TCRAP_Public/140723.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, July 23, 2014, Vol. 17, No. 144


                            Headlines


A U S T R A L I A

JONKER PLANT: BDO Appointed as Administrators
PLAYDEX LEFT: Placed Into Liquidation
WARWICK JONES: In Administration; First Meeting Set July 25


C H I N A

FUTURE LAND: Subsidiary's Bond Issue No Impact on Moody's Ba3 CFR
GLORIOUS PROPERTY: 1H 2014 Weak Sales Credit Neg. Says Moody's


I N D I A

AGGARWAL IRON: ICRA Suspends 'B+' Rating on INR25cr Bank Loan
ALLEVARD IAI: ICRA Reaffirms 'B+' Rating on INR15.5cr Loans
ALMADINA STEEL: ICRA Assigns 'B+' Rating to INR5cr Loans
AMBADI CASHEW: CRISIL Suspends 'B+' Rating on INR50MM Loan
ANIMESH SILK: ICRA Suspends 'B' Rating on INR9.60cr Loans

AUROGLOBAL COMTRADE: ICRA Suspends 'B-' Rating on INR18cr Loan
BEMCO HYDRAULICS: CRISIL Reaffirms 'D' Rating on INR350MM Loans
BHAGAVATHI SPINNERS: CRISIL Suspends B+ Rating on INR60MM Loans
CELCON GREEN: ICRA Assigns 'B+' Rating to INR19.50cr Term Loan
CHOICE COPIERS: ICRA Reaffirms 'B-' Rating on INR7cr Loans

DEVA INTERIORS: CRISIL Suspends 'B+' Rating on INR60MM Loan
DURGA MONOLITHICS: ICRA Suspends 'C+' Rating on INR5.5cr Loan
EXCEL: CRISIL Assigns 'B+' Rating to INR30MM Loans
EXCELLENT MOULDERS: CRISIL Cuts Rating on INR60MM Loan to 'B+'
G B ENGINEERING: ICRA Reaffirms 'B-' Rating on INR24cr Loan

GENERAL COMPOSITES: ICRA Suspends B+ Rating on INR6.0cr Loan
HARYANA MILK: CRISIL Suspends 'D' Rating on INR97.9MM Loans
HI-TECH RESIDENCY: CARE Rates INR15cr Bank Loan at 'B+'
JAGRAN STEELS: CRISIL Suspends 'B+' Rating on INR100MM Loans
JANTA ENGINEERS: ICRA Suspends 'B/A4' Rating on INR28cr Loan

JEWEL STAR: CARE Reaffirms 'B+' Rating on INR30cr Bank Loan
KRISHNA OILS: ICRA Suspends 'D' Rating on INR19.05cr Loan
M.K.GUPTA & CO: CRISIL Rates INR47.7MM Loan at B+'
M.M. BROTHERS: ICRA Reaffirms 'B+' Rating on INR4cr Loan
MEGHALAYA INFRATECH: ICRA Suspends B+ Rating on INR173cr Loan

N S RAMA: CRISIL Suspends 'B' Rating on INR66MM Loans
OM KAILASH: CARE Reaffirms 'B+' Rating on INR9cr Bank Loan
PRABIR FOODSTUFF: CRISIL Reaffirms 'B' Rating on INR200MM Loan
QUALITY OVERSEAS: CARE Assigns B+ Rating to INR1.50cr Bank Loan
QUICK ACT: CRISIL Reaffirms 'B+' Rating on INR150MM Loans

RAJVIR & CO: ICRA Assigns 'B+' Rating to INR8cr Loans
REAL GROWTH: ICRA Reaffirms 'B+' Rating on INR21cr Loan
RUBBER PRODUCTS: ICRA Suspends 'D' Rating on INR8cr Loans
RYATAR SAHAKARI: CRISIL Assigns 'B-' Rating to INR460MM Loans
S SELLADURAI: CRISIL Suspends 'B' Rating on INR51.7MM Loans

SABITRI UDYOG: CRISIL Suspends 'B+' Rating on INR60MM Loans
SAHAJ FASHIONS: CARE Assigns 'B+' Rating to INR12.89cr Bank Loan
SESHA SAI: ICRA Assigns 'B' Rating to INR12cr Loans
SHEETAL COOL: ICRA Assigns 'B+' Rating to INR7.75cr Loans
SHIVASHAKTI SUGARS: CRISIL Suspends 'D' Rating on INR900MM Loan

SHREE GANESH: ICRA Assigns 'C+' Rating to INR51.02cr Loan
SHREE R.N.: ICRA Suspends B+/A4 Rating on INR6.5cr Bank Loan
SREE SREE: CRISIL Suspends 'D' Rating on INR93.4MM Loans
SRI BANKE: ICRA Suspends 'B' Rating on INR10cr Bank Loan
TATA STEEL: S&P Revises Outlook to Stable & Affirms 'BB' CCR

TECHMECH ENGINEERS: ICRA Assigns B+ Rating to INR15.65cr Loans
TURBO CAST: CRISIL Assigns 'B+' Rating to INR73.5MM Loans
UDAY AUTOLINK: CRISIL Reaffirms 'B+' Rating on INR440MM Loans
VIJAY JEWELLERS: ICRA Withdraws 'B+' Rating on INR12.5cr Loan


M A L A Y S I A

MALAYSIA AIRLINES: Faces Likely Delisting After Second Disaster


M O N G O L I A

KHAN BANK: Moody's Cuts Local Currency LT Deposit Rating to B2


                            - - - - -


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


JONKER PLANT: BDO Appointed as Administrators
---------------------------------------------
Andrew Fielding and Gerald Collins of BDO were appointed as
administrators of Jonker Plant Hire Pty Ltd on July 14, 2014.

A first meeting of the creditors of the Company will be held at
offices of BDO, Level 10, 12 Creek Street, in Brisbane,
Queensland, on July 24, 2014, at 3:00 p.m.


PLAYDEX LEFT: Placed Into Liquidation
-------------------------------------
dissolve.com.au reports that Playdex Pty Ltd has been placed into
liquidation leaving toy buyers out of pocket.

Australian-registered Playdex Pty Ltd entered Voluntary
Administration on April 10, 2013 with Hamilton Murphy being
appointed as administrators, the report relates.

dissolve.com.au says the website reportedly had been bought by a
company from New Zealand following its placement into voluntary
liquidation.


WARWICK JONES: In Administration; First Meeting Set July 25
-----------------------------------------------------------
Michael Francis Quin -- quin@bentcougle.com.au -- and Hamish Alan
MacKinnon -- HMackinnon@bentcougle.com.au -- of Bent & Cougle were
appointed as administrators of Warwick Jones Pty Ltd on
July 15, 2014.

A first meeting of the creditors of the Company will be held at
the Seasons Botanical Gardens Melbourne, 348 St Kilda Road, in
Melbourne, on July 25, 2014, at 10:30 a.m.



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


FUTURE LAND: Subsidiary's Bond Issue No Impact on Moody's Ba3 CFR
-----------------------------------------------------------------
Moody's Investors Service says it sees no immediate impact on
Future Land Development Holdings Limited's Ba3 corporate family
rating and B1 senior unsecured debt rating from its Chinese
Mainland listed subsidiary's plan to issue RMB2 billion in
domestic bonds.

The ratings outlook is stable.

"On 20 July 2014, Jiangsu Future Land Co Ltd, Future Land's 58.86%
owned B-share listed subsidiary, received approval from the China
Securities Regulatory Commission for its proposed domestic bond
issuance. Such a development is credit positive for the company,"
says Lina Choi, a Moody's Vice President and Senior Analyst.

The B-listed company plans to use the proceeds to refinance its
existing debt and to fund its property projects.

The China Securities Regulatory Commission's (CSRC) approval comes
against the backdrop of tight onshore funding availability for
developers. The ability to issue domestic bonds via the B-share
subsidiary also allows the group to further diversify its funding
channels.

Jiangsu Future Land is amongst the first few real estate companies
in China to obtain approval from CSRC to issue corporate bonds
since 2010.

In addition, the company does not expect any constraint on the use
of the proceeds. Moody's sees this lack of restriction as a
positive development for the property industry, because
historically, CSRC approvals for domestic bond issuances were
granted with certain prerequisites, such as the fact that proceeds
had to be used to build affordable housing projects.

"Moreover, the issuance by Jiangsu Future Land will enhance the
group's liquidity position," adds Choi, who is also Moody's Lead
Analyst for Future Land.

Moody's points out that Future Land's Ba3 corporate family rating
reflects its long and solid track record in Jiangsu Province, and
the fact that the company has reached an operating scale similar
to that of developers rated at the low end of the Ba rating
category.

Moody's also says that Future Land exhibits a strong market
position in the city of Changzhou in Jiangsu Province, where 38%
of its land bank is located.

The company has accumulated more than a decade of operating
experience along the Yangtze River Delta, achieving a total of
RMB20.6 billion in contracted sales in 2013 and RMB9.7 billion in
1H 2014.

On the other hand Future Land's Ba3 rating is constrained by the
lack of geographic diversification in its portfolio.

Furthermore, over 80% of the group's revenue and operating cash
flow are generated by Jiangsu Future Land. This structure
indicates a constraint on the free flow of cash from Jiangsu
Future Land to the rest of the group; and therefore a higher
degree of liquidity risk for the group.

Nevertheless, in recent years, Future Land has expanded its
operational scope to mixed-use properties and to areas outside
Jiangsu Province.

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

Future Land Development Holdings Limited was founded in 1996 by
its Chairman, Mr. Wang Zhenhua. Mr. Wang has been in the property
development business in China since 1993. The company listed on
the Hong Kong Stock Exchange in November 2012.

Future Land's 58.86% owned subsidiary, Jiangsu Future Land Co Ltd
is a B-share company, listed on the Shanghai Stock Exchange since
1997.

Future Land has more than 50 projects under development. Its land
bank totaled approximately 13.85 million sqm of gross floor area
at 31 December 2013.


GLORIOUS PROPERTY: 1H 2014 Weak Sales Credit Neg. Says Moody's
--------------------------------------------------------------
Moody's Investors Service says that Glorious Property Holdings
Limited's very weak contracted sales for 1H 2014 are credit
negative for the company.

Accordingly, Moody's will assess again Glorious' Caa1 corporate
family and Caa2 senior unsecured ratings if its contracted sales
over the next several months do not materially improve.

The ratings outlook remains negative.

On July 4, 2014, Glorious reported contracted sales of
approximately RMB1.9 billion for 1H 2014, representing a decrease
of 52.8% from a year ago.

Glorious has reported very weak monthly contracted sales since the
start of 2014. Its performance has been affected by ongoing
measures implemented by the authorities to curb multiple home
ownership and the slower economic growth in China.

"Glorious' year-to-date contracted sales are lower than Moody's
expectations, highlighting in turn heightened liquidity and
refinancing risks," says Gerwin Ho, a Moody's Vice President and
Senior Analyst.

At the same time, Moody's notes that the company's cash balance of
RMB2.95 billion at end-2013 is not enough to cover short-term debt
of RMB5.3 billion maturing in 2014.

Glorious has $300 million senior unsecured notes due 2015 and $400
million due 2018, giving rise to a total interest obligation of
$92 million, or RMB561 million, annually.

The sales decline for 1H 2014 further challenges Glorious' ability
to meet its payment obligations.

