TCRAP_Public/141127.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

          Thursday, November 27, 2014, Vol. 17, No. 235


                            Headlines


A U S T R A L I A

CASCADE PROJECT: First Creditors' Meeting Set For December 1
CHROMASUN PTY: Liquidators Seek Expressions of Interest
FREENET PTY: First Creditors' Meeting Slated For December 4
LAUNCH PTY: First Creditors' Meeting Slated For December 3
PERPETUAL TRUSTEE: Moody's Rates on AUD10.8MM Cl. F Notes '(P)B1'

PIE FACE: Franchisees to Wait Another Week For Updates
VS LIFESTYLE: Assets Up for Sale


C H I N A

AGRICULTURAL BANK OF CHINA: Fitch Affirms 'bb-' Viability Rating
CHINA FISHERY: FY14 Results Support BB- Rating, Fitch Says
E-LAND FASHION: S&P Affirms 'BB-' LT CCR; Outlook Stable
HAINAN MINING: Planned IPO No Impact on Moody's Ba3 CFR for Fosun
INDUSTRIAL AND COMMERCIAL: Moody's Rates Pref. Shares Ba2(hyb)

INDUSTRIAL AND COMMERCIAL: S&P Rates Proposed Pref. Shares 'BB'
LOGAN PROPERTY: Fitch Removes 'BB-(EXP)' Rating to Prop. Notes


I N D I A

ALLURI SITARAMA: CRISIL Cuts Rating on INR210MM Bank Loan to B+
ASWATHY CONSTRUCTIONS: ICRA Rates INR17cr Fund Based Loan at 'B'
BABA BUDHA: CRISIL Reaffirms B+ Rating on INR103.5MM Term Loan
BON MART: CRISIL Suspends B+ Rating on INR66MM Bank Loan
CHALAPATHI EDUCATIONAL: ICRA Reaffirms B+ INR8.23cr Loan Rating

CIBI INT'L: CRISIL Suspends 'D' Rating on INR150MM Cash Credit
DHALL EXPORT: CRISIL Reaffirms B Rating on INR55MM Packing Credit
DRISHA IMPEX: ICRA Suspends B Rating on INR5cr Fund Based Loan
ENN TEE: CARE Assigns B+ Rating to INR9.11cr LT Bank Loan
GEE GEE: CRISIL Assigns B+ Rating to INR75MM Warehouse Receipts

GI RANK: CARE Assigns B+ Rating to INR6cr Long-Term Bank Loan
GOODBUILD INDIA: CRISIL Suspends B+ Rating on INR200MM Bank Loan
GSN FERRO: ICRA Suspends D Rating on INR9.25cr Cash Credit
HARI MACHINES: CARE Assigns B+ Rating to INR70.36cr LT Bank Loan
LEO DUCT: CRISIL Suspends B- Rating on INR220M Overdraft Facility

MATSYA AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR315MM Loan
MONOTONA TYRES: ICRA Suspends D Rating on INR16.5cr FB Loan
N D DEVELOPERS: CRISIL Suspends B+ Rating on INR320MM Cash Loan
PARIKH MARKETING: CRISIL Suspends B+ Rating on INR70MM Cash Loan
PONGALUR PIONEER: CRISIL Suspends D Rating on INR104.6MM Loan

PRUTHI HOSPITAL: CRISIL Reaffirms B+ Rating on INR267.4MM Loan
RATTAN LAL: CRISIL Suspends B Rating on INR185MM Term Loan
SINGHANIA FABEXPORTS: CRISIL Suspends B Rating on INR149.5MM Loan
SPICEJET LTD: In Talks With Investors to Raise Fresh Capital
SRI GUGAN: CRISIL Suspends D Rating on INR68.3MM Long Term Loan

SRI KANAKADURGA: CRISIL Suspends D Rating on INR100MM LT Loan
SRI SATYANARAYANA: CRISIL Suspends 'D' Rating on INR92MM LT Loan
SRI VARAHIAMMAN: CRISIL Suspends D Rating on INR120MM Cash Credit
SRI VENKATESWARA: CRISIL Suspends 'D' Rating on INR75MM LT Loan
SURJEET AUTO: ICRA Suspends B Rating on INR8.25cr Bank Line

SWATHI GINNING: CRISIL Suspends 'B' Rating on INR40MM Cash Credit
UIC UDYOG: CARE Reaffirms B- Rating on INR250.26cr LT Bank Loan
VEER BUNDEL: CRISIL Suspends B Rating on INR47.5MM Cash Credit
VEER HATCHERIES: ICRA Suspends B Rating on INR9.77cr Term Loan
VEER TRADING: CRISIL Suspends B Rating on INR100MM Cash Credit


I N D O N E S I A

BANK NEGARA: S&P Affirms 'BB' ICR; Outlook Stable
BUMI RESOURCES: Singapore Units Obtain Six-Month Court Moratorium


N E W  Z E A L A N D

AWARUA FARM: Placed Into Voluntary Receivership
COOK THE BOOKS: Under Official Assignee Control
WILLIAMS & CO: Former Customer Applies For Firm's Liquidation


P A K I S T A N

PAKISTAN: Moody's Rates Proposed USD Trust Certificates '(P)Caa1'


                            - - - - -


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


CASCADE PROJECT: First Creditors' Meeting Set For December 1
------------------------------------------------------------
Gregory John Shilton of Gregory J Shilton & Co was appointed as
administrator of Cascade Project Management (Australia) Pty Ltd on
Nov. 25, 2014.

A first meeting of the creditors of the Company will be held at
Gregory J Shilton & Co, Unit 25, 282 Chesterville Road, in
Moorabbin, on Dec. 1, 2014, at 11:00 a.m.


CHROMASUN PTY: Liquidators Seek Expressions of Interest
-------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that urgent expressions
of interest are sought for the purchase of the Solar Energy
Manufacturing Plant of Chromasun Pty Ltd. The company fell into
the hands of liquidators Heard Phillips Chartered Accountants, the
report says.

Dissolve.com.au relates that the sale includes the company's
assets such as automated laminator, glass washing machine and
vapour deposition machine. The buyer will also own related
assembly jigs and welding stations.


FREENET PTY: First Creditors' Meeting Slated For December 4
-----------------------------------------------------------
Nick Combis & Peter Dinoris of Vincents Chartered Accountants were
appointed as administrators of Freenet Pty Ltd on Nov. 25, 2014.

A first meeting of the creditors of the Company will be held at
Level 34, 32 Turbot Street, in Brisbane, on Dec. 4, 2014, at 11:00
a.m.


LAUNCH PTY: First Creditors' Meeting Slated For December 3
----------------------------------------------------------
Gideon Isaac Rathner -- grathner@lowelippmann.com.au -- of Lowe
Lippmann was appointed as administrator of Launch Pty Ltd No 1 as
Trustee for the Launch No 1 Trust A.B.N. on Nov. 24, 2014.

A first meeting of the creditors of the Company will be held at
Lowe Lippmann, Level 7, 616 St Kilda Road, in Melbourne, on
Dec. 3, 2014, at 10:30 a.m.


PERPETUAL TRUSTEE: Moody's Rates on AUD10.8MM Cl. F Notes '(P)B1'
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes to be issued by Perpetual Trustee Company Limited in its
capacity as trustee of the FP Turbo Series 2014-1 Trust.

Issuer: FP Turbo Series 2014-1 Trust

AUD 145.0 million Class A Notes, Assigned (P)Aaa (sf);

AUD 12.0 million Class B Notes, Assigned (P)Aa2 (sf);

AUD 8.2 million Class C Notes, Assigned (P)A2 (sf);

AUD 7.6 million Class D Notes, Assigned (P)Baa2 (sf);

AUD 6.4 million Class E Notes, Assigned (P) Ba1 (sf);

AUD 10.8 million Class F Notes, Assigned (P)B1 (sf).

The AUD 10.0 million Seller Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal with respect to Class
A, B, C, D, E and F Notes by the legal final maturity.

The transaction is an Australian prime ABS. It is a cash
securitization of operating, novated and finance leases extended
to Australian corporates, small and medium-sized businesses and
their employees. The leases are secured by passenger cars
commercial vehicles and equipment. The collateral pool composition
is static and no pre-funding or substitution of receivables will
take place during the life of the transaction.

This is the third Australian ABS transaction issued by
FleetPartners since 2010.

Ratings Rationale

As of September 2014, the provisional portfolio consists of non-
delinquent vehicle and equipment lease contracts with a weighted
average seasoning of 2 years. The securitised portfolio comprise
lease installment cash flows and residual value cash flows. The
present value of the outstanding lease receivables balance is
approx. AUD 196.0 million and the nominal value of estimated RV
cash flows amounts to approx. AUD 81.7 million. The RV portion of
the lease cash flows were set at closing of the lease contracts
based on estimates of car values at lease contract maturity. Due
to the right of the lessees to return the vehicle at contract
maturity in order to cover the final lease balance outstanding
under an operating lease, the notes are exposed to both default
and market or residual value risk of the related vehicles.

According to Moody's, the transaction benefits from credit
strengths such as experience of the originator, diversification of
vehicle manufacturer and lease term dates and strong historical
performance of the lease portfolio. However, Moody's notes that
the transaction features some credit weaknesses such as high
lessee concentration and RV risk.

Moody's analysis focused, amongst other factors, on (i) an
evaluation of the underlying portfolio of leases obligors (ii) an
evaluation of the underlying RV exposure; (iii) back-up
maintenance and servicer solutions; (iv) the credit enhancement
provided by subordination; (v) the liquidity support available in
the transaction by way of principal to pay interest and the
liquidity reserve fund.

Moody's applies a two-stage approach to modelling transactions
with RV risk. In the first step, Moody's models the expected loss
on the notes due to defaults. In the second step, additional
losses resulting from RV risk are modelled based on the RV
haircuts applied at contract maturity.

For the assessment of lessee default risk Moody's has determined
the lessee default distribution of the portfolio using CDOROM,
which simulates lessee defaults based on asset correlations and
default probabilities assumptions. Moody's assumed a mean lessee
default rate of 2.7%. For cash flow modeling Moody's assumed a
recovery rate following lessee default of 45% . To account for RV
risk in the portfolio Moody's assumes a Aaa haircut of 45%, a Aa2
haircut of 35%, a A2 haircut of 30%, a Baa2 haircut of 25%, a Ba1
haircut of 20% and a B1 haircut of 11% on RV cash flows

The Notes will be repaid on a sequential basis in the initial
stages, until the subordination percentage increases from the
initial 27.5% to 55.0% for the Class A Notes at which point all
classes of notes will be repaid on a pro-rata basis. When the
outstanding balance of the notes falls below 20% of the initial
note balance at closing the notes will once again be repaid on a
sequential basis. There are other portfolio performance triggers
which must be met for the notes to be paid pro-rata. This
principal paydown structure is comparable to other recent ABS
transactions in the Australian market.

Methodology Underlying the Rating Action:

The principal methodology used in this rating is " Moody's
Approach to Rating Australian Asset-Backed Securities" published
in July 2009. Given the transaction's exposure to residual value
cash flows, it has been supplemented by the approach described in
"Moody's Approach to Rating EMEA Auto Lease ABS Exposed to
Residual Value Risk" published in February 2014.

Factors That Would Lead to an Upgrade or Downgrade of the Rating:

Factors that could lead to an upgrade or downgrade of the note
ratings include (1) an improvement or deterioration in the credit
quality and performance of the collateral pool, and (2) higher or
lower than expected recoveries on defaulted loans. The Australian
economy and the market for used vehicles are primary drivers of
performance.

Other reasons for worse performance than Moody's expects include
poor servicing, error on the part of transaction parties, a
deterioration in credit quality of transaction counterparties,
lack of transactional governance and fraud.

