TCRAP_Public/140821.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, August 21, 2014, Vol. 17, No. 165


                            Headlines


A U S T R A L I A

NEPEAN AIR: In Administration; First Meeting Set For Aug. 28
PLUIM INTERIORS: Moore Stephens Appointed as Administrators


C H I N A

PARKSON RETAIL: Fitch's Outlook on 'BB' LT IDR Remains Negative


I N D I A

AADHEESH TEXFAB: CARE Assigns 'B' Rating to INR17.57cr Bank Loan
AKASAKI TECHNOLOGY: ICRA Withdraws B+ Rating on INR7cr Bank Lines
APEX HEALTHCARE: CRISIL Reaffirms B+ Rating on INR50M Cash Credit
BANJOSH ASSOCIATES: CRISIL Ups Rating on INR60MM Term Loan to B
COLOURS INT'L: ICRA Suspends 'B' Rating on INR3.00cr Loan

DEVSONS PRODUCTS: CRISIL Cuts Rating on INR145MM Cash Credit to D
G J FERNANDEZ: CRISIL Reaffirms 'B-' Rating on INR15MM Loan
GARDENIA AIMS: CRISIL Lowers Rating on INR1.34BB Term Loan to D
GREENLAND HOSPITALITY: ICRA Withdraws B+ Rating on INR16.5cr Loan
J.K. PULSE: CRISIL Assigns 'B' Rating to INR75MM Cash Credit

JAI SHREE: ICRA Assigns 'B' Rating to INR7.40cr Bank Facilities
JAIRAM MARUTI: CRISIL Ups Rating on INR76.9MM Term Loan to B+
KRISHNA GINNING: ICRA Assigns 'B' Rating to INR9.80cr Loans
KRUSHNA COTEX: CARE Assigns 'B+' Rating to INR18.80cr Bank Loan
KRUTI ASSOCIATES: CRISIL Reaffirms 'D' Rating on INR71MM Loan

LAND MARVEL: ICRA Suspends 'B' Rating on INR85cr Loan
LOHCAB MOTOR: CRISIL Reaffirms B+ Rating on INR100MM Loans
M.D. COTTEX: CARE Revises Rating on INR11.72cr Bank Loan to 'D'
MAHADIK SUGAR: CRISIL Lowers Rating on INR500MM Term Loan to 'D'
MAHAJYOTI FIBERS: CARE Revises Rating on INR11.27cr Loan to 'B+'

MANU IMPEX: ICRA Reaffirms 'B+' Rating on INR2.5cr Loan
MODEL RAG: CRISIL Rates INR70MM Cash Credit at 'B+'
NAKODA AGRO: CRISIL Assigns 'B+' Rating to INR40MM Cash Credit
NEELKANTH COAL: CRISIL Assigns 'B' Rating to INR120MM Cash Credit
PARTH DIAMOND: CRISIL Raises Rating on INR105MM LOC From 'D'

PARTHASARATHY CNC: ICRA Reaffirms 'B-' Rating on INR15.95cr Loan
PRAJAY PROPERTIES: CRISIL Reaffirms 'D' Rating on INR1.21BB Loan
PREMIER CARWORLD: CRISIL Assigns 'B' Rating to INR125MM Loan
RACHNA ENTERPRISE: CRISIL Lowers Rating on INR52.5MM Loan to D
RAJPAL CARGO: CRISIL Ups Rating on INR50MM Cash Credit to 'B+'

RAM SARUP: ICRA Suspends 'B' Rating on INR10cr Bank Loan
SAHYOG COTTON: CRISIL Assigns 'B+' Rating to INR500MM Cash Credit
SCODA TUBES: CRISIL Reaffirms 'B+' Rating on INR92.5M Cash Credit
SHREE BHAWANI: ICRA Suspends 'B+' Rating on INR1.0cr Loan
SHREE SIDHBALI: CRISIL Reaffirms B+ Rating on INR95.6MM Term Loan

