TCRAP_Public/141201.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, December 1, 2014, Vol. 17, No. 237


                            Headlines


A U S T R A L I A

BRYAN BYRT: Three Shops Likely to Close With Almost 200 Jobs Lost
COASTAL MANAGEMENT: First Creditors' Meeting Slated For Dec. 5
MARION ENERGY: Debt Owed Mostly to Parent and Castlelake
PERSONALIZED TUITION: First Creditors' Meeting Set For Dec. 9
PIE FACE: 20 Stores to Close Doors; Meeting With Franchisee Set


C H I N A

CHINA CITIC: Moody's Raises Bank Financial Strength Rating to D+
CHINA SOUTH: 1H FY2015 Results Supports Moody's B1 CFR
RENHE COMMERCIAL: S&P Lowers Rating to 'CC'; Outlook Negative
SOHO CHINA: S&P Affirms 'BB+' Corp. Credit Rating; Outlook Stable


I N D I A

AKASH ENTERPRISES: ICRA Reaffirms B+ Rating on INR6cr LT FB Loan
ASSOTECH MILAN: CRISIL Cuts Rating on INR520MM Term Loan to D
BABA DANDESWAR: CRISIL Assigns D Rating to INR47MM Term Loan
BETUL NON-CONVENTIONAL: CRISIL Suspends B Rating on INR361MM Loan
COMBINE DIAMONDS: CRISIL Reassigns B+ Rating to INR240MM Loan

CORNISH ALUMINIUM: CRISIL Assigns D Rating to INR125MM Term Loan
DHALL ENTERPRISES: CRISIL Reaffirms B+ Rating on INR65.1MM Loan
E POLYMERS: ICRA Suspends B- Rating on INR14.40cr Fund Based Loan
GAURAV IMPEX: ICRA Reaffirms B+ Rating on INR2.0cr FB Loan
HILLWOOD FURNITURE: CRISIL Reaffirms B+ Rating on INR20MM Loan

HORIZON INFRASTRUCTURE: CRISIL Suspends D Rating on INR600MM Loan
JAI SHANKER: ICRA Reaffirms B+ Rating on INR7cr Fund Based Limit
K. O. S. OILS: CRISIL Reaffirms B+ Rating on INR260MM Cash Loan
KALPANA IMPEX: ICRA Reaffirms B Rating on INR4cr Term Loan
KIZAN IRON: CRISIL Assigns B+ Rating to INR100MM Capital Facility

KIZAN ISPAT: CRISIL Assigns B Rating to INR1.20BB Bank Loan
KRISHNA COTTON: ICRA Reaffirms 'B' Rating on INR5cr Cash Credit
LEZORA VITRIFIED: CRISIL Reaffirms B Rating on INR320MM Bank Loan
MANIKANTA CONSTRUCTIONS: ICRA Reaffirms B+ Rating on INR3cr Loan
NARESH KUMAR: CRISIL Assigns B+ Rating to INR82.5MM Cash Credit

NORTELS SERVICE: CRISIL Reaffirms B Rating on INR100MM LT Loan
PRABHAT POULTRY: CRISIL Reaffirms D Rating on INR100MM Term Loan
RAM WAREHOUSING: CRISIL Assigns B+ Rating to INR65MM Term Loan
S T IMPEX: CRISIL Suspends B Rating on INR150MM Cash Credit
SATVA INFRATECH: ICRA Puts B+ Rating on INR7.50cr Loan

SHAKUNTALA POLY: CRISIL Assigns B Rating to INR95MM Term Loan
SHIVALIK EXPORTS: CRISIL Reaffirms B Rating on INR5MM Loan
SHIVAM ENTERPRISE: CRISIL Assigns B+ Rating to INR80MM Cash Loan
SHREE RAM: CRISIL Reaffirms B+ Rating on INR82.5MM Cash Credit
SHREE SANYEEJI: CRISIL Reaffirms B Rating on INR440MM Cash Loan

SOUBHIK EXPORTS: CRISIL Reaffirms B Rating on INR150MM Loan
SREE NARAYAN: CRISIL Assigns B+ Rating to INR100MM Cash Credit
SRI KESHAVA: CRISIL Suspends D Rating on INR250MM Long Term Loan
SRI TEXTILE: CRISIL Suspends B Rating on INR35MM Cash Credit
SUNRAY GREEN: CRISIL Suspends B Rating on INR200MM Bank Loan

U. B. RICE: CRISIL Assigns D Rating to INR41.8MM Proposed Loan
UDAY AUTOLINK: ICRA Suspends B Rating on INR22cr Term Loan
VRIDHI IRON: CRISIL Ups Rating on INR43MM Cash Credit to 'B'
WALIA AGNI: ICRA Suspends D Rating on INR32cr Long Term Loan
WESTERN OVERSEAS: ICRA Suspends B/A4 Rating on INR5.54cr Loan

ZYLOG SYSTEMS: Court Appoints Provisional Liquidator


J A P A N

JETSTAR JAPAN: Obtains Second Capital Injection From Qantas
SIGNUM VANGUARD: S&P Raises Rating on Class A Loan From BB+


M A L A Y S I A

MALAYSIA AIRLINES: Q3 Net Loss Widens to MYR576.1 Million
MALAYSIA AIRLINES: New Management to be Announced This Month


                            - - - - -


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BRYAN BYRT: Three Shops Likely to Close With Almost 200 Jobs Lost
-----------------------------------------------------------------
Liam Walsh at The Courier-Mail reports that three Ford-linked
sites of the Bryan Byrt Auto Group are likely to shut soon, after
Ford on November 27 terminated franchise agreements with the
collapsed Brisbane-based car dealer.

This echoes a move from Volkswagen which towed cars from three-
Volkswagen linked sites of the Bryan Byrt group late last month.

It is understood that a Denmac site in Brisbane's Darra, which has
been sold, is not affected, the reports.

The Courier-Mail says almost 200 jobs are lost with most sites of
the Brisbane-based car dealer the Bryan Byrt Auto Group set to
shut.

Staff heard the bad news Nov. 26. It came after Bryan Byrt,
started 42 years ago and selling cars from Ford to Volkswagen,
plunged into receivership earlier this month.

Receivers John Greig and Richard Hughes of Deloitte had initially
advertised the business for sale. But vehicles were towed from
three sites after Volkswagen cancelled a franchise arrangement
last week, and the receivers said selling the business as a going
concern was no longer in the interests of stakeholders.

Bryan Byrt had almost 275 staff initially. Some 20 resigned and
some will keep their jobs at a site in Brisbane's Darra which was
successfully offloaded.


COASTAL MANAGEMENT: First Creditors' Meeting Slated For Dec. 5
--------------------------------------------------------------
Martin John Green and Robyn Karam of BRI Ferrier were appointed as
administrators of Coastal Management Group Pty. Ltd., trading as
C.M.G Steel Fabrication, on Nov. 10, 2014.

A second meeting of the creditors of the Company will be held at
Level 30 'Australia Square' 264 George Street, in Sydney, on
Dec. 5, 2014, at 11:00 a.m.


MARION ENERGY: Debt Owed Mostly to Parent and Castlelake
--------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Marion Energy Inc., an oil and gas production
and exploration company with properties in Utah, formally claimed
to have $166.8 million in assets and
$171.1 million in debt.

According to the report, Castlelake also claims to be owed a
$17.6 million make-whole premium, Marion said.  Aside from the
Castlelake debt, the $136.7 million in other liabilities are all
unsecured, although $134.1 million is owed to Australian parent
Marion Energy Ltd., the report said, citing a court filing.

                       About Marion Energy

Marion Energy Inc. is a Texas corporation engaged in exploration
and production of natural gas in the State of Utah.  Marion's core
operation is a producing gas field located in Carbon and Emery
Counties, Utah (the "Clear Creek Field").  The company also holds
smaller, currently unproductive acreage positions in the Helper
and Roan Cliffs area near Helper, Utah (the "Helper Field").

Its parent is Australia-based Marion Energy Limited (ASX:MAE).
Marion Energy Limited -- http://www.marionenergy.com.au/--is
principally engaged in investment in oil and gas projects and the
identification and assessment of new opportunities in the oil and
gas industry in Texas, Utah and Oklahoma in the United States of
America.

Marion Energy Inc. sought Chapter 11 bankruptcy protection (Bankr.
D. Utah Case No. 14-31632) in Salt Lake City, Utah on Oct. 31,
2014.  The Debtor estimated assets and debt of
$100 million to $500 million.  The Debtor has tapped Parsons Behle
& Latimer as attorneys.


PERSONALIZED TUITION: First Creditors' Meeting Set For Dec. 9
-------------------------------------------------------------
George Aubrey Lopez and Evan Robert Verge of Melsom Robson were
appointed as administrators of Personalized Tuition Services Pty
Ltd on Nov. 28, 2014.

A first meeting of the creditors of the Company will be held at
Melsom Robson, 143 Edward Street, in Perth on Dec. 9, 2014, at
10:30 a.m.


PIE FACE: 20 Stores to Close Doors; Meeting With Franchisee Set
---------------------------------------------------------------
Eloise Keating at SmartCompany reports that 20 Pie Face stores are
in the process of closing their doors for the final time, after
the pie franchise collapsed into voluntary administration.

Administrator Sule Arnautovic of Jirsch Sutherland told
SmartCompany on Friday, November 28, five company-owned Pie Face
stores closed in Melbourne on November 27.

According to the report, Mr. Arnautovic said another eight
company-owned stores in New South Wales will close, along with
three in Queensland and one in Western Australia. Two franchised
stores have also been closed.  Approximately 130 part-time
employees will lose their jobs as a result of the closures,
SmartCompany relates.

The Pie Face store on Flinders Lane in Melbourne's CBD shut its
doors on November 27 and did not open again on November 28. Phone
calls to the store went unanswered, the report notes.

SmartCompany says Jirsch Sutherland has previously indicated the
source of Pie Face's troubles is the group of 29 company-owned
stores in the network, and Pie Face itself said it will seek to
restructure the business to focus on its franchise and wholesale
business. At the time of entering administration, there were 70
Pie Face stores in Australia, 43 of which are franchised.

While Mr. Arnautovic said it is "unknown at this stage" if there
will be any further store closures, he says "the balance of
company-owned stores will likely continue if the group's
restructure is approved by the group's creditors," SmartCompany
relates.

A meeting of Pie Face franchisees, management and administrators
is expected to take place this week.

