TCRAP_Public/141222.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, December 22, 2014, Vol. 17, No. 252


                            Headlines


A U S T R A L I A

ACHIEVEIT AUSTRALIA: Placed Into Liquidation
CRISTAL MINING: Moody's Withdraws B3 Corporate Family Rating
DECANDIA HOLDINGS: First Creditors' Meeting Set For Dec. 29
JONES THE GROCER: Ex-CEO Blames Collapse on Difference in Vision
REDBANK PROJECT: Power Station Placed Up for Sale


C H I N A

CIFI HOLDINGS: Tap Bond Issuance No Impact on Moody's Ba3 CFR
GEELY AUTOMOBILE: Profit Warning No Impact on Moody's Ba2 CFR
HONGHUA GROUP: Fitch Says 'BB' Rating Unaffected by Slow Sales
LDK SOLAR: Ordinary Claims Bar Date Set For January 1
SUNRISE REAL ESTATE: Incurs $1.9M Net Loss in Year Ended Dec 2013


H O N G  K O N G

BANK OF EAST: Moody's Assigns Ba1(hyb) Rating to USD500MM Debt


I N D I A

AH CHEMICALS: CRISIL Suspends B+ Rating on INR15MM Cash Credit
AMBAY BOARDS: CRISIL Suspends B Rating on INR34.5MM Term Loan
BHADRAKALI COTTON: CRISIL Suspends B Rating on INR30MM Cash Loan
CLASSIC MICROTECH: CRISIL Suspends B Rating on INR100MM Cash Loan
EMPEROR TIMBER: CRISIL Suspends B+ Rating on INR20MM Cash Credit

EXHIBITORS SYNDICATE: CRISIL Suspends B+ Rating on INR88.5MM Loan
GIAN CHAND: CRISIL Suspends B- Rating on INR100MM Cash Credit
I BLUE: CRISIL Suspends D Rating on INR90MM Term Loan
ISHAAN INFRAESTATES: CRISIL Suspends B Rating on INR147.5MM Loan
J.H.V. STEELS: CRISIL Suspends B- Rating on INR185MM Term Loan

J.R. ROTO: CRISIL Suspends B+ Rating on INR37.5MM LT Loan
JAY CEE: CRISIL Suspends D Rating on INR30MM Cash Credit
JET KNITWEARS: CRISIL Suspends B Rating on INR80MM Cash Credit
JKS COTTON: CRISIL Suspends B- Rating on INR35MM Cash Credit
JMJ SWITCH: CARE Assigns D Rating to INR5.12cr Long Term Loan

KARNATAKA METAL: CRISIL Suspends B+ Rating on INR20MM Loan
KAVIYAN CONSTRUCTION: CRISIL Suspends B+ Rating on INR105MM Loan
KESHAVA EDUCATIONAL: CRISIL Suspends D Rating on INR56MM LT Loan
KETI-KJ CONSTRUCTIONS: CRISIL Suspends D Rating on INR177MM Loan
KINGFISHER AIRLINES: UB Group Plane Placed on Market

KPC FLEXI: CARE Reaffirms B+ Rating on INR2.48cr LT Bank Loan
LA CLASSIC: CRISIL Suspends D Rating on INR59.6MM Term Loan
LEXUS GRANITO: CARE Reaffirms D Rating on INR12.72cr LT Bank Loan
LEXUS GRANITO: CRISIL Suspends D Rating on INR251.5MM Term Loan
MAKCUR LABORATORIES: CRISIL Suspends B+ Rating on INR70MM Loan

MALLA REDDY: CRISIL Suspends B+ Rating on INR30MM Cash Credit
MARGO PLYWOOD: CRISIL Suspends B Rating on INR35MM Cash Credit
MARKANDESHWAR FOODS: CRISIL Suspends B Rating on INR142.5MM Loan
MBM ENGINEERING: CRISIL Suspends B+ Rating on INR82.5MM LT Loan
MOHAN MOTOR: CRISIL Suspends B+ Rating on INR500MM Cash Credit

MOHAN PROJECTS: CRISIL Suspends B Rating on INR35MM Cash Credit
MONARCH EXTRUSION: CRISIL Suspends B+ Rating on INR30MM Cash Loan
MRS SHRI: CRISIL Suspends B- Rating on INR135.6MM Term Loan
MSR ENTERPRISES: CRISIL Suspends B+ Rating on INR20MM Loan
MURARI DIAMONDS: CRISIL Suspends B Rating on INR45MM Cash Credit

MWN PRESS: CRISIL Suspends B- Rating on INR48MM Term Loan
NAVEEN RICE: CRISIL Suspends B Rating on INR80MM Cash Credit
PIONEER POWER: CARE Ups Rating on INR26.62cr LT Bank Loan to 'B+'
SANDHYA CERA: CARE Assigns B Rating to INR4cr Long Term Loan
SINGAN PROJECTS: CARE Reaffirms B+ Rating on INR20cr LT Bank Loan

SPICEJET LTD: Co-Founder Leads $240-Mil. Rescue


M A L A Y S I A

MALAYSIA AIRLINES: Khazanah, Upset With Jentayu, Adjourns Meeting


P H I L I P P I N E S

RIZAL COMMERCIAL: Fitch Confirms 'BB' Rating on $1BB MTN Prog.
RIZAL COMMERCIAL: Moody's Puts D- BFSR on Review for Upgrade


                            - - - - -


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


ACHIEVEIT AUSTRALIA: Placed Into Liquidation
--------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that AchieveIT
Australia Pty Ltd has been placed into liquidation, reportedly
owing AUD174,012 to unsecured creditors. James Patrick Downey of
JP Downey and Co was appointed as liquidator of the company on
October 3, 2014.

The Notting Hill-based reseller closed its doors on Sept. 30,
2014. Support agreements were moved to Wheelers Hill business
SSDL, Dissolve.com.au relates.


CRISTAL MINING: Moody's Withdraws B3 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn the B3 Corporate Family
Rating on Cristal Mining Australia Limited, for business reasons.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

The principal methodology used in this rating was the Global
Mining Industry published in August 2014.


DECANDIA HOLDINGS: First Creditors' Meeting Set For Dec. 29
-----------------------------------------------------------
Daniel Lopresti and Timothy James Clifton of Clifton Hall were
appointed as liquidators of Decandia Holdings Pty Ltd, trading as
Silent Systems, on Dec. 15, 2014.

A first meeting of the creditors of the Company will be held: at
Clifton Hall, Level 3, 431 King William Street, in Adelaide, South
Australia, on Dec. 29, 2014, at 10:30 a.m.


JONES THE GROCER: Ex-CEO Blames Collapse on Difference in Vision
----------------------------------------------------------------
Eloise Keating at SmartCompany reports that the Melbourne
businessman who purchased Jones the Grocer nine years ago said a
"difference in vision at board level" led to the business
collapsing.

In a statement issued to SmartCompany, former Jones the Grocer
chief executive John Manos said he is disappointed the Australian
operations of the Jones the Grocer group were placed in voluntary
administration earlier this month.

Jason Stone, Glenn Franklin and Petr Vrsecky of PKF Lawler
Melbourne were appointed administrators of Jones the Grocer Pty
Ltd and its related entities on December 12.

Also in voluntary administration are burger chain Charlie & Co and
Becasse Bakery, which were previously owned by celebrity chef
Justin North, the report notes.

A number of entities related to Jones the Grocer, including its
distribution arm Senselle Food Distribution, Jones Group
Franchising, Jones Group Holdings, Jones the Grocer IP and 3GS
Holdings are also in administration, the report notes.

"I am keen to see the business continue ordinary operations and
the strong relationships I have built with all our stakeholders
over nine years maintained," Mr. Manos, who purchased the company
in 2005 and sold a 50% stake to L Capital Asia, the private equity
arm of fashion powerhouse and luxury goods retailer Louis Vuitton
Moet Hennessy, the report relays.  "We built a very successful
business, between 2005 when I bought the business and 2012,
growing both within Australia and internationally, including
opening stores in Asia and the Middle East and operating
successful food wholesaler, Senselle Foods. L Capital Asia's
majority investment in 2012 was intended to provide a platform for
further growth."

