TCRAP_Public/141210.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, December 10, 2014, Vol. 17, No. 244


                            Headlines


A U S T R A L I A

COSTELLO FREIGHT: First Creditors' Meeting Set For Dec. 12
FURNITURE SPOT: Maybe Trading While Insolvent, Liquidator Says
HUDSON CATERERS: First Creditors' Meeting Slated For Dec. 12
LA RUSTICA: Restaurant Placed Into Liquidation
PERPETUAL TRUSTEE: Moody's Rates AUD15M Class F Notes 'B1'

QANTAS AIR: 1H2015 Profit Guidance No Impact on Moody's Ba1 CFR


C H I N A

KAISA GROUP: Presale Agreements No Impact on Moody's Ba3 CFR
SUNAC CHINA: Fitch Assigns 'BB-' Rating to USD400MM Unsec. Notes


I N D I A

ASTA CERAMICS: CARE Revises Rating on INR9.76cr Loan to 'BB-'
ASTRON DEVELOPERS: CARE Revises Rating on INR10.88cr Loan to 'B'
AVINASH TRANSPORT: CRISIL Suspends B+ Rating on INR70MM Bank Loan
AVIRAT COTTON: CARE Revises Rating on INR20cr LT Loan to 'B+'
AVK AUTOMALL: CRISIL Suspends B Rating on INR65MM Cash Credit

BEGORRA INFRA: CRISIL Assigns B+ Rating to INR180MM Cash Credit
BILLION CONSTRUCTION: CRISIL Suspends D Rating on INR40MM Loan
CHOLEY LACHUNGPA: CRISIL Suspends D Rating on INR85MM Cash Loan
COMET CERAMICS: CARE Assigns B+ Rating to INR5cr LT Loan
DEV INDUSTRIES.: CARE Assigns B+ Rating to INR5.81cr LT Loan

DHRUV COTTONS: CRISIL Raises Rating on INR60MM Cash Loan to B-
DINABANDHU ANDREWS: CRISIL Suspends B Rating on INR52MM Term Loan
EVEREST HOLOVISION: CARE Reaffirms B+ Rating on INR4.77cr LT Loan
FOOD PHARMA: CRISIL Suspends B Rating on INR50MM Cash Loan
ICICI BANK: Tap Bond Offering No Impact on Baa2 US$ Notes Rating

JHARKHAND MEGA: CRISIL Reaffirms B Rating on INR339.5MM LT Loan
KRUSHIRAJ LIMITED: CARE Assigns B Rating to INR14cr LT Loan
KST INFRASTRUCTURE: CRISIL Suspends B+ Rating on INR100MM Loan
LINERS INDIA: CRISIL Ups Rating on INR145MM Cash Loan to 'B'
MAHABIR TECHNO: CRISIL Reaffirms B+ Rating on INR250MM Cash Loan

MANAV RICE: CRISIL Reaffirms B Rating on INR180MM Cash Credit
NARAYAN AGRO: CRISIL Reaffirms 'C' Rating on INR70MM Cash Loan
ORICON EQUIPMENTS: CRISIL Suspends B Rating on INR55MM Cash Loan
PERTINENT INFRA: CRISIL Suspends B+ Rating on INR80.9MM Loan
POMMYS GARMENTS: CRISIL Suspends B+ Rating on INR70MM Cash Loan

RAMKY INFRA: CRISIL Reaffirms D Rating on INR37.5 Billion LOC
REX SEWING: CRISIL Suspends B+ Rating on INR62.5MM Cash Credit
SAKET METAL: CARE Assigns B+ Rating to INR16.95cr LT Bank Loan
SERMAN INDIA: CARE Revises Rating on INR3.5cr LT Loan to 'BB-'
SHERAN WALI: CRISIL Suspends B Rating on INR60MM Cash Credit

SIDDHI FERROUS: CRISIL Suspends B- Rating on INR48MM LT Loan
SPECTRUM RENEWABLE: CRISIL Suspends D Rating on INR155.6MM Loan
SREE NIVAS: CRISIL Upgrades Rating on INR210MM Cash Credit to C
TARAK NATH: CRISIL Suspends B- Rating on INR60MM Cash Credit
TULSIDAS TRADING: CRISIL Suspends D Rating on INR100MM Cash Loan

VARDA PROJECTS: CRISIL Suspends B Rating on INR60MM Cash Credit
VIKRANT EDUCATIONAL: CRISIL Puts 'D' Rating on INR85MM Term Loan
VINDHYABASINI RICE: CRISIL Reaffirms B+ Rating on INR60MM Loan
YANTRA STEELS: CARE Revises Rating on INR19.10cr LT Loan to B+
YORK PRINT: CRISIL Suspends B- Rating on INR25MM Term Loan


I N D O N E S I A

MERPATI NUSANTARA: Has Two Months Left to Save Business


J A P A N

* JAPAN: Recession Deeper Than Initially Thought, Report Shows


M A L A Y S I A

MALAYSIA AIRLINE: To Suspend Share Trading on December 15
MALAYSIA AIRLINES: Khazanah Taps Christoph Mueller as CEO


N E W  Z E A L A N D

VINCENT AVIATION: Owes Nearly 200 Creditors, PwC Report Shows


P A K I S T A N

SECOND PAKISTAN: Moody's Assigns Caa1 Rating to USD Trust Certs.


S I N G A P O R E

AURIS LUXEMBOURG: Moody's Assigns B2 Corporate Family Rating


                            - - - - -


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A U S T R A L I A
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COSTELLO FREIGHT: First Creditors' Meeting Set For Dec. 12
----------------------------------------------------------
Bradd William Morelli and Andrew John Spring of Jirsch Sutherland
were appointed as administrators of Costello Freight Lines Pty Ltd
on Dec. 2, 2014.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland (Newcastle), 47 Newcomen Street, in Newcastle,
on Dec. 12, 2014, at 10:00 a.m.


FURNITURE SPOT: Maybe Trading While Insolvent, Liquidator Says
--------------------------------------------------------------
Peter Williams at The West Australian reports that the former
owner of The Furniture Spot retail chain may have been trading
while insolvent for at least four years, according to its
liquidator.

The West Australian relates that liquidator Hall Chadwick has told
creditors director Paul Dimarelos was issued a AUD4 million
insolvent trading demand about 10 weeks ago.

The Furniture Spot Pty Ltd was put into voluntary liquidation on
June 25, a few weeks after Mr. Dimarelos sold most of its assets
to one of his sons, the report discloses.

According to The West Australian, liquidator David Ross in a
report to creditors said Mr. Dimarelos disputed the insolvent
trading claim and may successfully defend any legal action.

The West Australian relates that Mr. Ross said the Australian
Securities and Investments Commission in October had requested a
supplementary report about possible offences committed by
Mr. Dimarelos.

"According to my investigation into the failure of the company, it
appears (it) may have traded while insolvent since 1 July 2010, if
not earlier," the report quotes Mr. Ross as saying.

Mr. Ross said the value of the insolvent trading demand was based
on creditor claims at the time of appointment, excluding a
AUD3 million claim by another company owned by Mr. Dimarelos, The
West Australian relays.

The West Australian says Mr. Dimarelos told the liquidator that
other Dimarelos family companies had paid trade creditors on
behalf of The Furniture Spot Pty Ltd and provided loans.

Mr. Dimarelos also said related entities had the capacity to
support the business before it was placed into liquidation, The
West Australian adds.

The West Australian reports that Mr. Ross said defences available
to Mr. Dimarelos included that he had reasonable grounds to
believe the company was solvent and would remain so. A land title
search by the liquidator found one Victorian property in the name
of the director which was jointly owned and mortgaged, the report
adds.


HUDSON CATERERS: First Creditors' Meeting Slated For Dec. 12
------------------------------------------------------------
Bradd William Morelli and Andrew John Spring of Jirsch Sutherland
were appointed as administrators of Hudson Caterers Pty Limited on
Dec. 2, 2014.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland (Newcastle), 47 Newcomen Street, in Newcastle,
on Dec. 12, 2014, at 9:00 a.m.


LA RUSTICA: Restaurant Placed Into Liquidation
----------------------------------------------
InsolvencyNews reports that La Rustica, one of the most popular
Canberra restaurants, has been placed into liquidation. The
Australian Tax Office is the largest creditor owed approximately
AUD350,000, the report says.

La Rustica is a family owed business and was founded in 2004. In
July this year, the restaurant was under administration with
AUD350,200 owed to ATO and AUD18,000 owed to workers.

According to the report, the liquidator has been appointed,
advising that there are insufficient asset realisations to allow a
return to creditors.  InsolvencyNews says the restaurant's
accountant believed that there were a number of factors that have
contributed to the collapse which was out of the owner's control.

InsolvencyNews adds that Jamieson Louttit of Insolvency and
Advisory firm Jamieson Louttit & Associates said that: "It is
common to see that one of major creditor of a collapsed company is
the taxation authorities."


PERPETUAL TRUSTEE: Moody's Rates AUD15M Class F Notes 'B1'
----------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Trustee Company Limited in its capacity as
trustee of the FP Turbo Series 2014-1 Trust.

Issuer: FP Turbo Series 2014-1 Trust

AUD 200.8 million Class A Notes, Definitive Rating Assigned Aaa
(sf);

AUD 16.6 million Class B Notes, Definitive Rating Assigned Aa2
(sf);

AUD 11.4 million Class C Notes, Definitive Rating Assigned A2
(sf);

AUD 10.5 million Class D Notes, Definitive Rating Assigned Baa2
(sf);

AUD 8.8 million Class E Notes, Definitive Rating Assigned Ba1
(sf);

AUD 15.0 million Class F Notes, Definitive Rating Assigned B1
(sf).

The AUD 13.9 million Seller Notes are not rated by Moody's.

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

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

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

Ratings Rationale

The portfolio consists of non-delinquent vehicle and equipment
lease contracts with a weighted average seasoning of 2 years. The
securitised portfolio comprise lease installment cash flows and
residual value cash flows. The present value of the outstanding
lease receivables balance is approx. AUD 270.7 million and the
nominal value of estimated RV cash flows amounts to approx. AUD
114.2 million. The RV portion of the lease cash flows were set at
closing of the lease contracts based on estimates of car values at
lease contract maturity. Due to the right of the lessees to return
the vehicle at contract maturity in order to cover the final lease
balance outstanding under an operating lease, the notes are
exposed to both default and market or residual value risk of the
related vehicles.

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

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

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

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

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

Methodology Underlying the Rating Action:

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

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

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

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

Moody's Parameter Sensitivities:

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


QANTAS AIR: 1H2015 Profit Guidance No Impact on Moody's Ba1 CFR
---------------------------------------------------------------
Moody's Investors Service says that Qantas Airways Ltd.'s (Qantas)
announced first half profit guidance of underlying profit before
tax in the range of $300 to $350 million supports its credit
profile but has no immediate impact on its Ba1 corporate family
rating, Ba2 senior unsecured long term rating or non-prime (NP)
short term rating. The outlook on the ratings remains negative.