While the company's investors and at least one franchisee have
said they believe the chain will survive the administration
process, franchising expert Howard Bellin told SmartCompany
yesterday he has serious "doubts" about the ability of the company
to "stand the test of time," SmartCompany adds.

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.



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CHINA CITIC: Moody's Raises Bank Financial Strength Rating to D+
----------------------------------------------------------------
Moody's Investors Service has upgraded the foreign currency long-
term deposit rating of China CITIC Bank to Baa1 from Baa2.

The upgrade was prompted by the raise in China CITIC Bank's
standalone bank financial strength rating (BFSR) / baseline credit
assessment (BCA) to D+/ba1 from D/ba2.

Moody's has affirmed China CITIC Bank's foreign currency P-2
short-term deposit rating.

The outlook on all the ratings is stable.

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

Ratings Rationale

These rating actions conclude Moody's review for upgrade on China
CITIC Bank's ratings.

The review for upgrade was initiated on 2 September 2014, after
the senior unsecured bond ratings of both CITIC Group Corporation
and CITIC Limited (formerly CITIC Pacific Limited) were upgraded
to A3 from Baa2 on 28 August 2014.

CITIC Group -- wholly owned by China's Ministry of Finance -- is
China CITIC Bank's ultimate parent. CITIC Group owns a 78% stake
in CITIC Limited, which in turns owns 67.1% of China CITIC Bank's
shares.

The upgrade of China CITIC Bank's ratings reflects Moody's
expectation of strengthened capitalization at the bank.

Moody's estimates that the proposed RMB12 billion A-share private
placement to China National Tobacco Corporation (CNTC, unrated)
would add more than 40 basis points to the bank's core Tier 1
ratio, which was 9.29% at end-September 2014.

Furthermore, the proposed issuance to CNTC -- a state-owned
enterprise -- demonstrates the ongoing support that the major
Chinese banks receive from the public sector in terms of timely
capital access amid weak market sentiment.

Moody's believes that higher and sustainable capital levels will
help the bank weather further asset quality deterioration, rising
credit costs and profitability pressures. Moody's expects that
Chinese banks will continue to face asset quality challenges over
the next 12-18 months.

However, Moody's believes that China CITIC Bank's earnings, loan
loss reserves and strengthened capital provide loss absorbing
buffers consistent with the revised BCA and rating, despite the
challenging environment.

The bank accounted for 85% of CITIC Group's total assets and 71%
of its pre-tax profit in 2013.

The bank's Baa1 deposit rating incorporates three notches of
systemic support uplift from its new BCA of ba1. This reflects
Moody's expectation of a very high level of extraordinary support
in times of stress from the Chinese government, likely channeled
via CITIC Group.

What Could Change The Rating Up/Down

China CITIC Bank's ratings could experience upward pressure if (1)
the bank maintains its asset quality, profitability and liquidity
profile, while strengthening its capital position; (2) China's
economic rebalancing proceeds smoothly without significant
financial or growth shocks.

The bank's ratings could experience downward pressure if (1)
China's economic growth slows substantially, leading to continued
pressure on the bank's asset quality; (2) aggressive market reform
is implemented, materially reducing the bank's profitability.


Given the very high level of systemic support incorporated in the
bank's deposit rating, any indication of weakening government
support or a significant dilution of CITIC Group's stake could be
negative for the bank's deposit rating.

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

China CITIC Bank is headquartered in Beijing. It reported total
assets of RMB4.0 trillion (approximately USD657.6 billion) as of
30 September 2014.

Ratings List:

- Bank Financial Strength/baseline credit assessment: D+/ba1

- Long-term/short-term deposit ratings (Foreign Currency): Baa1/P-
2


CHINA SOUTH: 1H FY2015 Results Supports Moody's B1 CFR
------------------------------------------------------
Moody's Investors Service, says that China South City Holdings
Limited's (CSC) results for the first half of the fiscal year
ending March 2015 (1H FY2015) are in line with Moody's
expectations and support its B1 corporate family rating and B2
senior unsecured debt rating.

The ratings outlook is stable.

"CSC's operating performance remains strong, as evidenced by its
robust level of contracted sales," says Gerwin Ho, a Moody's Vice
President and the International Lead Analyst for CSC.

CSC recorded HKD6.8 billion in contracted sales in 1H FY2015, up
18% from a year ago amid the challenging operating environment in
China. Moody's believes CSC is on track to meet its full-year
contracted sales target of HKD18 billion, based on its large gross
floor areas available for sale at new trader centers and the
typically stronger contribution from the second half of the year.

The company's revenue also grew 62% year-over-year to HKD5.1
billion, although its gross profit margin dropped to 47% from 52%.
As a result, it maintained a high adjusted EBITDA/interest expense
coverage ratio of 4.2x for the 12-month period ended September
2014.

"The successful issuance of domestic bonds earlier this year has
also provided CSC with the necessary liquidity to support its
growth, which is crucial given its rapid pace of expansion," adds
Jiming Zou, a Moody's Assistant Vice President and Analyst and the
Local Market Analyst for CSC.

Since May 2014, China South International Industrial Materials
City (Shenzhen) Co., Ltd. (unrated), the wholly owned subsidiary
of CSC, has successfully completed the issuance of RMB2 million
medium-term notes (MTN) and RMB2.2 million short-term notes (STN).
Moody's expects CSC will use large parts of the onshore MTN and
STN to refinance its development loans and expansion.

As a result of the funding needs to support its large scale of
development, CSC's cash on hand decreased to HKD10.2 billion at
end-September 2014 from HKD12.8 billion at end-March 2014.
However, the company's liquidity profile remained strong, with
cash to short-term debt at 1.5x at end-September.

The investment by Tencent Holdings Limited (A3 stable) in CSC also
opens up new growth opportunities. In September 2014, Tencent
exercised its share options and raised its stake in CSC to 11.55%.

Moody's expects CSC to leverage on Tencent's expertise in Internet
services to establish integrated e-commerce services, outlet
services for branded goods, online-to-offline retail businesses,
as well as online payment and warehousing and logistics
arrangements.

Nevertheless, CSC's rating is constrained by the execution risks
related to its expansion into new locations. Its contracted sales
remain lumpy and concentrated despite improvement in the last few
years.

Its fast and large-scale expansion also entails significant
funding needs in the future. CSC continues to incur debt to fund
its land purchases and construction spending.

CSC's adjusted debt/capitalization stood at 46% at end-September
2014, even as total gross debt increased to HKD20.4 billion from
HKD17.5 billion at end-March 2014.

Its revenue was about 76% of gross debt in the last twelve month,
however Moody's expect this ratio to trend downwards over the next
six to twelve months.

The company also has yet to achieve a stream of recurring rental
income from its logistics and trade centers, which could
significantly contribute to debt servicing. Although rental income
increased strongly in 1H FY2015, it was still only about 5% of
revenues -- covering around 33% of adjusted interest -- and
continues to come mainly from CSC's Shenzhen logistics and trade
center.

Upward rating pressure could emerge if CSC (1) demonstrates a
track record of achieving its budget contracted sales and revenue
from various regions; (2) exercises prudence in managing its
growth and development, without weakening its liquidity position
or materially raising its debt leverage; (3) maintains strong
liquidity, such that cash to short-term debt is above 1.5x; and
(4) maintains sound credit metrics, with EBITDA/interest above
3.5x-4.0x and revenue/debt above 1.0x.

On the other hand, the ratings could be downgraded if CSC (1)
shows weakened sales; or (2) undertakes aggressive debt-funded
expansion to the detriment of its financial profile, such that its
EBITDA/interest falls below 2.5x and/or revenue to debt falls
below 0.7x; or (3) shows a weakened liquidity position, as
evidenced by an unrestricted cash balance which is below short-
term debt.

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

China South City Holdings Limited, listed on the Hong Kong Stock
Exchange, is a developer and operator of large-scale integrated
logistics and trade centers in China. The company operates one
trade center in Shenzhen and is developing new trade centers in
Nanning, Nanchang, Xian, Harbin, Zhengzhou, Hefei and Chongqing.


RENHE COMMERCIAL: S&P Lowers Rating to 'CC'; Outlook Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered the rating on Renhe
Commercial Holdings Co. Ltd. to 'CC' from 'CCC'.  The outlook is
negative. At the same time, S&P lowered the rating on the
company's senior unsecured notes to 'CC' from 'CCC'.  S&P also
lowered its long-term Greater China regional scale rating on Renhe
and that on the notes to 'cnCC' from 'cnCCC'.  Renhe is an
underground shopping mall developer and operator, based in China.

"We downgraded Renhe because we view the company's recent tender
offer on its senior unsecured notes as constituting a "distressed
exchange" tantamount to an immediate default," said Standard &
Poor's credit analyst Christopher Yip.  "This is because Renhe's
offer is substantially below the par value of the notes and there
is a high likelihood that the company will default on payments,
leaving the noteholders with limited alternatives to this offer."

Renhe will fund the tender offer with a proposed rights issue of
about Hong Kong dollar 3.3 billion and a maximum of US$376 million
in credit facilities.  The offer represents a substantial discount
of 7%-18% to the par value of the outstanding issue for early
tender ahead of the tender withdrawal deadline on Dec. 8, 2014.

Renhe offered to buy back its outstanding US$300 million senior
unsecured notes due 2015 for US$880 plus a consent payment of
US$50 per US$1,000 principal amount if bondholders accept the
offer before the tender withdrawal deadline.  Similarly, the
company offered to buy back its outstanding US$600 million in
senior unsecured notes due 2016 for US$770 million plus a consent
payment of US$50 for each US$1,000 of the principal.  Renhe is
also seeking consent from noteholders to eliminate substantially
all of the restrictive covenants and to modify certain events of
defaults and other provisions.  Completion of the tender offer is
conditional upon the consent of 50% of noteholders on the proposed
amendments and waivers as well as the completion of the proposed
rights issue.

S&P believes noteholders are very likely to accept the offer based
on the company's substantial default risk and low recovery
prospects on the notes.  S&P believes Renhe's financial risk
profile continues to be stressed due to the lack of sales,
consecutive losses and a weak liquidity position with a
diminishing cash buffer.  Recovery prospects are limited by
Renhe's lack of land-use rights and sufficient assets, in S&P's
view.  S&P previously affirmed the 'CCC' rating on Renhe on
June 3, 2014, because of the company's ongoing heightened
repayment and refinancing risks.