Given its weak sales performance in 2013 and 1H 2014, Moody's
expect Glorious to record further declines in revenue and net
profits for the full year of 2014.

"While Glorious has increased its mass-market products, Moody's
believes that sales continue to be affected by weak sales
execution, delays in project launches and constraints on working
capital," adds Ho, also the lead analyst for the company.

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

Glorious Property Holdings Limited is a medium-sized residential
property developer based in Shanghai. The company has expanded to
eastern and northern China. At end- 2013, it had a land bank with
a gross floor area ("GFA") of around 15.2 million square meters in
Shanghai, Beijing, Tianjin, and in several second-tier cities in
the Yangtze River Delta and northeast China. Glorious listed on
the Stock Exchange of Hong Kong in 2009.



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


AGGARWAL IRON: ICRA Suspends 'B+' Rating on INR25cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR25.00
crore bank facilities of The Aggarwal Iron and Steel Company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


ALLEVARD IAI: ICRA Reaffirms 'B+' Rating on INR15.5cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR13.70 crore long term loan facilities and INR1.80 crore cash
credit facilities of Allevard IAI Suspensions Private Limited.
ICRA has also reaffirmed the short term rating of [ICRA]A4 to the
INR1.00 crore short term non fund based facilities of AISPL.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term, fund based     13.70      [ICRA]B+ Reaffirmed
   limits - Term Loans

   Long term, fund based      1.80      [ICRA]B+ Reaffirmed
   limits - Cash Credit

   Short term, non- fund      1.00      [ICRA]A4 Reaffirmed
   Based

The ratings continue to favourably factor in AISPL's experienced
and professional management and the financial flexibility provided
by the promoters; technological support provided by the Italy
based Sogefi group which is a leading manufacturer of suspension
systems globally and the Imperial Auto group which is an
established Tier I supplier for major original equipments
manufacturer (OEMs) in India. The ratings also favourably factor
in regular equity infusion from promoters to fund losses and ease
liquidity pressure.

The ratings are however constrained by the weak debt coverage
indicators in the backdrop of operating losses. The company is
currently operating at suboptimal capacity utilisation levels and
it's near to medium term performance remains contingent to its
ability to secure new clients and scale up operations. ICRA
expects the promoters will continue to provide financial support
in case of any exigencies.

Allevard IAI Suspensions Private Limited is a (70:30) joint
venture between Allevard Rejna Suspensions (Allevard) -- Part of
the Italy based Sogefi Group and the promoters of Imperial Auto
Industries Limited (IAI) -- Part of the Imperial Auto group. AISPL
has setup a manufacturing facility at Chakan, Pune for stabilizer
bars with an annual installed capacity of 600,000 bars. The plant
has commenced operations in March, 2012 and currently caters to
domestic automotive players like Tata Motors Limited [TML],
Mahindra & Mahindra Limited [M&M] and Fiat India Automobile
Limited.


ALMADINA STEEL: ICRA Assigns 'B+' Rating to INR5cr Loans
--------------------------------------------------------
ICRA has assigned the rating of [ICRA]B+ to INR3.00 crore long
term fund based term loan and INR2.00 crore cash credit facility
of Almadina Steel. ICRA has also assigned the rating of [ICRA]A4
to the INR0.35 crore short term non fund based bank guarantee of
AS.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           2.00        [ICRA]B+ assigned
   Term Loan             3.00        [ICRA]B+ assigned
   Bank Guarantee        0.35        [ICRA]A4 assigned

The assigned ratings are constrained by the limited operational
track record of the firm, its small scale of operations as well as
high competitive intensity in the business. The assigned ratings
also factor in the high financial risk profile of the firm
characterized by net losses and weak coverage indicators. Further,
the ratings take into account the vulnerability of the entity's
margins to adverse fluctuations in raw material (scrap and sponge
iron) prices and also to risk of cyclicality and demand slowdown
in the construction segment. ICRA also takes note that AS is a
partnership firm and any substantial withdrawals from capital
account would impact the networth and thereby the gearing levels.

The ratings, however, take comfort from the long standing
experience of the promoters in the steel industry and favourable
location of the company's plant near Alang ship breaking yard
resulting in ease of access to key raw materials.

Incorporated in April 2012, Almadina Steel (AS) is engaged in the
business of manufacturing mild steel ingots. The entity is
promoted by Mr. Samir Saiyad and Mr. Sohil Saiyad and started
commercial operations in February 2014. Its manufacturing facility
is located in Babra, Gujarat with an installed capacity of 14,400
MTPA of MS Ingots. The partners have long standing experience in
the manufacturing of MS ingots through their stake in another
company, Dilaver Steel Private Limited.

Recent Results

During 2M FY 2014 (Feb-Mar), AS reported an operating income of
INR4.75 crore and net loss of INR0.23 crore (as per unaudited
provisional financials).


AMBADI CASHEW: CRISIL Suspends 'B+' Rating on INR50MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ambadi Cashew Produc.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           50       CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by ACP
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ACP is yet to
provide adequate information to enable CRISIL to assess ACP'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 concern in 1994 by Mr. J Udaykumar, ACP
processes raw cashew nuts. ACP currently operates three processing
facilities in Kollam, Kerala with an installed capacity of 8
tonnes per day.


ANIMESH SILK: ICRA Suspends 'B' Rating on INR9.60cr Loans
---------------------------------------------------------
ICRA has suspended the [ICRA]B rating to the INR9.60 crore bank
facilities of Animesh Silk Mills Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of requisite information from the company.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund Based     5.00      [ICRA]B Suspended
   Limit - Cash credit

   Long Term Fund Based     3.85      [ICRA]B Suspended
   Limit - Term Loan

   Long Term Fund Based     0.75      [ICRA]B Suspended
   Limit - Stand by line
   of Credit

Animesh Silk Mills Private Limited was incorporated in the year
2010 as a private limited company. The company is engaged in
business of manufacturing of embroidery polyester sarees and
marketing the same under the brand name "Animesh". The company has
its registered office and manufacturing unit at Surat, Gujarat.


AUROGLOBAL COMTRADE: ICRA Suspends 'B-' Rating on INR18cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR18.00 crore,
fund based bank facilities and [ICRA]A4 rating to the INR8.00
crore non-fund based facilities of Auroglobal Comtrade Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


BEMCO HYDRAULICS: CRISIL Reaffirms 'D' Rating on INR350MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bemco Hydraulics Ltd
continue to reflect weak financial risk profile, marked by high
gearing and weak debt protection metrics, large working capital
requirements, and a modest scale of operations. However, the
company benefits from its niche product profile and its promoters'
extensive industry experience.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        105        CRISIL D (Reaffirmed)
   Cash Credit           100        CRISIL D (Reaffirmed)
   Letter of Credit       40        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     85        CRISIL D (Reaffirmed)
   Term Loan              20        CRISIL D (Reaffirmed)

Update
For 2013-14 (refers to financial year, April 1 to March 31),
Bemco, on a provisional basis, reported sales of INR311 million,
down 10 per cent year-on-year because of lower realisations and
recessionary trend in the automotive industry. The company
reported an operating loss of INR17.7 million for 2013-14 because
of foreign currency losses and liquidity damages charged by
government departments on account of delay in execution of orders.
The company's operations remain working capital intensive, as
indicated by gross current assets of above 400 days as on March
31, 2014, on account of high inventory and debtor days. Bemco's
financial risk profile remains weak, marked by negative net worth
and weak debt protection metrics in 2013-14. The net worth has
eroded because of negative cash accruals of INR35.6 million vis-a-
vis debt obligation of INR6.5 million during 2013-14. The
operations were supported by capital infusion of INR3.4 million
during the year.

Bemco has weak liquidity profile, with negative net cash accruals
in 2013-14. CRISIL believes Bemco's liquidity will remain weak
over the medium term on account of inadequate net cash accruals
vis-a-vis term debt obligations along with high bank limit
utilisation (averaging 93 per cent over the eight months through
May 2014.

Bemco, on a provisional basis, reported a net loss of INR47.7
million on net sales of INR311 million for 2013-14; the company
reported a profit after tax of INR5.6 million on net sales of
INR382 million for 2012-13.

Bemco was incorporated as New Bemco Engineering Products Company
Ltd in 1957; it got its present name in 1976. The company
manufactures hydraulic presses and equipment used in the
automotive, defence, railways, and other heavy engineering
sectors.


BHAGAVATHI SPINNERS: CRISIL Suspends B+ Rating on INR60MM Loans
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Bhagavathi Spinners.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            20        CRISIL B+/Stable Suspended
   Long Term Loan         40        CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by BS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BS is yet to
provide adequate information to enable CRISIL to assess BS'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 as a partnership entity, Bhagavathi Spinners
is involved in the manufacture of cotton yarn. BS manufactures
cotton yarn primarily in 60s counts and also 30's count carded
warp yarn; its facility at Coimbatore (Tamil Nadu)has an installed
capacity of 12,000 spindles The firm is promoted by Mr.Rakkiya
Gounder and it is presently being managed by his sons,
Mr.Subramanian and Mr.Natarajan.


CELCON GREEN: ICRA Assigns 'B+' Rating to INR19.50cr Term Loan
--------------------------------------------------------------
ICRA has assigned the rating of [ICRA]B+ to INR19.50 crore long
term fund based facilities of Celcon Green Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             19.50        [ICRA]B+ assigned

The assigned rating is constrained by the residual project
execution risks that are inherent in a green field project and
also the risks associated with stabilization of the plant post
commissioning of the project. The rating is further constrained by
the sensitivity of the company's debt servicing ability to
capacity utilization and margins. The rating also takes into
account of the low entry barriers in the business, which could
lead to increased competitive pressures going forward, which
coupled with the ease of availability of cheaper established
substitute in the form of clay bricks, may further affect the
profitability.

The rating however takes comfort from the advantages that AAC
blocks offer over its substitutes which in turn are expected to
keep demand potential favorable in the long run and the locational
benefits arising from the company's proximity to both i.e. raw
material sources and consumer centres.

Celcon Green Limited was incorporated in 2013 as a public limited
company by the Sarvoday, Pitroda and Bansal groups to manufacture
Autoclaved Aerated Concrete Blocks (AAC), also known as cellular
concrete. The company is in the process of setting up a 1000 cubic
meters per day manufacturing facility at Jamnagar (Gujarat); the
unit is scheduled to commence commercial operations from July
2014.


CHOICE COPIERS: ICRA Reaffirms 'B-' Rating on INR7cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- and a short
term rating of [ICRA]A4 assigned to the INR7.00 Cr. bank limits of
Choice Copiers Pvt. Ltd. The rating suspension done in February
2014 has been revoked.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             2.00       [ICRA]B- reaffirmed

   Fund Based Working
   Capital Limits        5.00       [ICRA]B- reaffirmed

   Non Fund Based                   [ICRA]A4 reaffirmed
   Working Capital
   Limits

The ratings are constrained by the vulnerability of profitability
to fluctuations in raw material prices; exposure to high customer
concentration risk with about half the sales to one company; high
working capital intensity on account of high inventory and debtor
days; corporate guarantees extended to group companies which are
much higher than CCPL's net worth and the extremely weak financial
risk profile characterised by high gearing and weak debt service
coverage indicators and Increased competitive intensity owing to
higher imports from China . Nevertheless, ICRA has favourably
factored in the long track record of CCPL's promoters in the
business of manufacturing and trading of soldering materials and
the favourable demand outlook for soldering materials driven by
growth in end user industries.