"The announcement demonstrates the progress the company is making
on its transformation program and the improving competitive
conditions, particularly in the domestic market", says Matthew
Moore a Moody's Vice President -- Senior Analyst. The company's
earnings performance is also benefiting from lower fuel prices and
Moody's expect more material improvements from lower fuel to flow
through in the second half of FY15" adds Moore.

"The improvement in the company's performance is ahead of Moody's
previous expectations and reflects continued execution on its
plan, which revolves around the implementation of cost reduction
initiatives", Moore says, adding "These initiatives, combined with
ongoing favorable trends in the operating environment, raises the
likelihood that credit metrics will improve to levels that are
more consistent with current ratings".

"A demonstrated ability to improve and sustain Adjusted Gross
Debt-to- EBITDA below 4.75x could lead to a stabilization of the
outlook", Moore adds.

As part of the announcement, Qantas has flagged that it expects
all operating segments to generate positive underlying earnings
before interest and taxes (EBIT) for the half. This implies a
material improvement in group performance, particularly for the
international division, which reported an underlying EBIT loss of
around $497 million last year. While this turnaround , in part,
reflects lower depreciation charges from around $2.6 billion of
impairment charge taken in FY14, the improvement in international
demonstrates the progress the company has made to turn around
these previously loss making operations.

The overall improvement in group operations, in large part,
reflects the continued progress the company has made on its
transformation program. Qantas has flagged that it is on track to
achieve at least $350 million of benefits from the program in the
first half. This follows around $204 million of improvements
achieved in the second half of FY14 and on a run rate basis is on
pace to meet or exceed the company's full year FY15 guidance of
around $600 million or more in savings.

"A sustained improvement in earnings, combined with Moody's
expectation for lower capital expenditures, should allow the
company to generate free cash flow in FY15 and meet its target of
reducing Net Debt by around $1.0 billion", says Moore.

Qantas' ratings continue to reflect its still high financial
leverage resulting from the significant operational challenges
faced over the last several years reflecting the heavy
competition, both domestically and in its principal offshore
markets. At the same time, the ratings reflect the carrier's large
scale and coverage in the Australian domestic aviation market, its
dual flying brands and extensive global route network and code-
sharing arrangements, including tie-up with Emirates. The ratings
are currently supported by solid liquidity including access to
unrestricted cash balances.

The rating outlook could be revised to stable if Qantas
demonstrates an ability to sustain recent improvements in
profitability and operating statistics, while continuing to
execute on its transformation plans. Financial metrics that
Moody's would look for include Debt/EBITDA remaining below 4.75x
on a consistent basis.

On the other hand, negative rating pressure could evolve if Qantas
is unable to sustain and/or build on recent improvements in its
core profitability of its international and domestic businesses or
reduce debt to appropriate levels, commensurate with its
sustainable earnings. Financial metrics that Moody's would look
for include Debt/EBITDA remaining above 5.0x on a sustained basis.
In addition, a material deterioration in liquidity could impact
the carrier's ratings.

Qantas is Australia's largest domestic carrier and estimates its
total domestic market share at around 62.2% at the end of June
2014.



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C H I N A
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KAISA GROUP: Presale Agreements No Impact on Moody's Ba3 CFR
------------------------------------------------------------
Moody's Investors Service says that Kaisa Group Holdings Ltd's
inability to register its presale agreements of three projects in
Shenzhen is credit negative, but has no immediate impact on its
Ba3 corporate family and senior unsecured debt ratings.

On December 4, Kaisa announced that it was not able to file --
with the Land and Resources authority of Shenzhen Municipality --
the sale and purchase agreements relating to three property
projects in Shenzhen. The company is still investigating the
incident.

"Kaisa's failure to register its presale agreements in Shenzhen
could impair its property sales and liquidity position if the
issue is not resolved quickly," says Franco Leung, a Moody's Vice
President and Senior Analyst.

Kaisa has strong sales execution, as demonstrated by its
contracted sales of RMB27.2 billion -- which is 91% of its 2014
target -- for the first 11 months of 2014.

But any material interruption to its projects in Shenzhen could
adversely affect its sales performance because Moody's estimates
that the company's Shenzhen business will account for 30% of its
contracted sales in 2014.

In addition, according to Kaisa's 1H 2014 interim results
presentation, the company plans to add 143,000 square meters (sqm)
and 303,070 sqm of saleable resources in Shenzhen in H2 2014 and
FY2015, respectively, accounting for 5% and 10% of its additions
in terms of gross floor area for H2 2014 and FY2015, respectively.

Moody's will continue to monitor the developments relating to this
registration issue.

Kaisa's ratings could come under pressure if the registration
issue is not quickly resolved, if the problem spreads to other
projects in Shenzhen, or the incident affects Kaisa's reputation,
which in turn impairs its sales performance.

In Moody's view, the company's liquidity position is adequate in
the short term, with cash/short-term debt at 1.8x as of end-June
2014.

Moreover, the company has announced that one of its shareholders,
Sino Life, will increase its stake to 29.96% from 18.75% by
acquiring shares from its largest shareholders, Mr Kwok Ying Shing
and his family members.

Moody's considers this move as credit positive because Sino Life
could enhance Kaisa's access to the domestic bank market.

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

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

At end-June 2014, the company was 61.2%-owned by Mr Kwok Ying
Shing and his family members.

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


SUNAC CHINA: Fitch Assigns 'BB-' Rating to USD400MM Unsec. Notes
----------------------------------------------------------------
Fitch Ratings has assigned Chinese homebuilder Sunac China
Holdings Limited's (Sunac; BB-/Positive) USD400m 8.75% senior
unsecured notes due 2019 a final rating of 'BB-'.

The notes are rated in line with Sunac's senior unsecured rating
as they represent direct, unconditional, unsecured and
unsubordinated obligations of the company.

The assignment of the final rating follows the receipt of
documents conforming to information already received and the final
rating is in line with the expected rating assigned on
Dec. 1, 2014.

KEY RATING DRIVERS

Sales Growth Reflects Sustainability: Fitch estimates Sunac to
have achieved around CNY16bn of contracted sales on an
attributable basis in 1H14.  While the year-on-year growth is
limited, it reflects the sustainability of the company's business
scale in the difficult conditions in China's homebuilding sector.
Sunac's operating scale also demonstrates superior management, a
more stable operating cash flow, and more cost benefits compared
with peers rated at 'BB-'.  Fitch uses attributable sales, the
share of sales contributions from a company's ownership in joint
ventures (JVs), as one of the criteria to assess the business
scale of companies with substantial JVs.

High Turnover & Healthy Margin: Sunac's EBITDA margin was
estimated to be around 24% in 1H14 after excluding the impact of
re-assessment of fair value, which is still at a healthy level
compared with peers.  Furthermore, its asset turnover is still at
the higher end, as reflected by over 1.2x of contracted
sales/total debt and 0.7x of contracted sales/adjusted inventory
in 2013.  Both sales turnover and margins demonstrate the
generation of sufficient cash inflows to support its operations
and expansion.

Limited Structural Subordination Risk: Sunac is one of the most
prolific users of JVs among Chinese developers, as reflected by
its minority interests of CNY4.5bn and equity investments of
CNY9.3bn at mid-2014.  However, most of its JVs distribute cash
flows regularly, which limits cash retained in the JVs and
structural subordination.  The major exception is the projects
under Shanghai Sunac Greentown Investment Holdings Limited (SSG),
but Fitch estimates SSG to have contributed only less than 20% of
attributable sales, making it insignificant.

Land Banking & Share Acquisition: Fitch estimates Sunac paid
CNY6.6bn for attributable land acquisitions in 1H14 compared with
Fitch's estimate of CNY16bn in attributable sales for the same
period.  While there is uncertainty in the transaction, the
company has paid over CNY4bn to acquire shares of Greentown in
2H14, which will generate limited cash dividends for Sunac in the
short term.  One of the key considerations for a rating upgrade
will be how the Greentown share acquisition evolves and how the
company manages its land bank to maintain healthy leverage.
Leverage, as measured by net debt/adjusted inventory, stood at 26%
at mid-2014.

RATING SENSITIVITIES

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

-- EBITDA margin excluding the impact of revaluation of
    acquisitions sustained above 22%
-- Contracted sales/total debt sustained above 1.2x
-- Conservative land acquisitions leading to net debt /adjusted
    inventory sustained below 40%
-- Limited growth in SSG relative to Sunac's own growth

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

-- Failure to meet the above guidelines over the next 12-18
    months, which would lead to the Outlook being revised to
    Stable



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ASTA CERAMICS: CARE Revises Rating on INR9.76cr Loan to 'BB-'
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Asta
Ceramics Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.76       CARE BB- Revised from
                                            CARE B+

   Short-term Bank Facilities    1.50       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Asta Ceramics Pvt
Ltd (ACPL) were revised on account of successful completion of
capex and starting of commercial operations from December 2013
alongwith the continued support from the group entities having
well-established businesses set up in the same line of business.

The ratings continue to remain constrained on account of its
nascent stage of operations, large presence of unorganized players
posing pricing pressure on the ceramic tiles segment, higher
dependence on the currently subdued real estate industry and
susceptible margins to volatility in the prices of raw material,
power and fuel.

The ratings continue to draw strength from the well-experienced
promoters in the similar line of activity through the presence of
its group operations.

The ability of ACPL to increase the scale of operations and
improve profitability while efficiently managing its working
capital requirements are the key rating sensitivities.

ACPL was incorporated on April 13, 2013 by Mr Maheshbhai Patel and
Mr Malkeshbhai Bavarva. ACPL has set up a new manufacturing unit
for ceramic glazed tiles at Morbi, Rajkot having an installed
capacity of 30,000 MT per annum (MTPA).

The promoters possess long experience through its associate
concerns viz. Coral Granito Pvt. Ltd. (CGPL; manufactures
vitrified tiles since November 2008 and is rated CARE BBB-) and
Acer Granito Pvt. Ltd. (AGPL; manufactures vitrified tiles
since April 2008 and is rated CARE BB/CARE A4) which are also
engaged in the similar line of business. ACPL is first unit of
the group in the ceramic glazed tiles segment.

During FY14 (refers to the period April 1 to March 31), ACPL
earned a net profit of INR0.02 crore on a total operating
income (TOI) of INR7.95 crore.


ASTRON DEVELOPERS: CARE Revises Rating on INR10.88cr Loan to 'B'
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Astron
Developers Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    10.88       CARE B Revised from
                                            CARE D

Rating Rationale

The rating assigned to the bank facilities of Astron Developers
Pvt Ltd (ADPL) was revised on account of the improvement in its
debt servicing track record. The rating also factors the advanced
stage of project implementation which mitigates the project
implementation risk to a large extent.

However, the rating remains constrained owing to the low booking
advances received which exposes the company to saleability risk
and the cyclical nature of real estate industry which is currently
facing a subdued scenario.

The ability of ADPL to continue its regular debt servicing track
record and timely receipt of the remaining sale proceeds will
be the key rating sensitivities.