The negative outlook reflects the likelihood that S&P will lower
the corporate credit rating to 'SD' (selective default) and the
issue rating on the notes to 'D' if Renhe completes the proposed
transaction.  The offer settlement date should be on or around
Jan. 7, 2015.  S&P will reassess Renhe's liquidity position based
on the amount of notes tendered.  If Renhe's tender offer is not
completed or the company fails to solicit the required level of
consent, S&P will also reassess the company's credit profile.


SOHO CHINA: S&P Affirms 'BB+' Corp. Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed on
Nov. 25, 2014, its 'BB+' long-term corporate credit rating on SOHO
China Ltd.  The outlook is stable.  At the same time, S&P affirmed
its 'BB+' long-term issue rating on the company's outstanding
senior unsecured notes.  S&P also affirmed its 'cnBBB+' long-term
Greater China regional scale rating on SOHO and its notes.  SOHO
is a China-based non-REIT real estate company.

"The rating affirmation reflects our expectation that SOHO will
continue to improve execution of its property leasing business
model, leading to a material increase in recurring income over the
next 24 months," said Standard & Poor's credit analyst Matthew
Kong.  S&P also expects the company to maintain its prudent
financial management during its business transition from a
developer to a property investor/operator over the period.
However, SOHO continues to face execution risk and its operating
cash flows are likely to remain weak, in S&P's view.

S&P considers SOHO to be a non-REIT real estate operating company.
S&P has therefore applied its criteria for the real estate
industry to the company.  S&P expects SOHO's rental income to
account for at least two-third of its operating earnings by 2016.

In S&P's view, SOHO continues to make steady progress in its
business transition.  A generally stable market in Shanghai and a
strong market in Beijing should secure good occupancy for the
company's projects if they are commissioned at competitive rental
rates.  S&P also expects SOHO's recurring income from investment
properties to grow in line with the increasing lettable area and
occupancy rates.  S&P estimates rental income will be Chinese
renminbi (RMB) 1.0 billion-RMB1.2 billion in 2015.

The good location of some of SOHO's projects and the high quality
of new developments underpin the company's market position, in
S&P's view.  However, S&P believes maintaining the quality of
properties will be a challenge for SOHO because of the material
capital expenditure required as competitors increase the number of
new projects.  SOHO's record on this score is limited.

"We believe risks surround SOHO's ability to consistently achieve
good occupancy, retain tenants, and develop a strong reputation,"
said Mr. Kong.  New office buildings will need at least three
years to generate stable incomes.  SOHO could face more difficulty
with the retail part of its investment properties, given the
greater complexity for retail leasing.

S&P expects SOHO's leverage (reflected in the ratio of debt to
EBITDA) to increase and its EBITDA interest coverage to weaken
over the next two years, primarily due to diminishing property
sales.  Total debt will continue to increase as the company
develops its portfolio of projects.  However, S&P expects the
company to dispose of some projects to partly fund the capital
expenditure.

SOHO has a record of prudent financial management.  It has
maintained low leverage to meet contingencies and to have a
sufficient buffer during its business transition over the past two
years.

The stable outlook reflects S&P's expectation that SOHO will
continue to develop a property leasing portfolio and materially
increase leasing income over the next 12-18 months.  S&P also
anticipates that the company will maintain prudent financial
management over the period.

S&P could lower the rating if SOHO's property leasing income is
materially lower than S&P expects or the company undertakes
significant acquisitions or expansion that weaken its financial
position over the next 12 months.  This could happen if: (1)
completion of some of the company's projects is delayed; or (2)
rental income declines because of a sustained downturn in the
commercial leasing markets in Beijing and Shanghai or the
company's weak execution in leasing.  A rise in the debt-to-EBITDA
ratio to above 7.5x on a sustainable basis could trigger a
downgrade.

The rating upside is limited in the next 12 months.  Nonetheless,
S&P could raise the rating if SOHO establishes a record of
managing a large portfolio of investment property and sustains
stable recurring leasing income through good property leasing
operations.  This could happen if SOHO can improve the occupancy
or quality of its property portfolio, or increase its operating
scale.



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AKASH ENTERPRISES: ICRA Reaffirms B+ Rating on INR6cr LT FB Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ assigned to
INR6.00 crore fund based bank facilities of Akash Enterprises.
ICRA has also reaffirmed the short term rating at [ICRA]A4
assigned to INR2.50 crore non-fund based facilities of AE.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term Fund
   based limits          6.00         [ICRA]B+ (reaffirmed)

   Short term Non-
   Fund based limits     2.50         [ICRA]A4 (reaffirmed)

The reaffirmation of ratings takes into account of stretched cash
flows on account of decline in profitability and increased working
capital requirements. Rating continues to factors in highly
competitive nature of industry with large competition from medium
and large players is expected to constrain the margins of the
firm. Further, business growth is dependent upon its ability to
successfully bid for tenders and given that AE's contracts are
fixed price in nature, the ratings are constrained by the
susceptibility of the firm's profitability to rising raw material
prices, which has resulted in a fall in margins in FY2014 compared
to previous years. The rating action also incorporates the risk
arising due to partnership nature of the firm and the business
which is largely labor intensive, the mobilization of semi-skilled
electrical workers is key and is likely constraint in scaling up.
Further, ratings draw comfort from the experience of the promoter
in executing electrical contracts and order book to be executed in
FY2015. ICRA also draws comfort from the increase in revenues of
the firm in FY14 from INR29.32 crore in FY13 to INR36.09 crore in
FY14.

Going forward, the company's ability to get orders, execute them
in a timely manner and the ability to sustain profitability
keeping in check the working capital intensity will remain the key
rating sensitivities for the firm in the future.

Akash Enterprise is a proprietorship firm established in 1992 by
Mr. Ravindra Nayak. The firm has its registered office in
Bangalore and is managed by Mr. Ravindra Nayak who has 25 years of
experience in electrical contracting business. Akash Enterprise is
an electrical contracting firm and has an "A-Grade" government
license from the Government of Karnataka and has been certified
under ISO 9001: 2008 certification on quality and infrastructure
by NQAQSR JAS-ANZ. Furthermore, it is also a Class-1 licensed
electrical contractor and engineer.

Recent Results
The firm reported an operating income of INR36.09 Cr (provisional
numbers) and net profit of INR2.44 Cr for the financial year 2013-
2014 as compared to an operating income of INR29.32 Cr and net
profit of INR2.60 Cr for the financial year 2012-2013.


ASSOTECH MILAN: CRISIL Cuts Rating on INR520MM Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Assotech
Milan Resorts Pvt Ltd (AMRPL) to 'CRISIL D' from 'CRISIL B/Stable'
on account of delay in repayment of debt obligations.


                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan               520         CRISIL D (Downgraded from
                                       'CRISIL B/Stable')

The irregularity has been on account of delay in commencement of
operations at its hotel Raddison Blu owing to legal dispute with
Lingraj Temple Trust board.

The rating reflects AMRPL's exposure to funding and offtake risks
associated with its ongoing projects. These rating weaknesses are
partially offset by the established brand name of Radisson Hotels,
which is used by AMRPL, the favorable location of the proposed
hotel in Bhubaneswar (Odisha), and the extensive experience of the
promoters in the hospitality and real estate industry.

AMRPL, an equal joint venture between Assotech Ltd and Milan
Developers and Builders Pvt Ltd, is developing a five-star hotel,
Hotel Radisson Blu, in Bhubaneswar.


BABA DANDESWAR: CRISIL Assigns D Rating to INR47MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Baba Dandeswar Cold Storage Pvt Ltd (BDCSPL). The
rating reflects delays by BDCSPL in servicing its term debt. These
delays have been caused by the company's weak liquidity.


                          Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Working Capital Loan      1.5        CRISIL D
   Cash Credit              39          CRISIL D
   Term Loan                47          CRISIL D

BDCSPL also has a weak financial risk profile, marked by a small
net worth, high gearing and weak debt protection metrics.
Moreover, it is exposed to the highly regulated and fragmented
West Bengal cold storage industry. However, the company is
expected to benefit from gradual improvement in utilisation of its
cold storage facility.

BDCSPL, incorporated in 2012-13 (refers to financial year,
April 1 to March 31), provides cold storage services to potato
famers and traders. The company is owned by the West Bengal-based
Manna family. Its cold storage commenced operations from April
2014.


BETUL NON-CONVENTIONAL: CRISIL Suspends B Rating on INR361MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Betul Non-Conventional Energy Pvt Ltd (BNEPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              40        CRISIL B/Stable
   Proposed Cash Credit
   Limit                     9        CRISIL B/Stable
   Term Loan               361        CRISIL B/Stable

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

BNEPL was incorporated in 2009 by Mr. Katta Sitaram Reddy, Govera
Power Projects Pvt Ltd, Mr Boya Venteswara Reddy, and Kohinoor
Hatcheries Pvt Ltd. The company is in the process of setting up a
10-megawatt biomass-based power plant in Betul block and tehsil,
Betul district, Madhya Pradesh.


COMBINE DIAMONDS: CRISIL Reassigns B+ Rating to INR240MM Loan
-------------------------------------------------------------
CRISIL has reassigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Combine Diamonds Ltd (CDL); these were
earlier short-term facilities rated at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Packing Credit         150       CRISIL B+/Stable (Reassigned)
   Post Shipment Credit   240       CRISIL B+/Stable (Reassigned)
   Proposed Long Term
   Bank Loan Facility     110       CRISIL B+/Stable (Reassigned)

The rating continues to reflect CDL's below-average financial risk
profile, marked by a modest net worth, high total outside
liabilities to tangible net worth ratio, and below-average debt
protection metrics. The rating is also constrained by the
company's large working capital requirements and the
susceptibility of its profitability margins to volatility in
diamond prices and to fluctuations in foreign exchange rates.
These rating weaknesses are partially offset by CDL's established
market position in the diamond industry, supported by its
promoter's extensive industry experience and its established
relationships with customers.

Outlook: Stable

CRISIL believes that CDL will continue to benefit over the medium
term from its promoter's extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' if there is a sustained improvement in the
company's working capital cycle, or if its capital structure
improves, supported by sizeable equity infusion by its promoters.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in CDL's profitability margins, or significant
deterioration in its capital structure, caused most likely by a
stretch in its working capital cycle.

CDL was incorporated in 1999, promoted by Mr. Dinesh Shantilal
Desai. The company primarily trades in polished diamonds, but also
undertakes cutting and polishing of diamonds. The trading segment
accounts for around 80 per cent of its revenue.