Moody's Parameter Sensitivities:

If the default rate rises to 3.4% (from Moody's assumption of
2.7%) and recovery rates are reduced to 35% (from Moody's
assumption of 45%) then the model-indicated rating for the Class A
Notes and drop 2 notches to Aa2.


PIE FACE: Franchisees to Wait Another Week For Updates
------------------------------------------------------
Eloise Keating at SmartCompany reports that Pie Face franchisees
will wait another week to receive further information from
administrators Jirsch Sutherland that could seal their fate, but
one franchisee said he is confident his business will survive.

According to SmartCompany, Fairfax reported 85% of Pie Face's
Australian stores are unprofitable but SmartCompany spoke to a
franchisee who said these claims are grossly exaggerated.

The franchisee, who wishes to remain anonymous, said "that sounds
nuts to me," SmartCompany relates.

"I don't know where they would pull something like that from, but
if it is the case, I must be one of the 15% who are doing OK," the
franchisee told SmartCompany.

SmartCompany relates that the franchisee said the first he heard
about the collapse of the pie franchise was on November 21 when he
received an email saying administrators had been called in.
Further information was provided to franchisees this week via an
"online stream."

He expects to be given a clearer picture about the state of the
franchise network next week when franchisees will meet with the
administrators, Jirsch Sutherland, and head office management,
SmartCompany relays.

But the franchisee is confident his business will be able to
navigate the administration process and come out the other side.
For the time being he says it is "business as normal".

Pie Face creditors will also be given an update next week, with
the first meeting of creditors to be scheduled for December 3,
SmartCompany says citing a notice published by the Australian
Securities and Investments Commission on November 26.

The Pie Face Group said earlier this week the voluntary
administration is "part of a wider company review, which will see
the company focus on supporting the growth of its franchise-
operated stores as well as the wholesale business," SmartCompany
reports.

Pie Face said its international stores will not be affected by the
administration, although the chain quietly closed six of its seven
stores in New York City last month, adds SmartCompany.

Pie Face was founded in Sydney in 2003 by US-born Mr Homschek and
his wife, interior designer Betty Fong, who spotted a gap in the
market for a newer, healthier version of the iconic Aussie pie. At
its peak, Pie Face and its partners operated more about 80 stores
in Australia, the US and New Zealand.


VS LIFESTYLE: Assets Up for Sale
--------------------------------
Cliff Sanderson at Dissolve.com.au reports that Grant Thornton,
the appointed administrators of VS Lifestyle Pty Ltd., are seeking
urgent expressions of interest for the sale of the assets and
business of the company.

Dissolve.com.au says the company's assets include intellectual
property which includes its customer base, stock such as massage
mats, adjustable chairs and beds as well as scooters. The buyer of
the business will also be able to own plant and equipment as well
as the head office and call centre on the Gold Coast, adds
Dissolve.com.au.

VS Lifestyle trades as Australia Aged Care Supplies.



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C H I N A
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AGRICULTURAL BANK OF CHINA: Fitch Affirms 'bb-' Viability Rating
----------------------------------------------------------------
Fitch Ratings issued this announcement to correct the version
published on September 5, 2014 to include the affirmation of the
ratings on the euro medium-term note (EMTN) program issued by Bank
of Communications Hong Kong Branch:

Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer
Default Ratings (IDRs) of China's five large state-owned
commercial banks at 'A' with Stable Outlooks. The Short-Term IDRs
were affirmed at 'F1'. All other ratings of the five large state
banks were also affirmed.

The five banks are: Industrial and Commercial Bank of China
(ICBC), Bank of China Ltd (BOC), Agricultural Bank of China
Limited (ABC), Bank of Communications (BCOM) and China
Construction Bank Corporation (CCB).

The review of the state banks' ratings took into account their
1H14 results, which highlighted the challenging operating and
economic environment, with slower profit growth and higher
impairment charges. To help offset this, the banks have given more
focus to potentially riskier - but higher yielding - segments. As
expected, the banks' reported NPLs and overdue loans continued to
increase, though the increases are not as sizable as those at the
mid-tier banks. Most state banks have announced plans for
preference shares and/or subordinated debt issuance to replenish
their capital and build buffers to help weather further
deterioration in the operating environment and/or compensate for
increases in risk appetite.

KEY RATING DRIVERS - IDRS, SUPPORT RATINGS, SUPPORT RATING FLOORS
All of the Long-Term IDRs are based on state support, and are at
the banks' Support Rating Floors, reflecting an extremely high
probability of extraordinary support from the central government
in the event of stress.

The state-owned commercial banks Support Ratings (SR) of '1' and
Support Rating Floors (SRF) of 'A' reflect their systemic
importance and thus an extremely high propensity for the state to
support them, if required. Combined, the banks account for 45% of
sector assets and are viewed as pivotal to the financing of
China's economy. All state banks are expected to be designated as
domestic systemically important financial institutions (SIFIs),
while two of them (ICBC and BOC) are already designated as global
SIFIs. The central government is the largest shareholder of all
five state banks, and has a track record of providing solvency and
asset quality support to the banks. Consequently, the banks' SRFs
remain closely linked to China's sovereign rating (A+/Stable). As
support is not expected to diminish in the foreseeable future, the
Outlook on the IDRs remains Stable.

Rating Sensitivities - IDRS, Support Ratings, Support Rating
Floors

Any changes to IDRs, SRs and SRFs will be tied to shifts in the
central government's propensity and/or ability to support these
banks. Persistent rapid growth across the financial system
(including nonbank credit extension) means that potential claims
on the state continue to increase. By Fitch's estimation, total
credit (the central bank's measure of total aggregate finance as
adjusted by Fitch) to GDP was 242% at end-1H14. The government
still has substantial resources to address deterioration in the
banking sector as central government debt/GDP was around 16% at
end-1H14. In that regard, the government has previously drawn upon
its foreign exchange reserves (USD4trn at end-1H14) to
recapitalise the state banks.

Nevertheless, the longer financial system leverage is permitted to
rise, the greater the potential erosion of the state's ability to
support the banks, leading to pressure on support-driven IDRs.
However, Fitch believes that absent any negative action on the
sovereign rating, support for the state banks is less likely to
diminish than would be the case for other Chinese commercial
banks.

Key Rating Drivers - Viability Ratings

The Viability Ratings (VRs) of China's state banks are in the 'bb'
category and remain the highest in the sector. They take into
account the challenging operating environment, which the state
banks are best placed in China to navigate given their large
nationwide franchises and experienced management. Relative to
other Chinese commercial banks, the state banks generally exhibit
superior funding and liquidity, smaller credit exposure and off-
balance-sheet activities, and higher loss-absorption capacity. In
Fitch's view, the state banks would likely most benefit from
depositor flight to safety, providing some support to their VRs in
a stress scenario.

While key financial metrics of the state banks appear comparable
to highly rated banks in developed markets, many aspects of the
state banks' financial profiles (for example, capitalisation,
profitability, liquidity and off-balance sheet exposures) do not
compare as well with major banks in other emerging markets, where,
as in China, risks tend to be higher. Given the pace of credit
growth and potential risk (including influence from authorities to
extend credit in support of public policy), the state banks have
struggled to boost capitalisation (or reduce leverage) and
maintain strong risk buffers. This will be tested further when
full interest rate liberalisation is introduced. Eventual asset
quality deterioration and/or margin erosion is common in emerging
markets that have experienced rapid accumulation of credit over a
sustained period.

Various reported measures in relation to asset quality (including
non-performing, special mention and overdue loans as well as asset
sale/write-offs) have been rising in recent years. Moreover, as in
other banking systems that have grown rapidly for a sustained
period, Fitch expects asset quality to deteriorate in the coming
years. That said, reported asset quality metrics may benefit from
informal/ordinary support from authorities to minimise defaults in
the system, securitising credit into wealth management products
(WMPs), offloading credit to nonbanks, and classifying credit as
debt securities or interbank claims.

Fitch's analysis of asset quality focuses more on loss-absorption
capacity (including factors such as capitalisation, loan loss
reserve coverage, and profitability) than loan classification
data. In this regard, provision coverage ratios were all lower in
1H14 as provisioning did not keep pace with the growth in NPLs,
even as more NPLs were written off or disposed during 1H14.
Fitch's stress tests imply that the state banks can withstand a
rise in impaired credit equal to around 6%-8% of total credit
exposure, after which some form of state support or regulatory
intervention may be required. However, recognition of greater
asset impairment may only come after the banks have built up
further buffers, credit/economic growth is deemed sustainable by
China's authorities, and/or the system is viewed as less
vulnerable to contagion. Alternatively, the state may assume
certain exposures to prevent banks from incurring large impairment
charges. Until such time as asset quality is addressed in a more
permanent manner, rising delinquencies could weigh on liquidity
and cash buffers from time to time.

Although China's banking system has been accumulating large off-
balance-sheet exposures, including through transactions with
nonbanks, and such transactions are not always transparent about
with whom ultimate risks resides, the state banks are considered
to be less exposed to such activities than other Chinese
commercial banks. Non-loan credit accounted for 35% of total
financial sector credit outstanding at 1H14 (2008: 21%). WMPs
outstanding were CNY12.7trn at 1H14, according to the China
Banking Regulatory Commission, and these products continue to grow
as competition for deposits intensifies, leading to an increase in
the cost - but shortening of tenor - of bank funding. WMPs' short
tenors, asset-liability mismatches and limited disclosure of
underlying assets have the potential to pose meaningful contingent
risk to the banks.

So far this year net interest margins (NIMs) are little changed
for all except BCOM, whose improved loan/investment yields were
insufficient to offset higher deposit funding costs arising from
BCOM's weaker retail deposit franchise. Core capital ratios were
also broadly flat to higher, but banks are also implementing the
internal ratings-based approach for the calculation of risk
weights, and this will impact reported capital to varying degrees.
However, tangible common equity/tangible assets is little changed
despite higher off-balance sheet exposures, meaning total leverage
remains high by emerging market standards.

While the banks are audited, local requirements for disclosure and
accounting detail could be enhanced relative to other highly rated
jurisdictions and bank systems. Should Chinese authorities (as key
stakeholders or owners) influence bank risk appetite, it could
potentially overshadow strategic decision making, governance and
risk management. Consequently, while this can constrain the VRs of
the state banks, it further underpins prospects of ordinary and
extraordinary support from the same authorities, which can be made
available in various forms.

Rating Sensitivities - Viability Ratings

VR upgrades for the state banks, while not anticipated in the near
term, are possible if Fitch considers the operating environment to
have stabilised. This would likely be evidenced by the pace of
credit growth slowing to a more sustainable level, off-balance-
sheet activities reducing or being less of a concern (including
due to greater transparency around such activities), greater
confidence that reported asset quality ratios will hold, or the
banks having improved loss-absorption capacity (building risk
buffers such as raising of additional capital) and/or strengthened
their deposit funding and liquidity.

Downgrades of VRs could be triggered by further excessive growth,
which renders capital more vulnerable to deterioration, if asset
quality deterioration undermines solvency, or if funding and
liquidity strains become more binding. The latter could be
manifested in market dislocation, such as abrupt disruption in
issuance of WMPs - often substitutes for deposits - or interbank
market distress, particularly if a bank is more exposed to such
activities than its peers. Although much of the sector benefits
from a degree of ordinary support from Chinese authorities in the
form of forbearance, whether in relation to on/off balance sheet
exposures or strict interpretation of prudential limits, the state
banks arguably benefit most. However, if this was to reduce, VRs
could come under pressure as vulnerabilities would become further
exposed.

Subsidiary And Affiliates - Key Rating Drivers And Sensitivities

Amipeace Limited is a wholly owned special purpose vehicle (SPV)
of Bank of China Group Investment Limited in Hong Kong, while CCBL
Funding Plc is a wholly owned SPV of China Construction Bank
(London) Limited. Both SPVs were established with the sole purpose
of undertaking offshore debt issuance of their parent entities.