But Mr. Manos said the relationship with L Capital Asia
deteriorated, SmartCompany relays.

SmartCompany says Mr. Manos resigned from his position as chief
executive earlier this month, prompting L Capital Asia to take
control of the group and appoint administrators.

However, Mr. Manos remains involved as a director of the six
related entities, the report relates.

"Most recently there has been a difference in vision at board
level for the group going forward, which has affected the
strategic approach of the group," SmartCompany quotes Mr. Manos as
saying.  "I am now focused on finding a solution to these
differences with L Capital Asia so we can maximise the value for
all stakeholders, including long-term customers, suppliers and
staff."

Jones the Grocer was founded by Lindsay Jones in 1996, with the
food emporium opening its flagship store in Woollahra, Sydney. The
retailer sells gourmet food products, including pastries, coffee,
artisan cheese, chocolate, tea and sauces, according to
SmartCompany.

Administrator Jason Stone told SmartCompany earlier last week he
has been appointed to manage Jones the Grocer's four Australian
stores, as well as two Charlie & Co outlets and two Becasse
outlets, all of which are continuing to trade.

The voluntary administration does not include the Jones the Grocer
stores in New Zealand, United Arab Emirates, Singapore and Qatar.

Mr. Jones said, together with the Senselle distribution centre,
the Jones the Grocer group employs more than 200 people. In 2012,
Fairfax reported Jones the Grocer was turning over approximately
AUD33 million and had plans to expand to Kuwait, Saudi Arabia,
Thailand, China and Japan.

SmartCompany relates that a meeting of creditors for all companies
is scheduled to take place in Melbourne on December 24 and Mr.
Stone said the current plan is to "restructure the company so it
can continue to trade".

"There were some internal management issues and the shareholders
decided on this formal process as a means to clean it up," said
Mr. Stone, echoing Mr. Manos' comments, adds SmartCompany.

Jason G. Stone, Glenn J. Franklin and Petr Vrsecky of PKF Lawler
Melbourne on Dec. 12, 2014, were appointed as administrators of:

   - Jones the Grocer Stores Pty. Ltd.
   - Senselle Foods Distribution Pty. Ltd.
   - 3GS Holdings Pty. Ltd.
   - Jones Group Franchising Pty. Ltd.
   - Jones Group Holdings Pty. Ltd.
   - Jones the Grocer IP Pty. Ltd.


REDBANK PROJECT: Power Station Placed Up for Sale
-------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that urgent expressions
of interest are sought for the purchase of Redbank Project Pty
Limited.  The report says the sale provides the new owner of the
Redbank Power Station the opportunity to own equipment and power
plant on a piecemeal basis or in situ.

The power station is a 151MW base load station that burnt high ash
run-of-mine coal and beneficiated dewatered coal tailings. An
operation cessation had lead to an opportunity to buy the physical
assets of the company.

According to the report, the receivers of Redbank from KordaMentha
welcome a purchase of the entire plant or of the company's
specific assets. The power station is situated in Warkworth.



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


CIFI HOLDINGS: Tap Bond Issuance No Impact on Moody's Ba3 CFR
-------------------------------------------------------------
Moody's Investors Service says that CIFI Holdings (Group) Co.
Ltd's (CIFI) Ba3 corporate family rating and B1 senior unsecured
debt rating remain unchanged following the announcement of a tap
bond offering on its existing $200 million 8.875% 2019 notes
issued in January 2014.

The outlook on the ratings remains stable.

The tap bond offering is subject to the same terms and conditions
as the existing notes and, as with the existing notes, CIFI will
use the proceeds to refinance existing debt, fund existing and new
projects and for general working capital requirements.

"The tap offering will provide funding to support CIFI's growth
plans, as well as improve its debt maturity profile, given that it
will use a significant portion of the proceeds to refinance its
existing debt of shorter maturities," says Franco Leung, a Moody's
Vice President and Senior Analyst.

CIFI's Ba3 corporate family rating reflects the company's ability
to execute a property development model with a rapid turnover,
which supports its liquidity position. The rating also takes into
account the company's focus on mass-market housing, which has
helped it achieve strong sales growth over the past two years.

In the first 11 months of 2014, CIFI reported 34% year-over-year
growth in contracted sales to RMB19.03 billion, amid a weak
property market in China.

However, the rating is constrained by CIFI's geographic
concentration in the Yangtze River Delta, which is its core
market. Nevertheless, the strategic location of its land bank in
first- and second tier-cities will support its future growth.

Another rating constraint is the company's low profit margin,
which is the result of its fast turnover model focused on mass-
market products. Accordingly, its interest coverage ratio has been
low at around 2.0x over the past two years.

But Moody's expects CIFI's interest coverage ratio will improve to
2.6x-2.8x over the next 12-18 months, on the back of stronger
development cash flow and recognition of its strong contracted
sales secured in 2013 and 2014.

In addition, Moody's forecasts its revenue-to-debt to improve to
1.2x from about 0.9x over the same period. These financial metrics
would be comparable to those of its low Ba-rated peers.

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

CIFI Holdings (Group) Co. Ltd., headquartered in Shanghai, listed
on the Hong Kong Stock Exchange in November 2012. The company
focuses on developing residential and commercial properties mainly
in first- and second-tier cities in China, with a regional focus
on the Yangtze River Delta Region. It has also expanded to the Pan
Bohai Rim and the Central Western Region. It owned more than 60
projects and had an attributable land bank of 7.5 million square
meters as of 30 June 2014.

This publication does not announce a credit rating action.


GEELY AUTOMOBILE: Profit Warning No Impact on Moody's Ba2 CFR
-------------------------------------------------------------
Moody's Investors Service says that Geely Automobile Holdings
Limited's profit warning for its 2014 results is credit negative,
but has no impact on the Ba2 corporate family and senior unsecured
bond ratings.

The ratings outlook remains stable.

On 16 December 2014, Geely announced that it expects its 2014
profits attributable to equity holders to decline by about 50%
from the RMB2,663 million achieved in 2013.

The expected weak profit is attributable to: (1) the unrealized
foreign exchange loss recorded by Geely's Russian assets,
consisting mainly of inventories, as a result of the depreciation
of the Russian Rouble against the USD and the RMB; and (2) a 26%
year-over-year sales volume decline in the first 11 months of
2014, driven by the sharp decline in export sales to some of
Geely's major export markets, including Russia, and the company's
dealership network restructuring in China.

"Geely's profit warning mainly stems from the unrealized foreign
exchange loss on its Russian assets, which is non-cash in nature
and does not affect the company's 2014 EBITDA," says Gerwin Ho, a
Moody's Vice President and Senior Analyst.

Moody's expects Geely will record about 5%-10% year-over-year
sales volume growth in 2015. The projected sales growth will be
driven by China's growing passenger vehicle market, Geely's
product line up renewal, and export sales stabilization.

Moreover, the company's profit warning impact and weaker export
sales outlook remain in line with Moody's expectation. In Moody's
view, the expected weak results for 2014 reflect the company's
efforts to restructure its operations as it prepares for new model
launches in 2015.

Nevertheless, Moody's considers the weak export sales a negative
rating driver. In its revised forecast -- which assumes that the
company can increase domestic sales to cover weaker export sales -
- Moody's expects the company's EBITA margin to be 9%-10% and
debt/EBITDA about 1.0x in the next 12 months. These metrics still
support its Ba2 rating.

Geely's cash holdings of around RMB6.4 billion at end-June 2014,
proceeds from its USD300 million bond issuance in October 2014 and
operating cash flow will be sufficient to cover its short-term
debt and estimated capex over the next 12 months.

The principal methodology used in this rating was Global
Automobile Manufacturer Industry published in June 2011.

