlook for all the ratings remains stable.

The proceeds of the proposed issuance will be used to refinance
existing indebtedness and for working capital purposes.

The USD senior perpetual capital securities will be issued under
CPD's USD1 billion medium-term note program (MTN, (P)Ba3 stable),
and will also be guaranteed by IFC.

The perpetual capital securities will be further supported by a
Deed of Equity Interest Purchase Undertaking and a Keepwell Deed
between BJCL, CPD, IFC and the bond trustee.

Both CPD and IFC are wholly-owned subsidiaries of BJCL.

"Moody's considers that these proposed senior perpetual capital
securities will be 100% debt, but the incremental debt raised
will not materially pressure the group's credit profile because
part of the proceeds will be used to refinance the group's
existing debt," says Kaven Tsang, a Moody's Vice President and
Senior Analyst.

"After the issuance, Moody's expects BJCL's EBITDA/interest will
remain around 2x and adjusted debt/capitalization will stay
around 70% in the next 12-18 months," adds Tsang, who is also
Moody's Lead Analyst for the group.

These ratios are considered weak for BJCL's Ba2 rating, but the
company's good liquidity position and state-owned enterprise
status will lower the consequent financial risk.

BJCL's cash on hand totaled RMB11.7 billion at end-June 2014; an
amount equivalent to 1.3x of its short-term debt.

The proposed perpetual capital securities will also lengthen the
company's debt maturity profile.

BJCL's stable outlook reflects Moody's expectation that the
company will maintain adequate cash and operating cash flow to
fund its current projects.

Meanwhile, IFC's Ba3 corporate family rating and bond rating have
incorporated Moody's assessment of IFC's standalone credit
strengths, and a two-notch rating uplift because of the
likelihood of financial support from BJCL, in case of need.

IFC's standalone credit profile reflects its small scale
operation and its thin capital base, which translate into modest
financial metrics.

After the proposed issuance, IFC's adjusted EBITDA/interest will
be at around 1.5x-2x, which would be in line with Moody's
expectations.

IFC's stable rating outlook reflects Moody's expectation that IFC
will continue to receive financial and operational support from
BJCL.

The principal methodology used in these ratings was the Global
Homebuilding Industry published in March 2009.

Incorporated in the British Virgin Islands in 2000, International
Financial Center Property Ltd (IFC) is an investment holding
company that owns property development projects in China.

Beijing Capital Land Limited was incorporated in China in 2002
and is the property arm of Beijing Capital Group Ltd. At 30 June
2014, its land bank totaled 11.17 million square meters, with a
saleable land bank of 9.22 million square meters, across 15
cities in China. Its land bank can support the company's
development for the next 3-4 years.


CHINA GINSENG: Reports US$571,000 Net Loss for Third Quarter
------------------------------------------------------------
China Ginseng Holdings, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $571,193 on $5,242 of revenue for the three months
ended Sept. 30, 2014, compared to a net loss of $255,882 on
$62,393 of revenue for the same period in 2013.

As of Sept. 30, 2014, the Company had $8.91 million in total
assets, $14.82 million in total liabilities and a $5.91 million
total stockholders' deficit.

The Company said there are existing uncertain conditions it
foresees relating to its ability to obtain working capital and
operate successfully.  Management's plans include the raising of
capital through the debt and equity markets to fund future
operations and the generation of revenue through its businesses.
The Company added that failure to raise adequate capital and
generate adequate sales revenue could result in the Company
having to curtail or cease operations.

"Additionally, even if the Company does raise sufficient capital
to support its operating expenses and generate adequate revenues,
there can be no assurance that the revenue will be sufficient to
enable the Company to develop business to a level at which it
will generate profits and cash flow from operations.  These
matters raise substantial doubt about the Company's ability to
continue as a going concern.  However, the accompanying financial
statements have been prepared on a going concern basis, which
contemplates the realization of assets and satisfaction of
liabilities in the normal course of business.  These consolidated
financial statements do not include any adjustments relating to
the recovery of the recorded assets or the classification of the
liabilities that might be necessary should the Company be unable
to continue as a going concern."

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/ykWw1c

                        About China Ginseng

Changchun City, China-based China Ginseng Holdings, Inc.,
conducts business through its four wholly-owned subsidiaries
located in China.  The Company has been granted 20-year land use
rights to 3,705 acres of lands by the Chinese government for
ginseng planting and it controls, through lease, approximately
750 acres of grape vineyards.  However, recent harvests of grapes
showed poor quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production.  Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.

China Ginseng reported a net loss of $4.76 million on $2.61
million of revenue for the year ended June 30, 2014, compared to
a net loss of $3.64 million on $3.56 million of revenue for the
year ended June 30, 2013.

Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2014.  The independent auditors noted
that the Company has incurred an accumulated deficit of
$14,169,335 since inception, has a working capital deficit of
$11,616,962, and there are existing uncertain conditions the
Company faces relative to its ability to obtain working capital
and operate successfully.  These conditions raise substantial
doubt about its ability to continue as a going concern.



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


LDK SOLAR: Bankruptcy Court Confirms U.S. Chapter 11 Plan
---------------------------------------------------------
LDK Solar CO., Ltd. in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Nov. 24 disclosed that, on
November 21, 2014, Judge Peter J. Walsh of the United States
Bankruptcy Court for the District of Delaware entered an order
confirming the prepackaged plan of reorganization for the three
U.S. subsidiaries of LDK Solar -- LDK Solar Systems, Inc., LDK
Solar USA, Inc. and LDK Solar Tech USA, Inc.  The U.S. Debtors
previously filed voluntary petitions in the U.S. Bankruptcy Court
on October 21, 2014 to reorganize under Chapter 11 of the United
States Bankruptcy Code.

In addition to entry of the Confirmation Order, the U.S.
Bankruptcy Court also entered an order recognizing LDK Solar's
provisional liquidation proceeding in the Grand Court of the
Cayman Islands as a foreign main proceeding under Chapter 15 of
the United States Bankruptcy Code, and an additional order
recognizing and giving full force and effect in the jurisdiction
of the United States to LDK Solar's Cayman Islands scheme of
arrangement.

"We are very pleased that the U.S. Bankruptcy Court has confirmed
our prepack plan for our U.S. subsidiaries and has recognized our
Cayman Islands scheme of arrangement.  The U.S. Bankruptcy
Court's rulings, which follow favorable rulings from the Grand
Court of the Cayman Islands and the High Court of Hong Kong, are
the final court approvals necessary for us to execute the various
documents with our creditors to consummate the international
restructuring of our offshore liabilities," stated Xingxue Tong,
Interim Chairman, President and CEO of LDK Solar.  "Now with more
than US$700 million in our offshore claims judicially approved
for restructuring, we can focus our attention on rebuilding LDK
Solar's position in the marketplace," concluded Mr. Tong.