As wholly owned subsidiaries, Fitch expects both SPVs would
receive very strong support from their ultimate parents in the
mainland in the event of repayment strains. In fact, current
senior debt issuance by Amipeace Limited is guaranteed by BOC's
Macau branch, while CCBL Funding Plc's debt is guaranteed by CCB.
Hence, the Long- and Short-Term Ratings of these instruments are
derived from those of their parents at 'A' and 'F1'.

The full list of rating actions on China's five large state banks
is as follows:

Agricultural Bank of China Limited:
- Long-Term Foreign-Currency IDR affirmed at 'A'; Stable Outlook
- Short-Term Foreign-Currency IDR affirmed at 'F1'
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A'
- Viability Rating affirmed at 'bb- '

Bank of China Ltd:
- Long-Term Foreign-Currency IDR affirmed at 'A'; Stable Outlook
- Short-Term Foreign-Currency IDR affirmed at 'F1'
- Long-Term Local-Currency IDR affirmed at 'A'; Stable Outlook
- Short-Term Local-Currency IDR affirmed at 'F1'
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A'
- Viability Rating affirmed at 'bb'
- Senior unsecured certificate of deposit programme affirmed at
'A'/' F1'
- Senior unsecured euro commercial paper and certificate of
deposit programme affirmed at 'A'/'F1'
- Senior unsecured medium-term note programme affirmed at 'A'/'F1'
- Senior unsecured Bons a Moyen Terme Negociables (BMTN) programme
Long-Term Rating affirmed at 'A(EXP)'.
- Chinese yuan senior unsecured note (issued by Bank of China
Taipei Branch) affirmed at 'A' /'AA+(twn)'
- Chinese yuan senior unsecured note (issued by Bank of China
Paris Branch) affirmed at 'A(EXP)'

Amipeace Limited
- Senior, guaranteed medium-term note programme affirmed at 'A'
- USD600m 2% guaranteed notes due 2016 affirmed at 'A'

Bank of Communications:
- Long-Term Foreign-Currency IDR affirmed at 'A'; Stable Outlook
- Short-Term Foreign-Currency IDR affirmed at 'F1'
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A'
- Viability Rating affirmed at 'bb-'
- Senior unsecured euro medium-term note programme (EMTN) issued
by Bank of Communications Hong Kong Branch) affirmed at 'A'/'F1'

China Construction Bank Corporation:
- Long-Term Foreign-Currency IDR affirmed at 'A'; Stable Outlook
- Short-Term Foreign-Currency IDR affirmed at 'F1'
- Long-Term Local-Currency IDR affirmed at 'A'; Stable Outlook
- Short-Term Local-Currency IDR affirmed at 'F1'
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A'
- Viability Rating affirmed at 'bb'

CCBL Funding PLC
- Senior, guaranteed medium-term Chinese yuan bonds affirmed
  at 'A'

Industrial and Commercial Bank of China:
- Long-Term Foreign-Currency IDR affirmed at 'A'; Stable Outlook
- Short-Term Foreign-Currency IDR affirmed at 'F1'
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A'
- Viability Rating affirmed at 'bb'


CHINA FISHERY: FY14 Results Support BB- Rating, Fitch Says
----------------------------------------------------------
Fitch Ratings says that China Fishery Group Limited's (China
Fishery; BB-/Negative) results for the financial year ending
Sept. 28, 2014 (FY14) support its ratings at the current level as
its operations remain sound and deleveraging is on track with the
refund from the long-term supply agreement (LSA) with Russian
suppliers.

However, the company needs to refinance the USD250m bond issued by
Corporacion Pesquera Inca SAC (COPEINCA; B+/Stable), a subsidiary
of Copeinca ASA, which China Fishery acquired in 2013 by March 16,
2015.  The Negative Outlook on China Fishery's rating reflects
this risk.  China Fishery is exploring various options to address
this, including support from its shareholders.  If the refinancing
needs are addressed adequately, Fitch may revise the Outlook to
Stable.

In FY14, cost savings from the enlarged Peruvian fishmeal
operations started to take effect.  As a result, revenue increased
by 13.7% from a year earlier and EBITDA margin was resilient at
38.9% (FY13: 41.1%).  The El Nino weather phenomenon might pose
some downside risk to the total allowable catch in the 2014 second
fishing season.  But the underlying earnings profile of China
Fishery is strengthening given the firm demand for fishmeal, a
staple needed for aquaculture globally; savings to be realized
from the further consolidation of its enlarged Peruvian business;
and the removal of uncertainty of in the Russian contract supply
business.

The company's leverage, as measured by adjusted net debt to
operating EBITDAR decreased to 4.4x in FY14 from 5.0x a year ago,
driven in part by the partial refund of USD111m from its LSA with
Russian suppliers.  The remaining USD130.5m from the LSA is to be
fully paid by March 2016.  China Fishery's ability to generate
positive free cash flow of about USD100m in FY15 plus the LSA
refund might drive its FY15 net leverage to below 3.0x if
management does not increase capex and/or dividends.


E-LAND FASHION: S&P Affirms 'BB-' LT CCR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on E-Land Fashion China Holdings Ltd. with
a stable outlook.  S&P also affirmed its 'cnBB+' long-term Greater
China regional scale rating on the China-based women's apparel
company.  S&P then withdrew all the ratings at E-Land Fashion's
request.

At the time of the withdrawal, the ratings reflected E-Land
Fashion's good financial strength, stable market position, smaller
scale compared with global peers, and gradually declining
profitability due to intense competition in China's apparel
industry.  The stable outlook reflected S&P's expectation that E-
Land Fashion would maintain its stable cash flows over the next
one to two years.


HAINAN MINING: Planned IPO No Impact on Moody's Ba3 CFR for Fosun
-----------------------------------------------------------------
Moody's Investors Service says that Hainan Mining Co., Ltd's
(unrated) planned listing is credit positive for its parent, Fosun
International Limited.

Nevertheless, the listing has no immediate impact on Fosun's Ba3
corporate family and B1 senior unsecured ratings, or on the
company's negative ratings outlook.

"The public listing will improve Hainan Mining's access to
capital, and reduce its reliance on funding from Fosun," says Lina
Choi, a Moody's Vice President and Senior Analyst, and also the
International Lead Analyst for Fosun.

The new equity will also raise Fosun's consolidated equity base by
about 4%.

Moody's expects that the transaction will support Hainan Mining's
future growth, as most of the proceeds will be used to fund its
core business development projects.

Moreover, because Hainan Mining plans to use around 23% of the
proceeds to supplement working capital, its ability to withstand
the current downturn in the iron ore industry will be
strengthened.

Fosun announced on 24 November 2014 that it planned to raise up to
RMB1.76 billion by listing Hainan Mining's operations on the
Shanghai Stock Exchange. After the listing, Fosun will own not
less than 54% of Hainan Mining, from the current 60%.

According to Fosun, Hainan Mining will issue 1.68 billion shares
at RMB10.34 per share.

Hainan Mining is a major subsidiary of Fosun, contributing 16% of
the group's adjusted EBITDA in 2013, which was equivalent to
RMB1.5 billion.

"The public listing will improve Fosun's information transparency
because the company's stakes in Hainan Mining will become liquid
marketable securities after a restrictive period of 36 months,"
adds Kai Hu, a Moody's Vice President and Senior Credit Officer,
and also the Local Market Analyst for Fosun International.

However, Moody's expects Fosun's leverage, as measured by adjusted
debt/EBITDA, will remain high at 9x-10x after the IPO. The
company's negative ratings outlook reflects its high level of
debt.

Fosun's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (i) business risk and competitive position compared
with others within the industry; (ii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Fosun's core industry and
believes Fosun's ratings are comparable to those of other issuers
with similar credit risk.

Fosun was founded in 1992. It focuses on the core businesses of:
(1) steel; (2) property; (3) pharmaceuticals and healthcare; and
(4) mining.

Apart from its core businesses, Fosun has grown its presence in
other areas such as insurance and asset management. The company's
portfolio of Chinese and overseas investments in listed companies,
equity interests in operating businesses, and investment
partnerships that are not publicly listed is also significant.

Fosun became the holding company for the Fosun group in 2005.
Headquartered in Shanghai, it was listed on the Hong Kong Stock
Exchange in 2007.

The group is 58% indirectly owned by its chairman, Mr. Guangchang
Guo. Mr. Guo and three other founders indirectly own a combined
share of 79.6% in the holding company.


INDUSTRIAL AND COMMERCIAL: Moody's Rates Pref. Shares Ba2(hyb)
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 (hyb) rating to
Industrial and Commercial Bank of China Limited's (ICBC) proposed
multi-currency denominated Additional Tier 1 (AT1) capital
qualifying offshore preference shares (securities).

The proposed AT1 securities are subject to full or partial
compulsory H-share conversion upon the occurrence of a trigger
event. The rating is three notches below ICBC's baa2 adjusted
baseline credit assessment (adjusted BCA), which in turn starts
with the bank's BCA and adds parental support, if any.

ICBC's adjusted BCA is the same as its BCA.

The outlook on the rating is stable.

Ratings Rationale

"The Ba2 (hyb) rating is three notches below ICBC's baa2 adjusted
BCA, reflecting the structure of the proposed issuance, and
Moody's assumption that investors in these securities face the
risk of full or partial compulsory H-share conversion upon the
occurrence of a trigger event," says Christine Kuo, a Moody's Vice
President and Senior Credit Officer.

"The rating also incorporates the probability of impairment
associated with cancellation of dividend. Such an impairment could
occur before the bank reaches the point of non-viability," adds
Kuo.

While ICBC is majority owned by the Chinese government (Aa3
Stable), Moody's does not assume that AT1 securities which are
designed to absorb losses will receive extraordinary government
support.

Under the terms and conditions of the proposed securities, a
compulsory H-share conversion will be triggered if:

(1) An AT1 capital trigger event occurs; namely, if ICBC's common
equity Tier 1 capital adequacy ratio falls to 5.125% or less. In
such a situation, all or some of the AT1 securities will be
converted into H-shares so that the AT1 capital trigger event
ceases to continue; or

(2) A non-viability trigger event occurs, in which case all AT1
securities will be converted into H-shares.

A non-viability trigger event will occur upon the earlier of: (1)
the China Banking Regulatory Commission having concluded that
without a conversion, the bank would become non-viable; and (2)
the relevant authorities having concluded that without a public
sector injection of capital or equivalent support, the bank would
become non-viable.

Claims on the AT1 securities are senior to the claims of ordinary
shareholders, and rank pari passu with other preference
shareholders, but are subordinate to the claims of depositors, the
bank's general creditors, and holders of subordinated liabilities.

The AT1 securities will pay fixed-rate annual dividends. However,
ICBC may choose not to pay dividends on a non-cumulative basis.
The distributions on the capital securities are fully
discretionary, but in priority to any distributions made to
ordinary shareholders.

Principal Methodologies

The principal methodology used in this rating was Global Banks
published in July 2014.

Industrial and Commercial Bank of China Limited is headquartered
in Beijing. The bank reported total assets of RMB20.2 trillion
(approximately USD3.3 trillion) as of 30 September 2014.


INDUSTRIAL AND COMMERCIAL: S&P Rates Proposed Pref. Shares 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
issue rating to a proposed issue of non-cumulative offshore
preference shares by Industrial and Commercial Bank of China Ltd.
(ICBC: A/Stable/A-1; cnAA+/cnA-1).  S&P also assigned its 'cnBBB'
Greater China regional scale rating to the shares.  The issuance
is part of ICBC's plan to raise up to Chinese renminbi (RMB) 80
billion in preference shares, onshore and offshore.  The rating is
subject to S&P's review of the final issue documentation.