CORNISH ALUMINIUM: CRISIL Assigns D Rating to INR125MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
loan facility of Cornish Aluminium India Private Limited (CAPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan                125         CRISIL D

The rating reflects instances of delay by CAPL in servicing its
term debt obligations because of its weak liquidity.

The rating also reflects CAPL's small and working capital
intensive nature of operations and weak financial risk profile.
These rating weaknesses are partially offset by its promoter's
extensive experience in the industry.

CAPL was started in 2010 by Mr. Sunil Pathak. CAPL is a Delhi
based company and is into renting of iron scaffoldings.


DHALL ENTERPRISES: CRISIL Reaffirms B+ Rating on INR65.1MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dhall Enterprises and
Engineers Pvt Ltd (DEEL; 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          44       CRISIL A4 (Reaffirmed)
   Cash Credit             50       CRISIL B+/Stable (Reaffirmed)
   Foreign Letter of
   Credit                  65.1     CRISIL B+/Stable (Reaffirmed)
   Inland/Import Letter
   of Credit               50       CRISIL A4 (Reaffirmed)
   Letter of Credit        20       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      19.9     CRISIL B+/Stable (Reaffirmed)
   Term Loan               21       CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DEEL and Dhall Exports (DE). 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.

DEEL is promoted by the Ahmedabad-based Dhall and Chopra families.
The company manufactures textile processing and finishing
machineries. Its 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.

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


E POLYMERS: ICRA Suspends B- Rating on INR14.40cr Fund Based Loan
-----------------------------------------------------------------
ICRA has suspended [ICRA] B- rating assigned to INR14.40 crore
fund based limits of E Polymers Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of requisite information from the company.


GAURAV IMPEX: ICRA Reaffirms B+ Rating on INR2.0cr FB Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for INR3.0
crore fund based facilities and the short term rating of [ICRA]A4
to the INR10.0 crore non fund based facilities of Gaurav Impex.
The fund based facilities are sub-limits to non fund based
facilities.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term, fund
   based limits           2.00        [ICRA]B+ Reaffirmed

   Short term, non
   fund based limits      4.00        [ICRA]A4 Reaffirmed

   Short term,
   unallocated            4.00        [ICRA]A4 Reaffirmed

The reaffirmation of ratings takes into account the long standing
experience of the partners' family in the silicone trading
business and the diversified customer base of the firm resulting
in low client concentration risk. The ratings however, continue to
be constrained by the small scale of operations and the
partnership nature of the business, the thin margins in the
business and their vulnerability to price fluctuations in silicone
rubber, the stretched capital structure characterised by low net
worth, high leverage and the exposure of the business to currency
fluctuations.

Gaurav Impex is a partnership firm involved in trading of silicon
rubber. The partnership was established in 2012 by converting an
HUF of the same name. The promoter family has been involved in
this business since 1965. The firm imports silicon rubber and
sells it primarily to automobile ancillary components
manufacturers.

Recent Results
Gaurav Impex reported a profit after tax (PAT) of INR0.21 crore on
an operating income of INR34.80 crore in FY 2014, as against a PAT
of INR0.13 crore on an operating income of INR29.12 crore in FY
2013.


HILLWOOD FURNITURE: CRISIL Reaffirms B+ Rating on INR20MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hillwood Furniture Pvt
Ltd (HFPL; part of the Hillwood group) continue to reflect the
Hillwood group's below-average financial risk profile, marked by
high gearing and small net worth, modest scale of operations, and
exposure to intense competition in the timber industry. These
rating weaknesses are partially offset by the benefits that the
Hillwood group derives from the promoter's extensive experience in
the timber trading segment.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           5       CRISIL A4 (Reaffirmed)
   Cash Credit             20       CRISIL B+/Stable (Reaffirmed)
   Export Packing Credit   10       CRISIL A4 (Reaffirmed)
   Letter of Credit       350       CRISIL A4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of HFPL and Hillwood Imports & Exports Pvt
Ltd (HIEPL). This is because both companies, together referred to
as the Hillwood group, have common promoters, operate in similar
lines of business, and have fungible funds.

Outlook: Stable

CRISIL believes that the Hillwood group will continue to benefit
over the medium term from the promoter's experience in the timber
business. The outlook may be revised to 'Positive' if the group's
financial risk profile improves significantly, supported by an
increase in its scale of operations and a considerable improvement
in its operating margin. Conversely, the outlook may be revised to
'Negative' if the Hillwood group's financial risk profile weakens,
due to large, debt-funded capital expenditure undertaken; or a
decline in its operating margin; or if an increase in its working
capital cycle weakens its liquidity.

Update
Hillwood group's revenue grew by around 5 per cent to INR1093.5
million for 2013-14 (refers to financial year April 1 to March
31), because of low demand and intense competition. The operating
margin was 2.0 per cent during the year, because of significantly
higher timber prices and the group's trading nature of operations.

The group's working capital requirements are large, with its gross
current assets (GCAs) of around 219 days, commensurate with
inventory of 105 days as on March 31, 2014. Hillwood group stocks
inventory from December to April, resulting in large working
capital requirements over the period, and consequently high bank
limit utilisation at around 85 per cent on average for the 12
months ended March 31, 2014.

Hillwood group's net worth was estimated at INR81.1 million as on
March 31, 2014, thereby limiting its financial flexibility in the
event of an exigency. Moreover, the company has high total
indebtedness because of its working capital requirements.
Therefore, the total outside liabilities to tangible net worth
(TOLTNW) ratio was estimated at 7.88 times as on March 31, 2014.

The debt protection metrics continue to remain weak with interest
coverage and net cash accruals to total debt (NCATD) ratios at 1.5
times and 0.03 times, respectively, in 2013-14. CRISIL believes
that Hillwood group's net worth will remain modest, given its
small scale of operations and low accretions to reserves.

The Hillwood group posted an estimated profit after tax of INR0.3
million on net sales of INR1093.5 million for 2013-14; it reported
a net loss of INR7.6 million on net sales of INR1030 million for
2012-13.

HFPL and HIEPL, based in Kerala, were incorporated during 2001-02
and are engaged in processing of timber logs. HFPL is also engaged
in manufacturing of building materials such as window, door and
kitchen frames. HFPL primarily deals in teak wood whereas HIEPL
deals mostly in hardwood.


HORIZON INFRASTRUCTURE: CRISIL Suspends D Rating on INR600MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Horizon
Infrastructure Limited (HIL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             150         CRISIL D
   Term Loan               600         CRISIL D

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

HIL was incorporated in 1983 by Mr. Nikhil Gandhi and his brother,
Mr. Bhavesh Gandhi. The company is in the business of development
of infrastructure projects. The company is also venturing into EPC
contracting.

The company has also plans to undertake development of hotels,
knowledge Park, industrial corridor, etc. under its subsidiary
companies - Metrotech Technology Park Private Limited, Varahi
Infrastructure Private Limited and Mahakaleshwar Knowledge
Infrastructure Private Limited.


JAI SHANKER: ICRA Reaffirms B+ Rating on INR7cr Fund Based Limit
----------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR7.00 crore long term fund based limits of Jai Shanker Rice &
General Mills.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund         7.00      [ICRA]B+; (reaffirmed)
   Based Limits

The rating reaffirmation takes into account the elevated gearing
of the firm due to large working capital requirements, which have
been primarily funded by working capital borrowings. Also, the low
value added nature of operations and the intensely competitive
nature of the rice milling industry have led to low profitability
margins. The low margins coupled with the high gearing have
resulted in weak coverage indicators as reflected in low interest
coverage of 1.20 times during FY 2013-14. However, the ratings
favourably take into account the extensive experience of the
promoters and their strong relationships with several customers
and suppliers, coupled with proximity of the mill to major rice
growing areas, which results in easy availability of paddy.

JSRGM was set up in 1996 by Mr. Ram Swaroop Jindal and his family
as a partnership firm. The firm is engaged in the milling and
trading of rice (which includes both basmati and non basmati
rice). It has a plant at Cheeka (Haryana) with a milling capacity
of 2 tonnes per hour and sortex machinery with a capacity of 2
tonnes per hour.

Recent Results
JSRGM has reported a net profit of INR0.01 crore on an operating
income of INR23.54 crore in FY 2013-14 as compared to a net profit
of INR0.01 crore on an operating income of INR23.14 crore in the
previous year.


K. O. S. OILS: CRISIL Reaffirms B+ Rating on INR260MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of K. O. S.
Oils Private Limited (KOS) continues to reflect KOS's weak
financial risk profile, marked by a high total outside liabilities
to tangible net worth (TOLTNW) ratio and modest debt protection
metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             260      CRISIL B+/Stable (Reaffirmed)
   Standby Line of          15      CRISIL B+/Stable (Reaffirmed)
   Credit

The rating also factors in the company's exposure to risks related
to fragmentation in the intensely competitive edible oil industry.
These rating weaknesses are partially offset by the extensive
experience of KOS's promoters in the edible oil trading industry,
coupled with established relationships with its suppliers and
customers.

Outlook: Stable

CRISIL believes that KOS will continue to benefit over the medium
term from its promoters' extensive industry experience and well-
established relationships with its customers and suppliers. The
outlook may be revised to 'Positive' if the company's capital
structure's significantly improves, supported by a sustained
increase in its cash accruals. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile deteriorates
because of lower profitability leading to lower-than-expected cash
accruals, or a large debt-funded capital expenditure.

Update
KOS's operating income is estimated at INR3.08 billion, with an
estimated operating margin of 1.87 per cent for 2013-14 (refers to
financial year, April 1 to March 31). Consequently the company's
cash accruals were small at INR9.7 million in 2013-14, constrained
by limited operating profitability. CRISIL believes that KOS's
business risk profile will remain constrained over the medium term
by its moderate scale of operations in the highly competitive
market, and geographic concentration in its revenue profile.

KOS's financial risk profile is below average, marked by high a
TOLTNW ratio of 4.52 times and a modest net worth. The debt
protection metrics are modest, marked by an interest coverage
ratio of 1.29 times estimated as on March 31, 2014. CRISIL
believes that KOS's financial risk profile will remain below
average over the medium term marked by a high TOLTNW ratio and
large debt-funded working capital requirements.

The company has stretched liquidity, marked by working-capital-
intensive operations. Consequently, the bank limits remained fully
utilised over the 12 months through September 2014. However, in
the absence of any significant debt-funded capex, the company is
likely to generate sufficient cash accruals to meet its term loan
obligations over the medium term. CRISIL believes that KOS's
liquidity will remain constrained over the medium term by
increased working capital requirements.