Geely Automobile Holdings Limited is incorporated in the Cayman
Islands and listed on the Hong Kong Stock Exchange.

The company is one of the largest privately owned, local brand
automakers in China. Geely develops, manufactures and sells
passenger vehicles that are sold in China and globally. Its
chairman and founder, Mr. Li Shufu, became Geely's controlling
shareholder in June 2005. Mr. Li and his family held a 42.6% stake
in the company at end-2013.


HONGHUA GROUP: Fitch Says 'BB' Rating Unaffected by Slow Sales
--------------------------------------------------------------
Fitch Ratings says that recent rapid fall in oil prices and
depreciating Russian ruble have resulted in slower sales for
Honghua Group Limited (BB/Stable), but do not have an immediate
impact on the company's ratings and outlook.

The oil rig builder told Fitch that revenue growth for 2014 will
decrease, mostly due to a delay in delivery of land rigs stemming
from the long time needed to clear customs during the busy year-
end period. New orders for onshore rigs could increase at a slower
pace as oil prices slide, although this would be partly offset by
an increase in orders for parts and components from Russian
customers as the country's oil producers replace parts in old rigs
rather than order new ones. Honghua expects new order growth to be
driven mostly by customers in the Middle East, South America and
other Asian countries, who already account for most of the
company's 2014 revenue.

Honghua's exposure to Russia has fallen over the years as the
company attempted to diversify its regional risks. Orders from
Russia tend to come from companies that Honghua has long-term
relationships with and the orders have favourable payment
conditions with significant down payment and instalments during
the terms of the contracts. The contracts also include mechanisms
to protect Honghua against sustained foreign-currency movements.
Moreover, Honghua uses tools such as insurance and letters of
credits on 90% of its orders.

Honghua focuses on customers in the emerging markets, where oil
production has proved resilient to the drop in oil prices because
companies were supported either by lower costs or government
incentives. When oil fell to USD35 per barrel in early 2009 and
remained depressed during the year, there were significantly fewer
new onshore wells drilled in North America and Europe. In the
Middle East, Latin America, Africa, and Asian (except China),
however, the number of new onshore wells decreased slightly while
those in China and Russia actually increased albeit at a slower
pace.

Fitch did not factor in any meaningful income from offshore rig
sales until FY15 when it assigned Honghua's ratings in September
2014 because the agency expected execution delays in this segment
while the company hammered out technical customisation details for
contracts signed this year.

Fitch's negative guidelines for Honghua include: FFO adjusted net
leverage sustained above 3.0x, EBITDA margin sustained below 12%,
net working capital days sustained above 250 days, significant
weakening of the company's market position and poor execution of
contracts for offshore rigs. Even in light of the current lower
oil prices and the potential impact on Honghua's order book, Fitch
estimates that these guidelines will not be breached in 2015,
although headroom for Honghua's rating level has been reduced.


LDK SOLAR: Ordinary Claims Bar Date Set For January 1
-----------------------------------------------------
LDK Solar CO., Ltd. in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, said on Dec. 10 that the
Hong Kong schemes of arrangement in respect of LDK Solar, LDK
Silicon & Chemical Technology Co., Ltd., and LDK Silicon Holding
Co., Limited (the "Schemes") became effective as of that day.

The Effective Date of the Hong Kong Schemes occurred on Dec. 10,
2014, and the bar date for the submission of claim forms in
relation to any ordinary claims will be on January 1, 2015, at
5:00 a.m.

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

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

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

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

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).
On Oct. 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands. The Chapter
15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-
12387).

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

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


SUNRISE REAL ESTATE: Incurs $1.9M Net Loss in Year Ended Dec 2013
-----------------------------------------------------------------
Sunrise Real Estate Group, Inc., filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K disclosing
a net loss of $1.93 million on $12.76 million of net revenues for
the year ended Dec. 31, 2013, compared to a net loss of $3.47
million on $8.52 million of net revenues for the year ended
Dec. 31, 2012.

As of Dec. 31, 2013, the Company had $61.69 million in total
assets, $58.09 million in total liabilities and $3.60 million in
total stockholders' equity.

Finesse CPA, P.C., in Chicago, Illinois, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013. The independent auditors noted that
the Company has a working capital deficiency, accumulated deficit
from recurring net losses for the current and prior years, and
significant short-term debt obligations currently in default or
maturing in less than one year. These conditions raise
substantial doubt about its ability to continue as a going
concern.

A full-text copy of the Form 10-K is available for free at:
http://is.gd/NawNn6

                     About Sunrise Real Estate

Headquartered in Shanghai, the People's Republic of China, Sunrise
Real Estate Group, Inc. was initially incorporated in Texas on
Oct. 10, 1996, under the name of Parallax Entertainment, Inc.  On
Dec. 12, 2003, Parallax changed its name to Sunrise Real
Estate Development Group, Inc. On April 25, 2006, Sunrise Estate
Development Group, Inc., filed Articles of Amendment with the
Texas Secretary of State, changing the name of Sunrise Real Estate
Development Group, Inc. to Sunrise Real Estate Group, Inc.,
effective from May 23, 2006.

The Company and its subsidiaries are engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in China.



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BANK OF EAST: Moody's Assigns Ba1(hyb) Rating to USD500MM Debt
--------------------------------------------------------------
Moody's Investors Service, has assigned Ba1(hyb) rating to Bank of
East Asia's USD500 million subordinated debt due 2024 issued under
its USD6 billion medium-term note program.

The rating outlook is stable.

Ratings Rationale

The assigned rating is in line with the (P)Ba1 rating for Bank of
East Asia's MTN program subordinated obligations, and is two
notches below the bank's baa2 adjusted baseline credit assessment.

The subordinated notes constitute direct, unsecured and
subordinated obligations of Bank of East Asia and contain Basel
III-compliant point of non-viability (PONV) provisions, which
allow the notes to qualify as regulatory Tier 2 capital.

The Hong Kong Monetary Authority (HKMA) has discretion to
determine the point at which the bank is non-viable. The principal
on these capital securities could be written down in the event
that the HKMA notifies the bank that without such write-off, the
bank would become non-viable or the government or a regulatory
body decides to make a public sector injection of capital without
which the bank would become non-viable.

Principal Methodology

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

Headquartered in Hong Kong, Bank of East Asia reported total
assets of HKD805.3 billion ($103.9 billion) as of end-June 2014.



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AH CHEMICALS: CRISIL Suspends B+ Rating on INR15MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
AH Chemicals Pvt Ltd (AH Chemicals).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              15          CRISIL B+/Stable

   Letter of credit &
   Bank Guarantee           32.5        CRISIL A4

   Proposed Short Term
   Bank Loan Facility      102.5        CRISIL A4

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

AH Chemicals was set up in 1992 by the Himatsinghka family of
Kolkata (West Bengal) and Jhawar family of Mumbai (Maharashtra).
The company trades mostly phenol and TG urea, besides 20 to 25
other chemicals.


AMBAY BOARDS: CRISIL Suspends B Rating on INR34.5MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ambay Boards India Pvt Ltd (Ambay).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           2.5        CRISIL A4
   Cash Credit             10          CRISIL B/Stable
   Letter of Credit        30          CRISIL A4
   Proposed Long Term
   Bank Loan Facility      21.5        CRISIL B/Stable
   Standby Line of Credit   1.5        CRISIL B/Stable
   Term Loan               34.5        CRISIL B/Stable

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

Ambay was incorporated in 2008, promoted by Mr. Netin Agarwal, Mr.
Arun Agarwal, and Ms. Asha Devi Agarwal. The company is in the
process of setting up a unit for manufacturing commercial wood
veneer in Hooghly district (West Bengal). The unit is expected to
commence commercial operations by the end of May 2013.