The rating reflects S&P's new hybrid capital criteria, which are
applicable to issues rated after Sept. 18, 2014.  It considers
issue-level risks determined in part by ICBC's regulatory
environment, including provisions related to the implementation of
the Basel III framework.  S&P notes that the BASEL III-compliant
instrument qualifies as regulatory additional Tier-1 capital.

The rating is four notches lower than ICBC's stand-alone credit
profile of 'bbb+'.  S&P made a one-notch downward adjustment for
subordination, a two-notch downward adjustment for the risk of
coupon nonpayment for a Tier-1 instrument, and a one-notch
downward adjustment for the issue's common equity conversion
feature.

S&P has classified the preference shares as having "intermediate"
equity content, according to S&P's rating criteria.  As such, S&P
will include the preference shares in its calculation of ICBC's
total adjusted capital until the aggregate amount of such
instruments equals 33% of the bank's adjusted common equity.

The equity content classification reflects the preference shares'
loss-absorbing features.  In line with China's BASEL III-aligned
capital framework, the shares are perpetual and non-callable for a
minimum of five years after the issue date.  The dividends on the
preference shares may be cancelled at the discretion of the
issuer, and are noncumulative.  S&P views the preference shares'
dividend deferral feature as having capacity to absorb losses on a
going-concern basis.


LOGAN PROPERTY: Fitch Removes 'BB-(EXP)' Rating to Prop. Notes
--------------------------------------------------------------
Fitch Ratings issued an announcement correcting the version
published on Nov. 25, 2014 to remove the assignment of an expected
rating of 'BB-(EXP)' to Logan Property Holdings Company Limited's
proposed notes denominated in offshore yuan as the company has not
announced plans to issue the bonds to date.

Fitch Ratings has assigned China-based homebuilder Logan Property
Holdings Company Limited a Long-Term Local-Currency Issuer Default
Rating of 'BB-' with a Stable Outlook.

KEY RATING DRIVERS

Established Market Position: Logan's ratings reflect its
established business position with contracted sales of CNY13.2bn
in 2013 (1H14: CNY5.54bn), and strong execution ability in large-
scale mass-market residential developments in key cities where it
operates.  About 66% of Logan's existing land bank is located in
Huizhou, Nanning and Shantou, where Logan has been ranked among
the top five developers by sales value in the past three years.
Logan will continue to use its strong track record in these
locations to expand over the medium term.

Large Land Bank Gives Flexibility: Logan's large land bank of 12.8
million square metres (sqm) that it purchased at an average cost
of below CNY1,200/sqm is sufficient for five to six years' worth
of sales.  This large low-cost land reserve, gives the company
operational flexibility in terms of land purchases over the medium
term.  The leeway is especially important at a time when land
prices are rising rapidly.

Stable Margins: As land costs increase over time, Fitch expects
the company's overall EBITDA margin to be sustained at above 25%
(1H 2014: 24%) as lower margins from its fast-churn projects would
be balanced by stronger profit margins from projects with low land
cost.  Logan also reaps some savings by using its in-house
construction arm.

Balance Sheet Supports Moderate Expansion: Logan's net
debt/adjusted inventory is healthy at 30% as at 1H14 (end-Dec
2013: 33%).  Logan's leverage may increase to beyond 40% at end-
2014 following its acquisition of seven new land parcels in
January-October 2014.  Fitch expects it to drop below 40% over the
medium term, assuming Logan slows down its pace of acquisition in
2015 and maintains healthy sales performance.

Manageable Single Project Exposure: Although plots in Huizhou make
up about 40% of Logan's land bank, sales from its main project,
Logan City (Huizhou), will be spread out over several years and
likely remain below 25% of Logan's total annual sales.  In
addition, the low land cost of CNY220/ sqm for Logan City
(Huizhou), compared with the average selling price (ASP) of
CNY6,300/ sqm, provides a comfortable buffer against price
corrections and potential competition from nearby projects.

High Exposure in Guangdong: Logan's rating is constrained by its
concentration in Guangdong province, which accounts for more than
70% of its sales and land bank.  This increases its susceptibility
to changes in the local economy and policies.  Its exposure to
smaller cities may leave it vulnerable to higher price volatility;
however this is partially mitigated by the company's strong profit
buffer due to the low cost of its land and products that target
first-home buyers and upgraders.  Due to its proximity to Shenzhen
and to a lesser extent Guangzhou, Logan City (Huizhou) also
targets end-users from these first-tier cities in Guangdong
province.

Large Projects May Lengthen Cash Cycle: Logan's strategy is to
secure large parcels of land outside the city centre to tap demand
from urbanization in China.  The success of these projects hinges
on the continuation of the urbanization trend and demands a longer
cash cycle.  Low land costs for these projects, Logan's healthy
leverage, and cash flow from the company's fast-churn projects
will mitigate some of this risk.

RATING SENSITIVITIES

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

   -- EBITDA margin sustained below 25%
   -- Net debt/adjusted inventory sustained above 40%
   -- Contracted sales / total debt sustained below 1.0x
   -- Sustained decline in contracted sales from current levels

Positive: No positive rating action is expected unless Logan is
able to substantially increase its scale and diversify outside
Guangdong province without compromising its financial metrics.



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


ALLURI SITARAMA: CRISIL Cuts Rating on INR210MM Bank Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Alluri Sitarama Raju Educational Society (ASRES) to 'CRISIL
B+/Stable' from 'CRISIL BB/Stable'

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term      210       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB/Stable')

The rating downgrade reflects the deterioration in ASRES's credit
risk profile, with its operating surplus margins expected to
remain much below their historical levels over the medium term.
The society registered a steep decline in its operating surplus
margin to 1.6 per cent in 2013-14 (refers to financial year, April
1 to March 31) from 15.7 per cent in 2012-13 because of a
significant increase in its operational expenses. CRISIL believes
that ASRES has limited flexibility to increase the fees charged by
its medical college and hospital; this, coupled with the continued
increase in its operational expenses could constrain any
substantial improvement in its surplus margin, over the medium
term. Though the society would register healthy growth in its
revenue with an increase in student enrolments in 2014-15, its
operating surplus margin is likely to remain below 8.0 per cent
for the year.

The ratings reflect ASRES's stretched liquidity with its cash
surplus expected to tightly meet its term debt obligations, and
its below-average financial risk profile marked by its negative
net worth and average debt protection metrics. The ratings of the
society are also constrained on account of geographic
concentration in its revenue profile, and its exposure to risks
related to the regulated nature of the education sector. These
rating weaknesses are partially offset by the society's
established regional position in the medical education segment,
and healthy revenue from its multi-specialty hospital.

Outlook: Stable

CRISIL believes that ASRES will continue to benefit over the
medium term from its established regional position in the medical
education segment. The outlook may be revised to 'Positive' if the
society registers a substantial and sustained increase in its
scale of operations and operating surplus margins, or it receives
sizeable donations thereby strengthening its liquidity.
Conversely, the outlook may be revised to 'Negative' if ASRES
registers a decline in its operating surplus margins, or there is
a significant increase in its debt levels on account of any large
debt-funded capital expenditure.

ASRES was established in 1998 as a not-for-profit society by Mr. G
Ganga Raju, Mr. G V K Ranga Raju, and Mr. G Rama Raju. The society
has two divisions - a multi-speciality hospital with capacity of
1075 beds, and an educational institution which offers
undergraduate and postgraduate courses in medicine, nursing, and
para-medicine.

The educational institute accounts for around 55 per cent of the
society's revenue, and the hospital division for the rest. The
medical college and general hospital are recognised by the Medical
Council of India. The institute is located in Eluru (Andhra
Pradesh).


ASWATHY CONSTRUCTIONS: ICRA Rates INR17cr Fund Based Loan at 'B'
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR17.0
crore long term fund based facilities of Aswathy Constructions.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund        17.0        [ICRA]B assigned
   Based Facilities

The rating assigned takes into account the small scale of
operations of Aswathy constructions, the moderate profitability
levels. The rating also considers the geographical and sectoral
concentration of the firm with presence limited to road projects
in and around Trivandrum in Kerala, the competition intensive
nature of the industry, the vulnerability of profit margins to
fluctuations in raw material and labour costs and the working
capital intensive nature of operations. ICRA also notes that being
a proprietorship concern, any significant withdrawals from the
capital account by the proprietor would have an adverse bearing on
the firm's gearing levels and thus remains a key rating
sensitivity.

The rating, however positively factors in the firm's and the
promoter's long standing presence and established track record in
the construction industry in Kerala, the availability of orders in
hand providing visibility to the revenues in the short term and
the adequate man power and equipments available with the firm to
execute the orders in hand.

Aswathy Constructions is a civil works contracting firm based in
Trivandrum city under the proprietorship of Mr. G Sukumaran since
1996. The office functions at the address TC 11/915-1 in Nalanda
in Nathencode. Farooq undertakes Kerala State PWD and National
Highway contract works especially roads, bridges and other major
civil works. The firm has all equipments required for its civil
works (around INR3 crore worth of machinery and equipments as on
March 2014) and employs around 100 workers on a permanent and
another 100 on a temporary basis. The firm has its own bitumen
plant in Palode, Trivandrum. The firm has in it's over eighteen
years of existence undertaken several projects for the state and
central government bodies.

For FY 2014, the company has reported an operating income of
INR17.9 crore and Profit After Tax (PAT) of INR0.7 crore.


BABA BUDHA: CRISIL Reaffirms B+ Rating on INR103.5MM Term Loan
--------------------------------------------------------------
CRISIL rating on the long-term bank facility of Baba Budha Sahib
Cardiac Centre Ltd (BBC; part of the Pruthi group) continues to
reflect the Pruthi group's average financial risk profile, marked
by high gearing on account of large debt-funded capital
expenditure, and its large working capital requirements. These
rating weaknesses are partially offset by the extensive experience
of the group's promoters and its established presence in the
healthcare industry in and around Jalandhar (Punjab), and healthy
occupancy at its hospitals.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           95         CRISIL B+/Stable (Reaffirmed)
   Term Loan            103.5       CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Pruthi Hospital (PH) and BBC. This is
because both the entities, together referred to as the Pruthi
group, operate under a common management, are in the same line of
business, and have financial fungibility.

Outlook: Stable

CRISIL believes that the Pruthi group will maintain its business
risk profile over the medium term, supported by its promoters'
extensive industry experience and expertise. The outlook may be
revised to 'Positive' if the group significantly ramps up
operations, supported by high occupancy at its new hospital,
resulting in sizeable cash accruals, and consequently, improvement
in its financial risk profile and working capital cycle.
Conversely, the outlook may be revised to 'Negative' if occupancy
at the new hospital is low, leading to low net cash accruals, or
if the group's working capital cycle does not improve as expected,
leading to weakening of liquidity.

Update
The Pruthi group reported operating income of INR274 million for
2013-14 (refers to financial year, April 1 to March 31) vis-a-vis
INR200 million for 2012-13. The group reported revenue of around
INR190 million till September 2014 in 2014-15, and is likely to
report revenue of around INR440 million for the whole year. Growth
in 2014-15 will be driven by commissioning of the group's new 300-
bed hospital in May 2014. The group's operating margin declined to
15 per cent in 2013-14 from around 19 per cent earlier on account
of downward revision in packages of government schemes (which
account for around 65 per cent of the group's total income) and
increasing competition. The margin is expected at 15.5 per cent
over the medium term.