ADPL is a closely-held company incorporated on March 29, 2010.
ADPL is promoted by Mr Pradeep Agrawal and belongs to the Agarwal
group of companies, promoted by Mr Pradeep Agarwal and Mr Sandeep
Agarwal. The parent group as managed by Mr Phulchand Agrawal is
into the business of textile for more than 15 years.

ADPL is developing a commercial property named "Advance Business
Park" comprising 240 shops and offices on 5,600 sqm of land with
saleable area of 1.97 lakh sq feet (lsf). The project shall be
constructed in three blocks entitled to a builtup FSI of 2.25
having a ground plus four structures.


AVINASH TRANSPORT: CRISIL Suspends B+ Rating on INR70MM Bank Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Avinash
Transport (AT).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         50        CRISIL A4

   Cash Credit            25        CRISIL B+/Stable

   Proposed Long Term     70        CRISIL B+/Stable
   Bank Loan Facility

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

AT was formed in 2003 by Mr. Avinash Singh. The firm is engaged in
over burden removal, excavation and transportation of coal from
the mines to the railway sidings. The firm operates in West Bengal
and Jharkhand. It undertakes works for Bharat Coking Coal Ltd,
Eastern Coalfields Ltd, and Bengal EMTA Coal Mines Ltd.


AVIRAT COTTON: CARE Revises Rating on INR20cr LT Loan to 'B+'
-------------------------------------------------------------
CARE revises the rating assigned to the bank facility of Avirat
Cotton Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     20         CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Avirat Cotton Industries Private Limited (ACIPL) was primarily
on account of the increased scale of operations and improvement in
its capital structure for the year ended on March 31, 2014.

The rating continues to remain constrained on account of the weak
financial profile marked by thin profitability, leveraged capital
structure and weak debt coverage indicators. The rating also
continues to remain constrained owing to the susceptibility of
operating margins to cotton price fluctuation, regulatory changes
governing cotton industry and its presence in lowest segment of
textile value chain and highly fragmented cotton ginning industry.

The rating, however, continues to derive strength from the
promoters' experience of more than a decade in cotton
ginning business and its proximity to cotton-producing area of
Gujarat.

ACIPL's ability to manage volatility associated with cotton prices
& improvement in its overall financial risk profile are the key
rating sensitivities.

Rajkot-based ACIPL was formed in 2005 as a partnership firm under
the name M/s. Avirat Cotton Industries and subsequently converted
into a private limited company in 2010. ACIPL is involved in
cotton ginning & pressing, cotton seed crushing and trading in
agro commodities. ACIPL operates from its sole manufacturing unit
located at Gondal with an installed processing capacity to
manufacture 8,250 metric tonne per annum (MTPA) of cotton bales,
1,460 MTPA of oil extraction and 10,950 MTPA of de-oiled cake.

During FY14 (refers to the period April 1 to March 31), ACIPL
reported a net profit of INR0.06 crore on a total operating
income (TOI) of INR85.04 crore as against a net profit of INR0.06
crore on a TOI of INR68.42 crore in FY13.


AVK AUTOMALL: CRISIL Suspends B Rating on INR65MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
AVK Automall Pvt Ltd (AVK).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            65        CRISIL B/Stable

   Proposed Long Term     22        CRISIL B/Stable
   Bank Loan Facility

   Term Loan              13        CRISIL B/Stable

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

AVK was set up in 2010 by Mr. Lalit Kumar, a Delhi-based first
generation entrepreneur, and his son Mr. Puneet Kumar. The company
is an authorised dealer of Ford India Pvt Ltd, and has its
showroom at Powai, Mumbai. The company is setting up its second
showroom at Vasai, near Mumbai.


BEGORRA INFRA: CRISIL Assigns B+ Rating to INR180MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Begorra Infrastructure and Developers Pvt Ltd
(BIDPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           180        CRISIL B+/Stable

The rating reflect BIDPL's modest scale of operations in the
fragmented civil construction industry, working capital intensive
nature of operations and below-average financial risk profile
marked by a small net worth and high gearing. These rating
weaknesses are partially offset by the extensive experience of
BIDPL's promoters in the civil construction industry.

Outlook: Stable

CRISIL believes that BIDPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up its
operations significantly, while it improves its profitability,
leading to substantial cash accruals and a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
BIDPL reports low revenue or profitability, or its working capital
management deteriorates, or it undertakes any large debt-funded
capital expenditure programme, constraining its financial risk
profile, particularly liquidity.

Incorporated in 2010 and based in Ranni (Kerala) BIDPL, undertakes
civil contracts, primarily roads and bridges for government
entities in Karnataka. The company is founded and managed by Mr.
Abraham Thomas.

BIDPL reported a profit after tax (PAT) of INR41.1 million on
revenue of INR276.1 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR2.9 million on revenue
of INR18.5 million for 2012-13.


BILLION CONSTRUCTION: CRISIL Suspends D Rating on INR40MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Billion
Construction Pvt Ltd (BCPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         15        CRISIL D
   Cash Credit            40        CRISIL D
   Term Loan              29        CRISIL D

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

Set up in 2009 by Mr. Tarak Nath Das and his family members, BCPL
is a super-class contractor and undertakes construction work for
various projects of the Government of India. The projects include
construction of roads, bridges, and government office buildings on
a contractual basis. BCPL operates in Odisha.


CHOLEY LACHUNGPA: CRISIL Suspends D Rating on INR85MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M/s
Choley Lachungpa (CL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            85        CRISIL D

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

Established by Mr.Choley Lachungpa, CL is engaged in construction
of roads, bridges, building, and railway stations mainly for
government agencies. The proprietor has been involved in civil
construction activities for 20 years.


COMET CERAMICS: CARE Assigns B+ Rating to INR5cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Comet Ceramics Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5         CARE B+ Assigned
   Short-term Bank Facilities     1.64      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Comet Ceramics Pvt
Ltd (CCPL) are primarily constrained on account of modest and
fluctuating turnover, low networth base, low profitability, weak
liquidity position, working capital intensive nature of operations
and ongoing debt funded capex. The ratings are also constrained by
the large presence of unorganized players posing pricing pressure
in the industry, highly fragmented industry along with fortunes
dependent on cyclical real estate market and susceptibility of
margins to fluctuation in raw material and power & fuel price.
However, the ratings derive strength from its widely experienced
promoters, strategic location of the plant with easy access to raw
material, fuel and labour, good distribution network and
comfortable leverage with moderate debt coverage indicators.

The ability of CCPL to increase its scale of operations, improve
profitability and liquidity position while efficiently managing
its working capital requirements are the key rating sensitivities.

CCPL was incorporated on September 25, 2003 by Mr Sandipbhai
Aghara and Mr Raghavjibhai Aghara. Located in Morbi, the ceramic
hub of India, CCPL is engaged in the manufacturing and export of
plain colour tiles, anti-skid series tiles, stone series tiles,
ivory matt tiles, wooden glossy tiles, bhama glossy tiles,
vitrified series floor tiles, rustic tiles, satin matt tiles,
white glossy tiles, glossy tiles, etc. These products are
generally used for covering roofs, floors, walls, showers and
table tops.

During FY14 (refers to the period April 1 to March 31), CCPL
earned a net profit of INR0.07 crore on a total operating
income (TOI) of INR9.36 crore as against a net profit of INR0.04
crore on a TOI of INR7.96 crore in FY13.


DEV INDUSTRIES.: CARE Assigns B+ Rating to INR5.81cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Dev Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.81       CARE B+ Assigned
   Short term Bank Facilities    0.01       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Dev Industries
(Dev) are primarily constrained on account of the modest scale of
operations coupled with low net-worth, on-going debt funded capex,
stretched liquidity position in working capital intensive
business, susceptibility of margins to volatile raw material
prices, client concentration risk and partnership nature of
constitution.

The above constraints outweigh the benefits derived from the
experience of the promoters in submersible pipes manufacturing
industry, well-established relationship with customers and
suppliers, moderate capital structure and debt coverage
indicators.

The ability of Dev to increase it scale of operations along with
the improvement in profitability and complete the capex within the
stipulated time period are the key rating sensitivities.

Mehsana-based ISO 9001:2008 certified Dev was originally
incorporated in January 2002 in the name of M/s Ramdev Industries
as a partnership firm by its three partners namely Mr Jayanti I.
Patel, Mr Ambalal I. Patel and Ms Jyotshna K. Patel to engage in
manufacturing of submersible water pumps and pumping parts such as
impellers, super thrust bearing, teflon, bowl etc. However, later
on in April 2009, its name was changed to its current one without
any change in the constitution of the firm. The manufacturing
activity of Dev is carried out at a plant spread over area of 2800
sq. ft. which is located at Vijapur. As on March 31, 2014, the
production capacity of Dev was 90,000 units per month as against
which it utilized almost 66% of the total production capacity
during FY14 (refers to the period April 1 to March 31).

During FY14, Dev registered a total operating income (TOI) of
INR8.15 crore with PAT of INR0.13 crore as compared with
TOI of INR8.07 crore with PAT of INR0.0.09 crore during FY13.


DHRUV COTTONS: CRISIL Raises Rating on INR60MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of
Dhruv Cottons (DC) to 'CRISIL B-/Stable' from 'CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            60        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Long Term Loan         20        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Cash          20        CRISIL B-/Stable (Upgraded
   Credit Limit                     from 'CRISIL D')

The rating upgrade reflects DC' timely debt servicing, backed by
improvement in its liquidity driven by improving net cash
accruals, and support from the promoters in the form of unsecured
loans. The firm's cash accruals over the near to medium term are
expected to be adequate to meet term debt repayment obligations.
The rating also reflects DC's modest scale of operations in the
highly fragmented cotton industry, and weak financial risk profile
marked by weak debt protection metrics, high gearing, and small
net worth. The rating also factors in the vulnerability of the
firm's business and profitability to changes in government policy.
These rating weaknesses are partially offset by benefits derived
from the extensive experience of its promoters in the cotton
ginning industry.

Outlook: Stable

CRISIL believes that DC will continue to benefit from the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive' if the firm increases its scale of
operations and profitability on a sustained basis resulting in an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if there is considerable decline in
revenues or profitability or its working capital management
deteriorates resulting in weak liquidity or the firm undertakes
any large debt-funded capital expenditure programme, constraining
its financial risk profile.

DC, established in 2006, is engaged in cotton ginning. The firm's
unit is in Bhainsa (Telangana). Its managing partner Mr. C. Maruti
has experience of more than 30 years in the cotton ginning
business.


DINABANDHU ANDREWS: CRISIL Suspends B Rating on INR52MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Dinabandhu Andrews Institute of Technology and Management (DAITM).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              52        CRISIL B/Stable Suspended

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

DAITM was founded in 2002, under the Dinabandhu Andrews Trust for
Higher Education. Based in Kolkata, the institute currently offers
graduate courses in business administration and computer
application, which are affiliated to the West Bengal University of
Technology.