Copies of the Chapter 11 Plan, Confirmation Order, Recognition
Order and Enforcement Order are available on the website of the
U.S. Debtors' agent, Epiq Bankruptcy Solutions, LLC, at
http://dm.epiq11.com/LDK

                       About LDK Solar

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

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

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

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

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware.  The lead case is In re  LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).

On Oct. 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands.  The Chapter
15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No.
14-12387).

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

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



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I N D I A
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AGRI GREEN: CRISIL Suspends B Rating on INR200MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Agri Green Fertilizers and Chemicals Pvt Ltd (AG).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             200         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        2         CRISIL B/Stable
   Term Loan                18         CRISIL B/Stable

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

AG, incorporated in 2005, is promoted by Mr. Raghunath Reddy and
his family members. The company manufactures single super
phosphate (SSP) and triple super phosphate (TSP) and also trades
in other fertilizers such as urea, di-ammonium phosphate (DAP),
and mono amino phosphate (MAP). The company has an installed
capacity of 500 tonnes per day (tpd) for manufacturing SSP. The
company sells its fertilizers under the Nandi brand, primarily in
Andhra Pradesh.


AML STEEL: CRISIL Suspends B Rating on INR275MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of AML
Steel Ltd (AML).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             275         CRISIL B/Stable
   Letter of Credit         50         CRISIL A4
   Long Term Loan           30         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       95         CRISIL B/Stable

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

AML, incorporated in 1991, manufactures thermo-mechanically
treated bars. The company's day-to-day operations are managed by
Mr. Ajay Agarwal and Mr. Ankit Agarwal.


ASIAN EDUCATIONAL: CRISIL Suspends B+ Rating on INR98MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Asian
Educational Charitable Society (AECS).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           98        CRISIL B+/Stable
   Overdraft Facility       15        CRISIL B+/Stable
   Proposed Term Loan       20        CRISIL B+/Stable

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

AECS was set up by Mr. Amarjeet Singh and his family. The society
set up its first school, The Asian School, in Dehradun
(Uttaranchal), in 2000; 2000-01 (refers to academic year, April
to March) was the first year of the school's operations. In its
first year of operations, The Asian School had an intake of 567
students; it has steadily ramped up its scale of operations to
reach 2200 students in 2011-12. The school currently has capacity
for around 2800 students. It offers classes from Pre-Kindergarten
to the 12th standard and is affiliated with the Central Board of
Secondary Education (CBSE) and International General Certificate
of Secondary Education (IGCSE). AECS is planning to start its
second school under the name and style of Ecole Globale
International Girls School at Village Horowala in Dehradun in
April 2012.


BARAK VALLEY: CRISIL Suspends D Rating on INR350MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Barak Valley Cements Ltd (BVCL; part of the Barak group).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             350         CRISIL D
   Proposed Long Term
   Bank Loan Facility       37         CRISIL D
   Term Loan               163         CRISIL D

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of BVCL and its direct subsidiaries,
Cement International Ltd (CIL), Badarpur Energy Pvt Ltd (BEPL),
Meghalaya Minerals & Mines Ltd (MMML), Goombira Tea Co Pvt Ltd
(GTCPL), Chargola Tea Co Pvt Ltd (CTCPL), Singlacherra Tea Co Pvt
Ltd (STCPL), and Valley Strong Cement (Assam) Ltd (VSCAL),
together referred to as the Barak group.

The Barak group primarily manufactures Portland Pozzolana Cement
(PPC) and Ordinary Portland Cement (OPC) cement. The group has
also set up a biomass plant to meet the power requirement of its
cement plant which is currently non-operational. The Barak group
has recently diversified into the tea business by purchasing
three tea gardens with minimal area under cultivation. BVCL
operates a cement plant with capacity of 198,000 tonnes per annum
(tpa) of clinker and 247,500 tpa of cement. CIL operates a cement
grinding unit with capacity of 126,720 tpa. BEPL set up a 6.0-
megawatt biomass power plant (currently non-operational). MMML
owns a lime stone mine, which is used to meet the requirement of
BVCL and CIL. GTCPL, CTCPL, and TCPL have three gardens spread
over an area of 50,000 bighas (purchased in late 2009 against a
consideration of Rs.15 million). However, currently only a
negligible area is under cultivation. The group plans to bring
the entire area under cultivation in a phased manner over a
period of 10 years. VSCAL currently does not have any operations
The Barak group plans to increase its clinker manufacturing
capacity in BVCL over the near to medium term to 330,000 tpa from
198,000 tpa, with an estimated capital outlay of Rs.200 million.


BHADRAMARUTI CONCAST: CRISIL Suspends D Rating on INR85MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhadramaruti Concast Pvt Ltd (BCPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          17.5       CRISIL D
   Cash Credit             85         CRISIL D
   Overdraft Facility       5         CRISIL D
   Term Loan               42.5       CRISIL D

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

BCPL), earlier known as Adinath Concast Pvt. Ltd. (ACPL),
incorporated in 2005, promoted by Mr. Anil Langde (based in
Jalna, Maharashtra. The company manufactures steel ingots and
billets. Mr. Anil Langde and his brother, Mr. Sunil Langde,
manage the company. BCPL's manufacturing unit is in Jalna, and
has capacity of around 25,000 tonnes per annum.


BHARTI FARMS: ICRA Suspends B Rating on INR10.63cr LT Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR10.63 crore,
long term loans & working capital facilities of Bharti Farms
India Private Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


BHARTI RESEARCH: ICRA Suspends B Rating on INR20.18cr LT Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR20.18 crore,
long term loans & working capital facilities of Bharti Research &
Breeding Farm. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


COLOR EQUIPMENTS: CRISIL Suspends B+ Rating on INR180MM Bank Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Color Equipments and Accessories Pvt Ltd.

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

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

CEAPL, promoted by the Mumbai based Gupta family in 2010, is
engaged in trading of computer hardware peripherals, printer
cartridges and perfumes. Mr. Sanjeev Gupta overlooks the overall
operations of the company.