The group's operations are working capital intensive, marked by
gross current assets of 221 days as on March 31, 2014, because of
large debtors of 159 days (as nearly 65 per cent of revenue is
from government authorities). The debtors, however, improved from
around 210 days earlier and are expected to improve to around 85
days over the medium term, driven by initiation of online payment
system in Ex-serviceman Contributory Health Scheme (ECHS) and by
zero credit extended to individuals treated in the new hospital.
The group's net cash accruals are expected to remain low, at INR20
million to INR30 million, and tightly matched with debt
obligations over the medium term because of increasing obligations
and increasing interest burden (interest coverage ratio expected
to remain around 1.5 times). Hence, the group's liquidity will
remain constrained over the medium term. Its bank limit
utilisation averaged 88 per cent over the 15 months through
October 2014. Its gearing is expected to remain around 3.5 times
because of large incremental working capital requirements driven
by revenue growth.

PH was set up in 1987 and BBC was incorporated in 1996 in
Jalandhar. They jointly operate a 75-bed hospital in the city. The
hospital primarily provides cardiac treatment; it also provides
neurology, nephrology, and orthopaedic treatment.

The Pruthi group recently set up a 300-bed multi-specialty
hospital in Jalandhar, which commenced operations in May 2014. The
Pruthi group is owned and managed by Dr. C. S. Pruthi, a
cardiologist by qualification.

The group, on a provisional basis, reported profit after tax (PAT)
of INR20.3 million on net sales of INR273.3 million for 2013-14,
against PAT of INR18.1 million on net sales of INR199.4 million
for 2012-13.


BON MART: CRISIL Suspends B+ Rating on INR66MM Bank Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bon Mart International Limited (BMIL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              14         CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility       66         CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by BMIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BMIL is yet to
provide adequate information to enable CRISIL to assess BMIL'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 1998, BMIL is engaged in trading of fabric
including cotton, denim, suiting and shirting fabric. The company
is located in Delhi and is managed by promoter Mr. Rakesh Bansal
and his family.


CHALAPATHI EDUCATIONAL: ICRA Reaffirms B+ INR8.23cr Loan Rating
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR5.17 crore term loan, INR2.60 crore fund based facilities and
INR8.23 crore unallocated limits of Chalapathi Educational
Society.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits-
   Term Loan             5.17       [ICRA]B+ Reaffirmed

   Fund based limits-
   Overdraft             2.60       [ICRA]B+ Reaffirmed

   Unallocated Limits    8.23       [ICRA]B+ Reaffirmed

The reaffirmation of rating favourably factors in the long
standing experience of the promoters of over two decades in the
field of education, established brand name of the society in
imparting technical education in Guntur District of Andhra Pradesh
and its diversified presence across various streams lending
stability to revenues. The rating also factors in the healthy
growth in operating income of the society with a CAGR of 19.28%
during the period FY 2009-14. ICRA also draws comfort from the
strong operating margins of the society coupled with the
improvement in gearing from 2.0 times as on 31 March, 2013 to 1.9
times as on 31 March, 2014 resulting into improvement in coverage
indicators. However, the rating is constrained due to significant
delays in fee reimbursements from Government of Andhra Pradesh
(AP) which impacts the liquidity of the society. The rating also
takes into account the increasing competition with presence of
many existing and upcoming engineering colleges in Andhra Pradesh,
moderate seat occupancy level and weak placement scenario. ICRA
also notes that the fee fixation by the Govt of AP limits the
growth potential for the society. Going forward, timeliness of fee
receivables, attracting and retaining quality faculty, maintaining
liquidity levels in midst of capex will be the key rating
sensitivities.

Chalapathi Educational Society (CES) was established in 1995 as a
non-profit society by its chief promoter Mr. Y.V. Anjaneyulu. The
society operates five institutions including two Engineering
colleges, Pharmacy College, Degree college and Junior college. The
establishments of CES, namely, Chalapathi Institute of Engineering
& Technology, Chalapathi Institute of Technology, Chalapathi
Institute of Pharmaceutical Sciences, Chalapathi Degree College
and Chalapathi Junior College are based in Guntur, Andhra Pradesh.

Recent Results
As per audited results, the society reported a net surplus of
INR1.31 crore on revenue receipts of INR16.56 crore during 2013-14
as against a net surplus of INR0.80 crore on revenue receipts of
INR15.04 crore during 2012-13.


CIBI INT'L: CRISIL Suspends 'D' Rating on INR150MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
CIBI International Pvt Ltd (CIBI; a part of the Lakshmivel group).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee            4         CRISIL D
   Cash Credit             150         CRISIL D

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

The Lakshmivel group was set up in 1991 by Mr. G Sakthivel and his
wife, Mrs. S Punithavathi. The group's operations cover the entire
value chain of the textiles business. LMPL was set up in 2006; it
manufactures cotton yarn, primarily for Gugan and CIBI. CIBI, the
group's flagship entity, manufactures knitted garments. Sri Hari
Process, a proprietary concern, undertakes activities such as
washing, compacting, embroidery, printing, and other processes in
the textile value chain. Gugan was set up in 1999; it manufactures
fabric.


DHALL EXPORT: CRISIL Reaffirms B Rating on INR55MM Packing Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dhall Export (DE; a
part of the Dhall group) continue to reflect the Dhall group's
weak financial risk profile, marked by high gearing and average
debt protection metrics. Also, the ratings reflect the group's
working-capital-intensive operations, and small scale of
operations in the competitive textile machinery industry. These
rating weaknesses are partially offset by the extensive industry
experience of the Dhall group's promoters, leading to established
relations with its customers and suppliers.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee            5       CRISIL A4 (Reaffirmed)
   Export Packing Credit    55       CRISIL B/Stable (Reaffirmed)
   Inland/Import Letter
   of Credit                 5       CRISIL A4 (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DE and Dhall Enterprise and Engineers
Pvt Ltd (DEEL). This is because these entities, together referred
to as the Dhall group, have significant operational and financial
linkages, and a common management team.

Outlook: Stable

CRISIL believes that the Dhall group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the group generates
higher-than-expected cash accruals and significantly improves its
working capital management, or benefits from infusion of funds by
its promoters, resulting in an improved capital structure.
Conversely, the outlook may be revised to 'Negative' if the Dhall
group achieves lower-than-expected cash accruals, or if its
financial risk profile weakens, most likely because of withdrawal
of funds by its promoters. The outlook may also be revised to
'Negative' if the group's working capital requirements increase
further, or it undertakes higher than expected debt-funded capital
expenditure plan.

Update
The Dhall group's performance in 2013-14 (refers to financial
year, April 1 to March 31) was slightly below CRISIL's
expectation, with a 7 per cent year-on-year increase in revenues.
The group's performance was affected because of the lack of export
orders received by DE which also led to a reduction in its
operating margin to around 9 per cent for the year from 12 per
cent in 2012-13. However, in 2014-15, the Dhall group's
performance has improved, with sales of around INR250 million
booked over the six months ended September 30, 2014, backed by
revival in demand for textile machinery. The group's operating
margin is expected to remain moderate at 9 to 10 per cent over the
medium term. The Dhall group is expected to register a year-on-
year revenue growth of over 10 per cent in 2014-15, given the
healthy order book.

The Dhall group's working capital requirements are likely to
remain large, with debtors and inventory expected to remain at
around 45 days and 270 days, respectively, as on March 31, 2015.
The group's financial risk profile remains weak, with gearing of
around 4 times as on March 31, 2014, and interest coverage ratio
of over 1.4 times for 2013-14. Its liquidity remains stretched,
with average bank limit utilisation of 96 per cent over the 12
months through September 2014. The group has repayment obligations
of INR8 million for 2014-15, and is expected to generate
sufficient accruals of around INR12.2 million to meet these
obligations.

DEEL reported a profit after tax (PAT) of INR4 million on net
sales of INR365.6 million for 2012-13, against a PAT of INR3.6
million on net sales of INR318.7 million for 2012-13.

DE, a partnership firm among members of the Dhall and Chopra
families, trades in and exports textile machinery.

DEEL's product portfolio includes continuous bleaching, washing
and mercerising, pad dry and pad steam ranges, coldpad-batch
dyeing ranges with S-roll padder, S-roll dye and finishing
padders, jigger, drying ranges, stenter and relax dryers,
shrinking ranges, and vacuum foam finishing ranges.


DRISHA IMPEX: ICRA Suspends B Rating on INR5cr Fund Based Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR5.0 crore fund based limits of Drisha Impex Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


ENN TEE: CARE Assigns B+ Rating to INR9.11cr LT Bank Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Enn Tee International Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.11       CARE B+ Assigned
   Short-term Bank Facilities    0.90       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Enn Tee
International Limited (ETIL) are primarily constrained by its weak
financial risk profile characterised by fluctuating total
operating income (TOI), low profitability margin, leveraged
capital structure, weak debt protection indicators and weak
liquidity indicators. The ratings are further constrained by
substantial off-balance-sheet exposure in the form of corporate
guarantee given to the group company, its presence in highly
fragmented and competitive markets and susceptibility to
fluctuation in raw material prices.

The ratings, however, draw strength from the experienced promoter
and favourable manufacturing location.

Going forward, ETIL's ability to grow its scale of operations
while improving its profitability margins, improvement in its
capital structure and any higher than anticipated support toward
group companies shall be the key rating sensitivities.

ETIL, a closely held public limited company was initially
incorporated as Enn Tee International Private Limited in February
1999. The constitution was subsequently changed to the present one
in June 2014. The company is currently being managed by Mr Harish
Chander. The company is engaged in the manufacturing and trading
of poly propylene (PP) yarn since year 2000. The manufacturing
facility is located at Haridwar, Uttrakhand, with installed
capacity of 3,500 metric tons per annum (MTPA) of yarn as on March
31, 2014. ETIL procures raw material consisting of poly propylene
(PP) chips mainly from institutional suppliers domestically and
sells its products through a network of around 10 dealers mainly
in the states of Delhi, Uttar Pradesh and West Bengal. Besides
ETIL, group companies include, Him Chem Limited and Bright
Polymers Private Limited, which are involved in the manufacturing
of polyester yarn and trading of yarn.

For FY14 (refers to the period April 1 to March 31), ETIL achieved
a total operating income of INR48.87 crore with PBILDT and PAT of
INR3.21 crore and INR0.40 crore, respectively. The company has
achieved TOI of approximately INR20 crore in 5MFY15.


GEE GEE: CRISIL Assigns B+ Rating to INR75MM Warehouse Receipts
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Gee Gee Agro Tech (GGA; part of the Gee Gee
group).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Warehouse Receipts       75         CRISIL B+/Stable

   Proposed Long Term       10         CRISIL B+/Stable
   Bank Loan Facility

   Bank Guarantee            5         CRISIL A4

   Cash Credit             110         CRISIL B+/Stable

The ratings reflect the Gee Gee group's modest scale of
operations, and the susceptibility of the group's margins to
volatility in input prices and to unfavourable changes in
government regulations. The ratings also factor in the Gee Gee
group's below-average financial risk profile marked by a modest
net worth, and subdued debt protection metrics.

These rating weaknesses are partially offset by the extensive
experience of the Gee Gee group's partners in the rice milling
business.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GGA and Gee Emm Overseas (GEO). This is
because these two entities, together referred to as the Gee Gee
group, are in the same line of business, and have the same
promoters and management.

Outlook: Stable

CRISIL believes that the Gee Gee group will continue to benefit
over the medium term from its partners' extensive experience in
the rice milling business. The outlook may be revised to
'Positive' if the group achieves significant and sustainable
improvement in its revenue, while maintaining its margins and
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if the Gee Gee group's working capital
requirements increase significantly, or if it undertakes a
significantly large debt-funded capital expenditure programme,
resulting in deterioration in its financial risk profile.

Established in 2005, GGA mills and processes rice (including
basmati rice). The firm also undertakes milling work for
Government of Punjab. Its production facilities are in Moga
(Punjab) and have total capacity of 10 tonnes per hour. The firm
is owned and managed by Mr. Manav  Goyal and his family.