EVEREST HOLOVISION: CARE Reaffirms B+ Rating on INR4.77cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Everest Holovision Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     4.77       CARE B+ Reaffirmed
   Short term Bank Facilities    0.80       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Everest Holovision
Limited (EHL) continue to be constrained by the relatively small
scale of operation with low capacity utilization, fluctuating
profitability margins, moderately leveraged capital structure and
weak debt coverage indicators. The ratings further continue to be
constrained by the working capital intensive nature of operations
and presence in the highly competitive and fragmented industry.

The ratings, however, continue to derive strength from the long
track record of operations and experienced management.

Going forward, the ability of the company to improve its overall
scale of operation and profitability amidst intense competition
and efficiently manage the working capital cycle are the key
rating sensitivities.

Everest Holovision Ltd (EHL; erstwhile Ojasmit Holovision Ltd
established in 1997) is an ISO 9001-2000 certified company,
engaged in manufacturing of holographic solutions (such as
holograms stickers, holographic films, holographic integrated
labels, holographic stamping foils, holographic shrink sleeves,
holographic strip and holographic wads). EHL's products find
application in diverse field of printing, pharmaceuticals,
automobile and others; for brand establishment; brand protection
and promotion purposes.

EHL procures raw materials (mainly high quality polyester films,
adhesives and release liner) largely from local suppliers (99% of
total purchase in FY14; refers to the period April 1 to March 31)
and the rest through imports. The company generated 96% of its
revenue from the domestic market during FY14 (vis-…-vis 98% in
FY13), while the exports accounted for the rest.

EHL operates a manufacturing facility located at Silvasa, having
an installed capacity of 3,686 MTPA and capacity utilization level
of 34% in FY14.

During FY14, the total operating income of EHL stood at INR18.21
crore (compared to INR15.04 crore in FY13) and net loss
of INR1.32 crore in FY14 (compared to a net loss of INR0.65 crore
FY13).


FOOD PHARMA: CRISIL Suspends B Rating on INR50MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Food
Pharma India Pvt Ltd (FPIPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              50         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       20         CRISIL B/Stable

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

Food Pharma India Pvt. Ltd. (FPIPL), incorporated in 1995 by the
Mumbai-based Aiya family is engaged in the processing and trading
of food grains, pulses, spices and natural gums. The company also
operates two small hotels, in the Agricultural Produce Markets at
Vashi, Navi Mumbai. The company has its processing and sorting
facility at Khairne, Navi Mumbai and its day-to-day operations are
managed by Dr. Kamlesh Aiya.


ICICI BANK: Tap Bond Offering No Impact on Baa2 US$ Notes Rating
----------------------------------------------------------------
Moody's Investors Service has said that the Baa2 rating of ICICI
Bank Limited, Dubai Branch's USD denominated senior unsecured
notes, remains unchanged following the announcement of a tap bond
offering on its existing USD$500 million notes issued in September
2014.

The rating outlook is stable.

The tap bond offering has the same terms and conditions as the
existing notes.

The Baa2 senior unsecured debt rating is anchored on ICICI Bank's
baa3 baseline credit assessment (BCA) and the high likelihood of
systemic support in the event of a crisis. The Baa2 rating is at
the same level as the foreign currency debt ceiling for India. The
bank's foreign currency deposit ratings of Baa3/P-3 are
constrained by the sovereign ceiling.

ICICI Bank's BCA is underpinned by the bank's solid franchise as
India's largest private sector bank by assets, as well as its
strong capitalization, liquidity, and earnings profile. It also
takes into consideration (1) the bank's high borrower
concentration in the form of its mandatory government securities
portfolio; (2) its improving but still weak asset quality when
compared to its global peers; (3) the challenging domestic
operating environment; and (4) the intense competition it faces in
its operating markets.

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

ICICI Bank is headquartered in Mumbai. As of September 30, 2014,
ICICI Bank reported standalone assets of INR6,111 billion
(approximately USD99.3 billion).

The full list of ratings for ICICI Bank Limited, are:

Bank Financial Strength Rating / Baseline credit assessment:
D+/baa3

Long-Term / Short-Term Bank Deposit Rating (Foreign Currency):
Baa3/P-3

Long-Term / Short-Term Bank Deposit Rating (Local Currency):
Baa2/P-2

Senior unsecured MTN (Foreign Currency): (P)Baa2

Subordinate MTN (Foreign Currency): (P)Ba1

Junior Subordinated MTN (Foreign Currency): (P)Ba2

The rating of ICICI Bank Limited, Dubai branch, are:

Senior unsecured MTN (Foreign Currency): (P)Baa2

Senior unsecured debt rating (foreign currency): Baa2

Subordinate MTN (Foreign Currency): (P)Ba1

Junior Subordinated MTN (Foreign Currency): (P)Ba2

All ratings have a stable outlook.


JHARKHAND MEGA: CRISIL Reaffirms B Rating on INR339.5MM LT Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Jharkhand Mega
Food Park Pvt Ltd (JMFPPL) continues to reflect the delays by
JMFPPL in implementing its integrated food processing park project
in Ranchi (Jharkhand). The rating also reflects the offtake risks
associated with JMFPPL's project .These rating weaknesses are
partially offset by the support that JMFPPL's mega food park
derives from the government in the form of favourable policies and
financial grant.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan       339.5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JMFPPL will continue to benefit over the
medium term from the favourable government policies for mega food
parks. The outlook may be revised to 'Positive' if the company
completes its project without any further time or cost overruns,
and achieves tie-ups with potential customers, resulting in
adequate occupancy levels. Conversely, the outlook may be revised
to 'Negative' in case of a further time or cost overrun in
completion of its project or there are delays in tying up
potential customers thereby adversely affecting its debt-servicing
capability.

Update
JMFPPL's project was originally scheduled to be commissioned in
March 2011; however, the implementation of the same has been
significantly delayed due to delays in obtaining regulatory
approvals from the Jharkhand state government for sub-leasing the
project land and other regulatory approvals. The project has now
received all necessary approvals. It is expected to be
commissioned in first half of FY 2015-16. The project is about 60
per cent completed and out of a total project cost of INR1.14
Billion, about INR680 Million has been incurred. The time overrun
has however, not translated into any major cost overrun due to
change in structure of the park. The project is being funded
through a total equity of INR300 million, government grant of
INR500million and term loan of INR339.50 million.

JMFPPL, incorporated in 2009, is a special-purpose vehicle (SPV),
which was formed to set up an integrated food processing park in
Ranchi. The park is being set up under the Mega Food Park Scheme
of the Ministry of Food Processing Industries, Government of
India, which provides operational and financial support to private
players for setting up such facilities. The SPV is promoted by a
group of entities; the primary stakeholders are GenX Venture
Capital Inc, a venture capital fund based in Dubai, and Empower
India LIMITED.


KRUSHIRAJ LIMITED: CARE Assigns B Rating to INR14cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Krushiraj
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      14        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Krushiraj Sugar
Limited (KSL) is constrained by the project funding risk evidenced
in project debt yet to be tied up and significant proportion of
the promoter's equity remaining to be infused and cyclicality and
agro-climatic risk associated with the sugar industry.

The rating, however, derives strength from the experienced
promoter group and strategic location of the proposed 'Khandsari'
(unrefined sugar) unit.

The ability of KSL to ensure timely mobilization of funds,
successful commissioning of the project within the estimated time
and cost parameters and procurement of sugar cane at envisaged
prices post commercial operations are the key rating
sensitivities.

Krushiraj Sugar Limited (KSL) was incorporated in March 2012 to
undertake manufacturing of 'Khandsari' (unrefined sugar) at
village Bhose, District. Solapur, Maharashtra. KSL is promoted by
Mr Mahesh Yashwantrao Patil, Mr Baliram Yashwantrao Patil and Mr
Ganesh Patil as directors. Presently, KSL is in the process of
setting up a green field Khandsari manufacturing unit with an
installed capacity of 500 tonnes of cane crushed per day (TCD) and
1.5 mega-watt (MW) captive co-generation plant at a total project
cost of INR20 crore to be funded through a debt to equity
proportion of 2.33:1.

The commercial production of the Khandsari unit is scheduled to
commence from October 2015.


KST INFRASTRUCTURE: CRISIL Suspends B+ Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
KST Infrastructure Ltd (KST).

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

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

KST was incorporated in 2006 by Mr. Kuldeep Tanwar and his family.
The company undertakes construction of residential and commercial
real estate projects in the National Capital Territory region. It
also undertakes civil construction projects.


LINERS INDIA: CRISIL Ups Rating on INR145MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Liners
India Ltd (LIL) to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL D/
CRISIL D'; the rating on the company's fixed deposit programme has
also been upgraded to 'FB/Stable' from 'FD'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         --------       -------
   Bank Guarantee         7.5        CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit          125.0        CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Cash Credit          145.0        CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Foreign Bill          20.0        CRISIL A4 (Upgraded from
   Discounting                       'CRISIL D')

   Letter of Credit      55          CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Letter of Credit      50          CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Proposed Long Term    35.5        CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

The rating upgrade reflects LIL's timely servicing of its debt
since July 2014, supported by the improvement in its business risk
profile and liquidity. The company's operating profitability
increased to 7.4 per cent in 2013-14 (refers to financial year,
April 1 to March 31) from 6.9 per cent in 2012-13. Its revenue
remained stable at around INR1.15 billion in 2013-14 despite
continued tepid demand from the medium and heavy-commercial
vehicle (M&HCV) and tractor segments. LIL's cash accruals
increased to INR38.5 million in 2013-14, from INR1.86 million in
2012-13. Improved cash accruals and cash flow management has
enabled LIL to meet its debt obligations in a timely manner.
Despite the challenging business environment, CRISIL believes that
LIL will maintain its stable business performance in the near
term; moreover, moderate capital expenditure (capex) and declining
debt obligations will enable the company to sustain its liquidity
over this period.

The ratings reflect LIL's limited pricing power and its
significant dependence on the M&HCV and tractor segments, which
are marked by cyclical demand. The ratings also factor in the
company's substantial working capital requirements, and its below-
average financial risk profile, marked by high gearing and weak
debt protection metrics. These rating weaknesses are partially
offset by LIL's established market position in the cylinder liner
industry, backed by its diverse client base.

Outlook: Stable

CRISIL believes that LIL's business performance will continue to
remain steady in the near to medium term despite the challenging
business environment driven by its established presence in the
cylinder liners industry. The outlook may be revised to 'Positive'
if the company reports significantly high revenues and
profitability, and limits increase in its working capital
requirements, leading to material reduction in debt and
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' if LIL reports low growth in cash accruals,
or has large working capital requirements, or undertakes a large
debt-funded capital expenditure programme, leading to weakening in
its debt protection metrics or liquidity.

LIL was originally established in 1974 as a partnership firm by
Mr. S Ganesh; the firm was reconstituted as a private limited
company in 1986 and then as a public limited company in 1994. LIL
has two divisions: cylinder liner manufacturing and automobile
components trading. In 2013-14, the manufacturing division
contributed around 64 per cent of the company's revenue, while the
trading segment contributed the rest. LIL manufactures cylinder
liners and cast iron products. The centrifugally cast cylinder
liners are used in diesel automotive engines.