Choice Copiers Private Limited was incorporated in 1985 and
commenced business as a manufacturer and assembler of Xerox
machines. However the company discontinued that business in 1990
and went into the business of manufacturing of soldering
materials. The company initially set up a soldering plant of 5
MT/month capacity which was subsequently increased in phases and
now stands at 100 MT/month. The company has two manufacturing
facilities at Noida in the state of Uttar Pradesh. The product
profile of the company constitutes solder sticks, solder wires,
solder washers, fluxes and other products used in soldering.


DEVA INTERIORS: CRISIL Suspends 'B+' Rating on INR60MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Deva Interiors Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B+/Stable Suspended
   Letter of Credit       30       CRISIL A4 Suspended

The suspension of ratings is on account of non-cooperation by DIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DIPL is yet to
provide adequate information to enable CRISIL to assess DIPL'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 by Mr. R P Singh, DIPL is engaged in executing
interior decoration projects for office spaces, commercial real
estate ventures, banks and retail showrooms. DIPL, based in
Chennai (Tamil Nadu), offers a wide range of services including
electrification and related installation works, and providing
furniture and other civil works, such as carpentry and plumping.
Since inception, the company has executed various projects in
different locations including Chennai, Mumbai (Maharashtra),
Bhubaneshwar (Orissa), Bengaluru (Karnataka), Bhopal (Madhya
Pradesh), and Hyderabad (Andhra Pradesh). The company currently
has orders of around INR240 million to be executed over the next
six months.


DURGA MONOLITHICS: ICRA Suspends 'C+' Rating on INR5.5cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]C+ rating assigned to the INR5.50 crore
fund based bank facilities and [ICRA]A4 rating to the INR1.50
crore non- fund based facilities of Durga Monolithics Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


EXCEL: CRISIL Assigns 'B+' Rating to INR30MM Loans
--------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Excel.

                             Amount
   Facilities               (INR Mln)    Ratings
   ----------               ---------    -------
   Term Loan                    2.2      CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility          22.8      CRISIL B+/Stable

   Packing Credit              60        CRISIL A4

   Letter of Credit            10        CRISIL A4

   Cash Credit                  5        CRISIL B+/Stable

   Foreign Bill Negotiation   100        CRISIL A4

The ratings reflect the firm's modest scale of operations and
below-average financial risk profile marked by high leverage.
These weaknesses are partially offset by the extensive experience
of the firm's partners in the readymade garment (RMG) segment.
Outlook: Stable

CRISIL believes that Excel will continue to benefit from its
partners' extensive experience and established client relations.
The outlook may be revised to 'Positive' if the firm improves its
scale of operations and profitability resulting in improvement in
the business risk profile. Conversely, the outlook may be revised
to 'Negative' if there is considerable decline in accruals, or in
case of deterioration in working capital management or if it
undertakes a large debt-funded capital expenditure or in case of
greater-than-expected capital withdrawal leading to deterioration
in the financial risk profile.

Set up as a partnership firm in 1989, Excel manufactures RMG. The
day-to-day operations of the firm are managed by Mr. K Natarajan.

The firm recorded profit after tax (PAT) of INR8.5 million on
revenue of INR250 million in 2013-14 (refers to financial year,
April 1 to March 31) as against PAT of INR7.5 million on revenue
of INR212.8 million in 2012-13.


EXCELLENT MOULDERS: CRISIL Cuts Rating on INR60MM Loan to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Excellent Moulders to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit         60        CRISIL B+/Stable (Downgraded
                                 from 'CRISIL BB-/Stable')

   Letter of Credit    95        CRISIL A4 (Downgraded from
                                 'CRISIL A4+')

The rating downgrade reflects the deterioration in EM's working
capital management, driven by its stretched debtors and large bank
limit utilisations. EM's debtors increased to 245 days as on March
31, 2014 from 172 days as on March 31, 2013. The company's
financial risk profile has also deteriorated consequent to its
high working capital debt and interest bearing unsecured loans.
EM's gearing, despite improving to 2.49 times as on March 31, 2014
from 4.55 times as on March 31, 2013 remains below average.
Moreover, the company's interest coverage ratio has consistently
deteriorated from a high of 3.5 times in 2010-11 to 1.5 times in
2013-14.

The ratings reflect the benefits that EM derives from its
promoters' extensive experience in the plastics industry, its
established relationships with customers, and the consistent
funding support that it receives from its promoters. These rating
strengths are partially offset by EM's high working capital
requirements, weak financial risk profile, marked by a modest net
worth and a moderately high gearing.

Outlook: Stable

CRISIL believes EM will continue to benefit over the medium term
from its promoters' extensive experience in the plastics industry
and established relationship with customers and suppliers. The
outlook may be revised to 'Positive' in case the firm improves its
financial risk profile, most likely through prudent debtor
management, or further equity infusion by promoters. Conversely,
the outlook may be revised to 'Negative' in case EM's financial
risk profile deteriorates because of lower-than-expected cash
accruals, more-than-expected increase in working capital
requirements, or any debt-funded capital expenditure.

EM, established as a partnership concern in 1979, manufactures
plastic fan parts and other plastic packaging products for
cosmetics and food items. The firm is also an authorised
distributor for Polar Industries Ltd for its electrical fan
product. EM's manufacturing units are in Kolkata (West Bengal).
The firm is promoted by Mr. Anil Kamboj, Mr. Ashok Goyal, and Mr.
Giriraj Ratan Kothari, who have been in the injection moulded
plastics industry for over three decades.

For 2013-14 (refers to financial year, April 1 to March 31), EM
reported, on a provisional basis, a profit after tax (PAT) of
INR13.29 million on net sales of INR492.19 million, against a PAT
of INR14 million on net sales of INR670 million for 2012-13.


G B ENGINEERING: ICRA Reaffirms 'B-' Rating on INR24cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR24.00
crore (enhanced from INR23.00 crore) fund based working capital
facilities of G B Engineering Enterprises Private Limited at
[ICRA]B-. ICRA has also reaffirmed the short term rating assigned
to the INR22.62 crore non-fund based bank limits (enhanced from
INR22.28 crore) of GBEEPL at [ICRA]A4. Further, ICRA has also
reaffirmed ratings of [ICRA]B- and [ICRA]A4 for the INR38.38 crore
(reduced from INR39.72 crore) proposed bank facilities of GBEEPL.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Fund       24.00       Reaffirmed at [ICRA]B-
   Based Limits

   Short Term Fund       5.00       Reaffirmed at [ICRA]A4
   Based Limits

   Non Fund Based       22.62       Reaffirmed at [ICRA]A4
   Limits

   Proposed Bank        38.38       Reaffirmed at [ICRA]B-/
   Facilities                       [ICRA]A4

The rating reaffirmation takes into account the modest financial
profile of GBEEPL which continues to be impacted by the high
working capital intensity, resulting from long manufacturing lead
time and deferment of off-take by customers, the resultant tight
liquidity position and high utilization of fund based working
capital credit facilities. Moreover, due to the start-up nature of
operations of GBEEPL's JV company, the losses incurred by the JV
and its debt servicing obligations may necessitate additional
funding support from GBEEPL, which has extended corporate
guarantees to the JV's bank facilities. GBEEPL is also exposed to
raw material price risk as most of the supply contracts are fixed
price in nature.

Nonetheless, the ratings favourably consider the long track record
of the promoters in the industry and established profile of GBEEPL
in the boiler pressure components segment, with diversified
customer base consisting of reputed boiler manufacturers with
repeat orders from them. As on April 2014, GBEEPL had a modest
order book of INR50.7 crore, which provides modest visibility on
revenues for the near term.

G B Engineering Enterprises Private Limited is engaged in the
fabrication of high pressure application parts for heavy boilers,
pressure vessels, heat exchangers, etc. The company commenced
operations in 1980 as a fabricator of structural engineering parts
to Bharat Heavy Electricals Limited (BHEL), Trichy, and
diversified into pressure parts for boilers over a period of time.
The company specialises in the manufacture of critical pressure
parts and components. GBEEPL has an established customer base that
includes various established domestic and overseas boiler
manufacturers. GBEEPL is an ISO 9001 certified and American
Society for Mechanical Engineers (ASME) Code authorised company.

GBEEPL was established in the year 1980 as a partnership firm by
Mr B Pattabhiraman and his associates. It was subsequently
converted into a private limited company in 1987. In 2005-06,
GBEEPL became part of the Resurgent Group of companies, with its
entire shares being transferred to the group's holding company,
Resurgent Investments Private Limited (RIPL). During 2011-12, RIPL
divested its entire stake in favour of the original promoters of
GBEEPL.

GBEEPL has also formed two joint venture companies, the details of
which are given below.

Ansaldocaldaie - GB Engineering Private Limited (ACB-GB) is a
50:50 JV with Ansaldo Caldaie Boilers India Private Limited (ACB
India). This company will manufacture boiler parts for orders
undertaken by ACB India. It was formed by hiving of the Pudukudy
factory of GBEEPL, as consideration for which the latter received
INR40 crore in cash and INR20 crore of equity shares in ACB-GB.
ACB-GB has commenced operations from FY 2011-12 and reported net
losses of INR6.0 crore in FY 2012-13.

SBS and GB Saline Water Specialists Private Limited is a 50:50 JV
with SWS Saline Water Specialists, an Italian company. This
company provides technical and engineering solutions in the water
desalination space. It currently has limited operations and has an
authorized share capital of INR50 lakhs.

For FY 2014, as per unaudited provisional results, the company has
reported an operating income of INR51.7 crore and Profit After Tax
(PAT) of INR0.4 crore.


GENERAL COMPOSITES: ICRA Suspends B+ Rating on INR6.0cr Loan
------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR6.00 crore fund-based limits of General Composites Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


HARYANA MILK: CRISIL Suspends 'D' Rating on INR97.9MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Haryana
Milk Foods Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit             50        CRISIL D Suspended

   Letter of credit &
   Bank Guarantee          10        CRISIL D Suspended

   Supplier Bill
   Discounting             30        CRISIL D Suspended

   Term Loan                7.9      CRISIL D Suspended

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

HMFL, set up in 1965, processes milk to produce ghee and skimmed
milk powder (SMP). The company has capacity to process about
400,000 litres of milk per day. In 2011-12 (refers to financial
year, April 1 to March 31), HMFL's operations were adversely
affected because of the government ban on the export of SMP. As a
result, although the demand for ghee has remained steady, SMP's
sales have been low because of oversupply in the domestic market.
In 2011-12, HMFL also started purchasing ghee from third-party
entities and selling the same under its own brand to partly
addresses the aforementioned oversupply situation. In addition,
the company plans to include value-added products in its
portfolio, such as curd, lassi, and liquid milk, during 2012-13,
as these products entail better profit margins.


HI-TECH RESIDENCY: CARE Rates INR15cr Bank Loan at 'B+'
-------------------------------------------------------
CARE assigns 'CARE B+' the rating to the bank facility of Hi-Tech
Residency.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facility        15        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facility of Hi-Tech Residency
(HTR) is primarily constrained on account of its short track
record of operations, project implementation and saleability risk
with low booking status and its presence in a highly fragmented
and cyclical real estate industry which is currently facing a
subdued scenario.  The rating, however, draws strength from the
experience of the promoters and favorable location of the
project.

The ability of HTR to successfully complete its real estate
project within the envisaged cost and time schedule alongwith the
timely receipt from customers, and also diversion of funds to
group companies will be the key rating sensitivities.