SHRI RANI: CRISIL Assigns 'B+' Rating to INR60MM Cash Credit
SHUBHAM POLYSPIN: CRISIL Assigns 'B' Rating to INR29MM Term Loan
SIPPING SPIRITS: CARE Ups Rating on INR5.87cr Bank Loan From 'D'
SKY ALLOYS: CARE Reaffirms 'B+' Rating on INR126.31cr Bank Loan
SMILAX LABORATORIES: ICRA Suspends 'D' Rating on INR106.9cr Loan

TINKA STONES: ICRA Reaffirms B Rating on INR5.0cr Long-Term Loan
UNITED ELECTRICAL: CRISIL Keeps 'C' Rating on INR60MM Cash Credit


I N D O N E S I A

MODERNLAND REALTY: Fitch Assigns Final 'B' Rating to $191MM Notes


M O N G O L I A

* MONGOLIA: Seeks Economic Lifeline With Pivot to China, Russia


N E W  Z E A L A N D

VIADUCT CAPITAL: FMA Files Civil Proceedings Against Trustee


S O U T H  K O R E A

DAEHAN SHIPBUILDING: Bankrupt Korean Shipbuilder Files in U.S.
DAEHAN SHIPBUILDING: Chapter 15 Case Summary
LEO MOTORS: Incurs $315,000 Net Loss in Second Quarter


T H A I L A N D

TMB BANK: Fitch Affirms 'BB+' Support Rating Floor


                            - - - - -


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


NEPEAN AIR: In Administration; First Meeting Set For Aug. 28
------------------------------------------------------------
Paul Burness & Ivan Glavas of Moore Stephens Sydney were appointed
as administrators of Nepean Air Pty Ltd on Aug. 18, 2014.

A first meeting of the creditors of the Company will be held at
Level 12A, 45 William Street, in Melbourne, on Aug. 28, 2014, at
10:00 a.m.


PLUIM INTERIORS: Moore Stephens Appointed as Administrators
-----------------------------------------------------------
Geoffrey Tent Hancock of Moore Stephens Sydney was appointed as
administrator of Pluim Interiors Pty Limited on Aug. 18, 2014.

A first meeting of the creditors of the Company will be held at
Wesley Conference Centre, 220 Pitt Street, in Sydney, on
Aug. 28, 2014, at 9:00 a.m.



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


PARKSON RETAIL: Fitch's Outlook on 'BB' LT IDR Remains Negative
---------------------------------------------------------------
Fitch says the Outlook on Parkson's Foreign Currency Long-Term
Issuer Default Rating (BB/Negative) remains negative despite the
slight improvement in its profit margin in H114.  This is because
sales remained weak and leverage remained high.

Parkson's EBITDA margin improved slightly to 19.5% in H114
(2013:18.8%) due to an increase in merchandise gross margin and
cost cutting measures, including selectively closing down
unprofitable stores.  However, gross sales proceeds (GSP)
contracted by 4.5% (2013:+4.3%) to CNY9.96bn.  Meanwhile same
store sales declined by 8.9% (2013: -1.8%) as a result of weaker
consumer spending, the Chinese government's anti-corruption
campaign, and competition from other retail formats, particularly
e-commerce.

Parkson's payables adjusted funds from operations (FFO) net
leverage for the past 12 months ending June 14 is estimated to
have remained high at 5.5x (2013: 5.3x) while FFO fixed charge
coverage stayed at around 1.5x (2013: 1.52x).

Fitch said previously that the Outlook will be revised to Stable
if Parkson's FFO adjusted net leverage was sustained below 5x,
fixed charge coverage stayed above 1.5x, and neutral free cash
flow (FCF) was generated at a sustained basis.  There is no
certainty that the company can achieve these levels as rapid
deleveraging may be hindered by dividend distributions, the start-
up losses from new stores (17 stores with four in the pipeline),
and about CNY2bn of planned capex for the next two years(mainly
for its large Qingdao store).