LIL supplies to global original equipment manufacturers of heavy,
medium, and light commercial vehicles, tractors, and diesel
engines. The company has its manufacturing units in Vijayawada
(Andhra Pradesh [AP]) and Rudrapur (Uttarakhand), with a total
installed capacity of 240 million liners per annum.

The company set up the trading division after acquiring Jai Motors
Ltd in January 2009. Under the division, LIL is a distributor in
South India for automotive component manufacturing companies. It
is an exclusive distributor of Shriram Pistons & Rings Ltd and
Allied Nippon Ltd for AP, Karnataka, Kerala, and Tamil Nadu. LIL
also distributes the products of six other automotive component
manufacturing companies in South India.

For 2013-14, LIL reported a net loss of INR1.6 million on net
sales of INR1.15 billion, as against a net loss of INR11.5 million
on net sales of INR1.16 billion for 2012-13.

For the six months ended September 30, 2014, LIL reported a net
loss of INR1.1 million on net sales of INR534 million, vis-a-vis a
net loss of INR1.2 million on net sales of INR563 million for the
corresponding period of the previous year.


MAHABIR TECHNO: CRISIL Reaffirms B+ Rating on INR250MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mahabir Techno Ltd
(MTL) continue to reflect the company's susceptibility to intense
competition in the edible oil and by-products industry, working-
capital-intensive operations, and moderate financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics. These rating weaknesses are partially offset by MTL's
established market position and the extensive industry experience
of its promoters and moderate scale of operations.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit         250         CRISIL B+/Stable (Reaffirmed)
   Term Loan            10         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MTL will continue to benefit over the medium
term from its promoters' extensive experience in the edible oil
industry and established relationship with its key customers. The
outlook may be revised to 'Positive' if the company reports
significant growth in its revenue and profitability while
improving its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
decline in MTL's revenue or operating margin or stretch in its
working capital cycle, resulting in deterioration in its financial
risk profile.

Update
MTL's revenue increased by 18 per cent to INR1349.6 million in
2013-14 (refers to financial year, April 1 to March 31) from
INR1142.8 million in 2012-13. The company achieved a healthy CAGR
[Compound Annual Growth Rate] of around 19 per cent for the past
five years. Its operating profitability has gradually improved to
3.12 per cent in 2013-14 (2.20 per cent in 2009-10) commensurate
with the improvement in scale of operations. The company's
liquidity is adequate, marked by comfortable cushion between the
term debt repayment obligations of INR4.0 million against net cash
accruals of around INR11 million for 2014-15 however the same is
expected to be insufficient to meet the incremental working
capital requirements. Hence, dependence on bank limits are
expected to remain on the higher side over the near term.

MTL's gearing improved to 2.35 times as on March 31, 2014, which
was at 3.13 times as on March 31, 2013 primarily due to gradual
equity infusion by the promoters. However, gearing remains on the
higher side mainly because of debt funding of its majority of its
incremental working capital requirements. The company has operated
at low operating margin of 2.5 to 3.1 per cent over the past three
years. Low operating margin, along with high gearing, led to weak
net cash accruals to total debt and interest coverage ratios of
0.02 times and 1.3 times, respectively, in 2013-14. CRISIL
believes that MTL's debt protection metrics will remain weak over
the near term.

Set up by members of the Khurana family of Kurukshetra (Haryana),
MTL refines rice bran oil, palm oil, sunflower oil, and other
edible oils. The refining operations commenced in a partnership
firm, Mahabir Techno, in 1996, which was acquired by MTL in 2003.


MANAV RICE: CRISIL Reaffirms B Rating on INR180MM Cash Credit
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Manav Rice
Mills (Manav) continues to reflect the firm's weak financial risk
profile, marked by high gearing and weak debt protection metrics,
and its small scale of operations in the highly fragmented rice-
milling industry. These rating weaknesses are partially offset by
the extensive experience of Manav's partners in the industry.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         180        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Manav will continue to benefit from its
partners' extensive experience in the rice-milling industry. The
outlook may be revised to 'Positive' if the firm's revenues
increase significantly leading to improvement in its net cash
accruals or it its capital structure improves significantly most
likely by equity infusion. Conversely, the outlook may be revised
to 'Negative' if there is significant deterioration in Manav's
liquidity due to decline in revenues or profitability.

Manav was set up in 1994 as a partnership firm in Jalalabad
(Punjab). The firm is mainly engaged in milling and marketing of
basmati rice as well as non-basmati varieties, such as Parmal. It
has milling capacity of three tonnes per hour. The firm's day-to-
day operations are managed by its key promoter, Mr. Rajesh Nagpal.

Manav has reported revenue of INR 353 Million with a PAT of INR 2
Million in 2013-14 (refers to financial year from 1st April to
31st March) in comparison to revenue of INR 332 Million with a PAT
of INR 1.5 Million in 2012-13.



NARAYAN AGRO: CRISIL Reaffirms 'C' Rating on INR70MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Narayan Agro
Foods Ltd (NAF) continues to reflect NAF's stretched liquidity,
marked by its working-capital-intensive operations, resulting in
near full utilisation of its working capital limits. Also, NAF has
not redeemed the optionally convertible preference share capital
that was issued to ICICI Bank Ltd. The aforementioned optionally
convertible preference share capital was due for redemption or
conversion in November 2010.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           70         CRISIL C (Reaffirmed)

The rating also reflects NAF's modest scale of operations in the
fragmented dairy industry, and its average financial risk profile,
marked by moderate gearing and average debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of NAF's promoters in the dairy industry.

NAF was set up in 1976 by the Goyal family as Jiwan Milk and
Allied Specialities Ltd; it was renamed Roadmaster Foods Ltd in
1997 and RMI Foods Ltd in 2002, and got its current name in 2007.
It processes skimmed milk powder and ghee, which it sells under
the Shakti, Jiwan, and Gauma brands.


ORICON EQUIPMENTS: CRISIL Suspends B Rating on INR55MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Oricon
Equipments Pvt Ltd (OEPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              55         CRISIL B/Stable

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

OEPL was incorporated in 2000 by Mr. Tutul Kishore Das and his
wife Mrs. Sikata Das. Since its inception, the company was engaged
in leasing of excavators cranes and commercial building to major
infrastructure companies. In July 2012, OEPL received a letter of
intent from AMW Motors Ltd, and commenced the dealership of heavy
commercial vehicles (HCV) in September 2012 in Orissa.


PERTINENT INFRA: CRISIL Suspends B+ Rating on INR80.9MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pertinent Infra and Energy Ltd (PIEL).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long Term       80.9      CRISIL B+/Stable
   Bank Loan Facility

   Term Loan                69.1      CRISIL B+/Stable

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

PIEL (formerly, Maharashtra Prestressed Pipes Ltd) is engaged in
wind power generation and operates a 1.5-megawatt windmill in
Satara (Maharashtra). The windmill was installed in September 2011
and entailed a capital expenditure of INR92 million. This was
funded through a term loan of INR69.1 million and proceeds of
INR21.6 million from sale of the company's 675-kilowatt capacity
in Kanyakumari (Tamil Nadu). Previously, PIEL also sold
polypropylene woven bags on consignment basis, which were procured
from its group company, Priyadarshini Polysacks Ltd; however, this
business was discontinued from 2011-12 (refers to financial year,
April 1 to March 31).


POMMYS GARMENTS: CRISIL Suspends B+ Rating on INR70MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Pommys
Garments India Private Limited (PGIPL).

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

   Proposed Long Term     14.2      CRISIL B+/Stable
   Bank Loan Facility

   Term Loan               5.8      CRISIL B+/Stable

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

PGIPL was incorporated in the year 2009 by Mr. A. Inico Inbaraj
and Mr. K. Raja. The company is engaged in manufacturing of
readymade garments for women and kids. Its manufacturing
facilities are located in Dhalavaipuram (Tamil Nadu). The
promoters have been engaged in the readymade garment manufacturing
since 1998, through other entities.


RAMKY INFRA: CRISIL Reaffirms D Rating on INR37.5 Billion LOC
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Ramky
Infrastructure Ltd (Ramky Infra; part of the Ramky Infra group) at
'CRISIL D/CRISIL D'. The ratings on the bank loan facilities of
Ramky Infra group are based on publicly available information.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           8,500      CRISIL D (Reaffirmed)

   Letter of credit &   37,500      CRISIL D (Reaffirmed)
   Bank Guarantee

   Proposed Long Term    7,000      CRISIL D (Reaffirmed)
   Bank Loan Facility

   Term Loan             1,500       CRISIL D (Reaffirmed)

The ratings reflect delays by the Ramky Infra group in meeting its
debt service obligations. The delays have been caused by the
group's weak liquidity, mainly on account of its stretched working
capital cycle. Ramky Infra group's working capital cycle is
expected to remain stretched in the near term.

Ramky Infra group has working-capital-intensive operations, and is
exposed to risks associated with the execution of its
infrastructure projects. However, the Ramky Infra group benefits
from a diversified revenue base and a moderate net worth.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Ramky Infra and its 11 subsidiaries:
Ramky Towers Ltd, Ramky Enclave Ltd, MDDA Ramky IS Bus Terminal
Ltd, Ramky Pharmacity India Ltd, Ramky Herbal and Medicinal Park
(Chhattisgarh) Ltd, Ramky Food Park (Chhattisgarh) Ltd, Naya
Raipur Gems and Jewellery SEZ Ltd, Ramky-MIDC Agro Processing Park
Ltd, Ramky Engineering and Consulting Services (FZC), Ramky
Multiproduct Industrial Food Park Ltd, and Ramky Food Park
(Karnataka) Ltd. These entities are collectively referred to as
the Ramky Infra group. This is because of the subsidiaries'
strategic importance to Ramky Infra, and Ramky Infra's majority
shareholding in them. CRISIL has moderately consolidated the on-
going BOT road projects of the Ramky Infra group. The investments
made by Ramky Infra in these BOT projects have been factored into
the group's financials.

Ramky Infra, the flagship company of the Ramky group, was
originally incorporated as Ramky Engineers Pvt Ltd in 1994 to
provide civil and environmental engineering consultancy services.
In 1998, it diversified into the construction business and began
to undertake civil and environmental engineering, procurement, and
construction projects, primarily in the water and waste-water
sector. Subsequently, it expanded into road, building, irrigation,
and industrial construction. In 2003, the company was renamed
Ramky Infrastructure Pvt Ltd, and was thereafter reconstituted as
a public limited company. Ramky Infra principally operates in two
business segments: construction (carried out by Ramky Infra
itself) and development business (implemented through special-
purpose vehicles). In the development business, the Ramky Infra
group is engaged in development of industrial parks, special
economic zones, and bus terminals.

Ramky Infra, on a standalone basis, reported a net loss of INR4.3
billion on net sales of INR17.6 billion for 2013-14 (refers to
financial year, April 1 to March 31), against a profit after tax
(PAT) of INR0.6 billion on net sales of INR30.4 billion in the
previous year.