HTR is a partnership firm incorporated on April 1, 2007 by Ms Usha
Jain, Mr Suresh Kumar Jain and Ms Kavita Shah. Mr Suresh Kumar
Jain is the key partner who manages the entire operations of HTR.
HTR has been set up with an objective to be engaged in the
business of real estate development and construction of
residential and commercial units. Till now, HTR has constructed
and sold out one residential project namely 'Hi Tech Residency' in
Vesu, Surat.

As per the latest CA Certificate dated March 8, 2014 HTR has
incurred INR29.83 crore mainly towards purchase of land of
INR18.88 crore and construction work in progress of INR10.92
crore. The is funded by the partner's capital of INR18 crore,
unsecured loan of INR7.83 crore, advances from customers of
INR1.37 crore and trade payables of INR2.63 crore.


JAGRAN STEELS: CRISIL Suspends 'B+' Rating on INR100MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jagran Steels and Power Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            50         CRISIL B+/Stable Suspended
   Term Loan              50         CRISIL B+/Stable Suspended

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

JSPPL, incorporated in June 2010 and promoted by Mr. Ashok Singh
and Mr. Jitendra Kumar, has implemented a brownfield project
involving the set-up of a re-rolling mill in Giridih (Jharkhand).
JSPPL commenced commercial production at the plant in August 2011.
The plant has capacity of 24,000 tonnes per annum, on a single-
shift basis. The company manufactures thermo-mechanically treated
bars, which are sold under the Raunaq brand.


JANTA ENGINEERS: ICRA Suspends 'B/A4' Rating on INR28cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B and [ICRA]A4 ratings assigned to
the INR28.00 crore bank facilities of Janta Engineers & Company.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


JEWEL STAR: CARE Reaffirms 'B+' Rating on INR30cr Bank Loan
-----------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Jewel Star.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      30        CARE B+ Reaffirmed

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.

Rating Rationale

The rating assigned to bank facilities of Jewel Star (JS)
continues to be constrained by the modest scale of operations,
small capitalization, relatively low profitability margins,
working capital intensive nature of operations, moderately
leveraged capital structure and moderate debt coverage indicators.
The rating further continues to be constrained by presence in a
highly fragmented industry, geographical concentration risk and
constitution of entity being a partnership firm.

The above constraints continue to be partially offset by strengths
derived from experience of partners in gems & jewellery industry,
established relationship with customers and moderate order book
position.

Ability of the firm to improve its scale of operations and
profitability margins amidst intense competition along with
efficient management of the working capital cycle are the key
rating sensitivities.

Established as partnership firm in 1992, Jewel Star (JS) is
engaged in the processing and exporting of polished diamonds.
JS is predominantly an export oriented unit [with exports forming
89.87% of the total income in FY14 (refers to the period
April 1 to March 31)] with sales primarily to Hong Kong, Israel,
U.A.E., Thailand, Belgium, USA and Australia. The processing units
of JS are located at Bhavnagar & Surat (Gujarat).

During FY14 (Provisional), JS posted a total income of INR96.11
crore (vis-a-vis INR82.23 crore in FY13) and earned PAT of INR1.69
crore (vis-a-vis INR1.17 crore in FY13). During the period April
1, 2014 to June 30, 2014, the firm has posted a total income of
INR34.35 crore.


KRISHNA OILS: ICRA Suspends 'D' Rating on INR19.05cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR19.05
crore long term fund based facilities of Krishna Oils & Proteins
Pvt. Ltd. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Krishna Oils & Proteins Private Limited (KOPPL) was incorporated
in 2006 and is engaged in the processing of soybean and sale of
soy products viz. Oil; DOC; lecithin, acid oil and fatty acids.
The manufacturing unit of the company located at Ujjain in Madhya
Pradesh includes a 400 tpd solvent extraction unit and a 50 tpd
refinery.


M.K.GUPTA & CO: CRISIL Rates INR47.7MM Loan at B+'
--------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
bank loan facilities of M.K.Gupta & Co -Siliguri (MKGC).
                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         90         CRISIL A4
   Cash Credit            47.7       CRISIL B+/Stable

The rating reflects MKGC's modest scale of operations in the
fragmented and competitive civil construction industry and its
large working capital requirements. These rating weaknesses are
partially offset by the extensive experience of MKGC's promoters
in the civil construction industry.

Outlook: Stable

CRISIL believes that MKGC will continue to benefit over the medium
term from the extensive experience of its promoters in the civil
construction industry. The outlook may be revised to 'Positive' in
case MKGC reports improvement in its scale of operations and
profitability or better working capital management, leading to
improvement in its financial risk profile, especially liquidity.
Conversely, the outlook may be revised to 'Negative' in case the
firm's working capital cycle stretches; it undertakes significant
debt-funded capital expenditure programme, or lower profitability,
leading to deterioration in its liquidity.

Formed in 1981 by the Siliguri (West Bengal)-based Gupta family,
MKGC is engaged in civil construction work related to construction
of roads and bridges. The firm's day-to-day operations are managed
by Mr. Suresh Kumar Gupta and Mr. Nikhil Gupta.


M.M. BROTHERS: ICRA Reaffirms 'B+' Rating on INR4cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ and a short
term rating of [ICRA]A4 assigned to the INR25.0 crore* Fund and
Non-fund based facilities of M.M. Brothers.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Facilities    4.00       [ICRA]B+ (Reaffirmed)

   Non-Fund Based
   Facilities              21.00       [ICRA]A4 (Reaffirmed)

The reaffirmation of MMB's ratings take into account its
established track record as electrical contractors for Government
entities, its experienced partners and its reputed client profile.
However, the ratings continue to remain constrained by MMB's small
scale of operations, moderate order book size which limits revenue
visibility and high working capital intensity of operations due to
significant receivables. The ratings also factor in high
geographical and sectoral concentration of the company's current
order book and high competitive intensity which translated into
moderate profitability. Going forward, MMB's ability to secure new
orders, grow its turnover while improving profitability and
maintain its capital structure at comfortable levels will remain
amongst the key rating sensitivity factors.

M.M. Brothers is a partnership firm incorporated in 2010 and
operates as a turnkey contractor for the electrical works
contracted by the Rajasthan Government. The partners in the firm
include Mr. Dhoot Sogani, Mr. Sunil Sogani and Mrs. Sangeeta
Sogani. The firm is registered as an E1 contractor in the various
government departments in the Rajasthan region. It has experienced
and qualified engineers and supervisory staff and has undertaken a
number of projects in the region.

It has been engaged in the external electrification works for
Government Organizations like Madhya Pradesh Poorv Kshetra Vidyut
Vitran Company, Jaipur Vidyut Vitran Nigam Limited, Rajasthan
State Road Development Construction Corporation, Rajasthan Housing
Board and Urban Improvement Trust. The scope of the work involves
shifting of overhead lines, laying of underground cables, external
electrification of new colonies, electric poles installation,
erection of lines, installing transformers between lines etc.

Recent Results
As per the provisional for FY14, the company reported a net profit
after tax (PAT) of INR0.41 crore on OI of INR33.62 crore. During
FY13, it made a PAT of INR0.38 crore on an OI of INR30.51 crore.


MEGHALAYA INFRATECH: ICRA Suspends B+ Rating on INR173cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR173.0
crore term loans of Meghalaya Infratech Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


N S RAMA: CRISIL Suspends 'B' Rating on INR66MM Loans
-----------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
N S Rama Rao Body Works (NSRRBW; part of the NSR group).

                    Amount
   Facilities      (INR Mln)    Ratings
   ----------      ---------    -------
   Cash Credit        50        CRISIL B/Stable Suspended
   Term Loan          16        CRISIL B/Stable Suspended

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

CRISIL has combined the business and financial risk profiles of
NSRRBW and NSR Elkemet Private Limited (NSREPL) together referred
to as the NSR group. This is because both the entities are managed
by the same promoters, are in a similar line of business, and have
fungible cash flows between them.

NSREPL was set up in 1997 by Mr. N R Ramesh and his family. The
company undertakes body building for tankers, containers, and
tippers, which are fitted on light to heavy commercial vehicles.
The products are available in various capacities ranging from 1000
litres to 40,000 litres, and containers ranging from 3 tonnes to
30 tonnes. Around 80 per cent of the pieces manufactured by NSREPL
are oil tankers, while the remaining are water tankers, tippers,
and other special containers. The company's major customers
include Tata Motors Ltd (rated 'CRISIL AA-/Positive/CRISIL
AAA(SO)/Stable/ CRISIL A1+') and Ashok Leyland Ltd (rated 'CRISIL
AA-/Stable/CRISIL A1+'). Some of NSREPL's private customers
include petrol pump owners of Bharat Petroleum Corporation Ltd
(rated 'CRISIL AAA/CRIISL FAAA/Negative/CRISIL A1+') and Indian
Oil Corporation Ltd (rated 'CRISIL AAA/ Negative /CRISIL A1+').


OM KAILASH: CARE Reaffirms 'B+' Rating on INR9cr Bank Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
OM Kailash Cotton.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9         CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Om Kailash Cotton
continues to remain constrained on account of the weak financial
risk profile marked by thin profitability, weak solvency position
and stretched liquidity position. The rating continues to remain
constrained on account of seasonality associated with raw material
availability and susceptibility to volatile cotton prices and
government regulations.

However, the rating continues to derive strength from the vast
experience of the partners in the cotton ginning business
and its favorable location in the cotton producing areas of
Gujarat. Furthermore, the rating also takes into consideration
increase in its scale of operations during FY14 (provisional;
refers to the period April 1 to March 31).

The ability of OKC to increase its scale of operations, improve
its profitability and liquidity position by way of effective
management of working capital requirements will remain the key
rating sensitivity.

OKC was constituted as a partnership firm in 2006 by the key
partners Mr Madhavji S Zanzarukiya, Mrs Prabha M Zanzarukiya and
Mr Manish M Zanzarukiya to undertake business of ginning &
pressing of raw cotton and trading of cotton bales/seeds. OKC
deals in 'Shankar 6' type of cotton which is being sourced through
local farmers from Gujarat.

OKC operates through its sole processing unit located in Botad
(Gujarat) and has 24 ginning machines and one pressing machine to
process raw cotton which enables it to produce 300 processed
cotton bales per day (1 bale is approximately 170 Kg).

OKC also has associate firms namely Madhav Cotton Ginning &
Pressing Factory (MCGPL - rated CARE B+) and Bhavani Cotton
Company (BCC) which are engaged in the same line of business.

During FY14 (Provisional), OKC reported a PBT of INR0.29 crore on
a total operating income (TOI) of INR103.97 crore as against a PAT
of INR0.10 crore on a TOI of INR90.84 crore in FY13.


PRABIR FOODSTUFF: CRISIL Reaffirms 'B' Rating on INR200MM Loan
---------------------------------------------------------------
CRISIL ratings on the bank facilities of Prabir Foodstuff Factory
continue to reflect Prabir's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, its large
working capital requirements leading to stretched liquidity, and
its susceptibility to volatility in raw material prices. These
rating weaknesses are partially offset by the extensive experience
of the firm's promoter in the rice business.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           200       CRISIL B/Stable (Reaffirmed)
   Packing Credit         80       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Prabir will continue to benefit over the
medium term from its promoter's industry experience. The outlook
may be revised to 'Positive' in case of substantial and
sustainable improvement in the firm's operating margin or if its
working capital cycle improves significantly, leading to
substantial cash accruals and hence to better liquidity.
Conversely, the outlook may be revised to 'Negative' if Prabir
undertakes a large debt-funded capital expenditure programme,
weakening its capital structure, or if its profitability comes
under pressure.