DAVENDRA FEEDS: ICRA Suspends B Rating on INR9.95cr LT Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR9.95 crore,
long term loans & working capital facilities of Davendra Feeds
India Private Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


DELTA PRE: CRISIL Suspends C Rating on INR50MM Cash Credit
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Delta Pre Engineered Buildings Pvt Ltd (DPEBPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee           40          CRISIL A4
   Cash Credit              50          CRISIL C
   Letter of Credit         40          CRISIL A4


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

Incorporated in December 2007, DPEBPL commenced commercial
operations in September 2009. The company is engaged in pre-
fabrication and erection of industrial buildings. DPEBPL has two
manufacturing facilities, one each in Kadapa and Maheshwaram
(both in Andhra Pradesh) with a total capacity to manufacture
36,000 tonnes per annum of pre-fabricated components. The
company's day-to-day operations are managed by its managing
director, Mr. N Rajasekhar Reddy. The promoters have five other
group concerns, which are engaged in diverse businesses.


DEVI ISPAT: CRISIL Suspends 'D' Rating on INR625MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Devi Ispat Ltd (DIL).

                             Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Cash Credit               625         CRISIL D
   Letter of Credit           10         CRISIL D
   Standby Line of Credit     50         CRISIL D

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

Incorporated in 2004, DIL manufactures steel ingots and rolled
products such as thermo-mechanically-treated rounds, square bars,
and structurals. The company operates a 7-tonne induction furnace
and a rolling mill with capacity of 400 tonnes per day on a two-
shift basis. DIL's manufacturing facility is in Howrah (West
Bengal). Its day-to-day operations are managed by Mr. Nirmal
Kumar Mandhani, who has experience of around 25 years in the
steel industry, and Mr. Mohit Mandhani. Around 90 per cent of the
company's turnover contribution was from trading in steel
products in 2010-11 (refers to financial year, April 1 to
March 31).


GOLDEN TEX: CRISIL Suspends B Rating on INR20MM Bank Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Golden Tex (GT).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bill Discounting         57          CRISIL A4
   Proposed Bill
   Discounting Facility     23          CRISIL A4
   Proposed Long Term
   Bank Loan Facility       20          CRISIL B/Stable

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

Set up as a partnership firm in 2003, GT derives its revenues
from export of ethnic wear to East-African countries. The entire
design of the fabrics is undertaken in-house, while most of the
manufacturing activities are outsourced to nearby units in Tamil
Nadu. The firm was set up by Mr. N Sricharan and his friend, Mr.
R D Pradeep, who manage its day-to-day operations.


GRAH AVAS: ICRA Upgrades Rating on INR10cr Term Loan to B
---------------------------------------------------------
ICRA has upgraded its long term rating outstanding on the INR10.0
crore bank facilities of Grah Avas Vikas Private Limited to
[ICRA]B from [ICRA]D. ICRA has also upgraded the short term
rating outstanding on the INR0.23 crore non fund based bank
facilities of GAV to [ICRA]A4 from [ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Working Capital       10.0       [ICRA]B; Upgraded from
   Term Loan                        [ICRA]D

   Non Fund Based        0.23       [ICRA]A4; Upgraded from
   Limits                           [ICRA]D

The rating upgrade centrally factors in the improvement in the
debt servicing track record of the company. Further, the rating
also takes into account the advanced stage of completion of the
company's current project "Green View Heights", which
significantly mitigates the execution risks. The rating action
also takes into account the improvement in collection efficiency
(~94% as on October, 2014 as compared to ~74% in March, 2013),
which together with the pick-up in execution, has led to healthy
committed receivables. The ratings continue to take into account
the experience of the promoters in the real estate business in
the National Capital Region. The rating is however constrained by
the execution, funding and market risks for the company's new
project in Dehradun, Uttarakhand. The rating also continues to
take into account the modest size of the company's operations as
well the modest booking status of the current project (71% of
saleable area).

Going forward, the company's ability to book the unsold units in
its current project, as well as secure the tie-up of funding for
its new project to ensure timely execution, will remain the key
rating sensitivities.

GAV incorporated in July 1998, is involved in real estate and
construction activities in the states of Uttarakhand and Uttar
Pradesh. The company has, in the past, developed projects in the
cities of Ghaziabad (Uttar Pradesh), Dehradun (Uttarakhand) and
Mussoorie (Uttarakhand). The promoters have developed properties
in residential, commercial, retail and hospitality segments and
have constructed around 40 residential and commercial buildings
in Ghaziabad, consisting of more than 500 residential units,
three group housing complexes in Dehradun consisting of around
200 flats and one hotel in Mussoorie, consisting of 24 rooms.

Recent Results
As per provisional results, in 2013-14, GAV reported an operating
income of INR12.88 crore (previous year INR12.56 crore) and net
profit of INR0.44 crore (previous year INR0.51 crore).


GREETINGS KNIT: CRISIL Suspends B+ Rating on INR23.9MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Greetings Knit Wears (GKW).

                             Amount
   Facilities              (INR Mln)      Ratings
   ----------              ---------      -------
   Bank Guarantee              0.1        CRISIL A4
   Foreign Bill Discounting    40         CRISIL A4
   Long Term Loan              23.9       CRISIL B+/Stable
   Packing Credit              60         CRISIL A4

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

Based in Tirupur (Tamil Nadu), GKW manufactures ready-made
garments. The firm's day-to-day operations are managed by its
partners Mr. V Rajendran and his younger brother, Mr. V
Gnanasivamoorthy.


GUINEA MOTORS: CRISIL Suspends B- Rating on INR90MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Guinea Motors Pvt Ltd (GMPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              90        CRISIL B-/Stable
   Corporate Loan           12.1      CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility       15.6      CRISIL B-/Stable

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

GMPL, incorporated in 2000, is an authorised dealer of Tata
Motors Ltd (TML; rated 'CRISIL AA/Stable/CRISIL A1+') and Fiat
India Automobiles Ltd (FIAL) for sale of their entire range of
passenger cars, spares, and accessories and for providing
services of passenger cars in seven districts of Bihar, including
Patna. GMPL has been associated with TML since 2001 and received
the dealership of FIAL in 2007. GMPL's day-to-day operations are
looked after by its promoter-director, Mr. A K Gupta. The company
has one showroom, three service centers, and four display centres
across the geographical region where it operates.


KIRTIMAN CEMENTS: CRISIL Suspends D Rating on INR70MM Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kirtiman Cements and Packaging Industries Ltd (Kirtiman).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              70          CRISIL D
   Long Term Loan           50          CRISIL D

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

Incorporated in 1996, Kirtiman is promoted by Mr. Ashwini Oberoi,
Mr. Harvinder Kumar Oberoi, and Mr. Sunil Kumar Oberoi. The
company has been operational since August 2008 and manufactures
highly durable polypropylene high-density polyethylene fabric
sacks. The products are mainly used for packaging cement, rice,
chemicals, and vegetables. Kirtiman generates about 80 per cent
of its revenues from the sale of bags to cement and rice
companies, and the rest from the sale of bags to chemical and
agricultural companies. The company produces bags of various
sizes depending on the type of material to be packed.