REX SEWING: CRISIL Suspends B+ Rating on INR62.5MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rex Sewing Machine Co. Pvt Ltd (RSMP).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           62.5       CRISIL B+/Stable

   Long Term Loan        26.4       CRISIL B+/Stable

   Proposed Long Term     7.8       CRISIL B+/Stable
   Bank Loan Facility

   Standby Line of        7.5       CRISIL B+/Stable
   Credit

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

RSMP, a sewing machine manufacturing company, was established in
1957 by Mr. Om Prakash Dandona. The company, based in Ludhiana
(Punjab), sells 70 per cent of its machines to Singer Sewing Co
(India). It sells close to 30 per cent of its produce in the local
and domestic market under its own brand, Rex. Currently, the
company is being managed by its founder's sons, Mr. Dinesh Dandona
and Mr. Bhupesh Dandona.


SAKET METAL: CARE Assigns B+ Rating to INR16.95cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Saket
Metal Technocraft Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    16.95       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Saket Metal
Technocraft Private Limited (SPL) is primarily constrained by its
small scale of operations with low net-worth base, low
profitability margins, deterioration in capital structure on
y-o-y basis during last three financial years (FY12 -FY14; refers
to the period April 01 to March 31), customer concentration risk
and project execution risk. The rating is further constrained by
SPL's exposure to volatility in raw material prices and its
presence in highly competitive auto component industry.

The rating, however, draws strength from the experienced
promoters, its association with reputed customer base, and
moderate operating cycle.

Going forward, SPL's ability to increase its scale of operations
while diversifying its customer base, improving its profitability
margins and capital structure will be key rating sensitivities.
The completion of the ongoing project within the envisaged time
and cost parameters shall also remain the key rating
sensitivities.

Incorporated in 1993, Saket Metal Technocraft Private Limited
(SPL) (formerly known as Enzen Automotives Private Limited) is
promoted by Mr Saket Arora and Mr Sumit Arora. The company is
engaged in the manufacturing of sheet metal and tubular components
such as front grill, front axle support, fiberglass reinforced
polyester man holes, step wel assembly, etc, at its three
manufacturing facilities located in Ballabgarh, Haryana. The parts
manufactured by SPL are mainly used in the automobile industry.

The main raw materials of the company are hot-rolled and cold-
rolled steel sheets and steel tubes which are procured from
dealers and distributors based in Uttar Pradesh and Haryana. The
operations of the company are ISO/TS 16949:2002 certified.

For FY14 (Provisional), SPL achieved a total operating income
(TOI) of INR41.76 crore with PBILDT and profit after tax (PAT)
of INR1.96 crore and INR0.32 crore, respectively, as against TOI
of INR41.50 crore with PBILDT and PAT of INR1.84 crore and INR0.15
crore, respectively, in FY13. During H1 FY15, the company has
achieved total income of INR19.21 crore.


SERMAN INDIA: CARE Revises Rating on INR3.5cr LT Loan to 'BB-'
--------------------------------------------------------------
CARE revises rating and reaffirms rating assigned to the bank
facilities of Serman India Road Makers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     3.50       CARE BB- Revised from
                                            CARE B+

   Long-term/Short-term         10.00       CARE BB-/CARE A4
   Bank Facilities                          Revised from
                                            CARE B+/CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Serman India Road Makers Private Limited (SIRPL) was primarily on
account of the growth in the total operating income and cash
accruals coupled with improvement in capital structure and debt
coverage indicators during FY14 (refers to the period April 1 to
March 31).

The ratings continue to remain constrained on account of decline
in operating margin during last three years ended FY14, weak
liquidity position, decline in order book coupled with customer
and geographical concentration risk.

The ratings, however, continue to derive strength from the
experience of the promoters in the construction industry
coupled with reputed clientele.

The ability of SIRPL to increase its scale of operations with
increase in the order book position and improvement in its
operating margins are the key rating sensitivities.

Bhopal-based (Madhya Pradesh) SIRPL was incorporated by Mr
Ishnarayan Sharma in 1988. He is supported by his brothers, Mr
Deepak Sharma and Mr Rakesh Sharma. SIRPL is registered as a
'Class A' contractor with Public Work Department of Madhya Pradesh
(highest on a scale of A to E) and secures all the contracts
through open bidding process.

The company is in the business of construction, maintenance and
improvement of roads.

As per the provisional results of FY14, SIRPL reported a net
profit of INR0.96 crore on a total operating income (TOI) of
INR22.08 crore as against the TOI of INR17.46 crore and PAT of
INR0.69 crore. As per the provisional results for H1FY15, SIRPL
registered the turnover of INR9.42 crore.


SHERAN WALI: CRISIL Suspends B Rating on INR60MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sheran
Wali Steels Pvt Ltd(SSPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL B/Stable Suspended

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

SSPL, set up in 1995, manufactures steel long products such as
angles, channels, circles and bars. SSPL's products are mainly
used in the construction industry, and its products are sold
largely through wholesalers in Uttar Pradesh.


SIDDHI FERROUS: CRISIL Suspends B- Rating on INR48MM LT Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Siddhi
Ferrous LLP (SFL).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          7.5       CRISIL A4 Suspended
   Cash Credit            40         CRISIL B-/Stable Suspended
   Long Term Loan         48         CRISIL B-/Stable Suspended

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

Siddhi Ferrous LLP (SFL), established in 2003 with the name and
style of the partnership concern ' Siddhi Ferrous, is engaged in
manufacturing of ductile iron castings. The partnership concern
was converted to a limited liability partnership in 2010. The
manufacturing facilities are located at Silvassa (UT). SFL is
involved in ferrous castings, mainly Spheroid Graphite Cast Iron
(SGCI) inserts for railway sleeper manufacturers and auto
components.


SPECTRUM RENEWABLE: CRISIL Suspends D Rating on INR155.6MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Spectrum Renewable Energy Pvt Ltd (ALO).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan              155.6         CRISIL D Suspended

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

SREL, promoted in 2002 by Mr. A V Mohan Rao who also looks after
the day-to-day operations of the company, has set up a bio CNG
bottling unit under a build own operate transfer (BOOT) agreement
with Warana Sugar Ltd at Kolhapur (Maharashtra) and is in the
process of setting up a second similar unit in Uttar Pradesh. The
company has started selling bio CNG from October 2012 onwards.


SREE NIVAS: CRISIL Upgrades Rating on INR210MM Cash Credit to C
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sree Nivas Buildtech India Pvt Ltd (SNBPL) to 'CRISIL C' from
'CRISIL D'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              210        CRISIL C (Upgraded from
                                       'CRISIL D')

The rating upgrade reflects timely servicing of debt by SNBPL
following the restructuring of its debt obligation. CRISIL,
however, believes that SNBPL's liquidity will remain constrained
over the medium term due to limited booking.

The rating reflects the company's exposure to risks related to
implementation of its ongoing project, its small scale of
operations, and significant dependence on customer advances for
funding the projects. These rating weaknesses are partially offset
by SNBPL's established position in the real estate segment in
Puducherry.

Established in 2000 by Mr. R Venugopal, SNBPL undertakes
residential real estate projects in Puducherry.


TARAK NATH: CRISIL Suspends B- Rating on INR60MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Tarak
Nath Das (TND).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          10         CRISIL A4 Suspended
   Cash Credit             60         CRISIL B-/Stable

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

Set up in 2007 as a proprietorship firm by Mr. Tarak Nath Das, TND
is a first-class contractor and undertakes construction work for
various projects of the Government of India. The projects
primarily include construction of roads, bridges, and government
office buildings on contractual basis. TND operates in Odisha.


TULSIDAS TRADING: CRISIL Suspends D Rating on INR100MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Tulsidas Trading Pvt Ltd (TTPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           100        CRISIL D
   Letter of Credit       20        CRISIL D

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

TTPL was incorporated in October 2010 and trades in cotton fabric.
The company is currently managed by Mr. Anil Didwania and his
mother, Mrs. Shakuntala Didwania. Mr Anil Didwania started trading
in fabrics in 1999.


VARDA PROJECTS: CRISIL Suspends B Rating on INR60MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Varda Projects India Private Limited (VPPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        56         CRISIL A4
   Cash Credit           60         CRISIL B/Stable
   Term Loan             34         CRISIL B/Stable


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

VPPL was incorporated in 2008 by Mr. Radheshyam Agrawal. The
company is an authorised dealer of passenger cars of Volkswagen
India Private Limited. The company has two showrooms and service
centres in Raipur and Bilaspur in Chattisgarh. The company is
setting up its third showroom and service centre in Bhilai.


VIKRANT EDUCATIONAL: CRISIL Puts 'D' Rating on INR85MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Vikrant Educational and Social Welfare Society
(VESWS).

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan                85         CRISIL D
   Overdraft Facility       20         CRISIL D
   Proposed Term Loan       85         CRISIL D

The rating reflects instances of delay by VESWS in meeting its
debt obligations; the delays have been caused due to cash flow
mismatches between the society's fee collection and debt repayment
schedules. The fee is collected on annual and semester basis,
while interest is paid monthly and principal is repaid through
half-yearly instalments.

VESWS also has an average financial risk profile marked by high
gearing, and is exposed to risks related to restrictions imposed
by regulatory bodies and to intense competition in the education
sector. However, the society benefits from its diversified course
offerings and the healthy demand prospects for the education
sector in India.

VESWS was registered in December 2007, promoted by the Rathore and
Tomar families. Mr. Rakesh Singh Rathore is the chairman of the
society. VESWS has three technical colleges and one higher
education college, set up with the state government's permission
in 2009, at Gwalior (Madhya Pradesh).

VESWS reported a net surplus of INR8.6 million on net revenues of
INR80.8 million for 2012-13 (refers to financial year, April 1 to
March 31), as against a net surplus of INR7.1 million on net
revenues of INR65.6 million for 2011-12.


VINDHYABASINI RICE: CRISIL Reaffirms B+ Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vindhyabasini Rice
Mills Cluster Pvt Ltd (VRMCPL) continue to reflect VRMCPL's modest
scale of operations and exposure to intense competition in the
rice milling business, and the company's large working capital
requirements. These rating weaknesses are partially offset by the
promoter's extensive experience in the rice milling segment.

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

   Proposed Long Term    53.6       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Proposed Long Term    44.4       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan             46.4       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VRMCPL will continue to benefit over the
medium term from its promoter's extensive experience in the rice
milling segment. The outlook may be revised to 'Positive' if the
company improves its financial risk profile and liquidity with its
enhanced scale of operations, and sustained profitability or
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' if the company's liquidity weakens with
sizeable debt-funded expansions, significantly low cash accruals,
or stretched working capital cycle.

Incorporated in January 2010, VRMCPL mills and processes par-
boiled rice. The company has a rice mill in Rohtas (Bihar). Mr.
Sunil Singh manages daily operations of the company.