BHADRAKALI COTTON: CRISIL Suspends B Rating on INR30MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Bhadrakali Cotton Industries (BCI).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              30         CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility       14         CRISIL B/Stable

   SME Credit                2.5       CRISIL B/Stable

   Term Loan                23.5       CRISIL B/Stable

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

Incorporated in July 2009, BCI stared its commercial operations
from March 2010. The day to day operations is handled by Mr. N.
Suresh. The firm is based out of Karimnagar district of Andhra
Pradesh. The firm is engaged in ginning and pressing of raw cotton
(Kapas) with a capacity of 160 bales per day. The firm processes
raw cotton (kappas) in to cotton bales and cotton seeds and caters
to domestic market as well as international market through export
agents.


CLASSIC MICROTECH: CRISIL Suspends B Rating on INR100MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Classic
Microtech Pvt Ltd (CMPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             100         CRISIL B/Stable
   Letter of Credit        100         CRISIL A4
   Term Loan                21.9       CRISIL B/Stable


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

Incorporated in 2007, CMPL manufactures zirconium silicate and
zirconium flour, which are used in the ceramic and vitrified tile
industry for whitening and glazing tiles.


EMPEROR TIMBER: CRISIL Suspends B+ Rating on INR20MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Emperor Timber Trader Private Limited (ETTPL).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             20          CRISIL B+/Stable
   Letter of Credit       140          CRISIL A4

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

Incorporated in 1997, ETTPL processes and trades timber. The
company's daily operations are managed by its promoter, Mr.
Naushad Ali.


EXHIBITORS SYNDICATE: CRISIL Suspends B+ Rating on INR88.5MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Exhibitors Syndicate Ltd (ESL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             88.5        CRISIL B+/Stable

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

ESL, incorporated in 1935, is currently being managed by Mr.
Rajeev Kankaria. The company was engaged in film financing,
marketing, and distribution but is currently undertaking real
estate activities. ESL is developing a 98,500-square foot
residential-cum-commercial complex, Aria Shree, in Baruipur,
District 24 South Paraganas (West Bengal) with basement and
ground-plus-three floors. ESL's promoters have developed more than
1 million square feet of real estate in and around Kolkata over
the past 15 years.


GIAN CHAND: CRISIL Suspends B- Rating on INR100MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Gian
Chand Mohinder Kumar (GCMK).

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

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

GCMK, set up in 1989, is a proprietorship firm of Mr. Gian Chand
Garg. The New Delhi-based firm trades in agricultural products
mainly rice and sugar, and small proportions of other food grains.


I BLUE: CRISIL Suspends D Rating on INR90MM Term Loan
-----------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of I Blue
Minerals Pvt Ltd (I Blue).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              20          CRISIL D
   Proposed Term Loan       25.9        CRISIL D
   Term Loan                90          CRISIL D

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

I Blue, incorporated in 2007, commenced commercial operations in
February 2008. The company processes boulders into metal
aggregates and crushed sand. The company is promoted by Mr.
Veerappan Ganesh.


ISHAAN INFRAESTATES: CRISIL Suspends B Rating on INR147.5MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ishaan Infraestates India Pvt Ltd (IIIPL).

                       Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Long Term
   Bank Loan Facility      147.5         CRISIL B/Stable
   Term Loan                 2.5         CRISIL B/Stable

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

IIIPL was set up in May 2009 by Mr. Chandan Srivastava and his
wife, Mrs. Rajni Srivastava. The company undertakes residential
real estate development, with its previous projects located in
places such as Roorkee (Uttarakhand) and Ghaziabad (Uttar
Pradesh). The company's overall operations are managed by Mr.
Chandan Srivastava. It currently has two on-going projects, Ishaan
Imperial Courts and Ishaan Imperial, which are located at Roorkee
and Muzzafarpur (Bihar) respectively.


J.H.V. STEELS: CRISIL Suspends B- Rating on INR185MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
J.H.V. Steels Limited (JHV).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Cash Credit              65           CRISIL B-/Stable
   Term Loan               185           CRISIL B-/Stable

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

JHV was incorporated in 2010 by Mr. Hiralal Jaiswal. The company
manufactures thermo-mechanically treated (TMT) bars and has
manufacturing facility at Mirzapur (Uttar Pradesh).


J.R. ROTO: CRISIL Suspends B+ Rating on INR37.5MM LT Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
J.R. Roto Impressions Private Limited (JRRIPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Cash Credit              20           CRISIL B+/Stable
   Long Term Loan          37.5          CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      12.5          CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
JRRIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JRRIPL is yet to
provide adequate information to enable CRISIL to assess JRRIPL'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 2011, JRRIPL manufactures laminated pouches, wrappers
and other packaging material for PSL.


JAY CEE: CRISIL Suspends D Rating on INR30MM Cash Credit
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Jay Cee
Enterprises Pvt Ltd (JCEPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              30          CRISIL D
   Letter of Credit         10          CRISIL D
   Term Loan                15          CRISIL D

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

JCEPL was set up in 1987 by Mr. J C Malhotra. The company trades
in industrial sewing machines, and undertakes construction of
hotels and swimming pools.


JET KNITWEARS: CRISIL Suspends B Rating on INR80MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Jet
Knitwears Private Limited (JKPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              80        CRISIL B/Stable

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

Incorporated in 1990, as a partnership firm, JKPL is engaged in
the manufacturing of several types of knitted cotton garments such
as under garments, socks, t-shirts, shorts etc. In 1996, the firm
was reconstituted as a private limited company. The company has
two fully integrated manufacturing units located in Kanpur and
Tirupur. The company has five depots in Uttar Pradesh and New
Delhi through which it establishes relationships with retailers
and wholesalers.


JKS COTTON: CRISIL Suspends B- Rating on INR35MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
JKS Cotton (AP) Pvt Ltd (JCPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit             35           CRISIL B-/Stable
   Long Term Loan          13           CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      19.5         CRISIL B-/Stable
   SME Credit               2.5         CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by JCPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JCPL is yet to
provide adequate information to enable CRISIL to assess JCPL'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 in October 2009, Jangaon (Andhra Pradesh) based JCPL
is engaged in the business of cotton ginning. The company has 30
ginning machines with an installed capacity to produce 45000
tonnes per annum of cotton bales.


JMJ SWITCH: CARE Assigns D Rating to INR5.12cr Long Term Loan
-------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of JMJ Switch
Gears Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.12       CARE D Assigned
   Short term Bank Facilities    1.72       CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of JMJ Switch Gears
Private Limited (JMJ) factors in the delays in debt servicing
on account of stretched liquidity position owing to delay in
debtor collection and low accruals.

JMJ, incorporated in August 2013 was promoted by Mr Adaikalasamy
along with his friend Mr Philip Kumar. The company started its
commercial operation since January 2014. It has been engaged in
the business of manufacturing of electrical products like power
control panels, low-tension & high-tension panels, compact
substations with its sole manufacturing facility located at
Bommasandra Industrial Area, Bangalore. These panels provide
backup protection to the power transformers, generation, capacitor
banks and power distribution. As on November 20, 2014, the company
has a moderate order book position and the value of orders in hand
was INR0.72 crore, be executed within next two months indicating a
near term revenue visibility.

During FY14 (refers to the period April 1 to March 31), the
company reported a total operating income of INR1.26 crore
and a PAT of INR0.05 crore. Furthermore, the company have achieved
a PBT of INR0.09 crore on a total operating income of INR2.95
crore during H1FY15.


KARNATAKA METAL: CRISIL Suspends B+ Rating on INR20MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Karnataka Metal Co. (KMC).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              5         CRISIL B+/Stable
   Letter of Credit        30         CRISIL A4
   Overdraft Facility      20         CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by KMC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KMC is yet to
provide adequate information to enable CRISIL to assess KMC'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 1984, KMC is engaged in the trading of aluminium
products such as aluminium sheets, ingots, coils and profiles in
Andhra Pradesh. The firm is promoted by Mr.Bharat Bhushan Aggarwal
and his family.


KAVIYAN CONSTRUCTION: CRISIL Suspends B+ Rating on INR105MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kaviyan Construction Pvt Ltd (KCPL).