LODHA DEVELOPERS: Moody's Assigns (P)Ba3 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a (P)Ba3 corporate family
rating (CFR) to Lodha Developers Private Limited ("LDPL"), an
Indian real estate developer.

At the same time, Moody's has also assigned a provisional (P)Ba3
rating to the proposed USD notes to be issued by Lodha Developers
International (Mauritius) Limited, a wholly owned subsidiary of
LDPL.

The notes will be guaranteed by LDPL and all of its material
Indian subsidiaries, that is those generating more than 5% of the
group's consolidated EBITDA.

The outlook on the ratings is stable. This is the first time
Moody's has assigned ratings to LDPL.

Moody's will remove the provisional status on the ratings upon
the successful completion of the bond issue and upon review of
the final documentation.

Ratings Rationale

LDPL's rating is supported by its position as the largest
developer of residential properties in India; the high quality of
its projects under construction, combined with its strong
execution capability; and its track record of delivering high-
rise apartments.

The rating is further supported by the company's superior ability
to sell its products, as evident from its performance during the
downturn in the Indian real estate market these last two years.

The rating benefits from the diversity of LDPL's project
portfolio with 49 projects, in multiple phases, contributing to
sales for the next 5 years.

On the other hand, the rating is constrained by LDPL's weak
margins and credit metrics, both of which are expected to improve
as it starts recognizing higher revenues from its current
projects and as the subsequent phases of its Palava City
development project attracts higher prices.

The rating is also constrained by the concentration of most of
the company's projects in the Mumbai Metropolitan Region and its
focus on residential development.

"The rating incorporates Moody's expectation that liquidity will
improve following the proposed bond issuance and that credit
metrics will strengthen over the next two years as key projects
reach revenue-recognition thresholds," says Vikas Halan, Moody's
Vice President and Senior Credit Officer.

LDPL's borrowings have doubled from INR46 billion in FY2012 to
INR92 billion in FY2014 (excluding borrowings at London of INR31
billion).

Over the same period, revenue had only increased from INR29
billion to INR47 billion and EBITDA margins declined from 28.2%
to 22.6%. This has resulted in deterioration in its credit
metrics, such that -- as of the end of FY2014 -- EBITDA/interest
was 1.0x and revenue/debt was 52.9% (38.2% including London
borrowings). Such credit metrics are weak for the company's
ratings, but Moody's expect them to improve in FY2017, such that
EBITDA/ interest will surpass 3.0x and revenue/debt (including
London debt) will exceed 80%.

But, as of the end of F20Y14, the company's credit metrics were
weak and margins were low. Its stronger performance over the last
two years has not been yet reflected as LDPL follows a percentage
completion method. Projects are accounted for -- in terms of
revenue recognition -- only after the completion of 30% of their
construction.

The revenue recognition will improve from FY17 as more projects
become eligible for revenue recognition. Moody's estimate that,
in FY2017, LDPL will start recognizing sales from 6 additional
projects/phases, including phases for Palava City, The Park,
World View and New Cuff Parade.

As of end-September 2014, reported secured debt to total assets
stood at 37%. The proposed bonds will be subordinated to the
claim of these secured lenders and hence are exposed to
structural subordination risk.

"However, we rate the bonds at par with the company's CFR as the
structural subordination risk is largely mitigated by protection
provided to bondholders under the bond covenants that require the
company to hold land at Palava City -- on an unencumbered basis
-- with a value equal to 4x the amount of bonds outstanding
during their tenure," says Halan, who is also the lead analyst
for LDPL. The company will have its landbank independently valued
each year to demonstrate compliance with this covenant.

As of end-September 2014, the value of unencumbered land at
Palava City was at least 10x the expected size of the proposed
bonds, which provides significant buffer for fluctuations in land
value and thus mitigates market risk.

Moody's notes that the market value of the company's assets is
substantially higher than its book value, which are stated at
cost price. The high market value of assets resulted in secured
debt to the market value of asset at only 13% as of end-September
2014.

Moody's would consider notching the bonds from the CFR to reflect
structural subordination, if the protection available to bond
holders deteriorates either because of declines in the market
value of the company's assets or decline in value of unencumbered
assets relative to the amount of unsecured debt.

Indications of such negative pressure on the rating would include
secured debt to the market value of assets rising above 15-20%
and the value of unencumbered assets to unsecured debt declining
below 6x.

The stable outlook reflects Moody's expectation that LDPL will
substantially achieve its sales targets; execute its construction
plans without material delays; and stay disciplined in
acquisitions for its land bank in India over the next 2-3 years.

An upgrade over the next two years is unlikely as Moody's expect
company's credit metrics to remain Moody'sakly positioned for its
rating over this period.

Upward rating pressure could emerge beyond FY2017, if the company
successfully executes its projects, increases its margins and, at
the same time, (a) maintains a reasonable cash balance above 150%
of debt maturing for the next 12 months; and (b) maintains strong
financial discipline, such that revenue/debt is above 100% and
EBTIDA/interest is above 4x on a sustained basis.

Downward rating pressure could emerge if (1) the company's
liquidity and operating cash flow generation deteriorate because
of weak contracted sales or aggressive land acquisitions; (2)
there is a decline in prices for its products, slower-than-
expected revenue recognition, or a fall in profit margins,
negatively affecting interest coverage and/or financial
flexibility; or (3) the company engages in material debt-funded
acquisitions.

In such a situation, cash and cash equivalents could fall below
100% of debt maturing over the next 12 months, and/or its credit
metrics could deteriorate, such that EBITDA/interest stays under
3.0x beyond FY2017.

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

LDPL is the largest real estate developer in India with about 7
million square feet (INR75 billion) in contracted sales in
FY2014. The company also has the largest land bank in the
country, totaling about 481 msf in saleable area as of September
2014.

LDPL is focused on residential development in the Mumbai
Metropolitan Region with some projects in nearby Pune. More
recently, the company -- along with its promoters -- has expanded
into the London market by acquiring two properties, now in the
process of development. LDPL is privately held by the Lodha
family.


MACKEIL ISPAT: CRISIL Suspends 'D' Rating on INR948.3MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mackeil Ispat and Forging Ltd (MIFL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit             316          CRISIL D
   Letter of Credit         97.8        CRISIL D
   Long Term Loan          948.3        CRISIL D
   Proposed Long Term
   Bank Loan Facility      152.2        CRISIL D

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

MIFL, based in Durgapur (West Bengal), was promoted in 2005. It
operates an open die forging plant. The company is promoted by
Mr. Pranab Chakraborty.