YANTRA STEELS: CARE Revises Rating on INR19.10cr LT Loan to B+
--------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of Yantra Steels India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     19.10      CARE B+ Revised from
                                            CARE B

   Short term Bank Facilities     6.05      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating of Yantra Steels India
Private Limited (YSIPL) takes into account the stabilisation of
operations post completion of its greenfield project in May 2013.
The ratings assigned to the bank facilities of YSIPL continue to
remain constrained on account of its presence in the highly
competitive and fragmented steel industry. The ratings, further,
remain constrained due to its financial risk profile marked by net
loss in FY14 (refers to the period April 01 to March 31),
leveraged capital structure and weak liquidity position.

The ratings, however, continue to derive strength from experience
of the promoters in the steel industry.

YSIPL's ability to improve its scale of operations with
improvement in the capital structure and liquidity position shall
be the key rating sensitivities.

Jaipur-based (Rajasthan) YSIPL was initially incorporated in 2008
with the name of Yantra Portfolio & Securities Private Limited by
Mr Sunny Goyal and Mr Sunil Goyal. Subsequently, in December 2010,
it assumed its current name to undertake the business of
manufacturing mild steel (MS) billets. It completed its greenfield
project for manufacturing of MS billets and started commercial
production from May 2013. YSIPL has a total installed capacity of
27,000 metric tones per annum (MTPA) as on March 31, 2014, and has
utilized 49% of its installed capacity during FY14.

YSIPL markets its product mainly in Rajasthan and procure key raw
materials, sponge iron and pig iron, from the domestic market,
whereas steel scrap is sourced from domestic as well as
international markets.

During FY14, YSIPL reported a total operating income of INR52.54
crore with net loss of INR0.45 crore. During H1FY15, YSIPL has
reported a total operating income of INR33.99 crore.


YORK PRINT: CRISIL Suspends B- Rating on INR25MM Term Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
York Print and Pack (YPP).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            25        CRISIL B-/Stable
   Term Loan              25        CRISIL B-/Stable

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

YPP was setup as a partnership in 1989 by the Mehra family in
Kolkata. The firm is into the manufacturing of packaging material
for various industries including FMCG and Pharma as well as
printing of recharge vouchers for telecom clients like Airtel,
TATA Docomo among others. The firm has its manufacturing facility
in Kolkata. Members of the Mehra family including Mr. Ashim, Mr.
Atin, Mr. Manav, Mr. Milan, Mr. Arjun and Mr. Amit, their relative
Mr. Gautam Tandon and business associate Mr. Manoranjan Singh are
the partners in the firm.



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


MERPATI NUSANTARA: Has Two Months Left to Save Business
-------------------------------------------------------
The Jakarta Post reports that debt-ridden state-owned airline PT
Merpati Nusantara Airlines faces a race against time -- just two
months -- to overhaul its operations and resume its services;
otherwise the government will revoke its business permit.

With most of the firm's flight crew members having already left
the company, the airline faces the tough task of attracting
customers, The Jakarta Post says.

According to the report, Merpati Employees Forum's (FPM) former
chairman Sudiyarto, who was once the face and voice of the ailing
firm's employees forum, said he had resigned from the airline four
months ago to start his own business.

Out of a total 2,000 employees, he said, more than half had
resigned from the company. Out of the 178 pilots that worked for
Merpati, none had opted to stay, he said, the report relays.

"The airline now no longer has pilots or air crews. They've all
resigned. It's easier for them to find new jobs, unlike the office
staff like us," the report quotes Mr. Sudiyarto, who had a 20-year
career with Merpati, as saying.

"This is a result of our frustration because the government has
given no clear solution to the problems faced by the airline. What
can we do? We have to continue our lives; we haven't seen our
paychecks for a year," he continued.

The Jakarta Post notes that Merpati, which is indebted to a number
of creditors, has been grounded since February this year. Its debt
has reached more than IDR7 trillion ($565.2 million). The company
is struggling to pay employee salaries, insurance and fuel bills.
It also recorded financial losses of IDR7.2 trillion, the report
discloses.

Among Merpati's creditors are state-owned energy firm PT
Pertamina, state-owned airport management companies PT Angkasa
Pura I and PT Angkasa Pura II and State Asset Management
Company (PPA), according to the report.

The Jakarta Post reports that Bambang Cahyono, the Transportation
Ministry's director general for air transportation, said once the
airline decided to halt its operations, the Transportation
Ministry suspended its Air Operator Certificate (AOC).

According to the report, Mr. Bambang said Merpati has been given a
year to reapply for its AOC, otherwise it will have to apply for a
totally new business permit (SIUP) by proposing a brand new
business plan, should it wish to restart its operations.

"The government is waiting for a plan proposed by the airline's
board of directors but up until now we haven't received the plan,"
Mr. Bambang told The Jakarta Post. "If the SIUP is expired then
the airline will be automatically dead," he continued.

In October, then state-owned enterprises minister Dahlan Iskan
discussed a number of joint partnership plans with around 100
potential investors to save Merpati, in the hope that the airline
could propose the suspension of a debt postponement petition
(PKPU) to the country's commercial court to prevent it from going
bankrupt, The Jakarta Post recalls. However, none of the potential
investors have reached a deal with the airline.

                      About Merpati Nusantra

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 6, 2014, Antara News said that state-owned airline Merpati
Nusantara Airlines has temporarily shut down its operation in the
face of its consolidation period, according to a cabinet minister.

The state-owned airline which is now burdened with debts amounting
to IDR6.7 trillion has been carrying out restructuring since 2005.
It has spent IDR3.6 trillion for its salvaging efforts, according
to Antara News.



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


* JAPAN: Recession Deeper Than Initially Thought, Report Shows
--------------------------------------------------------------
Bloomberg News reports that the Japanese government said on
December 8 that the recession was deeper than first thought and
shrank an annualized 1.9 percent in the July-September quarter,
lowering its preliminary projection of 1.6 percent and delivering
a blow to Prime Minister Shinzo Abe's re-election drive.

The revision to gross domestic product came in below every
forecast in a Bloomberg News survey that showed a median 0.5
percent decrease.

Bloomberg says weaker-than-expected business investment sapped the
world's third-biggest economy, compounding damage from a slump in
consumer spending after a sales tax hike in April. With the main
opposition party caught unprepared, Abe, who is running on his
economic credentials, is on track to win the Dec. 14 election even
as a decline in the yen cuts into people's spending power, the
report notes.

"Today's report shows a pretty bleak picture of Japan's economy,"
Bloomberg quotes Taro Saito, director of economic research at NLI
Research Institute in Tokyo, as saying. "We are going to see a
recovery but only a gradual one. The weakening yen should provide
a boost to manufacturers and those benefits will penetrate through
a wide range of industries."

After the initial report last month that Japan's economy had
contracted for two consecutive quarters, Abe announced he was
delaying a second tax hike set for October 2015 by 18 months and
ordered plans for more economic stimulus, Bloomberg says.

Bloomberg relates that the delay was cited by Moody's Investors
Service as a factor in its decision to cut its rating for Japanese
government bonds by one level to A1.

According to Bloomberg, Mr. Saito said the downward revision of
gross domestic product was mainly due to capital spending and
public investment.  Private investment fell 0.4 percent in the
quarter from the previous quarter, when it dropped 4.7 percent.
Private consumption rose 0.4 percent, following a 5.1 percent drop
in the second quarter, the report showed, Bloomberg adds.



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


MALAYSIA AIRLINE: To Suspend Share Trading on December 15
---------------------------------------------------------
AFP reports that Malaysia Airlines said its shares will be
suspended from the country's stock exchange on December 15 under a
government plan to rescue the beleaguered carrier after two
devastating aviation tragedies this year.

AFP relates that the national flag carrier, whose loss of both
flight MH370 and MH17 compounded years of hefty losses, said the
stock's final day of trading would be on December 12, followed
three days later by the full suspension.

The airline made the announcement in a filing with Kuala Lumpur's
stock exchange late on December 4, AFP says.

AFP notes that state investment fund Khazanah Nasional, which owns
around 70 percent of the carrier, plans to acquire all remaining
shares and take the carrier private.

Khazanah has already announced restructuring plans, which include
pumping MYR6 billion (US$1.73 billion) into the airline, slashing
6,000 jobs, or 30 percent of its workforce, trimming its route
network and replacing its chief executive, AFP states.

The airline has been kept aloft for years by public funds while
losing money, with analysts blaming poor management, unwise
business decisions and government meddling, the news agency notes.

                       *     *     *

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.

Malaysian Airline System Bhd 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
disclosed.


MALAYSIA AIRLINES: Khazanah Taps Christoph Mueller as CEO
---------------------------------------------------------
Gaurav Raghuvanshi at The Wall Street Journal reports that
Malaysian state investment fund Khazanah Nasional Bhd. said on
December 5 that Christoph R. Mueller, chief executive of Aer
Lingus Group PLC, will join Malaysia Airlines as chief executive
next year.

Mr. Mueller's term at the Irish national carrier ends May 1, 2015,
but Khazanah is in discussions for him to join the unprofitable
Malaysian carrier before that date, the Journal relates.  He will
be nominated to the Malaysian flag carrier's board Jan. 1 and join
as chief executive after Feb. 28, Khazanah said in a statement,
the Journal relays.

Mr. Mueller, a German citizen, has been the chief executive of Aer
Lingus since 2009, Khazanah said. He brings more than 25 years of
experience in the aviation, logistics and tourism sectors to
Malaysia Airlines, it said, adding that Mr. Mueller helped Aer
Lingus turn around within a year of joining the carrier as chief
executive.

According to the Journal, Khazanah also announced key appointments
at the airline's Corporate Reskilling Centre, which will help
retrenched Malaysia Airlines employees retrain and seek
employment.  As part the restructuring at Malaysia Airlines,
Khazanah expects to shed a third of the airline's nearly 20,000
staff.  Khazanah has promised to train the employees who will be
retrenched.

Bashir Ahmad Abdul Majid has been appointed as chairman of the
Corporate Reskilling Centre, while Shahryn Azmi will be chief
executive of the facility, which will be launched by April 1, the
Journal says.

Mr. Bashir, who is an adviser at Malaysia Airports Holdings Bhd.,
will retain his advisory role with the nation's airport operator,
where he served as managing director for 11 years, Khazanah, as
cited by the Journal, said.

                       *     *     *

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.

Malaysian Airline System Bhd 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
disclosed.



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


VINCENT AVIATION: Owes Nearly 200 Creditors, PwC Report Shows
-------------------------------------------------------------
Dave Burgess at The Dominion Post reports that the collapse of
Vincent Aviation has created financial turbulence for 178
unsecured creditors.

But one creditor said he was owed less than NZ$10 and was sorry to
see the demise of Vincent's, which was established in 1989, the
report says.

According to The Dominion Post, PricewaterhouseCooper's first
liquidators' report into Vincent Aviation, which stopped trading
in October, listed Vincent's assets as "three aircraft,
inventories, and accounts receivable".  But it went on to say "the
receivers have advised that it is unlikely that funds will be
available to meet unsecured creditor claims".

The report had a list of 178 unsecured creditors, and it was
possible that more would come forward, The Dominion Post relays.