Update
Prabir reported an operating income of INR1309 million for 2013-14
(refers to financial year, April 1 to March 31), vis-a-vis INR1165
million for 2012-13. The revenue growth was subdued because of
nearly full capacity utilisation. However, its revenue is expected
to grow at healthy rate of around 20 per cent per annum over the
medium term supported by the increase in its manufacturing
capacities to 12 tonnes per hour (tph; operational since October
2013) from 4 tph previously. The firm primarily sells in the
domestic market (around 90 per cent) mainly under its own brands.
The management plans to focus on exports over the medium term.
Prabir's operating margin was around 6.0 per cent in 2013-14 and
is expected to remain at 6.0 to 6.5 per cent over the medium due
to the increase in contribution to its total sales from
manufacturing operations to around 48 per cent in 2013-14 from
around 16 per cent in 2012-13.

Prabir's liquidity is expected to remain weak over the medium term
due to its working-capital-intensive operations driven by the
seasonality of business, reflected in its large inventory,
estimated at 146 days as on March 31, 2014. Its bank limits were
fully utilised in 2013-14 and are expected to remain highly
utilised over the medium term. The firm's liquidity is also
constrained by its low net cash accruals, estimated at INR8
million in 2013-14. The annual net cash accruals are estimated at
INR20 million to INR30 million against repayment obligations of
INR9 million and INR10 million in 2014-15 and 2015-16,
respectively. Its liquidity has also been impacted by capital
withdrawal of INR12 million in 2013-14. The extent of capital
withdrawal will remain a key rating sensitivity factor over the
medium term.

Prabir's financial risk profile is expected to remain weak over
the medium term, with gearing at over 3 times and interest
coverage ratio below 1.5 times, due to continued large working
capital requirements and modest profitability.

Prabir reported a profit after tax (PAT) of INR8 million on net
sales of INR1309 million for 2013-14, against a PAT of INR6
million on net sales of INR1165 million for 2012-13.

Prabir, set up in 2005 by Mr. Kuljit Singh, mills and sorts
basmati and non-basmati rice. It sells its rice under the brands
Victoria, 777, KR, and Flying Horse. The firm has a rice milling
and sorting facility in Amritsar (Punjab), with a capacity of 12
tph.


QUALITY OVERSEAS: CARE Assigns B+ Rating to INR1.50cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Quality Overseas Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     1.50       CARE B+ Assigned
   Short-term Bank Facilities    5.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Quality Overseas
Pvt Ltd are primarily constrained by the weak financial risk
profile marked by the small scale of operations with low
profitability margins, leveraged capital structure and weak debt
service coverage indicators. The ratings are further constrained
by the working capital intensive nature of operations,
susceptibility of margins to fluctuations in raw material prices,
monsoon-dependant operations and fragmented nature of the
industry.

The ratings, however derive comfort from the experience of the
promoters, growing scale of operations and close proximity to raw
material sources.

Going forward, the ability of QAP to increase its scale of
operations while improving the capital structure and profitability
margins coupled with efficient management of the working capital
requirements shall be the key rating sensitivities.

Amritsar-based Quality Overseas Pvt Ltd as initially incorporated
in 1985 as J.J. Solvents Pvt Ltd, and subsequently changed its
name to the present one in the year 2009. The current promoters
comprise Mr Vinod Khanna, Mr Naresh Mittal, Mr Rajinder Mittal and
Mr Manpreet Makkar. The company is engaged in processing of paddy.
The company's processing facility is located at Amritsar, Punjab
with installed capacity of 14,600 ton per annum (TPA) as on March
31, 2014. QAP is procuring the raw material (paddy) mainly from
the grain market located in nearby regions in Punjab. The final
product (rice) is sold in Punjab, Haryana, Uttar Pradesh, Himachal
Pradesh and New Delhi through brokers. In FY13
(refers to the period April 1 to March 31), the company started
exports, mainly to Middle East countries.

QAP reported a PAT of INR0.02 crore on a total income of INR26.48
crore in FY13as against the PAT of INR0.05 crore on a total income
of INR21.56 crore in FY12. Based on the provisional results, HCL
reported a PAT of INR0.09 crore on a total income of INR32.50
crore in FY14.


QUICK ACT: CRISIL Reaffirms 'B+' Rating on INR150MM Loans
---------------------------------------------------------
CRISIL's rating on the bank facilities of Quick Act Light Systems
& Cables Pvt Ltd continues to reflect Quick Act's below-average
financial risk profile, marked by a skewed capital structure, weak
liquidity, and modest scale of operations, and large working
capital requirements. These rating weaknesses are partially offset
by the extensive industry experience of Quick Act's promoters in
the dealership and distribution business and the company's
established relationship with principals and customers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            38.5     CRISIL B+/Stable (Reaffirmed)
   Channel Financing     110       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      1.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Quick Act will continue to benefit over the
medium term from its promoters' extensive experience in the
dealership and distribution business. The outlook may be revised
to 'Positive' if the company's scale of operations increases
significantly, along with improvement in its financial risk
profile, on account of increase in its cash accruals or
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' if Quick Act's financial risk profile,
particularly its liquidity, deteriorates due to substantial
increase in its working capital requirements or lower than
expected profitability, leading to low cash accruals.

Update
For 2013-14 (refers to financial year, April 1 to March 31), Quick
Act registered revenues of INR662 million, a growth of around 13
per cent over the previous year, largely in line with CRISIL's
expectations. The growth in revenues can be attributed mainly to
the expansion of the company's customer base and geographic reach;
the company recently opened a new branch office at Powai in Mumbai
(Maharashtra). Quick Act's revenue is expected to grow at 10 to 14
per cent per annum over the medium term. However, its operating
margin is expected to remain modest around 4 per cent over this
period, in line with the past trend.

Quick Act has a below-average financial risk profile marked by an
aggressive total outside liabilities to tangible net worth ratio,
estimated around 7 times as on March 31, 2014. The weak capital
structure is on account of large working capital bank debt,
against a very small net worth of INR10 million as on March 31,
2014.  Quick Act's financial risk profile is expected to remain
constrained over the medium term, on account of the company's
small net worth and high reliance on debt for meeting its working
capital requirements. However, its financial flexibility is
supported by unsecured loans (Rs.28 million as on March 31, 2014)
from promoters.

Quick Act's liquidity remains weak, marked by high bank limit
utilisation and modest cash accruals, though supported by
significant unsecured loans extended by its family and affiliates.
Quick Act's average bank limit utilisation was high, at around 90
per cent over the 12 months through April 2014, with the company
frequently availing of temporary overdraft in order to meet its
incremental working capital requirements. The company is likely to
generate cash accruals of around INR9 million in 2014-15 against
which it does not have any debt obligations. The recent
enhancement in Quick Act's bank lines and absence of capex plans
will support the company's liquidity over the medium term.

Quick Act was first set up as a proprietorship concern named Quick
Act Light Cable Trading Company by Mr. Dinesh K Pherwani in Pune
(Maharashtra). It was reconstituted as a private limited company
in 2012 with Mr. Dinesh K Pherwani and his wife, Mrs. Varsha K
Pherwani, as directors. The company distributes products such as
power cables and switchgears as well as electric bulbs and
industrial pipe fittings. The promoters' family has been in the
cable trading business since 1983.


RAJVIR & CO: ICRA Assigns 'B+' Rating to INR8cr Loans
-----------------------------------------------------
ICRA has assigned [ICRA]B+ rating to the INR8.0 crore fund based
and non fund based facilities of M/s Rajvir & Co.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limit         1.0       [ICRA]B+; Assigned
   Non Fund Based Limits    7.0       [ICRA]B+; Assigned

The assigned rating factors in the experience of the promoter of
RJV who has been in the road construction business for almost 30
years and has worked extensively with the local government
agencies, the reasonably healthy order book position with an order
book/OI ratio of 1.5x, the growing scale of RJV and its
comfortable financial profile. RJV has low working capital
intensity which is expected to improve further with the recent
enhancement in their non fund based limits. However, ICRA remains
wary of the fact that the same has largely been achieved by
increasing the creditors in recent years resulting in TOL/TNW of
2.45x times. The rating also remains constrained due to high
client concentration and geographic risk since all the orders are
being executed in Rewari or Bhiwadi for PWD, Haryana with no price
escalation clauses. The rating also factors in the business risk
arising out of modest scale of operations, proprietorship nature
of the firm, and highly competitive business with presence of
multiple small players.

Going forward, the ability of the company to keep winning
contracts and successfully manage its working capital cycle
required to support the growing scale of the firm would be among
the key rating sensitivities.

M/s Rajvir and Company (RJV) is a proprietorship firm managed by
Mr. Rajvir Singh and incorporated in 1992. RJV is into road
construction in and around Bhiwadi area of Rajasthan and has
worked for clients such as RIICO, PWD Rewari, HSAM Board, Gurgaon,
HSAM Board, Rewari and various other state government agencies. In
1999, RJV set up a hot mix plant and was inducted as a AA class
contractor. Recently, the Company also set up a ready mix concrete
plant which was later divested to Rajvir Concrete Private Limited,
a sister concern incorporated in April 2012 to produce ready mix
concrete both for consumption of private and government entities.
Financial Results As per the audited accounts of the company, it
has recorded an operating income and PAT of INR18.9 crore and
INR1.12 crore respectively for FY2013 as against the operating
income and PAT of INR9.3 crore and INR0.57 crore respectively for
FY2012.


REAL GROWTH: ICRA Reaffirms 'B+' Rating on INR21cr Loan
-------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ rating for the INR21.00 crore fund
based limits of Real Growth Commercial Enterprises Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based facilities   21.00      [ICRA]B+ (reaffirmed)

The rating reaffirmation takes into account the operational
weaknesses arising out of a highly competitive industry
environment characterized by the presence of a large number of
players. The financial profile of the company also remains weak
marked by moderate profitability, high gearing and consequently
weak coverage indicators. However, rating however draws comfort
from the low raw material price risk due to low inventory levels
maintained by company and favorable demand outlook for the steel
products.

Real Growth Commercial Enterprises Limited was incorporated in
1995 under the name KRS Financials Pvt Ltd. In 2001, it was taken
over by the RG Group and the name was changed to Rajesh Projects &
Finance Limited which was subsequently changed to its current form
in January 2011. The company was involved in development of
commercial office-cum-shopping complexes till 2007. It commenced
trading of stainless steel sheets of various dimensions in
January 2010 in Bhiwadi (Rajasthan). The company's stock is listed
on the regional stock exchanges of Delhi, Jaipur and Ahmedabad.

Recent Results
During the financial year 2013-14, the company reported a profit
after tax (PAT) of INR2.18 crore on an Operating income of
INR170.43 crore as against PAT of INR1.41 crore on an operating
income of INR223.41 crore in FY13.


RUBBER PRODUCTS: ICRA Suspends 'D' Rating on INR8cr Loans
---------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR8.00 crore of
fund based and non fund based limits of The Rubber Products
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Set up by the late Mr. Narayan Shetty in 1965, The Rubber Products
Limited was reconstituted as a public listed company in 1989. The
company is engaged in the manufacture of industrial rubber
products such as hose pipes, moulded goods, rubber sheets, coated
fabrics, inflatable items and extruded goods. It has a registered
office and a state of art manufacturing unit at Thane. The company
is an ISO 9001:2008 certified company and has its shares listed on
Bombay Stock Exchange.