NORTH BENGAL: CRISIL Suspends 'D' Rating on INR80MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
North Bengal Oncology Centre Pvt Ltd (NBOCPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Overdraft Facility       0.8         CRISIL D
   Proposed Long Term
   Bank Loan Facility       9.2         CRISIL D
   Term Loan               80           CRISIL D

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

Set up in 2003 by Mr. Shantanu Kar, Mr. Salil Datta, and Mr.
Sandip Kar in Siliguri (West Bengal), NBOCPL commenced operations
in 2006. The company operates a 20-bed hospital for comprehensive
cancer treatment, mainly radiotherapy and chemotherapy.


PAN FUEL: ICRA Suspends C- Rating on INR6cr Fund Based Cash Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]C- assigned to
INR6.00 crore fund based Cash Credit limits of M/s Pan Fuel Tech
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


PRECIOUS CONSTRUCTION: ICRA Withdraws B Rating on INR30cr Loan
--------------------------------------------------------------
ICRA has withdrawn the [ICRA]B rating assigned to the INR30.0
crore term loans of Precious Construction Pvt Ltd (PCPL), as the
company is no longer availing the rated bank facilities. There is
no amount outstanding against the rated facilities.


QUENCH SOFT: ICRA Suspends D Rating on INR25cr LT Fund Based Loan
-----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR25.00 crore long term fund based limits and INR5.00 crore
short term non-fund based limits of Quench Soft Solutions Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SAIRAM SUITINGS: CRISIL Suspends B+ Rating on INR45MM Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sairam Suitings Pvt Ltd (SSPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              45        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        0.7      CRISIL B+/Stable
   Term Loan                15        CRISIL B+/Stable Suspended

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

SSPL, incorporated in 2003 and promoted by members of the Mahnot
family, has a fabric weaving unit in Bhilwara (Rajasthan). SSPL
presently has a weaving capacity of approx. 0.23 million metres
per month (mpm). SSPL sells its suiting fabrics to
wholesalers/semi-wholesalers based in Northern, North-Eastern,
and Southern parts of India. Presently, the company derives
around 70 per cent of its revenues from sale of fabric produced
in-house, while rest is derived from processing of semi-finished
fabric and textile trading.


SHIV POLYMERS: CRISIL Suspends B+ Rating on INR35MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shiv Polymers (SP).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              35        CRISIL B+/Stable
   Letter of Credit         85        CRISIL A4

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

SP was set up in November 2009 as a proprietorship firm by Mrs.
Tanya Mahajan; its day-to-day operations are looked after by her
father-in-law, Mr. Anil Mahajan. SP trades in imported polyvinyl
chloride resins, stablisers, and polyster fabric. It supplies
about 90 per cent of these products to its group entity, Canadian
Speciality Vinyls, in Kashipur (Uttarakhand).


SHREE METALLOYS: ICRA Reaffirms B+ Rating on INR8cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR8.00 crore cash
credit facility of Shree Metalloys Limited (SML).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.00        [ICRA]B+ reaffirmed

The rating continues to reflect SML's modest size of operations;
weak financial profile characterized by low profitability on
account of trading nature of business and weak coverage
indicators. The rating also takes into account the risk arising
out of volatility in metal prices as the company does not fully
hedge its price movement and highly competitive and fragmented
nature of the industry.

However, the rating draws comfort from the experience of the
promoters in metals trading business with an established
relationship with suppliers and large customer base readily
available in brass component manufacturing hub of Jamnagar. The
rating also factors in SML's recent foray into zipper wire
manufacturing which is expected to support volume and margin
growth.

Shree Metalloys Limited (SML) was incorporated in the year 1994
as Mercury Finance Stock Ltd. with the main object of dealing in
shares, securities and financing. Subsequently, the company went
for public issue and got listed on Bombay Stock Exchange in 1995.
Since then, the company's name and business line was changed
twice and was finally renamed as Shree Metalloys Limited in 2009.
It is currently engaged in trading business of non ferrous metals
primarily brass. It has also diversified its business and set up
a manufacturing unit for zipper wires with the installed capacity
of 1200 MTPA. The production facility of the company is located
in Jamangar, Gujarat. SML is presently headed by Mr. Pratik R.
Kabra along with three other directors having a long experience
in metal industry.

Recent Results
During FY 2014, the company reported a profit after tax of
INR0.11 crore on an operating income of INR47.89 crore as against
profit after tax of INR0.15 crore on an operating income of
INR42.19 crore in FY 2013.


SHRI SHYAMJI: ICRA Ups Rating on INR21.25CR Fund Based Loan to B+
-----------------------------------------------------------------
ICRA has upgraded its long-term rating on the INR29.0 crore
(enhanced from INR23.5 crore) fund based bank facilities of
Shri Shyamji Agrico Exports Private Limited ((Erstwhile D.S
International) to [ICRA]B+ from [ICRA]B.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits    21.25       [ICRA]B+; Upgraded from
                                    [ICRA]B

   Term Loan             7.75       [ICRA]B+; Upgraded from
                                    [ICRA]B

The rating upgrade is driven by the healthy growth in the
company's revenues in FY2014 and the change in its constitution
to a private limited company, which eliminates the risks
associated with a partnership firm such as withdrawal of capital,
dissolution of firm etc. The rating continues to derive comfort
from the extensive experience of the promoters in the rice
industry, proximity of the mill to major rice growing areas which
results in easy availability of paddy and stable demand outlook
for rice, in both domestic as well as overseas markets. However,
the rating continues to factor in the moderate scale of
operations of the company, which coupled with the high
competitive intensity has resulted in thin profitability and weak
debt coverage indicators. The rating also takes into account the
working capital intensive nature of the rice milling business due
to the need to maintain substantial inventories; the resultant
working capital requirements have been funded mainly through bank
borrowings, leading to a highly leveraged capital structure.

Going forward, the ability of the company to scale up its
operations while maintaining adequate profitability and a prudent
capital structure will be the key rating sensitivities.

SAEP is a closely held company and was incorporated in 2014 after
taking over D.S International (partnership firm); subsequent to
the take-over, all the assets and liabilities of
D.S.International have been transferred to SAEP. The partners of
D.S.International have become the promoters of the company. The
company is engaged in milling and processing of basmati rice at
its plant located at Karnal, Haryana which has a milling capacity
of 13 tonnes/hour.