The Dominion Post notes that the list included a host of aviation-
related companies such as Air New Zealand, major airports --
including Wellington, Christchurch, Auckland, Palmerston North and
Nelson -- and aviation authorities such as Airways NZ and the
Civil Aviation Authority.

Several accommodation providers were also out of pocket, including
Wellington's Brentwood Hotel, Timaru's Comfort Hotel Benvenue,
Auckland's Hotel Grand Chancellor, and Nelson's Beachcomber Motor
Inn and Aloha Lodge, The Dominion Post reports.

The Dominion Post says Vincent Aviation owner Peter Vincent has
blamed the collapse of the New Zealand arm of his company on
financial issues caused by the failure earlier in the year of its
Australian operations.

That is borne out by a raft of creditors from across the Tasman,
along with a handful from Japan, the United States, Sweden and
Singapore, The Dominion Post relates.

According to The Dominion Post, the liquidators' report also
listed 17 creditors with secured interests.  They included Westpac
New Zealand, six companies with claims on aircraft, and two with
claims on Toyota Hiace vehicles.

The Dominion Post adds that there were also preferential claims,
including those from Inland Revenue and New Zealand Customs,
totalling NZ$122,000.

As reported in Troubled Company Reporter-Asia Pacific on Oct. 29,
2014, Stuff.co.nz said Vincent Aviation New Zealand went into
liquidation days after it was placed into receivership.  Earlier
in October, owner Peter Vincent labelled the application to
liquidate the company, lodged by ANCL Investments, as a "serious
situation" for the company, Stuff.co.nz related.  The application
to liquidate its New Zealand operations related to lease and
maintenance provision payments for a BAe 146 aircraft, known as a
Whisperjet.  Stephen Tubbs from BDO was appointed receiver of
Vincent Aviation New Zealand a week before the liquidation.

On May 28, 2014, Andrew Fielding and Gerald Collins of BDO
Business Recovery & Insolvency (Qld) Pty Ltd were appointed
Receivers and Managers of Vincent Aviation Limited.

Vincent Aviation carries out flight operations, administration,
engineering, planning and compliance, as well as charter flights.
The company was established in 1990 and is based at Wellington
Airport.



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


SECOND PAKISTAN: Moody's Assigns Caa1 Rating to USD Trust Certs.
----------------------------------------------------------------
Moody's Investors Service has assigned a definitive rating of Caa1
to the US dollar Trust Certificates issued by The Second Pakistan
International Sukuk Company Limited, a special purpose vehicle
established in Pakistan, by the Islamic Republic of Pakistan. The
payment obligations associated with these certificates are direct
obligations of the Government of Pakistan.

Ratings Rationale

Moody's definitive ratings for these debt obligations confirm the
provisional ratings assigned on 25 November, 2014. Moody's rating
rationale was set out in a press release published on the same
day.

The Caa1 rating assigned to the trust certificates due in 2019 is
at the same level as Pakistan's Caa1 issuer ratings. In Moody's
opinion, the certificates represent an undivided beneficial
interest in the trust assets and certificate holders will
effectively be exposed to the government's senior credit risk and
payment obligations represented by the securities issued by The
Second Pakistan International Sukuk Company Limited and are ranked
pari passu with other senior, unsecured debt issuances of the
Government of Pakistan.

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

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

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

A sustained stabilization in the external position hinges on the
government's commitment to reforms under its program with the
International Monetary Fund (IMF). Pakistan has made steady
progress in meeting reform benchmarks under the current, 36-month
$6.6 billion Extended Fund Facility, which it signed in September
2013. So far, Pakistan has cleared three program reviews, most
recently at the end of June, and received $2.2 billion of
financial assistance. Future milestones in the reform program
include reforms in the tax system, energy sector and in state-
owned enterprise privatization.

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

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



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


AURIS LUXEMBOURG: Moody's Assigns B2 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating
(CFR) and a B2-PD Probability of Default rating (PDR) to Auris
Luxembourg II S.A., the holding company for Siemens Audiology
Solutions and its subsidiaries ("SAS" or "the company"). The
company is indirectly majority-owned by funds managed by EQT
Partners AB, as well as by Santo Holding GmbH and management.
Concurrently, Moody's has assigned a provisional (P)B1 rating to
the new EUR745 million senior secured loans and the EUR75 million
revolving credit facility (RCF), which are borrowed at Auris
Luxembourg III S.… r.l., and a provisional (P)Caa1 rating to the
proposed EUR315 million notes due 2023, which will be issued at
Auris Luxembourg II S.A.. The rating outlook is stable.

The new debt instruments will be used to fund the acquisition of
SAS and transaction costs. The notes proceeds will be held in an
escrow account and released only upon completion of the
acquisition, or redeemed if the acquisition were not to occur on
or prior to 20 April 2015. SAS was previously a division of
Siemens AG (rated Aa3 negative outlook) and was sold to its
current owners in November 2014. SAS is one of the leading global
manufacturers of hearing aid devices. The majority of SAS's
revenues are derived from the wholesale supply of these devices to
a variety of distributors (governments; purchasing groups,
independent audiologists or retailers), with the remainder of
revenues being from the sale of accessories, related services and
repairs.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect the rating agency's
preliminary credit opinion regarding the transaction only. Upon a
conclusive review of the final documentation, Moody's will
endeavour to assign a definitive rating to the debt instruments. A
definitive rating may differ from a provisional rating.

Ratings Rationale

SAS's ratings are supported by its strong market position in the
global hearing aid devices market, which is largely dominated by
six leading companies. The company retains the leading global
position in terms of volume, while being third in terms of sales.
SAS markets the majority of its products under the Siemens brand
name, which will be maintained for several years as an independent
company. Moody's believe that this offers SAS strong name
recognition and customer loyalty, in a market where demand is
largely determined by need rather than desire. In addition, the
recent strong earnings and reported market share gains have been
partly on the back of product innovations since 2012. Finally,
Moody's believe that the industry is largely immune to economic
cycles, at least in terms of volumes, and that it will experience
good growth prospects on the back of ageing populations in
developed countries, and possibly increased penetration in
emerging markets as well.

The primary constraint to the rating is the high leverage, which
Moody's estimate to be at 7.2x as adjusted by Moody's, on a pro
forma basis for the acquisition and based on FY2014 earnings (to
September). There is some concentration of clients, with the top
10 accounting for about 30% of revenues, as well as a high
concentration of suppliers for certain key components to the
market in general. Although demand from the major clients is
expected to remain quite stable, Moody's believe that the market
is not immune to pricing pressure, either from consolidation in
the retail segment, or from restraints to public sector heath
spending, or more generally in case of an economic downturn.
Finally, the company's size, and related to that its relatively
narrow product range, leave it more exposed to market perceptions
of its products or technological changes. While Moody's understand
that SAS's market share has benefitted in recent years from new
product launches, the market share losses in previous years
demonstrate the potential for shifts in customer loyalty.

Structural Considerations

The capital structure of the group will consist of EUR745million
in term loans (EUR and USD denominated) and EUR315 million in
senior unsecured notes, as well as an EUR75 million RCF which will
be undrawn at closing. The notes are issued at Auris Luxembourg II
S.A., where the CFR is assigned, while the bank loans will be
borrowed at Auris Luxembourg III S.… r.l. The proceeds from both
of these will be on-lent to the operating subsidiaries via inter-
company loans. Siemens AG will remain invested in the group with
EUR200 million in preferred equity certificates at Auris
Luxembourg I S.A., although this will enter the restricted group
for the transaction as pure equity.

The guarantor coverage test for the term loans requires that the
guarantors represent not less than 80 per cent of consolidated
EBITDA and gross assets of the group. The term loans are secured
on a first ranking basis by a pledge over shares in the borrower
(Auris Luxembourg III S.… r.l.), and bank accounts and accounts
receivables of the company, while the notes will be secured by a
pledge of the shares in the issuer (Auris Luxembourg II S.A.), and
a second-ranking pledge of the shares of Auris Luxembourg III S.…
r.l., where the loans are borrowed. Under the terms of an inter-
creditor agreement, the notes rank behind, and are expressly
subordinated to, all the existing and future senior indebtedness
of the guarantors, including the obligations under the Senior
Facility Agreement. The loans and notes will also have a first and
second-ranking pledge, respectively, on the inter-company loans
from the borrower and issuer to the operating subsidiaries. These
loans are expected to be longer-dated than the rated instruments,
and to bear interest at least sufficient to meet the interest
payments on the rated instruments. On the basis of this
subordination, the term loans are rated (P)B1 (LGD3), one notch
above the CFR, and the notes are rated (P)Caa1 (LGD5).

Liquidity

Moody's expect the company's liquidity to remain solid. The
company exhibits minimal seasonality in demand, and has generated
cash flows well in excess of capital spending in recent years. The
company reported significant dividend payments in the last three
years, which were inter-company dividends to the Siemens Group and
are not expected to be recurring. Although the pro forma capital
structure does not have any cash holdings, there will be an
undrawn RCF of EUR75 million. The RCF, which matures in 2021, will
contain one financial covenant for net leverage not to exceed
9.10:1x, and this will only be tested if more than 30% of the RCF
is drawn, which in Moody's view is a weak covenant and allows for
significantly higher leverage. The company has also generated
considerable free cash flows in recent years, which Moody's expect
to continue, albeit at a lower level due to a much higher cash
interest charge and some minor debt amortization. The company's
own near-term debt obligations will be on the term loan, which
matures in 2022, 84 months after the closing date, and will
amortise at 1% per year until the year of maturity, while the
notes are due 2023.

Outlook

Although initial leverage of about 7x will be at the high end for
the rating category, the stable outlook reflects the fact that
Moody's expect continued growth in earnings and free cash flow
generation, with the gross adjusted leverage metric improving over
the coming 12-18 months. Moody's believe that this is likely in
light of the recent earnings trend and also Moody's expectation of
a slightly reduced pension deficit with additional funding from
Siemens AG.

What Could Change The Rating Up

Positive rating pressure would be considered if the leverage
metric, as adjusted by Moody's, were to fall towards 5.5x with
free cash flow/debt (as adjusted by Moody's) in the high single
digits, although this is not expected to occur in the coming 12-18
months.

What Could Change The Rating Down

Downgrade pressure would likely occur if there the gross adjusted
leverage metric were not to fall towards 6.5x or if free cash
flow/adjusted debt does not reach 5% on a sustainable basis,
either due to a stagnation in earnings or a more aggressive
financial policy. In this regard, there is negligible flexibility
for any shareholder-return or acquisitions within the rating
category.

The principal methodology used in these ratings was Global Medical
Product and Device Industry published in October 2012. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Headquartered in Singapore, Siemens Audiology Solutions is one of
the leading manufacturers of hearing aid devices and related
products. Just under 80% of its revenues are from the sales of
devices, while the remaining revenues are from retail sales of
accessories and services, as well as repairs. In FY2014 (to
September), the company reported revenues and pre-tax profits of
EUR690 million and EUR124 million, respectively.



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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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