                             Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Cash Credit                   105      CRISIL B+/Stable
   Proposed Cash Credit Limit     15      CRISIL B+/Stable

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

Set up as a proprietorship firm in 2005 and reconstituted as a
private limited company in 2010, KCPL is engaged in the real
estate development in TN.


KESHAVA EDUCATIONAL: CRISIL Suspends D Rating on INR56MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Keshava Educational Society (KES; part of the Keshava Reddy
group).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Long Term Loan           56           CRISIL D

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

KES was established by Mr. N Keshava Reddy and his family members.
The society, registered under the Societies Registration Act,
1860, runs 12 schools in the districts of Kurnool, Chittoor, and
Kadapa (all in Andhra Pradesh [AP]). The schools are affiliated to
the AP State Board. The schools offer education in English medium
from the first to the tenth standard. KES is part of the Keshava
Reddy group of educational institutions, which offers primary and
secondary education in AP.


KETI-KJ CONSTRUCTIONS: CRISIL Suspends D Rating on INR177MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Keti-Kj Constructions India Ltd (KKJ).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           50         CRISIL D
   Cash Credit             177         CRISIL D
   Proposed Long Term
   Bank Loan Facility        3         CRISIL D

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

KKJ, headquartered in Indore (Madhya Pradesh), mainly executes
tenders (for construction of buildings and roads) floated by both
government departments and private companies. The company also
executes civil work for its group companies. KKJ was formed in
February 2009 as a result of the demerger of Keti Construction
(India) Ltd. Post the demerger, KKJ is fully owned and managed by
Mr. Kedar Mal Jakhetia and his family.


KINGFISHER AIRLINES: UB Group Plane Placed on Market
----------------------------------------------------
The Times of India reports that Mumbai International Airport
(MIAL) has put a sale tag on a nine-seater jet (HS 125-700 B)
owned by the UB Group. An MIAL spokesperson declined comment but
referred TOI to a newspaper advertisement, which states MIAL is
seeking purchase interest for the jet.

TOI says payment defaults by UB Group's grounded Kingfisher
Airlines have forced lessors and creditors to repossess its
aircraft.

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on Jan. 27, 2014, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level. Losses in the past six years have resulted in a
complete erosion of KFAL's net worth, leading to its weak
financial risk profile.

For 2012-13 (refers to financial year, April 1 to March 31),
KFAL reported a net loss of INR83.5 billion (INR23.3 billion for
2011-12) on net sales of INR5 billion (INR54.85 billion). For the
six months ended September 30, 2013, it reported a net loss of
INR18.72 billion (INR14.04 billion for the corresponding period
of 2012-13) on net revenues of INR0.0 (INR5.01 billion).


KPC FLEXI: CARE Reaffirms B+ Rating on INR2.48cr LT Bank Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
KPC Flexi Tubes.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      2.48      CARE B+ Reaffirmed
   Short term Bank Facilities    12         CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of KPC Flexi Tubes
continues to be constrained by its small scale of operations,
working capital intensive nature of operations, leveraged capital
structure and foreign exchange fluctuation risk. The ratings are
further constrained by the KPC's constitution as a partnership
firm and its exposure to raw material price fluctuations.

The ratings, however, continue to derive strength from the
experienced promoters of KPC, long track record and growing
scale of operations.

The ability of KPC to improve its scale of operations while
improving its profitability margins, efficiently manage its
working capital requirements and improve its capital structure
shall be the key rating sensitivities.

KPC Flexi Tubes (KPC) was established in 1988 as a partnership
firm by Mr K P Chandhok and Mr Gaurav Chandhok with profit sharing
ratio of 76% and 24%, respectively. The firm is engaged in
manufacturing and export of turned and machined components, rubber
molded goods, sheet metal components and metal flexible hose. The
products manufactured find applications in the automotive
industry, the engineering industry (electrical conduits,
integrated circuits) etc. The raw materials used in manufacturing
of the products are hot rolled/cold rolled sheet, mild steel
round, stainless steel strips, stainless steel pipe, stainless
steel round/hex etc which are procured domestically. Its
manufacturing facility is located in Faridabad, Haryana and the
manufacturing processes are ISO 9001:2000 certified. Ace Technik
and Ace Meters are group concerns engaged in providing services to
KPC like coating, packaging and other in-house jobs on a job-work
basis.

For FY14 (refers to the period April 1 to March 31), KPC achieved
a Total Operating Income (TOI) of INR25.64 crore with PAT of
INR0.38 crore respectively as against TOI of INR18.55 crore with
PAT of INR0.23 crore respectively in FY13.


LA CLASSIC: CRISIL Suspends D Rating on INR59.6MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of LA
Classic (LC).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             12.5       CRISIL D
   Proposed Long Term
   Bank Loan Facility       7.9       CRISIL D
   Term Loan               59.6       CRISIL D

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

LC, a partnership firm, runs a four-star hotel. It started
operations from January 2011. There are five partners in the firm:
Mr. K Ramesh, Mr. K Prabhakar, Mr. K Keshava Reddy, Mr. K M
Krishna Reddy, and Ms. R Usha.


LEXUS GRANITO: CARE Reaffirms D Rating on INR12.72cr LT Bank Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Lexus Granito (India) Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    12.72       CARE D Reaffirmed

   Long-term/Short-term Bank    10          CARE D/CARE D
   Facilities                               Reaffirmed

   Short-term Bank Facilities    3.70       CARE D Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Lexus Granito
(India) Private Limited (LGPL) continue to remain constrained
on account of persistent delays in its debt servicing. The ability
of LGPL to establish a clear track record of debt servicing with
improvement in liquidity position is the key rating sensitivity.

Incorporated in 2008, Morbi (Gujarat)-based LGPL is engaged in the
manufacturing of double charged vitrified tiles. The company had
started commercial production in August 2011. LGPL's manufacturing
facility is located at Morbi in Rajkot district which is the
ceramic tile manufacturing hub of Gujarat and has an installed
capacity of 82800 Metric Tonnes Per Annum (MTPA) for manufacturing
of vitrified tiles as on March 31, 2014.

During FY14 (refers to the period April 1 to March 31), LGPL
reported a PAT of INR0.60 crore on a total operating income (TOI)
of INR59.25 crore as against a PAT of INR0.67 crore on a TOI of
INR63.65 crore in FY13.


LEXUS GRANITO: CRISIL Suspends D Rating on INR251.5MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Lexus Granito (India) Pvt Ltd (LGPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              100        CRISIL D
   Proposed Long Term        48.5      CRISIL D
   Bank Loan Facility
   Term Loan                251.5      CRISIL D

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

Incorporated in 2008, LGPL manufactures vitrified floor tiles. Its
production units at Morbi (Gujarat) have an installed capacity of
82,800 tonnes per annum.


MAKCUR LABORATORIES: CRISIL Suspends B+ Rating on INR70MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Makcur
Laboratories Ltd (MLL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee            5         CRISIL A4
   Bill Discounting         10         CRISIL A4
   Export Packing Credit    45         CRISIL A4
   Inland/Import Letter
   of Credit                 2.5       CRISIL A4
   Proposed Long Term
   Bank Loan Facility       47.5       CRISIL B+/Stable
   Term Loan                70         CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by MLL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MLL is yet to
provide adequate information to enable CRISIL to assess MLL'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 in the 1990s in Ahmedabad (Gujarat), MLL manufactures
small volume formulations, and powder/liquids. The company's day-
to-day operations are managed by Mr. Dhiraj Lal Patel.


MALLA REDDY: CRISIL Suspends B+ Rating on INR30MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Malla Reddy Cotton Industries (MRCI).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              30         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       18.6       CRISIL B+/Stable
   Term Loan                26.4       CRISIL B+/Stable

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

MRCI, established in 2009, is a partnership firm actively managed
by Mr. Vijay Sagar Reddy. The firm is based out of the Karimnagar
district of Andhra Pradesh.