Recent Results
The company reported a net profit of INR1.55 crore on an
operating income of INR80.18 crore in FY2014 as against a PAT of
INR0.62 crore on an operating income of INR52.82 crore in the
previous year.


SINGHAL POLYTECH: CRISIL Suspends B Rating on INR55.5MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Singhal Polytech Ltd (SPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             55.5       CRISIL B/Stable

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

SPL was incorporated in 1994, promoted by Mr. Raghvender Singal
along with his family members. The company manufactures and
trades in zippers and buttons used in garments, bags, and shoes.
It has its manufacturing unit at Gurgaon (Haryana). Mr. Ankit
Singal, son of Mr. Raghvender Singal, oversees the company's day-
to-day operations.


SONALI ENERGEES: ICRA Reaffirms B+ Rating on INR16.10cr Term Loan
-----------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ assigned to
the INR17.30 crore long-term fund based bank limits of Sonali
Energees Private Limited. ICRA has also re-affirmed the short-
term rating of [ICRA]A4 assigned to INR10.00 crore short-term
fund based and INR12.00 crore short-term non-fund based limits of
the company. However, total fund based limits rated on both long
term and short term scale should not exceed INR10.00 crore.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits        16.10       [ICRA]B+ reaffirmed
   (Term Loan/ECB/FCL)

   Fund Based Limits        10.00       [ICRA]A4 reaffirmed
   (EPC/FBD/PCFC/EBR)

   Fund Based Limits         1.20       [ICRA]B+/[ICRA]A4
   (CC/WCDL/BD)                         reaffirmed

   Non-Fund Based Limits    12.00       [ICRA]A4 reaffirmed
   (LC/BG)

The re-affirmation of ratings factors in the favourable demand
potential for solar modules, quality certifications which has
enabled the company in marketing solar PV modules internationally
and the fiscal benefits expected to accrue to the company by
virtue of its location in Surat Special Economic Zone. The
ratings, however, continues to remain constrained by the
company's limited track record in solar photo voltaic module
manufacturing and small scale of operations coupled with low
plant utilization levels, weak financial risk profile
characterized by high working capital intensity and leveraged
capital structure with a gearing of 2.63 times as on March 31,
2014. The ratings are further constrained by the vulnerability of
the company's operations to inventory risks arising out of
declining solar cell and module prices as well as intense
competitive pressures from large established players both in the
domestic and international market and exposure to foreign
exchange fluctuations in the absence of any hedging mechanism
adopted by the company.

Sonali Energees Private Limited (SEPL) was incorporated in March
2009 and is engaged in the manufacturing of solar photo voltaic
(PV) modules. The company is promoted by members of the Desai
family, based in USA and Surat, who have hitherto been involved
primarily in the diamond trading business. The module
manufacturing plant of the company was commissioned on May 15,
2012 and has an annual installed capacity to produce 25 MW of
modules. The plant is located in the Surat Special Economic Zone
at Surat, Gujarat.

For the full year FY14, the company reported a profit after tax
of INR1.09 crore on a topline of INR21.51 crore, as compared to a
net loss of INR3.24 crore for FY13 on a topline of INR4.55 crore.


STORK FERRO: CRISIL Suspends B- Rating on INR190.4MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Stork Ferro and Mineral Industries Pvt Ltd (Stork).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             160        CRISIL B-/Stable
   Letter of Credit         60        CRISIL A4
   Term Loan               190.4      CRISIL B-/Stable

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

Stork, incorporated in 2006, is a wholly owned subsidiary of
Stork Holding Gmbh. Stork manufactures silico manganese. The
company commenced operations in January 2012.


SUMA REFINARIES: CRISIL Suspends 'D' Rating on INR100MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Suma Refinaries Pvt Ltd (SRPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              50         CRISIL D
   Term Loan               100         CRISIL D

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

Incorporated in 2010, SRPL is engaged in refining edible oil,
mainly rice bran oil and sunflower oil. The company is promoted
by Mr. U V S Narayana, who has experience of about three years in
the edible oil industry. SRPL has its refinery in Rajahmundry
(Andhra Pradesh), with total capacity of about 50 tonnes per day
(tpd). Moreover, the company has plans for setting up a 25-tpd
stearic acid plant.


SUN PAPER: CRISIL Suspends B- Rating on INR285.5MM Long Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sun Paper Mill Ltd (SPML).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             42.5       CRISIL B-/Stable
   Letter of Credit       150         CRISIL A4
   Long Term Loan         285.5       CRISIL B-/Stable

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

Incorporated in 1961, SPML has a newsprint manufacturing unit in
Cheranmahadevi (Tamil Nadu). The company was promoted by Dr.
Sivanthi Adityan as a backward-integration initiative to supply
newsprint-grade paper to the group's flagship company, The Daily
Thanthi. SPML supplies all its manufactured newsprint to The
Daily Thanthi, meeting about 25 per cent of the latter's
newsprint requirement.


SUNDARAM STEELS: CRISIL Suspends D Rating on INR99.6MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sundaram Steels Pvt Ltd (SSPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              50         CRISIL D
   Term Loan                99.6       CRISIL D

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

Incorporated in 2008, SSPL is promoted by Mr. Shriyans Jain, his
sons, Mr. Mohit Jain and Mr. Amit Jain, Mr. Yogesh Manik and Mr.
Aming Singhania. The company manufactures sponge iron and started
operations in April 2012. Its manufacturing facility is at Bokaro
(Jharkhand).


WILLIAM INDUSTRIES: CRISIL Suspends B+ Rating on INR52.6MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
William Industries Private Limited (WIPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           4          CRISIL A4
   Cash Credit             52.6        CRISIL B+/Stable

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

Incorporated in 2004 as a private limited company, WIPL has been
manufacturing socks since 1962, when it was a partnership firm.
The present promoter-directors, Mr. Vivek Juneja and Mr. Manoj
Juneja, manage the company's operations. WIPL manufactures cotton
and nylon socks for men, women, and kids under the Anchor brand,
and also sells them to ACC Ltd and Tata Motors Ltd, and to
private labels and retail departmental stores and malls. The
company's marketing and designing activities are undertaken in-
house; however, the socks are manufactured by its group
companies, Narvin Chemicals Pvt Ltd (Navi Mumbai [Maharashtra];
with a capacity of 0.7 million dozens per annum), and Global
Knits Pvt Ltd (Indore [Madhya Pradesh]; with a capacity of around
0.6 million dozens per annum). All these group companies
undertake exclusive jobwork for WIPL.