RYATAR SAHAKARI: CRISIL Assigns 'B-' Rating to INR460MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Ryatar Sahakari Sakkare Karkhane Niyamit.

                               Amount
   Facilities                (INR Mln)    Ratings
   ----------                ---------    -------
   Long Term Bank Facility     220        CRISIL B-/Stable
   Working Capital Facility    240        CRISIL B-/Stable

The rating reflects RSSKN's weak financial risk profile marked by
high gearing levels, low net worth and weak debt protection
metrics and its weak liquidity because of significant losses in
the past and large working capital requirements. The rating also
factors in society's exposure to risks related to unfavourable
government regulations and availability of sugarcane. These rating
weaknesses are partially offset by RSSKN's long-standing presence
in the sugar industry.

Outlook: Stable

CRISIL believes that RSSKN will continue to benefit over the
medium term from its long-standing presence in the sugar industry.
CRISIL, however, also believes that RSSKN's financial flexibility
and financial risk profile will remain constrained by the
society's weak capital structure and inadequate cash accruals to
meet maturing term debt obligation, over the same period and will
continue to depend on external sources of funding for meeting the
maturing debt obligations. The outlook may be revised to
'Positive' in case RSSKN registers significant improvement in its
operating profitability, leading to considerably high accruals and
improvement in its debt protection metrics, or benefits from
significant infusion of equity capital by its promoters, leading
to improvement in its capital structure. Conversely, the outlook
may be revised to 'Negative' if RSSKN incurs further losses
because of high input cost or if the society undertakes any
significant debt-funded capital expenditure programme, leading to
further weakening of its financial risk profile, particularly its
liquidity.

RSSKN, established in 1999, is a co-operative society engaged in
the manufacturing of sugar. It is based out of Bagalkot
(Karnataka). The day-to'day operations are managed by its chairman
Mr. R.S.Talewad who has more than three decades of experience in
the industry.


S SELLADURAI: CRISIL Suspends 'B' Rating on INR51.7MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S Selladurai Nadar Hotel & Catering World Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B/Stable Suspended
   Term Loan               1.7      CRISIL B/Stable Suspended

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

Incorporated in 2010, SSN is a wholesale trader of kitchenware
products. The company deals in a wide range of products including
cutlery, crockery, glassware, and other housekeeping products. The
company's customers include hotels, catering companies, and other
kitchenware dealers in South India. SSN operates out of a four-
storey showroom in Chennai.


SABITRI UDYOG: CRISIL Suspends 'B+' Rating on INR60MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sabitri
Udyog.

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

   Term Loan             10         CRISIL B+/Stable Suspended

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

Sabitri Udyog was established in 1997 by Mr. Satyabrata Chanda and
Dilip Chanda. The firm manufactures leather and safety footwear.
It has manufacturing facilities in Kolkata, with a total capacity
to manufacture 0.73 million pairs of footwear per annum and
capacity utilisation of about 60 per cent. The firm primarily
caters to the domestic market, with Bata India Ltd as its major
customer, contributing around 60 per cent of its total sales.


SAHAJ FASHIONS: CARE Assigns 'B+' Rating to INR12.89cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Sahaj Fashions
Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    12.89       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sahaj Fashions
Private Limited is primarily constrained on account of its
modest scale of operations and financial risk profile marked by
highly leveraged capital structure, weak debt service coverage
indicators and stressed liquidity position. The rating is further
constrained on account of its limited presence in the textile
value chain and vulnerability of margins to fluctuation in raw
material prices and its presence in the highly fragmented &
competitive textile industry.

The rating, however, favourably takes into account the experience
of the promoters in the textile industry, continuous growth in the
scale of operations of SFPL with moderate operating margin and
optimum capacity utilization.

The ability of the company to increase its scale of operations
along with improvement in capital structure and liquidity
position would be the key rating sensitivities.

Kishangarh (Rajasthan) based SFPL was incorporated in 2011 by
Toshniwal family based at Ajmer (Rajasthan). SFPL is promoted by
Mr. Rohit Toshniwal and Mr. Rakesh Choudhary. The company is
engaged in the manufacturing of grey fabric mainly cotton fabric
as well as trading of grey fabric. It procures grey cotton yarn
mainly from Punjab and Pali (Rajasthan) and gets it dyed on job
work basis from others. The manufacturing facility of SFPL is
located at Kishangarh with total 26 airjet looms having an
installed capacity of 39 Lakh Meters Per Annum (LMPA) as on
March 31, 2014 for manufacturing of grey fabric. The plant was
commissioned in April, 2012. The company markets its product under
the brand name of 'Sahaj' through agents-cum-dealers based out of
Ahemdabad (Gujarat) and Delhi.

Prior to SFPL, the promoters were engaged in the textile business
through proprietorship concerns Usha Fabrics (USF) and
Parwati Trading Co. (PTC) which are engaged in trading of grey
fabric.

As per the Audited results for FY14, SFPL has reported a total
operating income of INR32.64 crore (FY13: INR21.66 crore)
and PAT of INR0.26 crore (FY13: net loss of INR0.17 crore).


SESHA SAI: ICRA Assigns 'B' Rating to INR12cr Loans
---------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR6.00 crore long term
fund based limits and INR6.00 crore unallocated limits of Sesha
Sai Cotton Company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     6.00       [ICRA]B assigned
   Unallocated Limits    6.00       [ICRA]B assigned

The assigned rating is constrained by the firm's weak financial
profile characterized by low profitability on account of limited
value additive nature of the business, high gearing levels and
stretched coverage indicators. The high debt levels coupled with
low net worth resulted in weak capital structure as reflected by
gearing of 9.19x as on 30th September 2013. SSCC is also exposed
to customer concentration risks as the top 5 customers accounted
for more than 70% of the total revenue during FY14. The rating
also takes into account the inherent limitations associated with a
proprietorship concern limiting its ability to raise funds and
risk of dissolution upon the death/retirement/insolvency of the
proprietor. Further, the rating is also constrained by the
susceptibility of raw material availability to climatic
conditions; small scale of operations and fragmented nature of the
industry characterized by presence of large number of players
which limits the entity's ability to pass on any adverse price
movement to its customers.

The rating, however, is supported by the established track record
of the proprietor with about two decades of experience in cotton
ginning industry and proximity of the manufacturing unit to cotton
growing areas thereby aiding in easy availability of raw cotton
and lower transportation costs.

Going forward, ability of the company to increase its scale of
operations while improving profitability would remain key rating
sensitivities.

SSCC was setup in the year 2001 as a proprietorship concern by Mr.
Jampu Anjaneyulu. The entity is engaged in ginning and pressing of
cotton and trading of cotton lint and cotton seed. The firm has an
installed capacity of12 ginning machines located in Guntur, Andhra
Pradesh, while pressing of cotton bales is outsourced.

Recent results
As per the provisional (6M) FY 2014 results, the entity reported
operating profit of INR0.20 crore on an operating income of
INR8.55 crore as compared to operating profit of INR0.54 crore on
an operating income of INR21.49 crore for FY 2013.


SHEETAL COOL: ICRA Assigns 'B+' Rating to INR7.75cr Loans
---------------------------------------------------------
ICRA has assigned the rating of [ICRA]B+ to INR6.50 crore long
term fund based term loan and INR1.25 crore cash credit facility
of Sheetal Cool Products Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           1.25       [ICRA]B+ assigned
   Term Loan             6.50       [ICRA]B+ assigned

The rating is constrained by the entity's small scale of
operations in the milk processing and ice-cream manufacturing
business and its weak financial risk profile as reflected in low
profitability and high leveraging level. The rating is further
constrained by the high degree of geographical concentration with
presence of the company's operations only in the state of Gujarat,
the vulnerability of the company's profitability to raw material
price volatility as well as the high competitive intensity in the
industry resulting in limited pricing flexibility.

The rating however takes comfort from the long standing experience
of the promoters as well as the company's strong distribution
network spread across the state of Gujarat. The rating further
takes comfort from locational advantages of the company on account
of its proximity to major raw material i.e, milk and fruits.

Sheetal Cool Products Private Limited (erstwhile Shree Sheetal
Industries) was incorporated in the year 2000 as a proprietorship
firm. In FY 2014, the proprietorship firm was converted into a
private limited company namely 'Sheetal Cool Products Private
Limited' (SCPPL). The company is engaged in milk processing and
ice-cream manufacturing; its manufacturing facility is located at
Amreli, Gujarat and currently, has an installed capacity of milk
processing and packaging of 75,000 litres p.a.. However, the plant
at present operates at ~67% of the installed capacity with two
shifts of 12 hours each.

Recent Results
During FY 2013, Sheetal Cool Products Private Limited reported an
operating income of INR11.37 crore and Profit after tax of INR0.09
crore as against INR7.56 crore and Profit after tax of INR0.43
crore in FY 2012 (Shree Sheetal Industries' financials). The
company has reported an operating income INR12.13 crore and profit
before tax of INR0.17 crore in FY 2014 (combined unaudited
provisional financials).


SHIVASHAKTI SUGARS: CRISIL Suspends 'D' Rating on INR900MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shivashakti Sugars Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             900         CRISIL D Suspended

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

SSL was set up by Dr. Prabhakar B Kore in 1995. The company was
issued a license for setting up a sugar manufacturing unit in
1995; however, it was unable to launch the project till 2009 for
various reasons. SSL was acquired by KPR Sugar Mills Pvt Ltd (part
of KPR group of companies of Coimbatore [Tamil Nadu]) in the early
2000s. Even under the new management, the project did not commence
operations until 2008-09 (refers to financial year, April 1 to
March 31). The company was reacquired by Dr. Kore in April 2010.
The company is now fully owned and managed by Dr. Kore and his
family. SSL has a 3500-tonnes-crushed-per-day (TCD) sugar mill and
a 15-megawatt co-generation unit at Belgaum (Karnataka). Against
the original envisaged project cost of INR1271 million (Rs.729
million on sugar unit and INR542 million on co-generation
capacity), the cost escalated to INR1400 million because of time
delays and project cost escalation. The increased cost has been
funded through term loans from a cooperative bank.

The plant was commissioned in May 2011; sugar season 2011-12 is
its first full sugar season of production. During the current
sugar season, SSL crushed 290,000 tonnes of sugarcane and
recovered 31,800 tonnes of sugar; the average recovery rate stood
at 10.98 per cent for the company. Despite the sugar production of
roughly INR900 million, SSL's revenues have remained low because
of the low sugar release order from the government; the company's
topline is estimated at about INR140 million for 2011-12. SSL has
applied for extension of moratorium by one year to tide over its
liquidity crisis.