On the other hand, a downgrade to BB- will be considered if
Parkson is not able to raise its sales productivity or minimize
losses from new stores, which are key factors to improve its
credit metrics.  However, Fitch notes that the company may improve
from current levels as it benefits from the reopening of its
Shanghai flagship store, as well as the on-going rationalization
of underperforming stores.  Parkson's exclusive tie-ups with brand
owners may also give the company a competitive edge over the
longer-term.



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


AADHEESH TEXFAB: CARE Assigns 'B' Rating to INR17.57cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Aadheesh
Texfab Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    17.57       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Aadheesh Texfab
Private Limited (ATPL) is constrained by the inherent project
execution & stabilization risk. The rating is further constrained
by the susceptibility of operating margins to fluctuation in
raw material prices and presence in the highly fragmented and
competitive grey fabric manufacturing segment leading to
stiff competition.

However, these factors far offset the benefits derived from the
experienced management and operational support from group
entities.

The ability of ATPL to successfully complete and stabilize the
project within the envisaged time and cost and thereafter
achieving the envisaged sales and profitability are the key rating
sensitivities.

Incorporated in 2012, Aadheesh Texfab Private Limited (ATPL) is
currently setting up plant to manufacture grey fabric for
shirting, dress material and bottom wear at Dahiwad (Shirpur,
Dhule). ATPL, a Deesan group company is setting up the
plant under Scheme of Integrated Textile Park (SITP) of Ministry
of Textile, the Government of India. In addition to ATPL,
the park will house 13 other Deesan group companies engaged in
weaving, warping and sizing of grey cloth under Group
Work Shed Scheme (GWSS) of the Government of Maharashtra. The
other companies would only be engaged in doing job work for ATPL.
The work shed would have 96 looms through 14 companies with a
total capacity of 96.67 lakh meters per annum, of which ATPL alone
will have 16 looms with a capacity of 9.08 lakh meters per annum.


AKASAKI TECHNOLOGY: ICRA Withdraws B+ Rating on INR7cr Bank Lines
-----------------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR7.0
crore bank lines of Akasaki Technology Private Limited as there is
no amount outstanding against the rated instrument.


APEX HEALTHCARE: CRISIL Reaffirms B+ Rating on INR50M Cash Credit
-----------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Apex
Healthcare Ltd (AHL) continues to reflect AHL's below-average
financial risk profile, marked by a small networth & high gearing,
and its working capital intensive and small scale of operations in
the highly fragmented bulk drugs industry. These rating weaknesses
are partially offset by the extensive industry experience of the
company's promoters.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B+/Stable (Reaffirmed)
   Term Loan              3.9      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AHL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company reports
higher-than-expected growth in revenue and earnings, while
improving its capital structure and reducing the working capital
intensity of its operations. Conversely, the outlook may be
revised to 'Negative' if AHL's financial risk profile,
particularly its liquidity, deteriorates, most likely because of a
decline in accretion to reserves, substantial debt-funded capital
expenditure (capex), or an increase in working capital
requirements.

Update
AHL achieved a strong revenue growth of around 57 per cent year-
on-year in 2013-14 (refers to financial year, April 1 to
March 31), primarily driven by robust client addition in the
domestic market coupled with an increase in revenue from the Latin
American markets. Though, its operating profitability declined by
about 250 basis points year-on-year to 7 per cent in 2013-14,
primarily due to a sharp increase in raw material costs, its
overall accruals increased, supported by revenue growth.

AHL's gearing improved, supported by higher accretion to reserves
and a marginal decline in working capital debt, but was still high
at about 2 times due to its small networth of INR 24 million as on
31st March 2014. The company's debt protection metrics remained
stable in 2013-14, with interest coverage ratio of 2.6 times and
net cash accruals to total debt ratio of 0.16 times. CRISIL
expects AHL's gearing to decline to around 1.60 times over the
medium term on the back of steady accretion to reserves and no
significant capex plans in the near future. The company's debt
protection metrics are also expected to improve, over this period,
supported by an improvement in its profitability

AHL's working capital requirements remained high, with gross
current assets of about 210 days as on March 31, 2014. To fund
this, the company is stretching its payables, which increased to
144 days in 2013-14 from 111 days a year earlier. Consequently,
its total outside liabilities to tangible networth ratio increased
to 4.6 times as on March 31, 2014 from 4.1 times as on March 31,
2013. The average utilization of its cash credit limits was also
high at 90 per cent during the 12 months (through May 2014) owing
to the working capital-intensive-nature of its operations. CRISIL
expects AHL's liquidity to remain stretched over the medium term
because of large working capital requirements.