GEO was set up as a partnership firm in 2010 by the Goyal family.
It processes basmati and parboiled rice. Its day-to-day operations
are managed by Mr. Naresh Goyal and his son, Mr. Manav Goyal.
GEO's manufacturing facility is in Moga. The Goyal family has been
in the rice milling industry since 1998.


GI RANK: CARE Assigns B+ Rating to INR6cr Long-Term Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of GI Rank
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6         CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of GI Rank Industries
(GIRI) is primarily constrained by its nascent stage of
operations, proprietorship form of constitution, intense
competition within the unorganized sector and corresponding
environmental issues associated with stone crushing, high working
capital intensity with moderately high utilization of working
capital limits during the first four months of operations and
sluggish outlook of the construction sector.

The above constraints outweigh the comfort derived from the
experience of the partners in the stone crushing business.
The ability of GIRI to achieve the envisaged level of sales and
profitability and effective working capital management
would be the key rating sensitivities.

M/s GI Rank Industries (GIRI) was formed as a partnership firm in
February 2013 by Mr JP Santharam, Mr P Murali Krishna and Rank
Silicon & Industries Pvt Ltd (represented by its managing
director, Mr SAN Raju) of Telangana in a profit sharing ratio of
24.50% each for the first two partners and 51% for third partner.
The entity is engaged in quarrying and stone crushing. The entity
is having a license from the state mining authority to dig the
boulder from the hills located in Erdanoor, Medak district of
Telangana and in turn pays royalty of INR30 per tonne for
excavation of natural resources. The stone crushing encompasses
activities such as crushing, screening, material handling and
transfer operations of final product. The entity commenced
operation from June 2014 with installed crushing capacity of 250
Tonnes per Hour (THP), located in an Erdanoor, Medak, Telangana.
The unit was setup at an aggregate cost of INR7.44 crore, which
was funded at a debt equity mix of 2.05:1.

During the first four month of operation (till September 2014),
the firm has maintained to have achieved a total operating
income of INR5 crore.


GOODBUILD INDIA: CRISIL Suspends B+ Rating on INR200MM Bank Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Goodbuild India Private Limited (GIPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term       200        CRISIL B+/Stable
   Bank Loan Facility

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

GIPL was incorporated in 2002 by Mr. Rashad Mujawar, his wife,
Mrs. Shirin R. Mujawar and his relatives, Mr. Arshad Mohammed
Zaheer and Mr. Abdul Shakoor Shaikh. The company is engaged in
real estate development with a focus on slum redevelopment
projects in Mumbai.

GIPL currently has two projects in hand- SRA project in Laxmi
Nagar, Goregaon West and MHADA redevelopment project in Versova.
Both the projects are in initial stages and are expected to be
completed in the next two to four years.


GSN FERRO: ICRA Suspends D Rating on INR9.25cr Cash Credit
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR9.25 crore fund based Cash Credit limits, INR0.25 crore Bank
Guarantee and INR2.00 crore Unallocated limits. ICRA has also
suspended the short term rating of [ICRA]D assigned to INR2.50
crore non fund based limits of M/s GSN Ferro Alloys Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


HARI MACHINES: CARE Assigns B+ Rating to INR70.36cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Hari Machines Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     70.36      CARE B+ Assigned
   Long/Short term Bank          40.00      CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to Hari Machines Ltd. (HML) are constrained
by the weak profitability with cash loss in FY14 (refers to
the period April 01 to March 31), high overall gearing ratio,
stretched working capital cycle, customer concentration risk,
intense competition and slowdown in the end user industry. The
ratings however, draw strength from the experience of
the promoters & long track record of HML, diversified product
portfolio and association with leading international players.
Improving capacity utilisation, profitability and capital
structure alongwith effective management of working capital are
the key rating sensitivities.

HML, belonging to Dalmia group, was incorporated in 1948 under the
name of Cement Distributors Ltd in Delhi, acting as a sole selling
agent of Orissa Cement Ltd. Thereafter, in 1987, with the
cessation of agency, the company ventured into manufacturing of
equipments and the name of the company was changed to HML. HML is
engaged in manufacturing equipment for heavy engineering
industries (sponge iron, engineering industry and refractory
industry), mineral processing industry and boilers for power &
process plants. The manufacturing facility is situated in
Rajgangpur, Orissa with a total installed capacity of 15,000 MTPA.

In FY14, HML reported net loss of INR15.71 crore (net loss of
INR1.57 crore in FY13) on total operating income of INR153.84
crore (INR105.15 crore in FY13).


LEO DUCT: CRISIL Suspends B- Rating on INR220M Overdraft Facility
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Leo Duct Engineers and Consultants Ltd (Leo Duct).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee           130         CRISIL A4
   Overdraft Facility       220         CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by Leo
Duct with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Leo Duct is yet
to provide adequate information to enable CRISIL to assess Leo
Duct'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 2000 as a partnership firm named Leo Duct Consultants,
LDEC was reconstituted as public limited company with its current
name in 2003. LDEC is promoted by Mr. D A Azmi who is currently
its chairman and managing director. The company is an
infrastructure contractor and also undertakes turnkey projects for
gas networking, telecommunication (telecom) tower and networking,
solar power, and road and bridges infrastructure segments.


MATSYA AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR315MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Matsya Automobiles Ltd
(MAL) continue to reflect MAL's limited bargaining power with
principal, Tata Motors Ltd (TML; rated 'CRISIL AA/Stable/CRISIL
A1+') resulting in low profitability; the ratings also factor in
MAL's exposure to intense competition in the automobile dealership
industry. These rating weaknesses are partially offset by the
benefits that MAL derives from its long-standing association with
its principal.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee            5      CRISIL A4 (Reaffirmed)
   Cash Credit              45      CRISIL B+/Stable (Reaffirmed)
   Channel Financing       315      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term       95      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that MAL will continue to benefit from its
promoters' experience in the dealership business. The outlook may
be revised to 'Positive' if the financial risk profile improves
significantly, driven by improved profitability or infusion of
funds from promoters. Conversely, the outlook may be revised to
'Negative' if MAL's revenue or profitability declines
significantly, or if it undertakes any debt-funded capital
expenditure.

Update
For 2013-14 (refers to financial year, April 1 to March 31), MAL
reported revenue of INR2147.0 million, a decline of 29 per cent
over the previous year. The decline was mainly on account of weak
demand and reduced volumes for TML's heavy commercial vehicles.
Revenue growth is expected to remain low over the near term on
account of continued weak demand. The profitability, however,
improved marginally to 1.6 per cent, backed by focus on higher-
margin activity, and higher incentives from the principal. CRISIL
expects profitability will remain in the 1.5-2.0 per cent range
over the near to medium term.

The company incurred capex of INR27.7 million during 2013-14
mainly to procure land; the capex was funded by equity infusion of
INR10.0 million by the promoters, and by internal accruals.
Working capital requirements continue to be met from external
borrowings. MAL had a modest net worth of INR69.2 million and high
total outside liabilities to total net worth (TOLTNW) of 6.0 times
as on March 31, 2014. Due to high dependence on external
borrowings and high interest outgo, the interest coverage remains
weak at 1.11 times for 2013-14. The financial risk profile is
expected to remain weak on account of sizeable working capital
borrowings and limited accruals. The liquidity is moderate,
supported by absence of term debt obligations and moderate
utilisation of bank lines.

MAL reported a profit after tax (PAT) of INR2.6 million on net
sales of INR2147.0 million for 2013-14, against a net loss of
INR8.0 million on net sales of INR3015.0 million for 2012-13.

MAL was incorporated in Alwar (Rajasthan) in 1992. The company is
the exclusive authorised dealer for TML's heavy commercial
vehicles, in five districts of Rajasthan: Alwar, Bharatpur,
Dhaulpur, Sawai Madhopur and Karauli. The company is promoted by
Mr. Vijay Gupta and his family.


MONOTONA TYRES: ICRA Suspends D Rating on INR16.5cr FB Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR16.5 crore fund based limits of Monotona Tyres Limited. ICRA
has also suspended the short term rating of [ICRA]D assigned to
the INR3.5 crore non-fund based limits of MTL. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


N D DEVELOPERS: CRISIL Suspends B+ Rating on INR320MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
N D Developers (ND).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              320        CRISIL B+/Stable

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

ND is a partnership firm established in 2009 by the Gala family
and the Shah family with equal stake. ND is part of the Palai
group, which has been engaged in real estate development in Mumbai
for more than 10 years. ND has two ongoing residential projects,
one at Goregaon in Mumbai with total saleable area of 380,000
square feet and the other at Deolali in Nashik (Maharashtra), with
total saleable area of 600,000 square feet.


PARIKH MARKETING: CRISIL Suspends B+ Rating on INR70MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Parikh
Marketing Pvt Ltd (PMPL).

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit                70        CRISIL B+/Stable
   Standby Line of Credit      5        CRISIL A4

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

PMPL was established as a closely held company in March 2008 by
Mr. Amit Desai and Mr. Tribhuwan Singh. PMPL is the authorised
distributor of electronic appliances for Samsung India Electronics
Pvt Ltd, for Sonata watches of Titan Industries Limited, and DTH
packages of Bharti Airtel Ltd. The company has two showrooms in
Dhanbad (Jharkhand).


PONGALUR PIONEER: CRISIL Suspends D Rating on INR104.6MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pongalur Pioneer Textiles Pvt Ltd.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              45          CRISIL D
   Letter of Credit         80          CRISIL D
   Term Loan               104.6        CRISIL D

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

PPTPL, set up in 1990, manufactures cotton yarn and is based in
Pongalur near Coimbatore (Tamil Nadu). The company is promoted by
Mr. V Selvapathy and his family.


PRUTHI HOSPITAL: CRISIL Reaffirms B+ Rating on INR267.4MM Loan
--------------------------------------------------------------
CRISIL rating on the long-term bank facility of Pruthi Hospital
(PH; part of the Pruthi group) continues to reflect the Pruthi
group's average financial risk profile, marked by high gearing on
account of large debt-funded capital expenditure, and its large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of the group's
promoters and its established presence in the healthcare industry
in and around Jalandhar (Punjab), and healthy occupancy at its
hospitals.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Term Loan           267.4      CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PH and Baba Budha Sahib Cardiac Centre
Ltd (BBC). This is because both the entities, together referred to
as the Pruthi group, operate under a common management, are in the
same line of business, and have financial fungibility.
Outlook: Stable

CRISIL believes that the Pruthi group will maintain its business
risk profile over the medium term, supported by its promoters'
extensive industry experience and expertise. The outlook may be
revised to 'Positive' if the group significantly ramps up
operations, supported by high occupancy at its new hospital,
resulting in sizeable cash accruals, and consequently, improvement
in its financial risk profile and working capital cycle.
Conversely, the outlook may be revised to 'Negative' if occupancy
at the new hospital is low, leading to low net cash accruals, or
if the group's working capital cycle does not improve as expected,
leading to weakening of liquidity.

Update
The Pruthi group reported operating income of INR274 million for
2013-14 (refers to financial year, April 1 to March 31) vis-a-vis
INR200 million for 2012-13. The group reported revenue of around
INR190 million till September 2014 in 2014-15, and is likely to
report revenue of around INR440 million for the whole year. Growth
in 2014-15 will be driven by commissioning of the group's new 300-
bed hospital in May 2014. The group's operating margin declined to
15 per cent in 2013-14 from around 19 per cent earlier on account
of downward revision in packages of government schemes (which
account for around 65 per cent of the group's total income) and
increasing competition. The margin is expected at 15.5 per cent
over the medium term.