SHREE GANESH: ICRA Assigns 'C+' Rating to INR51.02cr Loan
---------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]C+ to the INR51.02
crore (enhanced from INR24.02 crore) fund based bank facilities of
Shree Ganesh Metaliks Limited.  ICRA also has the long term rating
of [ICRA]C+ outstanding to the INR203.47 crore fund based bank
facilities and the short term rating of [ICRA]A4 outstanding to
the INR11.50 crore non fund based facility of SGML.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limit-     51.02      [ICRA]C+ assigned
   Cash Credit

   Fund Based Limit-    203.47      [ICRA]C+ outstanding
   Term Loan

   Non Fund Based        11.50      [ICRA]A4 outstanding
   Limits - LC/BG

The rating assigned take into account, the dela0079s in the
commissioning of the billet plant which necessitated a
restructuring of debt, adverse capital structure post
restructuring of loan facility, moreover, the debt coverage
indicators also remained under pressure due to moderate operating
profitability. The ratings are also constrained by the weak
liquidity profile of SGML as a result of the high working capital
required in the business and the loss making operations, the
exposure of the company to the inherent cyclicality associated
with the steel industry which is likely to keep the profitability
and cash flows volatile. The ratings, however, favorably factor in
the long track record and the established presence of the
promoters in the sponge iron manufacturing business, substantial
savings in the power cost due to the commencement of the 18 MW
waste heat recovery based power plant and the 14 MW fuel based
power plant also have an impact on the ratings.

Incorporated in 2003, SGML is engaged in the manufacturing of
sponge iron with an installed capacity of manufacturing 400 Tons
Per Day (TPD) of sponge iron. The plant of the company is located
near Rourkela in the state of Odisha.

SGML, has recently commissioned a 18 MW waste heat recovery based
(WHRB) power plant, 14 MW FBC based power plant, 30 MTPA induction
furnace and a 150 MTPA coal washery plant with a total project
cost of more than INR230 crores.

Recent Results

SGML reported a profit after tax (PAT) of (Rs 18.09) crore in
2013-14 (Provisional) on the back of an operating income (OI) of
INR142.78 crore as against a PAT of INR(35.67) crore on an OI of
INR36.14 crore in 2012-13.


SHREE R.N.: ICRA Suspends B+/A4 Rating on INR6.5cr Bank Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the INR6.5 crore bank facilities of Shree R.N. Metals (India)
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


SREE SREE: CRISIL Suspends 'D' Rating on INR93.4MM Loans
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sree Sree Rakhahari Cold Storage Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           47.1        CRISIL D Suspended

   Proposed Long Term
   Bank Loan Facility    10.8        CRISIL D Suspended

   Term Loan             35.5        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by SSR
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSR is yet to
provide adequate information to enable CRISIL to assess SSR'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, SSR provides cold storage facilities to
potato farmers and traders. Its cold storage facility is located
in Paschim Midnapur district (WB). The average utilisation of the
company's storage capacity in 2010-11 (refers to financial year,
April 1 to March 31) was over 80 per cent. SSR's daily operations
are managed by its director, Mr. Anup Paratihar.


SRI BANKE: ICRA Suspends 'B' Rating on INR10cr Bank Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to INR10.00 crore bank
facilities of Sri Banke Behari Builder & Developers. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Sri Banke Behari Builder & Developers (SBD) is a proprietorship
concern engaged in construction activities in primarily in Uttar
Pradesh. Majority of its projects are concentrated towards
residential and commercial buildings while other projects include
widening and construction of roads. The promoters have been in
this business for more than 15 years and have done work mostly for
private players. In the past, SBD has also received construction
contracts from public entities like Uttar Pradesh Avas Evam Vikas
Parishad etc


TATA STEEL: S&P Revises Outlook to Stable & Affirms 'BB' CCR
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
outlook on Tata Steel Ltd. to stable from negative.  At the same
time, S&P affirmed its 'BB' long-term corporate credit rating on
the India-based company.  S&P also assigned its 'BB' long-term
issue rating to the proposed senior unsecured notes denominated in
U.S. dollar and euro to be issued by Singapore-incorporated ABJA
Investment Co. Pte. Ltd., a 100% subsidiary of Tata Steel Ltd.
Tata Steel will guarantee the notes.

"Our outlook revision reflects our expectation that Tata Steel's
operating performance will improve over the next three years,"
said Standard & Poor's credit analyst Vishal Kulkarni.

S&P anticipates that the completion of the first phase of Tata
Steel's Orissa greenfield project will generate positive free
operating cash flow starting fiscal 2016 (year ending March 31,
2016).  S&P therefore expects the company's financial metrics to
improve with the ratio of funds from operations (FFO) to debt
reaching 15% in fiscal 2016 and rising further in fiscal 2017.

S&P expects a rise in steel output of 3.5 million-4 million tons
over the next three years, from the current 8.5 million tons, from
the company's high-margin India operations to boost operating
performance.  At the same time, S&P expects the company to
gradually strengthen its operating performance in Europe with the
improving economic environment in the U.K. and eurozone.

S&P believes Tata Steel will moderate its growth strategy for the
next two years to improve its financial position.  The company
does not plan to immediately start the second phase of the Orissa
project after commissioning the first one. Tata Steel also
recently completed strategic measures such as the sale of a 50%
stake in Dhamra port and a parcel of land in suburban Mumbai.
These transactions will improve the company's financial position
after the negative impact of the rupee depreciation in the past 12
months.

S&P's rating on Tata Steel continues to reflect the company's
strong integrated India operations and its large steelmaking
capacity.  On the other hand, Tata Steel faces weak demand, excess
capacity, particularly in Europe, and weak financial ratios.

S&P expects Tata Steel to be able to manage its large debt
maturities based on its strong banking relationships and access to
capital markets.

S&P considers the proposed notes as Tata Steel's debt obligation
because: the notes are issued by a 100%-owned subsidiary set up to
raise funds for Tata Steel; and they have a guarantee of up to
125% of principal and a cross-default clause with parent Tata
Steel.  The rating on the notes reflects this view and the
company's intention to replace the notes with notes issued by Tata
Steel soon after Oct. 1, 2014.

"The stable outlook reflects our expectation that Tata Steel will
be able to improve its operating performance through higher steel
output in India and lower capital expenditure," said Mr. Kulkarni.
At the same time, S&P expects the company's cash flow protection
measures to remain weak with the FFO-to-debt ratio of 12%-15% for
the next one to two years.

S&P may lower the rating if it expects: (1) weaker operating
performance stemming from EBITDA per ton that is lower than S&P's
forecast; (2) significant delay in commissioning of the Orissa
project; (3) capital expenditure higher than what S&P expects; or
(4) significant rupee depreciation.  This would be indicated by
Tata Steel's FFO-to-debt ratio remaining below 15% on a sustained
basis.

S&P is unlikely to raise the rating in the next 12-18 months.
Nevertheless, S&P may raise the rating if it expects Tata Steel's
operating performance to improve more than its forecast or if the
company undertakes significant strategic measures to reduce
leverage, resulting in a FFO-to-debt ratio of more than 20% on a
sustained basis.


TECHMECH ENGINEERS: ICRA Assigns B+ Rating to INR15.65cr Loans
--------------------------------------------------------------
ICRA has assigned a long- term rating of [ICRA]B+ to the term loan
of INR2.80 crore and cash credit limit of INR9.20 crore of
Techmech Engineers. ICRA has also assigned a short term rating of
[ICRA]A4 to the INR0.35 crore non-fund based letter of credit and
bank guarantee limits of Techmech Engineers.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Loans       2.80       [ICRA]B+ assigned

   Long Term Fund
   Based Facilities      9.20       [ICRA]B+ assigned

   Unallocated           3.65       [ICRA]B+ assigned

   Short Term Non-       0.35       [ICRA]A4 assigned
   Fund Based Facilities

Rating Rationale
The rating takes into consideration the firm's relatively modest
scale of operations, high supplier concentration and relatively
stretched capital structure with a gearing of 3.01 times as on
March 31st, 2014. Further, the inventory driven high working
capital intensity has led to constrained liquidity position, as
evidenced by high utilisation of working capital limits. However,
the ratings are supported by the experience of the management in
the industry, reputed customer base of the firm, and its limited
exposure to raw material price volatility. While the overall
demand potential for Techmech's products and services would be
supported by expected growth in the infrastructure segment, the
high fragmentation and competitive intensity are limiting factors.
Going forward, the ability of the firm to manage its working
capital requirements while maintaining revenue growth and
profitability would be the key rating sensitivities.

Techmech Engineers was established in 1985 in Bangalore, Karnataka
and are distributors and solution providers for electrical
equipments. The firm supplies electrical equipment and also
undertakes system integration services for equipments supplied
both by others and themselves. The firm is being managed by three
partners Mr. KR Srivastava, Mr. KR Ramesh and Mr. K Ananth. All of
them are engineers by profession and have relevant experience in
the electrical industry.

Recent Results
During FY14 (as per provisional results), Techmech Engineers
reported an operating income of INR37.2 crore with a net profit of
INR0.8 crore as compared to operating income and net profit of
INR36.6 crore and INR0.8 crore respectively during FY13.


TURBO CAST: CRISIL Assigns 'B+' Rating to INR73.5MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Turbo Cast (India) Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           15         CRISIL B+/Stable
   Term Loan             58.5       CRISIL B+/Stable

The rating reflects TCIPL's susceptibility to risks associated
with its ongoing project and its expected leveraged capital
structure during its initial stage of operations. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the investment castings industry.

Outlook: Stable

CRISIL believes that TCIPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company stabilises operations at its
proposed plant in time and reports significant revenue and
profitability. Conversely, the outlook may be revised to
'Negative' if TCIPL faces considerable delay in commencement of
operations, generates lower-than-expected cash accruals during its
initial phase of operations, or witnesses a substantial increase
in its working capital requirements resulting in weak liquidity.

Incorporated in February 2013, TCIPL is setting-up 225-tonnes per
annum investment castings unit at Rajkot (Gujarat). The company is
promoted by M. R N Mavani, who will oversee its overall
operations. The plant is expected to commence commercial
production from December 2014.


UDAY AUTOLINK: CRISIL Reaffirms 'B+' Rating on INR440MM Loans
-------------------------------------------------------------
CRISIL's ratings on long-term bank facilities of Uday Autolink Pvt
Ltd continue to reflect UAPL's exposure to intense competition
from other dealers for Maruti Suzuki India Ltd (MSIL; rated
'CRISIL AAA/Stable/CRISIL A1+') in the Ahmedabad region (Gujarat),
and below-average financial risk profile marked by a highly
leveraged capital structure and weak debt protection metrics.
These rating weaknesses are partially offset by the benefits that
UAPL derives from the continued fund support that it receives from
its promoters.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            50         CRISIL B+/Stable

   Electronic Dealer
   Financing Scheme
   (e-DFS)                90         CRISIL B+/Stable

   Term Loan             300         CRISIL B+/Stable

Outlook: Stable

CRISIL believes that UAPL will continue to benefit over the medium
term from fund support from its promoters and its established
relationship with its principal. The outlook may be revised to
'Positive' if the company registers significant improvement in its
financial risk profile, backed by sustained growth in its sales
volumes and operating margin, or benefits from any large equity
infusion by its promoters. Conversely, the outlook may be revised
to 'Negative' in case UAPL registers lower-than-expected revenues
or if it undertakes a larger-than-expected, debt-funded capital
expenditure programme, resulting in deterioration in its financial
risk profile.

UAPL, established in 2012, is an authorised dealer for MSIL. UAPL
operates a 50,000-square-foot 3S (sales, services, and spares)
showroom in Eastern Ahmedabad. The day-to-day operations of the
company are managed by the promoters, Mr. Udaybhai Bhatt, his
brother, Mr. Nileshbhai Bhatt, and his son, Mr. Hemant Bhatt.