MARGO PLYWOOD: CRISIL Suspends B Rating on INR35MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Margo Plywood Pvt Ltd (MPPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           5         CRISIL A4
   Cash Credit             35         CRISIL B/Stable
   Letter of Credit       100         CRISIL A4
   Proposed Long Term
   Bank Loan Facility      10         CRISIL B/Stable
   Term Loan               10         CRISIL B/Stable

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

MPPL, incorporated in 2008, is promoted by Ahmedabad (Gujarat)-
based Mr. Ajay Gupta and his family. The company manufactures
plywood used for furnishing. The company's plant is in Bachau
(Kutch).


MARKANDESHWAR FOODS: CRISIL Suspends B Rating on INR142.5MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Markandeshwar Foods and Allied Products Ltd (MFAPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit            142.5         CRISIL B/Stable

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

MFAPL was incorporated in 1993 by Mr. Devraj Garg along with his
family members. The company commenced operations in 1999; it
manufactures dairy products such as pure ghee, skimmed milk
powder, and other dairy whitener at its facility in Khanpur Kolian
(Haryana).


MBM ENGINEERING: CRISIL Suspends B+ Rating on INR82.5MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
MBM Engineering Infotech Ltd (MBM).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             65         CRISIL B+/Stable
   Inland Guarantees        2.5       CRISIL A4
   Long Term Loan          82.5       CRISIL B+/Stable

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

Based in Tamil Nadu, MBM was set up in 1974 by Mr. V M S Midha. It
manufactures industrial components primarily bearing accessories.


MOHAN MOTOR: CRISIL Suspends B+ Rating on INR500MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mohan
Motor Udyog Pvt Ltd (MMUPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              500         CRISIL B+/Stable

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

Incorporated in 1979, MMUP has been an authorised dealer for
MSIL's entire range of passenger vehicles (PVs; including the
Maruti true value vehicles) and for sale of spares and
accessories, and servicing of PVs in Kolkata, since 2004.
Presently, MMUP has two showrooms at Kolkata and one at Barasat,
with three extension counters and one workshop each in Kolkata and
Barasat.


MOHAN PROJECTS: CRISIL Suspends B Rating on INR35MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mohan
Projects Pvt Ltd (MPPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Bank Guarantee           3            CRISIL A4
   Cash Credit             35            CRISIL B/Stable

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

MPPL was set up in December 2002 by the Jain Family. The company
is engaged in three activities: contract business for laying
underground cables, manufacturing and trading in Reinforced Cement
Concrete (RCC) pipes. The manufacturing facility is located at
Bengaluru (Karnataka).


MONARCH EXTRUSION: CRISIL Suspends B+ Rating on INR30MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Monarch Extrusion Pvt Ltd (MEPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee          .5           CRISIL A4
   Cash Credit           30             CRISIL B+/Stable
   Term Loan             24.5           CRISIL B+/Stable

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

Promoted by Ms. Apeksha Rathi and her family, MEPL started
operations in December 2012. It manufactures flexible packaging
material for various fast moving consumer goods. MEPL currently
has a manufacturing facility at Nagpur (Maharashtra). It started
operations in December 2012. Day-to-day operations are handled by
Mr. Aanand Rathi, husband of Mrs. Rathi.


MRS SHRI: CRISIL Suspends B- Rating on INR135.6MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
MRS Shri Prannath Parnami Education Society (MRSS).


                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Overdraft Facility       10          CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility        4.4        CRISIL B-/Stable
   Term Loan               135.6        CRISIL B-/Stable

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

MRSS was set up as a non-profit society under the patronage of
Guruji Shree Sadanandji Maharaj in September 2008 in Hisar
(Haryana). The society operates four institutes on the same campus
' Prannath Parnami Institute of Management and Technology (PPIMT),
Prannath Parnami Institute of Footwear Technology (PPIFT),
Prannath Parnami Institute of Film and Media (PPIFM), and Prannath
Parnami Institute of Professional Studies (PPIPS). MRSS commenced
admissions in academic year 2009-10 (refers to financial year,
April 1 to March 31) for PPIMT; in 2011-12 for PPIFT; and in 2012-
13 for PPIFM and PPIPS. The society's operations are currently
managed by Mr. Nitin Kathuria and Mrs. Geeta Kathuria. All the
courses offered by MRSS are either approved by the All India
Council for Technical Education or by the Haryana state
government.


MSR ENTERPRISES: CRISIL Suspends B+ Rating on INR20MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
MSR Enterprises (MSR).

                              Amount
   Facilities                (INR Mln)     Ratings
   ----------                ---------     -------
   Bank Guarantee                 40       CRISIL A4
   Overdraft Facility             20       CRISIL B+/Stable
   Proposed Overdraft Facility    10       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by MSR
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MSR is yet to
provide adequate information to enable CRISIL to assess MSR'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 in 1995, MSR is engaged in laying of distribution
lines, erectionof electrical substations and transformers, and
refurbishment of old distribution lines. The firm is promoted by
Mr. M Srinivasa Rao, who manages the day to day operations of the
firm.


MURARI DIAMONDS: CRISIL Suspends B Rating on INR45MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Murari Diamonds Pvt Ltd (MDPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              45         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       35         CRISIL B/Stable

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

MDPL was set up in 2010-11 (refers to financial year, April 1 to
March 31) by Mr. Murari Goyal. The company operates through a
showroom in Karol Bagh, New Delhi, and is engaged in retailing and
wholesaling of gold, silver, and diamond-studded jewellery.


MWN PRESS: CRISIL Suspends B- Rating on INR48MM Term Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
MWN Press (MWN).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           2         CRISIL A4
   Cash Credit             15         CRISIL B-/Stable
   Letter of Credit        31.5       CRISIL A4
   Proposed Long Term
   Bank Loan Facility       3.5       CRISIL B-/Stable
   Term Loan               48         CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by MWN
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MWN is yet to
provide adequate information to enable CRISIL to assess MWN'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 in 1982, MWN Press (MWN) is engaged in printing of
varied products three broad categories book work, commercial and
packaging printing. It was set up as a proprietorship firm in 1982
which was converted into a partnership firm in 1998. This is being
actively managed by Mr. N.R Kumar, with other partners being Mrs.
Sudha Kumar and Mrs. Kamala Ramanujam.


NAVEEN RICE: CRISIL Suspends B Rating on INR80MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Naveen
Rice Mills (NRM).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              80          CRISIL B/Stable

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

NRM was set up in 1986 as a partnership firm by Mr. Charanji Lal
Bansal, Mrs. Shanti Devi Bansal, Mr. Manoj Bansal, and Mr. Deep
Chand Bansal; the firm mills and processes basmati and non-basmati
rice. NRM's plant is situated in Karnal (Haryana), which has a
large market for rice paddy. The firm has a milling and sorting
capacity of 2 tonnes per hour each. Though NRM is not engaged in
direct exports, the majority of its customers are deemed
exporters, mainly to Gulf countries.


PIONEER POWER: CARE Ups Rating on INR26.62cr LT Bank Loan to 'B+'
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Pioneer Power Ltd.
                                Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities      26.62      CARE B+ Revised
   (includes Term Loan, Cash                 from CARE C
   Credit and Letter of Credit)

Rating Rationale

The revision in the rating takes into account improvement in the
liquidity and financial risk profile of the company with improved
collection period, capital structure & debt coverage indicators.
The rating, however, is constrained by the continuous increase in
variable costs with low operational efficiency, increased input
price without corresponding increase in the tariff realization,
high dependence on the working capital borrowings and moderate
industry prospects with constraint on availability of gas. The
rating also takes into account the experience and financial
support of the promoters and presence of firm fuel purchase
agreement and power purchase agreement. The ability of the company
to recover debtors in a timely manner, manage the working capital
efficiently thereby resulting in further improvement in liquidity
position and continuous to receipt of uninterrupted natural gas
supply are the key rating sensitivities.