WAYNE-BURT PETROCHEM: CRISIL Suspends B+ Rating on INR110MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Wayne-Burt Petrochemicals Pvt Ltd (WPCPL; erstwhile Bailey
Hydropower Pvt Ltd).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           7.5        CRISIL A4
   Letter of Credit        12.5        CRISIL A4
   Long Term Loan          35.1        CRISIL B+/Stable
   Packing Credit         110          CRISIL B+/Stable

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

Set up as Bailey Hydro Power Ltd in 1999 by Bailey International
Corporation, USA, WPCPL was acquired by Mr. T G S Mahesh and his
wife, Ms. Vanitha Mahesh in October 2009; the company got its
current name in January 2013. The company manufactures tie-rod
construction and welded construction hydraulic cylinders, and is
the sole supplier of these models to the Bailey group. From 2013-
14, the company is expected to commence sale of valves for
application in the oil and gas extraction industries.



===============
M A L A Y S I A
===============


MALAYSIA AIRLINES: "Show Us Your Money First," MP Tells Suitors
---------------------------------------------------------------
Bernama reports that a member of parliament (MP) has asked a
three-month old company which wants to rescue ailing Malaysia
Airlines (MAS) to "show us your money first and who your
financial backers are" before the proposal can be taken
seriously.

Datuk Johari Abdul Ghani, the MP for Titiwangsa, in casting
doubts over the proposal by Jentayu Danaraksa, raised other
questions as well given the sketchy status of Jentayu's plan made
known so far that does not seem to gel with the mammoth 12-point
plan announced by Khazanah Nasional to restructure and turn
around MAS, Bernama relates.

"Where are you going to bring the money from? Show us your money.
If you say you have backers, who are your backers," he told
Bernama.

According to the report, Johari said he was opposed to Jentayu's
plan to asset strip MAS as revealed by the company, which has
submitted a proposal to the Prime Minister to capitalise on the
aircraft leasing business and take over MAS' profit-making
maintenance, repair and overhaul (MRO) business as well as its
sister airline Firefly.

Bernama relates that Jentayu managing director Feriz Omar had
said that the proposal was to complement Khazanah's plan and that
the company was willing to invest "over and above" the RM6bil
Khazanah, which owns MAS, has committed in its plan.

"If MAS can be given to any Tom, Dick and Harry or anyone who can
come up with a working paper, I am afraid the problems MAS went
through when it was privatised to a corporate figure will recur.
We are not going to repeat the same mistake," he said of the 1994
failed privatisation, Bernama relays.

"MAS' uniqueness is that it has everything and its management has
to look at it in totality, and no "entrepreneur who just appeared
overnight" could simply choose what's profitable at the expense
of other components."

                         *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
September 1 2014, The Associated Press said Malaysia Airlines
will cut 6,000 workers as part of a $1.9 billion overhaul
announced on August 29 to revive its damaged brand after being
hit by double passenger jet disasters.

Investigators continue to scour the southern Indian Ocean for
Malaysia Airlines Flight 370, which veered far off course while
en route from Kuala Lumpur to Beijing on March 8 with 239 people
on board, said the report.  In July, 298 people were killed
when Flight 17 was blasted out of the sky as it flew over an area
of eastern Ukraine controlled by pro-Russian separatists.

These tragedies have scarred the airline's brand, once associated
with high-quality service, AP added.

Headquartered in Selangor, Malaysia, state-owned Malaysia
Airlines -- http://www.malaysiaairlines.com/-- engages in the
business of air transportation and the provision of related
services.

Last year, Malaysia Airlines reported a net loss of MYR1.17
billion ($359 million), its third consecutive year of
net losses, according to The Wall Street Journal. In the three
months that ended June 30, its net loss widened to MYR307 million
from MYR176 million in the year-earlier period, the Journal
disclosed.



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


PUMPKIN PATCH: May Breach Banking Covenants
-------------------------------------------
Suze Metherell at BusinessDesk reports that Pumpkin Patch chair
Peter Schuyt said trading conditions remain challenging and the
unprofitable childrenswear retailer is in risk of breaching its
banking covenants if Christmas sales disappoint.  The shares
dropped.

According to BusinessDesk, the Auckland-based company's annual
report, which was tagged by its auditor, shows the retailer
renegotiated the terms of its banking arrangements with ANZ Bank
New Zealand, which the board saw as "prudent to provide
accommodation for potential adverse results arising from a
challenging trading environment while an extended facility was
negotiated."

At the company's annual general meeting in Auckland, Mr. Schuyt
told shareholders the trading conditions were "challenging" as it
entered into its peak Christmas season, but it remained in
compliance within its banking covenants, the report relays.
Shares of Pumpkin Patch dropped 12 percent to a more than two
decade-low of 30 cents, and have tumbled 62 percent this year,
BusinessDesk notes.

"The outcome of this trading period will materially affect our
financial result and the outlook for the remainder of the year,"
Mr. Schuyt said in speech notes published on the NZX,
BusinessDesk relays. "Should trading not deliver to expectations
over this period, or worsen over the first half of next year,
then there is a risk that the company may breach banking
covenants in the latter part of this financial year noting that
the seasonal trading results will become clearer over the next
three to four weeks."

Under the new covenants Pumpkin Patch has to meet a guaranteeing
group coverage ratio, and remain within 20 percent of forecast
earnings before interest, tax, depreciation and amortisation on a
rolling 12-month basis, BusinessDesk notes. The retailer also
told the bank it doesn't intend on paying a dividend in the 2015
financial year, and will have to get the lender's permission if
that position changes, BusinessDesk relays.

The children's clothing retailer exited the NZX 50 Index last
year and has since been followed by fellow retailers Hallenstein
Glasson, the local clothing chain, and Brisbane-based jeweller
Michael Hill International this year, according to BusinessDesk.

The report says that Pumpkin Patch, like most retailers in the
rag trade, is under increased pressure to keep prices cheap as
shoppers are lured by bargains from international online
retailers. In March, the company embarked on a strategic review
in a bid to revive its ailing performance, focusing on its store
footprint, stock levels, and an IT system upgrade, and in August
flagged a NZ$12 million charge to write down the value of the
software and its retail stores, the report recalls.

BusinessDesk relates that chief executive Di Humphries said as
part of the review the company was developing a loyalty card, to
be capitalise on its customer data, would close non-profit making
stores and streamline its head office functions.

The company reported a loss of NZ$10.2 million in the 12 months
ended July 31 from a profit of NZ$5.1 million a year earlier,
BusinessDesk discloses.  Pumpkin Patch posted an operating cash
outflow of NZ$8 million in the year, compared to an inflow of
NZ$14.2 million in 2013, and had cash and equivalents of NZ$1.1
million at the July 31 balance date, propped up by a
NZ$14 million drawdown of its lending facility.