VIJAY JEWELLERS: ICRA Withdraws 'B+' Rating on INR12.5cr Loan
-------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B+ assigned to
the INR12.50 crore fund based bank facility (Cash Credit) and the
short term rating of [ICRA]A4 assigned to the INR6.50 crore fund
based bank facility (Gold Loan, which is a sub limit of Cash
Credit) of Vijay Jewellers, as there is no amount outstanding
against the rated instrument. The ratings were under notice of
withdrawal and are withdrawn as the period of notice of withdrawal
is complete.



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


MALAYSIA AIRLINES: Faces Likely Delisting After Second Disaster
---------------------------------------------------------------
Elffie Chew and Kyunghee Park at Bloomberg News report that
Malaysian Airline System Bhd., reeling from its second disaster in
four months, is likely near the end of its days as a publicly
traded company.

The company plans to present a revival plan to its state-run
parent Khazanah Nasional Bhd. this week, people familiar with the
matter said July 21, asking not to be identified because the talks
are private, according to Bloomberg. The options range from
Khazanah taking Malaysian Air private to bankruptcy, according to
one of the people, with both routes involving a delisting,
Bloomberg relates.

According to Bloomberg, Malaysian Air said its focus is on the
victims and families of Flight 17, while the loss of 537 lives and
two planes since March is straining the carrier's ability to stay
in business. Even a month before the latest disaster, Khazanah was
estimating that the unprofitable airline only had enough funds to
last it about a year, says Bloomberg.

"They don't have the luxury of time," Bloomberg quotes Mohshin
Aziz, an analyst at Malayan Banking Bhd. in Kuala Lumpur, as
saying. "Malaysian Air doesn't have a huge balance sheet, it's
still struggling from perception issues. We will probably see
drastic measures."

Flight 17 was en route to Kuala Lumpur from Amsterdam carrying 298
passengers and crew on July 17, when it was shot down over eastern
Ukraine, Bloomberg reports. The disaster occurred four months
after Malaysian Air Flight 370 disappeared with 239 people aboard,
leading to the longest search for a missing plane in modern
aviation history, Bloomberg notes.

Should Malaysian Air choose bankruptcy, it could be the biggest
for an airline in terms of assets since AMR Corp. (AXR) in 2011,
according to data compiled by Bloomberg.

Malaysian Air's Hugh Dunleavy, the airline's director of
commercial operations, had in May ruled out a bankruptcy,
Bloomberg notes.

The carrier's options also include renegotiations with the labor
union, a person familiar with the matter told Bloomberg.

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.



===============
M O N G O L I A
===============


KHAN BANK: Moody's Cuts Local Currency LT Deposit Rating to B2
--------------------------------------------------------------
Moody's Investors Service has downgraded the local currency long-
term deposit ratings for Khan Bank LLC, XacBank LLC, and Trade and
Development Bank of Mongolia LLC (TDBM) to B2 from B1. At the same
time, Moody's has downgraded the foreign currency long-term senior
unsecured debt ratings for TDBM to B3 from B1.

The outlook for all the ratings is negative.

The rating action follows Moody's downgrade of Mongolia's
sovereign ratings to B2 from B1 on 17 July 2014.

Ratings Rationale

The rating action on the three banks' ratings is based on the
consideration that the creditworthiness of the Mongolian banking
system is highly correlated to the sovereign. The sovereign
downgrade was driven by its strained external liquidity position,
as reflected by a sharp loss in foreign-exchange reserves.

Furthermore, expansionary monetary and fiscal policies have added
to demand pressures, fuelled inflation, and heightened spillover
risks to the banking system and the balance of payments.
Accompanied by a continued rise in the external debt burden, these
factors increase the country's vulnerability to external and
domestic shocks relative to rating peers.

Separately, Moody's rating action on the three banks also takes
into account the risks to the banks stemming from the Mongolian
government's pump-priming measures, some of which are heavily
credit-driven.

Specifically, the Bank of Mongolia -- in addition to policy-rate
reductions and fiscal spending -- provided MNT4.3 trillion ($2.6
billion) in loans to the banking system as of end-2013,
representing about 40% of total credit for the banking system.

The banks on-lent these loans to targeted industries and their
assets accordingly grew by 74% and loans by 54% during 2013.

These developments -- against the current backdrop of macro-
economic and export deterioration -- have increased the risks to
the banks' liquidity, profitability, asset quality and ultimately
-- their capital adequacy.

Liquidity conditions for the banks continue to tighten as loan
growth exceeds deposit growth. The system's loan-to-deposit ratio
jumped to 97% at end-2013 from 85% a year ago.

Meanwhile, profitability is shrinking, as the banks lower lending
rates to support the government's accommodative policies, while
maintaining relatively high deposit rates to stem the
deterioration in their funding profiles.

Moody's expects the banks' asset quality performance to
deteriorate further during the rest of 2014 and into 2015, as the
economy remains under pressure, and as loans booked during the
continuing credit boom season.

For example, asset quality has deteriorated in the mining and
manufacturing sectors, whose NPL ratios stood at 17.9% and 6.4% at
end-March 2014, compared to 12.2% and 3.3% a year ago.

The construction sector has not shown a material deterioration and
the NPL ratio for the sector stood at 2.9% at end-March 2014.
However, loans to the sector grew by 123.7% year-on-year at end-
March 2014, twice as fast as systemic loan growth at 54.5%. Once
the loans season, we expect substantial asset quality
deterioration.

Moreover, the mining sector remains vulnerable to continued slides
in commodity prices and demand, while the manufacturing and
construction sectors remain exposed to the subdued state of
domestic economic growth.

Trade and Development Bank of Mongolia

Moody's has lowered TDBM's baseline credit assessment (BCA) to b3
from b2. TDBM's BCA of b3 reflects its: (1) solid market position
as a leading corporate lender in foreign exchange and trade-
related businesses; and (2) diversified funding sources from both
domestic depositors and foreign financial institutions.

However, the ratings are constrained by the bank's vulnerability
to a deterioration in asset quality, given its high loan
concentration and portfolio of corporate loans.

TDBM's top 20 group borrower exposures were equivalent to 366% of
its Tier 1 capital, two times higher than those of Khan Bank and
XacBank at end-March 2014. More than 50% of these borrowers are
also in risky sectors, such as mining and construction. These
sectors accounted for 19.4% and 18.1% of its total loans,
respectively, at end-March 2014.

TDBM's BCA of b3 also reflects potential challenges related to
corporate governance that could arise from its narrow shareholding
structure.

Moody's has not incorporated any systemic support notching uplift
to TDBM's B3 foreign currency unsecured debt rating, given its
assessment of limited foreign currency support capacity of the
Mongolia government. This is despite the systemic importance of
TDBM -- as the second-largest lender in terms of loans -- in the
Mongolian banking system.

However, Moody's has incorporated one notch of systemic support to
its local currency deposit rating of B2, given the proven track
record of the Mongolian government of providing support to
depositors of failed banks such as Anod Bank (unrated), Zoos Bank
(unrated) and Savings Bank (unrated). Moody's expects the
government to support deposits at banks that are considered to be
of high systemic importance to the economy.

Khan Bank

Moody's has lowered Khan Bank's BCA to b2 from b1. Its BCA of b2
reflects its (1) strong franchise in Mongolia as the largest bank
in terms of loans, as well as its extensive nationwide branch
network, the largest among all domestic banks; and (2) relatively
granular loan book given that retail borrowers accounted for over
60% of its total loan portfolio at end-March 2014.

The ratings do not incorporate any uplift for systemic support
because Mongolia's sovereign rating is also B2.

XacBank

Moody's has lowered XacBank's BCA to b2 from b1. The bank's b2 BCA
reflects its (1) growing franchise and well-established expertise
in micro-finance; and (2) relatively low credit concentration
risk.

The bank's local currency deposit rating does not incorporate any
uplift for systemic support because the sovereign rating for the
Mongolian government is the same as the bank's standalone rating
of B2.

What Could Change the Rating - Up

Given that the B2 issuer ratings assigned to Khan Bank and XacBank
are the same as the sovereign rating, an upgrade of the banks'
ratings is unlikely. A return to a stable outlook would require a
return to a stable outlook on the sovereign rating, as well as
evidence that asset quality pressures can be contained as loan
books season.

Upward pressure on the B3 issuer rating of TDBM could occur if it
substantially reduces its borrower concentration and exposure to
risky sectors.

What Could Change the Rating - Down

The following factors could exert negative pressure on the three
banks' ratings: (1) corporate governance-related problems that
cause a loss of depositor confidence, therefore increasing the
threat of a deposit flight; (2) a significant deterioration in
asset quality; for example new NPLs to gross loans exceeding 4.0%;
(3) a rise in concentrations, or a rise in exposures to risky
sectors, in particular construction; (4) the Tier 1 ratio falling
below 9%; or (5) a significant deterioration in profitability,
such that net income is less than 1.4% of average risk weighted
assets.

The resultant ratings and actions are listed below:

Trade Development Bank of Mongolia --

* baseline credit assessment of b2 lowered to b3;

* local currency bank deposits rating of B1 downgraded to B2;

* foreign currency bank deposits rating of B2 downgraded to B3;

* issuer rating of B1 downgraded to B3;

* local currency long-term senior unsecured of B1 downgraded
   to B3;

* foreign currency long-term senior unsecured debt/subordinated
   debt of B1/B2 downgraded to B3/Caa1; and

* foreign currency long-term senior unsecured MTN/subordinated
   MTN of (P)B1/(P)B2 downgraded to (P)B3/(P)Caa1.

The revised ratings all carry negative outlooks.

All other ratings were affirmed: Bank Financial Strength of E+;
local currency/foreign currency short-term deposits rating of NP;
local currency/foreign currency short-term issuer rating of NP;
and ST MTN program rating of (P)NP.

Khan Bank --

* baseline credit assessment of b1 lowered to b2;

* local currency bank deposits rating of B1 downgraded to B2;

* foreign currency bank deposits rating of B2 downgraded to B3;

* issuer rating of B1 downgraded to B2; and

* local currency/foreign currency long-term senior unsecured

MTN/subordinated MTN of (P)B1/(P)B2 downgraded to (P)B2/(P)B3.

The revised ratings all carry negative outlooks.

All other ratings were affirmed: Bank Financial Strength of E+;
and local currency/foreign currency short-term deposits rating of
NP.

XacBank --

* baseline credit assessment of b1 lowered to b2;

* local currency bank deposits rating of B1 downgraded to B2;

* foreign currency bank deposits rating of B2 downgraded to B3;

* issuer rating of B1 downgraded to B2; and

* foreign currency long-term senior unsecured MTN of (P)B1
  downgraded to (P)B2.

The revised ratings all carry negative outlooks.

All other ratings were affirmed: Bank Financial Strength of E+;
local currency/foreign currency short-term deposit rating of NP;
local currency/foreign currency short-term issuer rating of NP;
and ST MTN program rating of (P)NP.

The principal methodology used in these ratings was Global Banks
published in May 2013.

Trade and Development Bank of Mongolia LLC, based in Ulaanbaatar,
reported total assets of MNT5.1 trillion (US$3.1 billion) as of
end-2013.

Khan Bank LLC, based in Ulaanbaatar, reported total assets of
MNT4.8 trillion (US$2.9 billion) as of end-2013

XacBank LLC, headquartered in Ulaanbaatar, reported total assets
of MNT1.8 trillion (US$1.1 million) as of end-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 202-241-8200.



                 *** End of Transmission ***