Pioneer Power Limited (PPL), promoted by Hyderabad-based Penna
group was incorporated in October 1998 as Penna Electricity Ltd
and subsequently the name was changed to current nomenclature. The
company is engaged in gas based power generation (installed
capacity 52.8 MW) at its power plant located in Ramnad district of
Tamil Nadu. PPL has a Power Purchase Agreement (PPA) with Tamil
Nadu Electricity Board (TNEB) valid for 15 years starting from
July 1, 2006. PPL also has a long-term fuel supply agreement with
Gas Authority of India Limited (GAIL) valid till January 31,
2015.

During FY14 (refers to the period April 1 to March 31), PPL posted
PBILDT of INR28 crore (FY13 - INR43.28 crore) and PAT of INR9.63
crore (FY13 - INR18.45 crore) on a total operating income of
INR137.16 crore (FY13 - INR137.68 crore). As per the unaudited
financials for H1FY15, the company has achieved a total operating
income of INR68.29 crore.


SANDHYA CERA: CARE Assigns B Rating to INR4cr Long Term Loan
------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Sandhya Cera Decorators.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4         CARE B Assigned
   Long-term/Short-term Bank      2         CARE B/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sandhya Cera
Decorators (SCD) are primarily constrained on account of
project implementation and stabilization risk and susceptibility
of operating margins to change in raw material prices and
foreign exchange rates going forward. SCD's presence in highly
competitive and fragmented ceramic glazed tile printing &
decoration industry coupled with constitution of the entity as
partnership firm further constrain the ratings.

The ratings, however, favourably factor in vast experience of the
partners in ceramic glazed tile printing & decoration industry and
the firm's presence in the ceramic tile hub with easy access to
raw material and power and fuel.

SCD's ability to timely complete the project within envisaged cost
and achieve envisaged level of turnover and profitability are the
key rating sensitivities.

SCD is a partnership firm currently run by four partners with
equal profit and loss sharing ratio. Originally, the firm was
established in the name of Antalica Aluminum during October 2005
with an objective to carry out manufacturing of Aluminum-based
products. During September 2007, reconstitution of firm took place
and the name of the firm was changed to SCD and the objective of
the firm was also changed to carry out business of decorative work
on glaze tiles and sanitary wares with traditional method of
manual printing.

During April 2014, the firm decided to modernize its technology
from traditional old technology with manual printing to modern
third fire and fourth fire technology with latest Italian and
Spanish machineries. SCD also decided to switch over to the
Digital Decoration technology. For this purpose, SCD is currently
investing INR8 crore for installing plant for digital decoration &
printing of tiles which would be funded through term loan of INR4
crore and balance by way of share capital and unsecured loans from
the partners. SCD has envisaged commencing commercial production
from April 2015 from its sole manufacturing facilities located in
ceramic cluster Morbi (Gujarat).


SINGAN PROJECTS: CARE Reaffirms B+ Rating on INR20cr LT Bank Loan
-----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Singan
Projects Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    20.00       CARE B+ Reaffirmed
   Short term Bank Facilities   34.50       CARE A4 Reaffirmed

Rating Rationale

The ratings continue to be constrained by concentrated order book
position, stretched operating cycle resulting in pressure on the
working capital position and leading to persistent high working
capital utilization, decline in the income from operation in FY14
(refers to the period April 1 to March 31) and marginal weakening
of the capital structure as on March 31, 2014. The ratings are,
however, underpinned by the satisfactory experience of the
promoters, significant growth in order book position and improved
operating profit margin in FY14. The ability of the company to
recover contract proceeds in timely manner, thereby improving the
liquidity position and expand the scale of operation while
maintaining profit margin are the key rating sensitivities.

Singan Projects Limited (SPL) incorporated in 2002, is promoted by
Mr S. Narayana. The company is based in Hyderabad, Telangana, and
is involved in the execution of civil construction contracts with
work orders spanning across water drainage, water supply scheme,
development/improvement of reservoir, sanitation, drinking water
projects, etc, and with majority of work orders awarded by the
State and Central Government Departments.  The order book as on
Sept. 30, 2014, comprised 34 projects valued INR311.07 crore
(against INR153.93 crore with 16 contracts as on Sept. 30, 2013).

During FY14, SPL reported a total operating income of INR69.62
crore (INR71.57 crore in FY13) with PBILDT of INR9.41 crore
(INR9.01 crore in FY13) and PAT of INR2.27 crore (INR2.61 crore in
FY13).  As per the unaudited results for 8MFY15, a total operating
income was INR36.80 crore with PAT of INR1.17 crore.


SPICEJET LTD: Co-Founder Leads $240-Mil. Rescue
-----------------------------------------------
Reuters reports that the co-founder of SpiceJet is leading a $240
million rescue effort to pull the low-cost carrier back from the
brink of collapse, in a bold bet on the recovery of an industry
plagued by high costs and heavy losses.

Reuters relates that a source with direct knowledge of discussions
said Ajay Singh, who helped set up the airline in 2005, was in
talks with private equity firms and the government to hammer out
the deal.

India's second-largest budget airline has been struggling for
months, and the other week was forced to ground its fleet after
suppliers refused to refuel the planes, the report discloses.

That prompted speculation it was heading for a collapse
embarrassing for both India and its aviation industry -- just two
years after Kingfisher Airlines imploded leaving billions of
rupees in unpaid debt, according to Reuters.

"This is a good time to be in the aviation space, with fuel prices
being as low as they are and the economy set to grow," said the
source, who declined to be named, Reuters relays.
"Some mistakes have been made in the past but . . . this is a
situation that can be rectified."

According to Reuters, the source said Mr. Singh -- a well-
connected businessman credited with coining Prime Minister
Narendra Modi's winning campaign slogan -- will present the plan
to ministry officials today, December 22, alongside his financial
backers, the source said. Due diligence, however, could take a
further 4 to 6 weeks, the report notes.

The cost of the rescue deal is estimated at between INR12 billion
and INR15 billion ($237 million), the source said, though that
could still change, Reuters relates.

Mr. Singh, who owns roughly 5% of SpiceJet, will certainly need
deep pockets, adds Reuters.

SpiceJet's current owner, media billionaire Kalanithi Maran's Sun
Group, has said it cannot afford a bail out after sinking $400
million into the airline since buying it in 2010, Reuters reports.

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

Bloomberg News said SpiceJet reported five straight quarterly
losses and tried for more than two years to woo an external
investor to one of the world's most expensive markets for fuel,
which accounts for as much as 50 percent of the costs for some
Indian carriers.

Bloomberg said SpiceJet reduced its fleet of Boeing planes,
delayed wages, and faced regulatory scrutiny after a spate of
cancellations.

                         About SpiceJet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights
between major cities in India. The carrier is India's second-
biggest budget airline, after IndiGo.

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



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


MALAYSIA AIRLINES: Khazanah, Upset With Jentayu, Adjourns Meeting
-----------------------------------------------------------------
Bernama reports that Khazanah Nasional Bhd is dismayed with
Jentayu Danaraksa Sdn Bhd's "unprofessionalism" in presenting its
proposed complementary plan to rescue ailing Malaysia Airlines
(MAS), describing it as "a very unusual way of conducting business
in corporate Malaysia", sources said on December 18.

The sources, familiar with Khazanah's way of doing business, told
Bernama that it was for this and other reasons that it decided to
postpone to a later date a meeting scheduled on December 23
between the two parties to discuss the plan.

"Khazanah is dealing with many other proposals in private and in a
proper way. So, anyone who wants to deal with Khazanah should work
in a private and confidential manner. If not meetings will get
postponed until they learn basic professionalism.

"We can imagine that Khazanah is flabbergasted that a proposal to
buy multi-billion assets are posted for discussion in open forums
like social media outlets, as it rightly feels any business
discussion must maintain a degree of confidentiality", the
sources, as cited by Bernama, said.

According to Bernama, sources said Khazanah was a stickler for
proper process and transparency, and presenting a business
proposal via the media to whip up publicity was simply
unacceptable behaviour and went against basic decorum expected
from any serious business deal.