KOS formerly known as Sri Krishna Oil Stores was promoted by Mr. K
Arumugam in 1979 as a partnership firm managed by nine partners;
the firm was reconstituted as a private limited company in 2014.
Based in Tiruvannamalai (Tamil Nadu), KOS trades in refined palm
oil and other edible oils in Tamil Nadu and Puducherry.


KALPANA IMPEX: ICRA Reaffirms B Rating on INR4cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR6.00 crore long-term fund-based facilities of Kalpana
Impex. ICRA has also reaffirmed the short term rating of [ICRA]A4
assigned to the INR0.15 crore short-term non-fund based facility
of KI.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Term Loan                4.00         [ICRA]B reaffirmed
   Cash Credit/EPC/FBD      2.00         [ICRA]B reaffirmed
   Credit Exposure Limit    0.15         [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account the relatively
small scale of the firm's operations; vulnerability of the
profitability to the fluctuations in procurement rates & adverse
movements in foreign exchange rates as well as high competitive
intensity in the processed seafood industry which is expected to
keep margins under pressure. The ratings further remain
constrained by the firm's weak financial profile reflected by low
profitability, adverse capital structure & weak coverage
indicators and the vulnerability of firm's operations to
government regulations and sea food industry risks. ICRA also
notes that KI is a partnership concern and any substantial
withdrawal from capital account in future could adversely impact
the credit profile of the firm.

The ratings, however, continues to positively consider the past
experience and established network of KI's promoters in the fish
trading business; favourable location of the unit providing it
easy access to raw material sources and the favorable growth
outlook for Indian seafood in overseas markets.

Kalpana Impex (KI) was established in August 2012 by the Suyani
family and is engaged in processing of marine products. The
manufacturing site is located at GIDC, Veraval (Gujarat) with an
installed capacity for processing 6,000 MT of seafood per annum.
The promoters of KI have been engaged in the business of supplying
marine engine, boat's gearbox, lubricant oil, fish trading etc.
used in fishing boats through a separate entity.

Recent Results
For FY2014, the firm reported an operating income of INR15.01
crore and profit after tax of INR0.20 crore.


KIZAN IRON: CRISIL Assigns B+ Rating to INR100MM Capital Facility
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Kizan Iron Traders & Imports Pvt Ltd (KITIPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Working         100       CRISIL B+/Stable
   Capital Facility

The rating reflects KITIPL's nascent stage of operations and its
below-average financial risk profile marked by a small net worth.
These weaknesses are partially offset by its promoters' extensive
experience in the trading business.
Outlook: Stable

CRISIL believes that KITIPL will continue to benefit over the
medium term from its promoters' extensive experience in the
trading business. The outlook may be revised to 'Positive' if the
company significantly improves its revenue and profitability,
supported by better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if KITIPL's debt protection
metrics deteriorate, because of low growth in revenue, a decline
in margin, or a significant debt-funded capital expenditure.
Incorporated in 2014, KITIPL trades in various steel products in
Kannur (Kerala). The company is promoted by Mr. Abdul Gaffoor
Puthalath.


KIZAN ISPAT: CRISIL Assigns B Rating to INR1.20BB Bank Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Kizan Ispat Pvt Ltd (KIPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Long Term
   Bank Loan Facility     1,200          CRISIL B/Stable

The ratings reflect KIPL's exposure to risks associated with the
funding and implementation of its thermo-mechanically treated
(TMT) bar manufacturing project in Bengaluru. This rating weakness
is partially offset by the extensive entrepreneurial experience of
the promoters.

Outlook: Stable

CRISIL believes that KIPL will continue to benefit over the medium
term from its promoters' extensive entrepreneurial experience. The
outlook may be revised to 'Positive' if the company's operations
stabilise early, resulting in higher-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if
significant cost or time overruns on the project weaken its
financial risk profile.

KIPL, incorporated in 2014, is setting up an integrated TMT
manufacturing project in Bengaluru. The company is promoted by Mr
Abdul Gaffoor and Mr. M Sirajudheen.


KRISHNA COTTON: ICRA Reaffirms 'B' Rating on INR5cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]B for INR5.00 crore of
cash credit facility and INR1.00 crore of term loans of Krishna
Cotton.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit facility     5.00       [ICRA]B reaffirmed
   Term Loans               1.00       [ICRA]B reaffirmed

The reaffirmation of the rating takes into account KC's relatively
small scale of operations; its low profitability due to limited
value additive nature of operations and intense competition in a
fragmented industry; and its weak debt coverage indicators. The
ratings further take into account the firm's exposure to commodity
price volatility, agro-climatic conditions and cotton export-
related government regulations. ICRA also notes that KC is a
partnership firm and any significant withdrawals from the capital
account could adversely impact its net worth and thereby the
credit profile.

The rating, however, continues to positively consider the
experience of the partners in the cotton industry; the firm's
healthy revenue growth in FY14 primarily driven by increased sales
volumes following stabilisation of operations; and the locational
advantage of the firm giving it easy access to high quality raw
cotton.

Incorporated in the year 2011, Krishna Cotton (KC) is a
partnership firm engaged in the business of cotton ginning and
cotton seed crushing. The firm commenced commercial production
from October 2012 from its manufacturing facility located at
Rajkot in Gujarat. The unit is equipped with 24 ginning machines,
1 pressing machine and 4 expellers, having processing capacity of
~19000 metric tonnes per annum (MTPA) of raw cotton. The promoters
of KC have experience of over a decade in cotton ginning business
by way of their association with other related companies. KC is
currently promoted by nine partners.

Recent Result
In FY14, KC reported an operating income of INR22.73 crore and
profit after tax of INR0.21 crore as against an operating income
of INR7.64 crore and net loss of INR0.12 crore during FY13.


LEZORA VITRIFIED: CRISIL Reaffirms B Rating on INR320MM Bank Loan
-----------------------------------------------------------------
CRISIL's rating on bank facilities of Lezora Vitrified Private
Limited's (LVPL) continues to reflect exposure to its ongoing
project, modest scale of operations in the highly competitive
ceramics industry, and its working-capital-intensive operations.
These rating weaknesses are partially offset by its promoters'
extensive experience in the ceramics industry and proximity of its
manufacturing facilities to raw material and labour resources.

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Long Term
   Bank Loan Facility      320           CRISIL B/Stable
   Proposed Short Term
   Bank Loan Facility       30           CRISIL A4

CRISIL had assigned ratings of 'CRISIL B/Stable/CRISIL A4' to bank
facilities of LVPL via its rating rationale released on
Nov. 25, 2014.

Outlook: Stable

CRISIL believes that LVPL will benefit over the medium term from
its promoters' industry experience. The outlook may be revised to
'Positive' if the company stabilises its operations in time,
leading to healthy cash accruals and improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the company's operating margin is significantly low, or it
undertakes any large debt-funded capital expenditure programme, or
its working capital management deteriorates, resulting in weak
financial risk profile.

Established in 2014, LVPL is promoted by Mr. Vindobhai Bhorania,
Mr. Anil Bavarva, Mr. Shaileshbhai Shirvi and Mr. Rajnikant
Chikani. The firm, based in Morbi (Gujarat), is setting up a plant
to manufacture glazed vitrified tiles of various sizes at its
production facilities in Morbi. It is expected to commence
commercial operations in April 2015.


MANIKANTA CONSTRUCTIONS: ICRA Reaffirms B+ Rating on INR3cr Loan
----------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ for the
INR3.00 crore fund based limits and short-term rating of [ICRA]A4
for the INR4.00 crore non-fund based limits of Manikanta
Constructions. ICRA has also re-affirmed the [ICRA]B+/A4 rating to
the INR1.00 crore unallocated limits of MC.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------    -------
   Fund Based Limits     3.00       [ICRA]B+ re-affirmed

   Non-Fund Based
   Limits                4.00       [ICRA]A4 re-affirmed

   Unallocated Limits    1.00       [ICRA]B+/[ICRA]A4 re-affirmed

The reaffirmation of ratings continues to take into account MC's
small scale of operations in the highly competitive construction
industry and the high geographic concentration with presence only
in Telangana and Andhra Pradesh. Further, due to the recent
bifurcation of the state of Andhra Pradesh, there might be delays
in receipt of payments, resulting into a stretch in the firm's
liquidity position. The ratings also factor in the delays in
execution of a few projects due to technical changes and problems
faced in land acquisition which might hamper revenues. . The
ratings are also constrained due to the risks inherent in
partnership firm including the risk of capital withdrawal as
witnessed in the past.

However, the ratings favourably factor in experience of the
promoters of more than 25 years in the construction industry and a
healthy order book position of INR79.08 crore as on August 2014,
which is 1.88 times the operating income for FY14. The ratings
also positively factor in the moderate financial risk profile as
reflected in stable operating margins of around 9%, gearing of
0.59 times as on 31st March 2014 and interest coverage of 4.12
times for FY14.

Going forward, ability of the firm to execute its projects on a
timely basis with regular receipt of payments would be the key
rating sensitivities.

M/s Manikanta Constructions is a partnership firm based out of
Nizamabad, Andhra Pradesh setup in 2002 by Mr. Surender Rao. The
firm is engaged in civil construction and undertakes government
projects for road development & construction of bridges in Andhra
Pradesh and Telangana region.

Recent results
As per the provisional FY14 financials, the firm reported a net
profit of INR1.97 crore on an operating income (OI) of INR42.01
crore as compared to a net profit of INR1.59 crore on an OI of
INR37.15 crore for FY13.


NARESH KUMAR: CRISIL Assigns B+ Rating to INR82.5MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Naresh Kumar Rajendra Kumar (NKRK).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             82.5       CRISIL B+/Stable

The rating reflects NKRK's high gearing, exposure to intense
competition in the agricultural commodities trading business, and
weak debt protection metrics. The rating also factors in NKRK's
limited market position and small scale of operations. These
rating weaknesses are partially offset by the extensive experience
of NKRK's promoters in the trading business, the firm's
established relationships with customers, and its moderate risk
management policies.

Outlook: Stable

CRISIL believes that NKRK will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
increase in the firm's revenue and profitability, or improvement
in its capital structure and working capital management.
Conversely, the outlook may be revised to 'Negative' if the firm's
profitability or revenue declines, resulting in low cash accruals,
or if it undertakes any large debt-funded capital expenditure
(capex) programme, or if its working capital cycle lengthens,
weakening its financial risk profile.