The retailer has had an overhaul of key people since Humphries
took over in August last year, including the recent appointment
of new chief financial officer Steve Mackay, the report recalls.
Founder Sally Synnott resigned from the board in July, while
chair Jane Freeman and director Maurice Prendergast, a former
chief executive of the company, have also resigned, the report
adds.

                       About Pumpkin Patch

Based in New Zealand, Pumpkin Patch Limited (NZE:PPL) --
http://www.pumpkinpatch.biz/-- is a designer, marketer, retailer
and wholesaler of children's clothing.  The Company's product
range encompasses all stages of a child's growth, from baby to
toddler, primary school kid to pre and early teen, including
clothing, nightwear, accessories, rainwear, footwear and teddy
collection.  Pumpkin Patch also caters for mums-to-be with a
maternity collection.  The Company also has a fashion mini-brand
for discerning pre and early-teen girls, Urban Angel Girls.  The
Company's collections are available in numerous countries and
regions, including New Zealand, Australia, the United Kingdom,
the United States, South Africa and the Middle East.  Pumpkin
Patch predominantly sells through its own store network in
New Zealand, Australia, the United Kingdom and the United States.
The Company's subsidiaries include Torquay Enterprises Limited,
Pumpkin Patch Originals Limited, Pumpkin Patch LLC, Pumpkin Patch
Direct Limited, Patch Kids Limited and Urban Angel Girls Limited.



===============
P A K I S T A N
===============


PAKISTAN: S&P Rates Proposed Global Sukuk Trust Certificate 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
foreign currency issue rating to a proposed global Sukuk trust
certificate issuance by The Second Pakistan International Sukuk
Co. Ltd.

The Islamic Republic of Pakistan (B-/Stable/B) plans to raise
funds for general budgetary purposes through a U.S. dollar-
denominated Sukuk (trust certificates) via an "Ijara" (leasing)
contract.  The Second Pakistan International Sukuk Co. Ltd. is a
newly formed trustee, incorporated in Pakistan, and is wholly
owned by the government.  S&P understands that the government is
using this structure to raise funds in compliance with Sharia
law.

Under S&P's criteria, the trust certificates qualify as Sukuk,
with full credit enhancement mechanisms provided by the
government of Pakistan.  These mechanisms cover both periodic
distribution and the principal of the Sukuk at maturity.
Meanwhile, although S&P considers that, under the terms of the
Sukuk, the obligation of the government to always indemnify the
trust under a total loss event might be subject to certain carve-
outs, S&P also considers that the ccurrence of such situation is
remote.

The obligations of the Pakistani government under the Sukuk
transaction documents will be direct, unconditional,
unsubordinated, and unsecured obligations of the government and
shall rank at least on par with all its other direct, unsecured,
unsubordinated, and unconditional obligations.  S&P believes the
government will treat these payment obligations with equal
importance as it would its conventional financial obligations.
This expectation is central to S&P's rating as it underpins its
expectations of full and timely debt service repayment for Sukuk
holders.  S&P therefore equalizes the rating on the proposed
Sukuk certificates with the long-term sovereign credit rating on
Pakistan.

S&P's assessment is based on information as of Nov. 20, 2014.
This report does not constitute a recommendation to buy, hold, or
sell securities.

S&P notes that the issue rating is based on draft documentation.
The final rating will depend upon receipt and satisfactory review
of all final transaction documentation, including legal opinions.
Should the final documentation differ substantially from the
draft documentation, S&P would consider a rating action on the
Sukuk certificates.



================
S R I  L A N K A
================


UNION BANK: Fitch Raises Nat'l. LT Rating to BB+; Outlook Stable
----------------------------------------------------------------
Fitch Ratings Lanka has upgraded Sri Lanka-based Union Bank of
Colombo PLC's (UB) National Long-Term Rating to 'BB+(lka)' from
'BB(lka)'.  The Outlook is Stable.

KEY RATING DRIVERS - NATIONAL RATING

The upgrade of UB's rating reflects the sharp increase in its
capitalization and ongoing structural improvements in the bank's
credit profile.

UB's Fitch core capital ratio rose to 46% at end-3Q14 from 14% at
end-2013 after an LKR11.4bn (USD87m) private placement of shares
to Culture Financial Holdings Ltd., an affiliate of Texas Pacific
Group (TPG) in August 2014.  The placement gave TPG a 68% stake
in the Sri Lankan bank, which could increase if TPG exercises
warrants to invest a further LKR3.4bn within six years.  TPG has
approval from the Central Bank of Sri Lanka to increase its
holding in UB to 75% and reduce it to 15% in 15 years.

UB is in the process of putting in place a new management team,
which is likely to focus on improving the performance of the bank
under the direction of TPG's representatives on the bank's board.
Fitch will monitor the bank's execution and management of its
revised strategy.

Fitch believes that ongoing improvements to the bank's risk
management processes and systems, and its plan to move to extend
its customer base beyond its previous focus on SMEs could help
support better asset quality.  Consequently, Fitch expects UB's
capitalization to decline alongside its expected expansion, but
believes that the bank could sustain stronger capitalization than
in the past in the medium term.

UB's asset quality remained weaker than that of the sector and
deteriorated in the nine months to September 2014 and in 2013.
The bank's reported gross NPL ratio (excluding UB Finance
Limited) increased to 11.6% at end-3Q14 and 8.2% at end-2013 from
5.4% at end-2012.  This reflected in part the increase in NPLs
from pawning (gold-backed) advances, which was seen across the
banking sector in the aftermath of the decline in gold prices.
In addition, NPLs at its subsidiary UB Finance Limited remained
significant and accounted for 22% and 34% of the group's total
NPLs at end-3Q14 and end-2013.

UB has addressed some of its operational weaknesses by the
implementation of systems in 2Q14 to support core banking
transactions. I ts risk management capabilities have also been
enhanced through the implementation of more sophisticated
systems.

RATING SENSITIVITIES - NATIONAL RATING

An upgrade of UB's rating is contingent upon UB having achieved a
fundamental improvement in its asset quality, moderation of its
risk appetite and a strengthened franchise.

Aggressive growth that could increase capital impairment risks or
a further deterioration in asset quality could lead to a
downgrade of UB's ratings.

Established in 1995, UB is a small licensed commercial bank
accounting for less than 1% of the Sri Lankan banking sector's
assets at end-2013.  The bank had a network of 61 branches at
3Q14.


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

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

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


                            *********


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

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

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

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

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



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