"I believe this is one big sticking point on which Khazanah
postponed the meeting with Jentayu to a later date," added a
source, Bernama relays.

The report says the sources questioned Jentayu's motive of making
public its proposal a day before the scheduled meeting.

"It then begs the question whether there is public sentiment being
played up so that the proposal can't be refused by any government
by bringing on public pressure.

"If the intention is to rally public support, then this mother of
all restructuring of our national airline will be an effort in
futility as it is business as usual then, with third party
interference still intact.

"This is certainly against the objective of restructuring the
national airline to allow MAS to operate as a pure business
entity", the sources said, Bernama relays.

Bernama says Jentayu had taken the unconventional route in
presenting its plan as complimentary to Khazanah's 12-point MAS
recovery plan on December 15 by holding a press conference, a day
before the newly-minted company was expected to present its
MYR8.75 billion proposal.

Jentayu had even uploaded a brief eight-point plan on its official
Facebook, as well as, the Facebook page of its managing director
Feriz Omar, the report relates.

Bernama notes that a visit to Khazanah's website showed that its
Code of Business Ethics requires parties interested in acquiring
its assets to refrain from disclosing confidential or competitive
information to any unauthorised party.

"And in the case of Jentayu, presenting its takeover plan to the
press does not fit with this," Bernama quotes a source as saying.

Khazanah, had on Nov 28, said that it had received no less than 28
business proposals expressing interest in participating in or
complementing its five-year plan, Bernama adds.

                      *     *     *

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

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

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

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

Last year, Malaysia Airlines reported a net loss of MYR1.17
billion ($359 million), its third consecutive year of
net losses, according to The Wall Street Journal.

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.



=====================
P H I L I P P I N E S
=====================


RIZAL COMMERCIAL: Fitch Confirms 'BB' Rating on $1BB MTN Prog.
--------------------------------------------------------------
Fitch Ratings has confirmed the rating on Rizal Commercial Banking
Corp.'s (RCBC) USD1bn medium-term note (MTN) programme at senior
unsecured 'BB'. The rating confirmation follows a periodic update
of the programme, including the most recent reviews of business
and industry developments as well as the Philippine-based bank's
financial statements. Fitch had affirmed the programme rating on
25 July 2014.

Fitch stresses that there is no assurance that the notes issued in
the future under the programme will be assigned a rating, or that
the rating assigned to a specific issue under the programme will
have the same rating as the programme rating.

KEY RATING DRIVERS

The senior unsecured programme rating is on par with RCBC's 'BB'
Long-Term Issuer Default Rating (IDR). This is because the senior
notes constitute direct, unsubordinated and senior unsecured
obligations of the bank, and rank equally with all its other
unsecured and unsubordinated obligations.

RATING SENSITIVITIES

A change in RCBC's IDR will have an impact on the programme
rating. However, this prospect is remote considering its Stable
Outlook.

For more details on RCBC's ratings and credit profile, see "Fitch
Affirms Four Philippines Banks; Withdraws UnionBank Ratings ",
dated 25 July 2014, and RCBC's Ratings Navigator, dated 31 July
2014 available at www.fitchratings.com.

RCBC's other ratings are as follows:

- Long-Term Foreign-Currency IDR 'BB'; Outlook Stable
- Long-Term Local-Currency IDR 'BB'; Outlook Stable
- Viability Rating 'bb'
- Support Rating '3'
- Support Rating Floor 'BB-'


RIZAL COMMERCIAL: Moody's Puts D- BFSR on Review for Upgrade
------------------------------------------------------------
Moody's Investors Service has placed under review for upgrade
Rizal Commercial Banking Corporation's (RCBC) foreign currency
deposit and senior unsecured ratings on its euro medium term notes
(EMTN) program, as well as its D- standalone bank financial
strength rating (BFSR), which is equivalent to a baseline credit
assessment (BCA) of ba3.

The review for upgrade follows the company's announcement on 17
December that it has entered into a definitive agreement with
Cathay Life Insurance Co., Ltd (Baa2 positive), whereby Cathay
Life will acquire an approximate 20% stake in RCBC. The
acquisition comprises around 124 million newly subscribed shares,
and around 156 million existing shares from Hexagon Investments
B.V.(unrated), an entity controlled by funds advised by CVC Asia
Pacific Limited (unrated) and International Finance Corporation
(Aaa stable).

Ratings Rationale

The review for upgrade was triggered by RCBC's announcement on 17
December that the company has entered into a definitive agreement
with Cathay Life whereby the latter will acquire an approximate
20% stake in RCBC. The transaction is subject to regulatory
approvals and is expected to close by the end of the first quarter
of 2015. Moody's expect to conclude the review at that time.

The private placement to Cathay Life is credit positive for RCBC,
because it will improve its core capitalization and loss-absorbing
buffers, while enhancing its ability to capture its targeted
credit growth for 2015.

Following Cathay Life's subscription to the new shares, RCBC's
reported pro forma core equity Tier 1 ratio (CET1) as of September
2014 will increase to 13.9% from 11.5%. This increase will bring
the bank's capitalization in line with some of its largest
Philippine peers and significantly above the central bank's
minimum CET1 requirement under Basel III of 8.5% (including a 2.5%
capital conservation buffer).

In addition, the review for upgrade reflects the ongoing
improvements in the bank's credit profile, and the expectation
that it will continue to improve, especially once it is able to
implement its capital raising plan.

Moody's views the bank's standalone financial profile as strong
for its ba3 BCA. The review for upgrade of RCBC's D- BFSR
considers the bank's improved asset quality as a result of the
sale of PHP4.8 billion in legacy non-performing loans and non-
performing assets in 2013.

At the same time, Moody's notes that the bank's capital buffer has
improved, following private placements last year that raised a
total of PHP8.2 billion. These transactions have improved RCBC's
overall credit profile, which is now in line with that of other
ba2 and ba3 regional peers.

The bank's ability to implement its capital raising plans and
maintain capital levels above the minimum capital requirements
under Basel III will be key to its ability to support its business
growth targets.

What Could Change The Rating Up/Down

Given the review for upgrade, an upward revision of its BCA would
likely lead to an upgrade of its ratings, assuming that its credit
metrics remain robust.

The following factors could lead to an upward revision of RCBC's
BCA: (1) a high level of loss absorption capacity, as reflected by
a Tier 1 ratio of above 12%; (2) a proven ability to maintain non-
performing assets (non-performing loans and foreclosed assets) at
below 20% of equity and loan loss reserves; and/or (3) evidence
that it can continue to rein in credit costs and improve its risk-
adjusted profitability, reflected by net income above 2% of
average risk-weighted assets.

RCBC's preferred stock rating is linked to its BCA, and could be
upgraded if its BCA is raised.

Given the review for upgrade, downward rating pressure is unlikely
over the near term.

Nevertheless, the bank's BCA could be lowered if: (1) aggressive
organic expansion or acquisitions result in a significant increase
in its risk profile; and/or (2) its operating environment weakens
significantly or underwriting practices become lax, resulting in a
significant increase in non-performing assets (non-performing
loans and foreclosed assets), in turn undermining its loss
absorption capacity; and/or (3) there is a material decline in its
capital buffers, such that its Tier 1 ratio falls below 10%.

The ratings of RCBC are as listed below.

BFSR under review for upgrade from D-, which is equivalent to a
ba3 BCA.

Long-term foreign currency deposits under review for upgrade from
Ba2.

Long-term foreign currency MTN program under review for upgrade
from (P)Ba2.

Foreign currency senior unsecured debt under review for upgrade
from Ba2

Foreign currency preferred stock under review for upgrade from B3
(hyb)

Short-term foreign currency deposit rating of NP.

Short-term foreign currency MTN program rating of (P)NP.

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

Headquartered in Manila, Rizal Commercial Banking Corporation
reported total assets of PHP422 billion ($9.5 billion) as of
Dec. 31, 2013.

                             *********

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

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

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


                            *********


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

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

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

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

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



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