Set up in 1980 as a proprietorship firm by Mr. Mahaveer Prasad
Vijay, NKRK trades in agricultural commodities, mainly wheat. In
2011, the firm was reconstituted as a partnership firm with Mr.
Naresh Kumar Vijay and Mr. Rajendra Kumar Vijay (sons of Mr.
Mahaveer Prasad Vijay) joining as partners. NKRK has its trading
office in Baran (Rajasthan), in close proximity to the food grains
market, which ensures easy availability of agricultural
commodities.


NORTELS SERVICE: CRISIL Reaffirms B Rating on INR100MM LT Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Nortels Service
Apartments Pvt Ltd (NSAPL) continues to reflect NSAPL's small
scale of operations with geographic concentration in revenue, and
its below-average financial risk profile. These rating weaknesses
are partially offset by the extensive experience of the company's
promoters in the hospitality industry, the favourable location of
its service apartments, and need-based fund support from its
promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          100       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NSAPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if NSAPL reports substantial
revenue and profitability most likely driven by healthy occupancy
at the company's service apartments, resulting in improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case of low occupancy, or delay by the promoters
in extending financial support, leading to deterioration in
NSAPL's financial risk profile.

Update
NSAPL's operating income is estimated at INR14.6 million for 2013-
14 (refers to financial year, April 1 to March 31), down 9 per
cent year-on-year because of muted demand and intense competition
in the hospitality industry. The company net cash accruals are
low, estimated at INR1.3 million for 2013-14, constrained by its
small scale of operations and limited operating profitability.
However, CRISIL believes NSAPL's operating income will grow at a
moderate rate over the medium term marked by addition of
apartments and increased demand.

NSAPL's financial risk profile is below average, marked by
estimated moderate gearing of 1.75 times and modest net worth of
INR41.7 million as on March 31, 2014. The company's debt
protection metrics are expected to deteriorate over the medium
term, marked by increase in interest expenditure due to draw-down
of additional term loan in the second half of 2013-14. CRISIL
believes that NSAPL's financial risk profile will remain below
average over the medium term, marked by weak debt protection
metrics.

NSAPL's liquidity is weak, marked by large term debt obligations
over the medium term. The company's cash accruals are expected to
be insufficient to meet the term debt obligations. However, the
liquidity is supported by need-based infusion of funds from the
promoters by way of unsecured loans, estimated at INR83.5 million
as on March 31, 2014. CRISIL believes that NSAPL's liquidity will
remain weak over the medium term marked by insufficient cash
accruals to meet large debt obligations.

Incorporated in 2000, NSAPL operates service apartments in Chennai
(Tamil Nadu). The company is promoted by Mr. Sri Krishnan, Mr.
Sunil Nair, Mr. A Murugappan, Mr. S Narayanan, and Mr. Lui Ki.


PRABHAT POULTRY: CRISIL Reaffirms D Rating on INR100MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Prabhat Poultry Pvt Ltd
(PPPL) continue to reflect instances of delay by PPPL in servicing
its debt; the delays have been caused by PPPL's weak liquidity
owing to low operating proftability from operations against
working capital intensive nature of operations and substantial
interest costs of the company.

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

The rating also reflects PPPL's below-average financial risk
profile, marked by a small net worth, high gearing and weak debt
protection metrics, and its susceptibility to risks inherent in
the poultry business. But the company benefits from its promoters'
track record in the poultry-farming business.

PPPL was established as a proprietorship firm in 1963, and was
reconstituted as a partnership firm in 1980 and again as a private
limited company (with its current name) in 2004. The company is
based in Mumbai. PPPL's manufacturing unit is in Alibaug
(Maharashtra). It is currently managed by Mr. Pramod Mhatre and
his family. PPPL manufactures table eggs and poultry feed, and
also processes broiler chicken meat. All the products manufactured
by PPPL are sold under the Prabhat brand within Maharashtra.


RAM WAREHOUSING: CRISIL Assigns B+ Rating to INR65MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Ram Warehousing (RW).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Long Term
   Bank Loan Facility       35           CRISIL B+/Stable
   Term Loan                65           CRISIL B+/Stable

The rating reflects dependence of RW's liquidity on timely cash
flows from its only customer Gurdaspur Overseas Ltd (GOL, rated
'CRISIL BB-/Stable/CRISIL A4+') and exposure to high customer
concentration risk. These rating weaknesses are partially offset
by RW's revenue visibility driven by its long-term offtake
agreement with GOL, and comfortable debt service coverage ratio.
Outlook: Stable

CRISIL believes that RW will continue to benefit over the medium
term from its offtake agreement with GOL and will maintain a
comfortable debt service coverage ratio. The outlook may be
revised to 'Positive' if the firm generates substantial cash
accruals leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if RW's cash
flows are adversely impacted by unexpected termination of the
lease contract by GOL, or any debt-funded capital expenditure.

Set up in 2013, RW is a partnership firm promoted by Mr. Aman
Mittal and his brother, Mr. Rajan Mittal. The firm has constructed
a warehouse with a storage capacity of 30,000 tonnes of
agricultural products in Gurdaspur (Punjab). RW signed a 10-year
offtake agreement with its affiliate, GOL, for warehouse which is
expected to commence operations in Jan 2015.


S T IMPEX: CRISIL Suspends B Rating on INR150MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S T Impex Pvt Ltd (STPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              150        CRISIL B/Stable

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

STPL was incorporated in 2010-11, promoted by Mr. Arun Suri and
his family members. The company started commercial operations in
2011-12 and is engaged in the business of distribution of mobile
phones of G-5, GLX, Kingtech, Sure, IBL, Eyepro and DCTL in
Punjab, Haryana, Himachal Pradesh, Jammu & Kashmir, Rajasthan, and
Madhya Pradesh.


SATVA INFRATECH: ICRA Puts B+ Rating on INR7.50cr Loan
------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR5.50
crore fund based limits, INR7.00 crore non fund based limits and
the INR7.50 crore unallocated limits of Satva Infratech Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund
   Based Limits          5.50         [ICRA]B+ assigned

   Long-Term Non
   Fund Based Limits     7.00         [ICRA]B+ assigned

   Long Term
   Unallocated Limits    7.50         [ICRA]B+ assigned

The assigned rating takes into account small scale of STPL's
operations along with high geographic and customer concentration
with the revenues being derived from works carried out on a single
railway stretch in Tamil Nadu as a sub-contractor for Southern
Railways. The rating is further constrained by delays in execution
of projects due to delays from railways in providing necessary
drawings and other sanctions which has impacted the revenue
bookings for the company during 6M, FY15. The rating also takes
into account the moderate financial profile of the company with
gearing at 1.59 times, and high working capital intensity of 29%
as on 31st March 2014. The rating however favourably factors in
the long track record of the promoters in the business, a healthy
order book position providing revenue visibility in the medium
term, and the presence of input price escalation clauses in all
the ongoing contracts with Southern Railway protecting the margins
of the company to an extent from the fluctuation in raw material
movement.

Incorporated in 2007, SIPL has been engaged in executing bridge
projects for National Highways Authority of India and the Indian
Railways, mostly as a sub contractor. Operations of the company
are managed by the founder promoter - Mr. P Krishnamurthy,
Chairman and Managing Director and his son Mr. P Mohan, Executive
Director.

Recent Results (Provisional)
As per provisional financials for FY14, SIPL reported an operating
Income of INR30.40 crore with profit after tax of INR1.05 crore as
against operating income of INR22.47 crore with profit after tax
of INR0.83 crore in FY13.


SHAKUNTALA POLY: CRISIL Assigns B Rating to INR95MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shakuntala Poly Industries Pvt Ltd (SPIPL).


                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Long Term      38.5          CRISIL B/Stable
   Bank Loan Facility
   Term Loan               95            CRISIL B/Stable

The rating reflects SPIPL's exposure to risks related to
implementation, funding, and stabilisation of its project. These
rating weaknesses are partially offset by the extensive experience
of SPIPL's promoters and their relatives in the cement and rice
bag manufacturing industry, and the proximity of the company's
plant to cement and rice manufacturers.
Outlook: Stable

CRISIL believes that SPIPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company completes it project on time
and within the budgeted cost, and generates substantial cash
accruals during the initial phase of its operations. Conversely,
the outlook may be revised to 'Negative' if SPIPL faces time or
cost overrun in its project or generates low cash accruals during
the initial phase of its operations, or undertakes additional
debt-funded capital expenditure, resulting in pressure on its
liquidity.

SPIPL, incorporated in 2014, is setting up a unit for
manufacturing cement/rice bags in Birbhum (West Bengal). The
company is managed by Mr. Birender Kumar and is likely to start
commercial operations by May 2015.


SHIVALIK EXPORTS: CRISIL Reaffirms B Rating on INR5MM Loan
----------------------------------------------------------
CRISIL's  rating reflect Shivalik Exports (SE's) small scale of
operations in the fragmented ready-made garments export business,
high customer concentration in its revenue profile, susceptibility
of its operating margin to volatility in raw material prices and
foreign exchange rates, and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of the firm's partners in the textile
business and its established relationships with reputed customers.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee            5       CRISIL A4 (Reaffirmed)
   Export Packing Credit     7.5     CRISIL A4 (Reaffirmed)
   Foreign Bill Purchase    20       CRISIL A4 (Reaffirmed)
   Foreign Bill Purchase     5       CRISIL B/Stable (Reaffirmed)
   Letter of Credit         15       CRISIL A4 (Reaffirmed)
   Proposed Short Term
   Bank Loan Facility       50       CRISIL A4 (Reaffirmed)
   Standby Line of Credit   10       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SE will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' in case of a significant improvement
in the firm's scale of operations and profitability, leading to
more-than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of any pressure on SE's liquidity,
either because of a decline in its profitability, leading to
lower-than-anticipated cash accruals, or a substantial increase in
its working capital requirements.

Set up in 1993, SE is a partnership firm that manufactures and
exports ready-made garments for women and men. It is managed by
Mr. Gangesh Agarwal and Mr. Ashok Agarwal, along with other family
members. The firm manufactures and exports woven and knitted
garments, which include women's tops, polo-necks, blouses, and
skirts; men's casual shirts and trousers; and children's wear. SE
mainly exports to the US, which contributes about 80 per cent of
its revenue; the balance is from the European and Indian markets.
The firm has a capacity to manufacture about 0.15 million garments
per month at its unit in Faridabad (Haryana).