The group's operations are working capital intensive, marked by
gross current assets of 221 days as on March 31, 2014, because of
large debtors of 159 days (as nearly 65 per cent of revenue is
from government authorities). The debtors, however, improved from
around 210 days earlier and are expected to improve to around 85
days over the medium term, driven by initiation of online payment
system in Ex-serviceman Contributory Health Scheme (ECHS) and by
zero credit extended to individuals treated in the new hospital.
The group's net cash accruals are expected to remain low, at INR20
million to INR30 million, and tightly matched with debt
obligations over the medium term because of increasing obligations
and increasing interest burden (interest coverage ratio expected
to remain around 1.5 times). Hence, the group's liquidity will
remain constrained over the medium term. Its bank limit
utilisation averaged 88 per cent over the 15 months through
October 2014. Its gearing is expected to remain around 3.5 times
because of large incremental working capital requirements driven
by revenue growth.

PH was set up in 1987 and BBC was incorporated in 1996 in
Jalandhar. They jointly operate a 75-bed hospital in the city. The
hospital primarily provides cardiac treatment; it also provides
neurology, nephrology, and orthopaedic treatment.

The Pruthi group recently set up a 300-bed multi-specialty
hospital in Jalandhar, which commenced operations in May 2014. The
Pruthi group is owned and managed by Dr. C. S. Pruthi, a
cardiologist by qualification.

The group, on a provisional basis, reported profit after tax (PAT)
of INR20.3 million on net sales of INR273.3 million for 2013-14,
against PAT of INR18.1 million on net sales of INR199.4 million
for 2012-13.


RATTAN LAL: CRISIL Suspends B Rating on INR185MM Term Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Rattan
Lal Jindal Educational Trust (RJET).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan               185          CRISIL B/Stable

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

RJET was founded in 2009 by the Jindal family comprising Mr.
Hariram Gupta, his wife Mrs. Santosh Gupta, son Mr. Yogesh Gupta,
daughter-in-law Mrs. Sonal Gupta and daughter Ms. Usha Gupta. The
trust operates G D Goenka International School (GGIS) under the G
D Goenka School franchisee, affiliated to the Central Board of
Secondary Education (CBSE). The school is in Sonepat, Haryana.
RJET started its first batch of students in April 2012. There are
194 students on the school's campus.


SINGHANIA FABEXPORTS: CRISIL Suspends B Rating on INR149.5MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Singhania Fabexports Pvt Ltd (SFPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          0.5         CRISIL A4
   Letter of Credit       30           CRISIL A4
   Packing Credit         70           CRISIL A4
   Term Loan             149.5         CRISIL B/Stable

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

SFPL, incorporated in 1989 and promoted by Mr. Hariprasad
Singhania, manufactures PET bottles, jars, caps, and containers
for fast-moving consumer goods, food and beverages, and
pharmaceutical companies. The company also manufactures fabrics.
The company has its manufacturing facilities are located at
Dombivali, Maharashtra.


SPICEJET LTD: In Talks With Investors to Raise Fresh Capital
------------------------------------------------------------
The Times of India reports that cash-strapped budget airline
SpiceJet Limited, which has been exploring various means to raise
funds for quite some time, on November 25 said it is in talks with
a few investors to mop up fresh capital.

"We wish to clarify that a few parties have approached us and
evinced interest in making investments into the airline as the
company has been exploring various options for raising fresh
capital," SpiceJet told BSE, the report relays.  According to the
report, the budget carrier said it was too early to talk about
possible stake sale, an assertion which came amid reports that the
Sun Group-promoted airline was selling out as it has been
struggling to remain afloat.

"Since the deliberations with such prospective investors are at an
exploratory and preliminary stage it will be improper to comment
on the specifics of any possible stake sale or the valuation of
the company at this stage," the company said.

SpiceJet Chief Operating Officer Sanjeev Kapoor last week said the
process to further recapitalise the airline was on and it was on
track to get back in black, TOI adds.

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights
between major cities in India.

As reported in the Troubled Company Reporter-Asia Pacific on
May 21, 2014, The Times of India said SpiceJet has posted its
highest ever annual loss of INR1,003.2 crore in the financial year
2013-14 up five times from INR191 crore in the previous fiscal.


SRI GUGAN: CRISIL Suspends D Rating on INR68.3MM Long Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Gugan Knitwears Pvt Ltd (Gugan; part of the Lakshmivel group)
(Gugan).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          44.3        CRISIL D
   Cash Credit             35          CRISIL D
   Letter of Credit        33          CRISIL D
   Long Term Loan          68.3        CRISIL D

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Gugan, Lakshmivel Mills Pvt Ltd (LMPL),
Shri Hari Process, and CIBI International Pvt Ltd (CIBI),
collectively referred to as the Lakshmivel group. This is because
all the group entities are in the textile business, and are under
a common management. Also, the entities benefit from close
business synergies and have intra-group financial transactions, a
centralised system for procurement of raw materials, and marketing
arrangements.

The Lakshmivel group was set up in 1991 by Mr. G Sakthivel and his
wife, Mrs. S Punithavathi. The group's operations cover the entire
value chain of the textiles business. LMPL was set up in 2006; it
manufactures cotton yarn, primarily for Gugan and CIBI. CIBI, the
group's flagship entity, manufactures knitted garments. Sri Hari
Process, a proprietary concern, undertakes activities such as
washing, compacting, embroidery, printing, and other processes in
the textile value chain. Gugan was set up in 1999; it manufactures
fabric.


SRI KANAKADURGA: CRISIL Suspends D Rating on INR100MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Kanakadurga Educational Society (SKDES; part of Keshava Reddy
group).

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

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

SKDES was established by Mr. N Keshava Reddy and his family
members. The society, registered under the Societies Registration
Act, 1860, runs one school in Guntur, Andhra Pradesh (AP). The
society started operations in 2011-12 (refers to financial year,
April 1 to March 31). The school is affiliated to the AP State
Board. It offers education in the English medium from the first to
the tenth standard. SKDES is part of the Keshava Reddy group of
educational institutions, which offer primary and secondary
education in AP.


SRI SATYANARAYANA: CRISIL Suspends 'D' Rating on INR92MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Satyanarayana Swamy Educational Society (SSNES; part of
Keshava Reddy group).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Long Term Loan           92         CRISIL D

   Proposed Long Term        8         CRISIL D
   Bank Loan Facility

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

SSNES was established by Mr. N Keshava Reddy and his family
members.  The society, registered under the Societies Registration
Act, 1860, runs two schools in Medak district in Andhra Pradesh
(AP). The schools are affiliated to AP State Board. The schools
offer education in the English medium from the first to the tenth
standard. SSNES is part of the Keshava Reddy group of educational
institutions, which offer primary and secondary education in AP.


SRI VARAHIAMMAN: CRISIL Suspends D Rating on INR120MM Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Varahiamman Steels Pvt Ltd (SVSPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit             120          CRISIL D
   Letter of Credit         80          CRISIL D
   Term Loan                37.4        CRISIL D

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

SVSPL was incorporated in 1993 by Mr.Ravichandran. SVSPL is based
in Tamilnadu and manufactures thermo-mechanically treated bars and
cold-twisted deformed rods. It also has an in-house ingots
manufacturing capacity.


SRI VENKATESWARA: CRISIL Suspends 'D' Rating on INR75MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Venkateswara Educational Society (SVES; part of Keshava Reddy
group).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Long Term Loan           75           CRISIL D

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

SVES was formed by Mr. N Keshava Reddy and his family. The
society, registered under the Societies Registration Act, 1860,
runs three schools in Chittoor District of Andhra Pradesh (AP).
The school is affiliated to the AP State Board and offers
education in English medium from Standards 1 to 10. SVES is part
of the Keshava Reddy group of educational institutions, which
offer primary and secondary education in AP.


SURJEET AUTO: ICRA Suspends B Rating on INR8.25cr Bank Line
-----------------------------------------------------------
ICRA has suspended [ICRA]B and [ICRA]A4 ratings assigned to the
INR8.25 crore, bank lines of Surjeet Auto Agency. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


SWATHI GINNING: CRISIL Suspends 'B' Rating on INR40MM Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Swathi Ginning Mills Pvt Ltd (SGM).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              40          CRISIL B/Stable
   Term Loan                27.5        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by SGM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SGM is yet to
provide adequate information to enable CRISIL to assess SGM'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 April 2011, SGM supplies cotton lint and cotton seeds
and commenced commercial production in December' 2011. Its ginning
unit is in Medak (Andhra Pradesh) and has installed capacity of
200 bales per day. SGM has been promoted by Mr. Kakkirala Ramesh
and his friends; they have been in the ginning segment for over
two decades.


UIC UDYOG: CARE Reaffirms B- Rating on INR250.26cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of UIC
Udyog Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    250.26      CARE B- Reaffirmed
   Short-term Bank Facilities    19.65      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of UIC Udyog Ltd (UUL)
continue to be constrained by the operational losses in the year
ended March 31, 2014, due to temporary suspension of operations at
the main plant at Kalyani due to labour unrest for 10 months,
delays in debt servicing and restructuring of debt through CDR
package, high overall gearing, significant amount of funds blocked
in debtors, increasing competition from the unorganised sector and
volatility in the raw materials and finished goods prices. The
rating weaknesses are, however, partially offset by long
experience of the promoters in the steel wires industry and
presence in various segments of steel wire. The ability of the
company to stabilize operations and improve operating income,
profitability and capital structure are the key rating
sensitivities.

UUL was promoted by Mr. B. L. Jajodia of Kolkata. The company is
engaged in the manufacturing of steel wire & wire strands and
generation of power from wind. UUL is also engaged in the trading
of steel-related items. Currently, the company has units in
Kalyani and Khanyan in West Bengal (total capacity 85,000 MTPA)
for wire drawing, one unit in Silvassa for woven sacks (presently
non-operational) and a wind mill in Maharashtra. The units in West
Bengal are the major contributor to revenue. It was also in the
process of setting up a unit in Gujarat (installed capacity of
1,80,000 MTPA), which is now stalled considering the market
scenario.

During FY14 (refers to the period April 1 to March 31), UUL
reported net loss of INR44.51 crore (net loss of INR7.74 crore in
FY13) on a total operating income of INR43.94 crore (INR506.01
crore in FY13). In Q1FY15, the company reported net sales
of INR24.87 crore.


VEER BUNDEL: CRISIL Suspends B Rating on INR47.5MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Veer Bundel Khand Press (Veer).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          10.5        CRISIL A4
   Cash Credit             47.5        CRISIL B/Stable
   Rupee Term Loan          1.5        CRISIL B/Stable

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

Veer, started in 1957, prints text books, work books, question
papers, brochures, pamphlets, magazines, application forms and
bank forms, amongst others. Based in Jhansi, Uttar Pradesh, it is
a proprietorship concern owned and managed by Mr. Shailendra Kumar
Jain.


VEER HATCHERIES: ICRA Suspends B Rating on INR9.77cr Term Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR9.77 crore,
long term loans & working capital facilities of Veer Hatcheries.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


VEER TRADING: CRISIL Suspends B Rating on INR100MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M/S
Veer Trading Co. (VTC).

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

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

VTC was set up in 2010 as a proprietorship firm, with Mr. Pankaj
Shah as the proprietor. The firm trades in cotton bales. It sells
in the domestic market in Gujarat, Madhya Pradesh, Maharashtra,
and Andhra Pradesh, and also exports to countries such as
Pakistan, China, and Indonesia.



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


BANK NEGARA: S&P Affirms 'BB' ICR; Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB' long-term issuer credit rating on PT Bank Negara Indonesia
(Persero) Tbk. (BNI).  The outlook is stable.  S&P also affirmed
its 'B' short-term rating on the bank.  At the same time, S&P
affirmed the 'axBBB-' long term and 'axA-3' short-term ASEAN
regional scale ratings on BNI.  S&P also affirmed its 'BB' long-
term issue ratings on the bank's senior unsecured notes.