SE reported a profit after tax (PAT) of INR4.37 million on an
operating income of INR298.5 million for 2013-14 (refers to
financial year, April 1 to March 31), as against a PAT of INR2.06
million on an operating income of INR184.6 million for 2012-13.


SHIVAM ENTERPRISE: CRISIL Assigns B+ Rating to INR80MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shivam Enterprise - Morbi (SE).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              80         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       45         CRISIL B+/Stable

The rating reflects SE's modest scale of operations and low
profitability owing to trading nature of its business, and large
working capital requirements. These rating weaknesses are
partially offset by its promoters' extensive experience in the
ceramic and coal trading industry leading to healthy relationship
with customers and suppliers.

Outlook: Stable

CRISIL believes that SE will maintain its business risk profile
over the medium term from its promoter's industry and trading
experience. The outlook may be revised to 'Positive' in case the
company substantially increases its scale of operations and
profitability resulting in large cash accruals. Conversely, the
outlook may be revised to 'Negative' if the company reports low
cash accruals due to decline in revenue or profitability, or its
working capital requirements increase leading to weak liquidity.

SE, based in Morbi (Gujarat), was established in 2012. The firm is
involved in trading of coal, wall tiles, ink, spare parts and oil
lubricants used in ceramic machinery. It started commercial
operations in December 2014.


SHREE RAM: CRISIL Reaffirms B+ Rating on INR82.5MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree Ram
Industries (Harij) (SRI) continues to reflect the firm's small
scale of operations in the highly competitive cotton-ginning
industry and its below-average financial risk profile, marked by
high gearing and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
SRI's promoters in the industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           82.5      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    15.5      CRISIL B+/Stable (Reaffirmed)
   Term Loan              2.0      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SRI will continue to benefit from the
promoters' extensive experience in the cotton-ginning industry
over the medium term. The outlook may be revised to 'Positive' if
the firm's scale of operations improves significantly along with
sustained improvement in its profitability, or if its capital
structure improves either through equity infusion or higher-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' if SRI's financial risk profile deteriorates further
due to increased working capital borrowings, or in case of change
in government policy, having a negative impact on its operations.

Update
SRI's revenue declined in 2013-14 (refers to financial year, April
1 to March 31) by 3 per cent to around INR699 million. The decline
in revenue was mainly because of high competition and sluggish
demand. In 2014-15, the firm has generated revenue of around
INR380 million till September 2014 and revenue is expected to
witness marginal growth of 5 to 6 per cent for the full year.
Operating margin of the firm remained low at 2.3 per cent and is
expected to remain at similar levels over the medium term.

The financial risk profile of the company remained below average
marked by high gearing and weak debt protection measures. Gearing
of the firm was more than 2 times as on March 31, 2014, and is
expected to remain high over the medium term due to small net
worth of INR50 million as on March 31, 2014, and short-term debt
funding of its working-capital-intensive operations. Due to high
gearing levels and low operating margins, the debt protection
measures of the company remained weak with Net Cash Accruals to
Total Debt  [NCATD] ratio of 5 per cent and interest coverage
ratio of 1.65 times in 2013-14. Liquidity of the firm remained
stretched with high Bank Limit Utilization [BLU] of 90 per cent
over the 12 months through July 2014 .The firm is expected to
generate low cash accruals of INR6.5 million to INR7.0 million in
2014-15. It does not, however, have any repayment obligation and
also does not have any capital expenditure plan.

CRISIL believes that SRI's financial risk profile will remain weak
over the medium term due to stretched liquidity and low accretion
to reserves.

Formed in 2007, SRI is promoted by Mr. Jaydev Thakkar and his
family members based in Patan (Gujarat). The firm is engaged in
cotton ginning.


SHREE SANYEEJI: CRISIL Reaffirms B Rating on INR440MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Sanyeeji Rolling
Mills (SSRM) continues to reflect SSRM's modest financial risk
profile, marked by weak debt protection metrics and high gearing,
and weak liquidity on account of working capital intensive nature
of operations.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           440        CRISIL B/Stable (Reaffirmed)
   Proposed Term Loan    209.5      CRISIL B/Stable (Reaffirmed)
   Rupee Term Loan       150.5      CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of SSRM's promoters in the business of manufacturing,
and trading in, steel products, and the funding support that the
firm receives from them.

Outlook: Stable

CRISIL believes that SSRM will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of improvement in
capital structure and improvement in overall liquidity profile
supported by improvement in working capital cycle. Conversely, the
outlook may be revised to 'Negative' in case of considerably low
sales and decline in operating margin or weakening of working
capital cycle further impacting the overall financial risk
profile.

SSRM was established as a partnership firm in 2009 and started
operations from February 2011. The firm manufactures thermo-
mechanically treated (TMT) bars, at its unit in Guwahati (Assam).

SSRM on provisional basis reported net profit of INR11 million on
net sales of INR1.7 billion for 2013-14 (refers to financial year,
April 1 to March 31) against net loss of INR37 million on net
sales of INR1.2 billion for 2012-13.


SOUBHIK EXPORTS: CRISIL Reaffirms B Rating on INR150MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Soubhik Exports Ltd
(SEL) continues to reflect SEL's weak financial profile, coupled
with geographical and customer concentration in its revenue
profile, and exposure to risks related to the commodity nature of
the product. These weaknesses are partially offset by the benefits
that SEL derives from its promoters' extensive experience in the
trading business.

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Overdraft Facility      70        CRISIL B/Stable (Reaffirmed)
   Bank Guarantee          22.5      CRISIL A4 (Reaffirmed)
   Overdraft Facility     150        CRISIL B/Stable (Reaffirmed)
   Post Shipment Credit   400        CRISIL A4 (Reaffirmed)
   Pre Shipment Credit    150        CRISIL B/Stable (Reaffirmed)

To arrive at the rating, CRISIL has treated interest-free
unsecured loans of INR250 million provided to SEL by its group
entities as neither debt nor equity. CRISIL's approach has been
based on an undertaking provided by the SEL management that these
funds will not be withdrawn from the business in the next three
years.

Outlook: Stable

CRISIL believes that SEL will continue to benefit from its
promoters' extensive experience in the trading business. The
outlook may be revised to 'Positive' if the company's cash
accruals increase significantly. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in SEL's financial
risk profile, particularly its liquidity, on account of lower-
than-expected cash accruals, stretch in working capital
requirements, or any significant support extended by SEL to its
group companies.

SEL is a government-recognised three-star export house that
exports predominantly to Bangladesh. The company deals mostly in
commodities such as cotton, wheat, sugar, machinery etc. Trading
in raw cotton contributes the bulk of SEL's revenue. SEL also
trades in non-agri commodities.


SREE NARAYAN: CRISIL Assigns B+ Rating to INR100MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sree Narayan Builders (SNB).

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

The rating reflects the firm's  below average financial risk
profile, low operating profitability owing to the trading nature
of operations, low bargaining power with the principal, exposure
to intense competition in the steel industry. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of SNB's promoters and established dealer network.

Outlook: Stable

CRISIL believes that SNB will maintain its credit risk profile
backed by its promoters' extensive entrepreneurial experience and
its established dealer network. The outlook may be revised to
'Positive' if the firm registers higher-than-expected growth in
revenue and operating margin, leading to sustained improvement in
its cash accruals and financial risk profile. Conversely, the
outlook may be revised to 'Negative' if it contracts larger-than-
expected debt to fund its incremental working capital
requirements, or its revenue or margin declines sharply.

SNB, established in 1989 by Kolkata-based Mr. Shayam Krishna Paul,
is an exclusive super distributor of Jindal Steel Power Ltd for
thermo-mechanically treated (TMT) bars and other long products in
Kolkata and other parts of West Bengal. The firm is also
distributor of SPS Steels Rolling Mills Ltd (SPS Group) for TMT
bars.


SRI KESHAVA: CRISIL Suspends D Rating on INR250MM Long Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Keshava Reddy Educational Society (SKRES; part of Keshava
Reddy group).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Long Term Loan          250           CRISIL D
   Proposed Long Term
   Bank Loan Facility       50           CRISIL D

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

SKRES was established by Mr. N Keshava Reddy and his family
members. The society, registered under the Societies Registration
Act, 1860, runs one school each in Hyderabad and Kurnool district
(both in Andhra Pradesh [AP]). The school is affiliated to Andhra
Pradesh State Board. It offers education in the English medium
from the first to the tenth standard. SKRES is part of the Keshava
Reddy group of educational institutions, which offer primary and
secondary education in AP.


SRI TEXTILE: CRISIL Suspends B Rating on INR35MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Textile Erode Pvt Ltd (STEPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bill Discounting        30          CRISIL A4
   Cash Credit*            35          CRISIL B/Stable

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

STEPL was established in 2003 as Sri Textiles, a proprietorship
concern, by Ms. V Padmavathy, and was reconstituted as a private
limited company in 2009 by incorporating Mr. S Vegadesan also as a
promoter. STEPL processes yarn into fabric. The company has a
manufacturing unit with about 450 sewing machines in Erode (Tamil
Nadu); it outsources weaving, dyeing and finishing activities.
Mr.Vengadesan manages the business along with the operational
team.


SUNRAY GREEN: CRISIL Suspends B Rating on INR200MM Bank Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sunray Green Space Private Limited (SGSPL).

                         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
SGSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SGSPL is yet to
provide adequate information to enable CRISIL to assess SGSPL'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'

Sunray Green Space Private Limited (SGSPL) was registered as Pvt.
Ltd Company in the year 2012.  The management proposes to
establish villas, resort and other amenities in this property. The
property by SGSPL is planned at Kancheru Village, Bhogapuram
Mandal, Vizianagaram District, Near Visakhapatnam, Andhra Pradesh
and proposes to commence operations in March 2014.


U. B. RICE: CRISIL Assigns D Rating to INR41.8MM Proposed Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' rating to the bank
facilities of U. B. Rice Mill Pvt. Ltd (UBPL). The rating reflects
instances of delay by UBPL in servicing its debt; the delays are
because of the company's stretched liquidity.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan                40          CRISIL D
   Proposed Long Term
   Bank Loan Facility       41.8        CRISIL D
   Bank Guarantee            3          CRISIL D
   Cash Credit              35.2        CRISIL D

UBPL is also exposed to risks related to its small scale of
operations in the highly fragmented rice industry and its below-
average financial risk profile marked by weak debt protection
measures and small net worth. However, the company benefits from
its promoters' extensive industry experience and its moderate
working capital requirements.

UBPL was incorporated in 2006 by West Bengal-based Bajaj family.
UBPL mills and processes paddy and manufactures reclaim rubber.
Mr. Aditya Bajaj and his father Mr. Sushil Kumar Bajaj are the
company's key promoters and are actively engaged in managing its
day-to-day operations.

UBPL reported a net profit of INR0.27 million on net sales of
INR227.78 million for 2013-14 (refers to financial year, April 1
to March 31), against a net profit of INR0.48 million on net sales
of INR184.41 million for the previous year.


UDAY AUTOLINK: ICRA Suspends B Rating on INR22cr Term Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR22.00 crore term loans and INR13.00 crore working capital
facilities of Uday Autolink Private Limited. ICRA has also
suspended the short term rating of [ICRA]A4 assigned to the
INR5.00 crore short term non fund based sublimit of the fund-based
facilities of UAPL. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in 2011 by the Mr. Uday Bhatt, Uday Autolink Private
Limited (UAPL) is engaged in passenger vehicle segment dealership
of Maruti Suzuki India Limited (MSIL) with a 4S facility showroom
at SP Ring Road, Naroda and 3S facility at Barwala, located at a
distance of ~120 Kms from Ahmedabad. UAPL commenced construction
and erection work of the showroom in Sep 2011 and commenced
commercial operations from April 2012.


VRIDHI IRON: CRISIL Ups Rating on INR43MM Cash Credit to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Vridhi Iron & Steels (VIS) to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'; CRISIL has also assigned a rating of 'CRISIL A4' to
VIS's short-term facility.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           20        CRISIL A4 (Assigned)

   Cash Credit              43        CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Term Loan                38        CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Proposed Long Term        4        CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B-/Stable')

The rating upgrade reflects significant improvement in VIS's scale
of operations and accruals, leading to better business risk
profile and liquidity. The revenue grew to INR205 million in 2013-
14 (refers to financial year, April 1 to March 31) from INR97
million in 2012-13, while the operating margin remained moderate
at 13.4 per cent. Consequently, the cash accruals improved to
INR15 million from INR5.4 million during this period; the net cash
accruals are expected to remain adequate to service maturing
annual term debt over the medium term. VIS's financial risk
profile was average, given its modest net worth, low gearing and
moderate debt protection metrics. The firm's liquidity remains
adequate, supported by promoters' flexibility to infuse need-based
funds. Also, the firm does not have any significant capex plans
for the medium term.

The rating continues to reflect VIS's modest scale of operations
in the fragmented and competitive steel industry, and large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the steel industry.
Outlook: Stable

CRISIL believes that VIS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if increase in scale of
operations and cash accruals or better working capital management,
leading to improvement in its credit risk profile. Conversely, the
outlook may be revised to 'Negative' if the financial risk profile
weakens because of significantly low cash accruals, stretch in
working capital cycle, or any significant debt-funded capital
expenditure (capex).

VIS, a partnership firm, was founded in 2009 in Guwahati (Assam).
The firm set up a re-rolling mill manufacturing mild steel angles,
channels, rounds, and flats; the plant began commercial production
in June 2012. Mr. Siddharth Jalan manages VIS's daily operations.


WALIA AGNI: ICRA Suspends D Rating on INR32cr Long Term Loan
------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR32.00 crore,
long term loans and working capital facilities of Walia Agni
Industries Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Walia Agni Industries Private Limited is engaged in manufacturing
of hot forging components for automobile industry. The company
currently operates as a tier II supplier for the components which
are eventually supplied to commercial vehicle (CV) OEMs like Tata
Motors Limited (TML), Force Motors, Piaggio etc. Going forward,
the company will operate as a tier I supplier of TML.


WESTERN OVERSEAS: ICRA Suspends B/A4 Rating on INR5.54cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B/A4 ratings assigned to the INR5.54
crore limits of Western Overseas. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Western Overseas was incorporated on July 11, 2012 as a
partnership firm by Thumar Family with the objective of
manufacturing dyed and printed textile fabrics. The firm is in the
process of setting up a textile processing plant in Jetalsar
(district - Rajkot), Gujarat with annual installed capacity of 90
lakh meters.


ZYLOG SYSTEMS: Court Appoints Provisional Liquidator
----------------------------------------------------
The Times of India reports that the Madras high court has
appointed a liquidator attached to the court as the 'Provisional
Liquidator' of Zylog Systems.  The report says the liquidator has
been directed to take charge of all the properties and effects of
the company and also take over all its money transactions and
accounts.

According to the report, Zylog has also been directed to make all
the administrative decisions only with the concurrence of the
liquidator and not to spend any money without the liquidator's
consent.

Ministry of corporate affairs, Office of the Official Liquidator
has informed BSE that the Madras high court by an order dated July
3 "has appointed the Official Liquidator attached to the High
Court as the Provisional Liquidator of Zylog Systems," TOI relates
citing a company filing with the stock exchanges.

This comes just a day before the shareholders meet at their annual
general meeting (AGM) scheduled for November 17, TOI relates.
Among the items on agenda for the meeting includes, a special
notice that has been received from shareholders seeking removal of
chairman and seeking appointment of independent directors and
whole-time directors at this AGM, the report adds.



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


JETSTAR JAPAN: Obtains Second Capital Injection From Qantas
-----------------------------------------------------------
Matt O'Sullivan at The Sydney Morning Herald reports that Qantas
Airways has made its second capital injection into loss-making
budget airline Jetstar Japan in just over a year, in an effort to
bolster its finances ahead of it starting international flying
early next year.

Australia's largest airline and Japan Airlines will each make a
JPY5.5 billion (AUD57 million) equity injection into the low-cost
carrier, in the form of non-voting shares which will be equally
shared by the two major shareholders over two tranches, SMH
relates.

According to SMH, Qantas said the latest financing was aimed at
supporting Jetstar Japan's expansion, which would include the
launch of international operations early in the new year.

The airline will begin selling tickets before the end of December,
the report says.

Jetstar Japan began flying in July 2012, and now has a fleet of 19
A320 aircraft on 18 routes to 11 domestic destinations in the
Asian nation. An extra A320 aircraft will be added to the
airline's fleet by the end of the year.

Jetstar Japan was one of three budget airlines that started
domestic services in the North Asian nation within six months of
each other in 2012.  According to the report, the budget airline
lost AUD120 million last financial year due partly to delays in
setting up a second base in Japan at Kansai International Airport
in Osaka.

The delays to regulators deciding whether to allow Jetstar Japan
to set up a second base forced the airline to park planes -- all
of which are leased -- on the ground for some time early this
year, the report notes.

Qantas funnelled AUD60 million into Jetstar Japan in November last
year after a weak yen pushed up the budget airline's fuel bill and
it faced delays to the base opening in Osaka, SMH recalls.

The latest contribution takes the amount Qantas has injected into
Jetstar Japan to AUD177 million, the report notes.

However, Qantas said the second base had since led to Jetstar
Japan increasing its flying by 20 per cent, and yields so far this
year were up by 9 per cent.

SMH notes that Jetstar Japan's other minority shareholders,
Mitsubishi Corporation and Century Tokyo Leasing Corporation, are
again not taking part in the latest financing of the airline.

While each of the shareholders' voting rights will remain
unchanged, Qantas and Japan Airlines' economic interests will
increase to 47.1 per cent each, SMH discloses.

The economic interest of Mitsubishi and Century Tokyo Lease will
drop from 4.35 per cent to 2.94 per cent, according to SMH.

SMH says higher costs from Jetstar Japan and Jetstar Hong Kong,
which is still awaiting approval to launch services, weighed on
the performance of the Jetstar Group last financial year,
resulting in it sinking to a AUD116 million underlying loss.

Qantas will also begin daily services from Australia to Haneda in
Tokyo next August after it gained access to peak slots at the
airport which is closer to the central city than Narita, the
report adds.


SIGNUM VANGUARD: S&P Raises Rating on Class A Loan From BB+
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on two
Japanese synthetic collateralized debt obligation (CDO)
transactions, and removed the ratings from CreditWatch with
positive implications.

The upgrades reflect the tranches' synthetic rated
overcollateralization (SROC) levels as well as S&P's sensitivity
analyses in line with its criteria.  S&P also reviewed the
counterparty risk in cases where the creditworthiness of a tranche
relies on a swap counterparty and/or collateral asset.

S&P has raised its ratings to the levels at which the SROC levels
exceed 100% and meet its minimum cushion requirements as of this
month's review date.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED, REMOVED FROM CREDITWATCH POSITIVE

Signum Vanguard Ltd.
Class A secured fixed rate credit-linked loan series 2005-04
To            From                   Amount
BBB- (sf)     BB+ (sf)/Watch Pos     JPY4.0 bil.

Hummingbird Securitisation Ltd.
Series 2 loan
To            From                   Amount
BBB- (sf)     BB+ (sf)/Watch Pos     JPY3.0 bil.



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


MALAYSIA AIRLINES: Q3 Net Loss Widens to MYR576.1 Million
---------------------------------------------------------
Reuters reports that Malaysia Airlines reported on November 28 its
worst quarterly loss since late 2011, as passenger numbers and
yields dropped further after the loss of two jets in separate
incidents this year.

In a filing to the stock exchange, Malaysian Airline System Bhd
(MAS) said its third-quarter net loss widened to MYR576.1 million
($170.39 million) from MYR375.4 million in the same period a year
earlier, Reuters discloses. This is the worst quarterly loss for
the airline since October-December 2011.

Reuters says the results are the last for MAS as a public company
and underscore the challenges its majority shareholder, state fund
Khazanah Nasional Bhd, faces in restructuring the company when it
takes it private later this year.

                        *     *     *

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

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

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

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

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


MALAYSIA AIRLINES: New Management to be Announced This Month
------------------------------------------------------------
Reuters reports that Malaysian Airline System Bhd, which is due to
be taken private after being hit by two separate air disasters
this year, will be replaced by a new company called Malaysia
Airlines Bhd, with details to be announced this month.

Khazanah Nasional Bhd, Malaysia's sovereign wealth fund and MAS's
parent company, said late on November 28 that it expects to make a
key announcement on the leadership of the new company at the end
of December, when MAS is to be delisted.

Khazanah said Malaysia Airlines Bhd, which is due to take over the
national carrier of the same name, will be operational by July 1
next year, Reuters relates.

MAS's current chief executive is Ahmad Jauhari Yahya, the report
adds.


                        *     *     *

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

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

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

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

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



                             *********

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.



                 *** End of Transmission ***