"We raised BNI's stand-alone credit profile (SACP) to 'bb' from
'bb-' following a consistent and ongoing improvement in the bank's
asset quality since 2009, such that it is now more comparable with
that of peers," said Standard & Poor's credit analyst Ivan Tan.
"BNI's implementation of more proactive risk management has
underpinned the improvement.  We now expect BNI to maintain its
asset quality ratios broadly in line with that of peers.  Our
rating affirmation reflects this view."

Operating conditions in Indonesia will remain tough over the next
12-18 months, in S&P's view.  Tight monetary policy and higher
interest rates will dampen Indonesian companies' performance.  The
central bank's emphasis on fighting inflation and the negative
economic impact of a ban on raw mineral exports would also weaken
domestic consumption.  S&P believes these factors could weigh on
the asset quality of Indonesian banks, including BNI.  That said,
the deterioration in asset quality is likely to be gradual,
reflecting a normalization of easy monetary policy and liquidity
conditions, as the banking industry's nonperforming loan ratio
increases from a low base of 2.3% as of Aug. 31, 2014.  Moreover,
BNI has adequate capital buffers to absorb such deterioration and
its impact should be manageable.

S&P expects BNI to continue to enhance its profitability and lower
costs by growing selectively in a challenging environment.
However, the bank's net interest margins (NIM) could come under
pressure due to tight liquidity and higher funding costs resulting
from increased competition for deposits.  Lending yields, on the
other hand, have not risen in tandem.  BNI's strong funding
profile, underpinned by its status as Indonesia's fourth-largest
domestic bank, with a strong franchise and extensive branch
network, will temper the effects of the contraction in NIM.

The stable outlook on BNI reflects S&P's view that the bank will
maintain its financial profile and its SACP in the 'bb' category
over the next 12-18 months.  The outlook also reflects the outlook
on the sovereign credit rating on Indonesia (BB+/Stable/B;
axBBB+/axA-2).

S&P could raise the rating on BNI if S&P raises the sovereign
credit rating on Indonesia or the bank's SACP goes up one notch.
S&P could raise the SACP if BNI significantly strengthens its
business position.  S&P will look for consistent indications of
sustainable improvements in profitability and management's ability
to navigate through the volatile operating conditions in
Indonesia.

S&P could downgrade BNI if it lowers the bank's SACP by two
notches.  This could happen if BNI's risk-adjusted capital ratio
is likely to decline below 5% due to aggressive expansion and the
bank's asset quality declines substantially, which S&P views as an
unlikely scenario.


BUMI RESOURCES: Singapore Units Obtain Six-Month Court Moratorium
-----------------------------------------------------------------
The Jakarta Post reports that three subsidiaries of Bumi Resources
Tbk PT have obtained a six-month moratorium at a Singaporean court
against legal action as they apply to enter a court process to
restructure their debt, the companies said on November 25.

The Jakarta Post relates that Singapore-based Bumi Capital Pte
Ltd, Bumi Investment Pte Ltd and Enercoal Resources Pte Ltd said
the moratorium would facilitate discussions with noteholders and
bondholders.

Bumi Resources, Indonesia's largest coal miner, has been
struggling to service its debt amid depressed coal prices. It has
delayed a coupon payment due October to end of November, the
report says citing Reuters.

PT Bumi Resources Tbk (JAK:BUMI) -- http://www.bumiresources.com/
-- is an Indonesia-based company engaged in exploration and
exploitation of coal deposits, including coal mining, and oil
exploration activities.  It has four core business segments: coal
mining, which comprises exploration and exploitation of coal
deposits, including mining and selling coal; services, which
represent marketing and management services; oil and gas, which
covers the exploration of oil and gas, and gold, which covers the
exploration of gold.  The Company and its subsidiaries are
operating in Indonesia, the United Kingdom, Japan and Australia.
On July 17, 2008, the Company acquired the Australia-based Herald
Resources Limited.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 12, 2014, Standard & Poor's Ratings Services said that it had
lowered its long-term issue rating on the US$700 million senior
secured notes due 2017 that Indonesia-based coal mining company PT
Bumi Resources Tbk. (Bumi Resources) guarantees.  Bumi Investment
Pte.  Ltd. issued the notes.  S&P removed the rating from
CreditWatch, where it was placed with negative implications on
Aug. 13, 2014.

S&P also affirmed its 'SD' long-term corporate credit rating and
ASEAN regional scale rating on Bumi Resources.  At the same time,
S&P kept its 'CCC-' issue rating on the US$300 million senior
secured notes due 2016 that another Bumi Resources' subsidiary
Bumi Capital Pte. Ltd. issued on CreditWatch with negative
implications. Bumi Resources guarantees these notes too.



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


AWARUA FARM: Placed Into Voluntary Receivership
-----------------------------------------------
Chloe Winter at The Marlborough Express reports that a Marlborough
dairy farmer has put his company into voluntary receivership after
racking up nearly NZ$200,000 in legal debts, doing major upgrading
works and getting little income from this year's dairy season.

According to the report, Tuamarina dairy farmer Philip Woolley put
his company Awarua Farm Marlborough Ltd into receivership on
November 24, appointing Wellington accountants Richard Simpson and
David Ruscoe, of Grant Thornton, as the receivers.

The report relates that Mr. Woolley said he and his wife Sue
decided to put the company into receivership to help future-proof
their farming businesses. They planned to take back control of the
farms once they had restructured the businesses, the report says.

"The long-running conflict regarding farm environmental issues has
had a detrimental impact on the operation of our businesses.
We have invested considerable time, capital and resources in an
attempt to ensure our dairy farms meet local council requirements,
dairy industry standards, enforcement orders and environment court
determinations," the report quotes Mr. Woolley as saying. "These
go well beyond current resource consent conditions and include
building new state-of-the-art effluent ponds at the [farms]."

The pond on his Glenmae Farm, in the Wairau Valley, was costing
NZ$600,000, the one at Murchison cost NZ$400,000 and an upgrade at
Tuamarina cost NZ$100,000, he said, the report adds.

In September, High Court judge Justice Lowell Goddard confirmed a
ruling by the Environment Court that barred Mr. Woolley from re-
stocking his Tuamarina farm until he upgraded the effluent
management system to comply with its resource consent, The
Marlborough Express recalls.

Last year, he was sentenced to two months' home detention and
ordered to pay more than NZ$38,000 in reparations on a charge of
disturbing a riverbed and one of depositing soil and vegetation on
a riverbed, according to The Marlborough Express.

The report says the fines continued, with Mr. Woolley ordered to
pay NZ$158,000 towards the Marlborough District Council's legal
costs.

The Marlborough Express says enforcement orders meant Mr. Woolley
could not have milk collected from his Tuamarina and Glenmae
farms. As a result, he was getting "little income" from this
year's dairy season.

"We will be working constructively with the receivers to ensure a
positive outcome, creating a viable economic future going
forward," he said, notes the report.

According to the report, receivers Messrs. Ruscoe and Simpson said
there would be "no fire sale of the Woolley farms".  "These are
great properties.  Once final environmental matters are dealt with
and the businesses restructured, we expect the Woolleys will be
back in control."

Mr. Woolley is thought to own the largest dairy farming operation
in Marlborough, with two farms and 1900 cows, the report adds.


COOK THE BOOKS: Under Official Assignee Control
-----------------------------------------------
The National Business Review Online reports that Cook the Books, a
popular bookstore, is now in liquidation. NBR says the owners are
interested in funding options.


WILLIAMS & CO: Former Customer Applies For Firm's Liquidation
-------------------------------------------------------------
Martin Van Beynen at The Press reports that an application to
liquidate troubled Christchurch building company Williams & Co has
been filed in the High Court by a disgruntled former customer.

The Press says the company has limped along this year with
creditors owed about NZ$2 million and about 80 customers facing
uncertainty over their builds.

A creditor's compromise failed earlier this month but the company
is trying to negotiate another one, the report relates.

Meantime, the report says couple Shane and Kelly Barr, who signed
up for a house and land package with Williams & Co last November,
have applied to put the company into liquidation.

The application will be heard on December 11, the report
discloses. The couple cancelled its build contract with Williams &
Co in August.

The Barrs asked for their deposit of NZ$30,000 back but Williams &
Co has not complied.  Liquidation of the company will trigger a
"HomeFirst Builders Guarantee" incorporated in the Barr's
contract, according to the report.

According to the report, Shane Barr said he expected the
liquidation to be opposed by some creditors who still believed the
business was viable.

The Press reports that Bernie Niehaus, claims manager for CBL
Insurance Ltd (CBL), which insured the guarantees, said Williams &
Co's failure to implement a compromise of creditors meant CBL
could pay claims from clients because Williams & Co was
"officially insolvent".

"Many of the owners have significantly over-paid Williams & Co for
works done, or made payments in advance, and now the owners are
finding that it is going to cost them much more to finish their
house than it would have," the report quotes Mr. Niehaus as
saying.

He said claims were likely to exceed NZ$2 million, the report
relates.  Last week the company's managing director, Ashton
Williams, wrote to customers saying "all is not lost," the report
recalls.

The Press relates that in the letter he said the last compromise
was criticised for "lack of information around the statement of
position of Williams & Co."

"There is a financial adviser currently working in Williams & Co
with myself to gain a clearer understanding of the company's
position."



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


PAKISTAN: Moody's Rates Proposed USD Trust Certificates '(P)Caa1'
-----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) Caa1
senior unsecured rating to the proposed US dollar Trust
Certificates to be issued by The Second Pakistan International
Sukuk Company Limited, a special purpose vehicle established in
Pakistan, by the Islamic Republic of Pakistan.

"The Government of Pakistan's sukuk offering reflects the growing
interest in Islamic capital markets as a source of sovereign
funding and helps support its domestic Islamic Finance sector,"
commented Khalid Howladar, Global Head of Islamic Finance at
Moody's Investors Service. "

"Moody's Caa1 government bond rating and stable outlook on
Pakistan reflects the country's large but moderating fiscal
deficits as well as its stabilizing external liquidity position "
notes Anushka Shah, lead sovereign analyst for Pakistan. " It also
factors in high susceptibility to event risk, both on the
political front and in terms of economic vulnerabilities that
could arise," she adds.

Ratings Rationale

The (P)Caa1 rating assigned to the trust certificates is at the
same level as Pakistan's Caa1 issuer ratings. In Moody's opinion,
as the sukuk certificate holders will effectively be exposed to
the government's senior credit risk and payment obligations
represented by the securities to be issued by The Second Pakistan
International Sukuk Company Limited are ranked pari passu with
other senior, unsecured debt issuances of the Government of
Pakistan. Moody's expects to remove the provisional status of the
rating upon the closing of the proposed issuance and a review of
its final terms.

Moody's also notes that its sukuk rating does not express an
opinion on the structure's compliance with Shari'ah law.

Pakistan's rating captures its structurally large, albeit
moderating, fiscal imbalances and weak debt metrics relative to B-
rated peers. The sovereign's 'Very Low' institutional strength
assessment reflects implementation risks associated with economic
reforms. It also factors in high susceptibility to event risk,
both on the political front and in terms of economic
vulnerabilities that could arise, primarily from Pakistan's
reliance on bilateral and multilateral support.

Foreign reserves increased significantly this year, rising from
$3.9 billion in January 2014 to $10.0 billion in July. However,
muted growth in exports coupled with deterrents to capital
inflows, such as delays in divestment and political uncertainty,
have resulted in a slight decline to $9.3 billion in September.

A sustained stabilization in the external position hinges on the
government's commitment to reforms under its program with the
International Monetary Fund (IMF). Pakistan has made steady
progress in meeting reform benchmarks under the current, 36-month
$6.8 billion Extended Fund Facility, which it signed in September
2013. So far, Pakistan has cleared three program reviews, most
recently at the end of June, and received $2.2 billion of
financial assistance. Future milestones in the reform program
include reforms in the tax system, energy sector and in state-
owned enterprise privatization.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2013.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.



                             *********

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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