For 2013-14, AHL reported, on a provisional basis, a profit after
tax of INR 3.9 million on net sales of INR 199.6 million; the
company reported a profit after tax of INR 1.8 million on net
sales of INR 127.3 million for 2012-13.

AHL was originally established as a partnership firm, Apex
Laboratories, in 2003 by Mr. Umesh Mendapara and his cousins, Mr.
Ramesh Gabani and Dr. Chandu Gabani.  In January 2007, this firm
was reconstituted as a closely held public limited company with
the current name. The company manufactures drug
intermediates/active pharmaceutical ingredients (bulk drugs) at
its facility in Ankleshwar (Gujarat), which has an installed
capacity of 82.5 tonnes per annum.


BANJOSH ASSOCIATES: CRISIL Ups Rating on INR60MM Term Loan to B
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Banjosh Associates to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                           Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Cash Credit               12.5      CRISIL B/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

   Proposed Long Term         2.8      CRISIL B/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL B-/Stable')

   Term Loan                 60        CRISIL B/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that BA's credit risk
profile will improve over the medium term. The improvement would
be driven by the expected increase in the firm's scale of
operations and operating profitability, leading to higher cash
accruals, as its production and processing unit for button
mushrooms became fully operational in February 2014. The higher
cash accruals will result in an improvement in the firm's debt
protection metrics, net worth, and liquidity, and will be adequate
to meet its term debt obligations.

The rating reflects BA's weak financial risk profile, marked by a
small net worth and high gearing. This weakness is partially
offset by the extensive experience of the firm's promoters in the
food processing industry.

Outlook: Stable

CRISIL believes that BA will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the firm's revenue and profitability
margins or an improvement in its capital structure on the back of
significant equity infusion by its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a lower-than-
expected ramp up in BA's revenue, leading to low cash accruals, or
deterioration in its capital structure on account of substantial
working capital requirements or debt-funded capital expenditure.

BA was set up as a partnership firm in 2003 by Mr. Kamal Joshi and
his family and friends. The firm has a production and processing
unit for button mushrooms and for canning mushrooms at Kotdwar
(Uttarakhand). The unit became fully operational in February 2014.


COLOURS INT'L: ICRA Suspends 'B' Rating on INR3.00cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B rating outstanding on the INR3.00
crore long-term, fund based facilities and [ICRA]A4 rating
outstanding on the INR20.00 crore short-term, fund based
facilities of Colours International Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


DEVSONS PRODUCTS: CRISIL Cuts Rating on INR145MM Cash Credit to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Devsons
Products (DP) to 'CRISIL D' from 'CRISIL BB-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               145     CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The rating downgrade reflects the firm's weak liquidity caused by
large working capital requirements, leading to bank lines
remaining overdrawn for more than a month. CRISIL believes that
the firm's liquidity will remain weak over the medium term because
of working capital intensity in operations.

DP's operations continue to be working capital intensive, while
its margins remain susceptible to volatility in raw material
prices. The rating also reflects the firm's stretched liquidity,
as a result of increased working capital requirements. However,
the firm benefits from the extensive experience of its promoters
and its established position in Gujarat.

DP, a partnership firm managed by Bhawanbhai Kotak and his family,
manufactures basic spices such as chilli powder, turmeric powder,
coriander powder; blend spices such as garam masalas; premium
blend spices such as pav bhaji  masala, biryani/pulav masala,
chhole masala, sambar masala, jaljira, tea masala; and asafoetida
(hing). The firm sells these products under the brands, Hans and
Devi, in Gujarat, Rajasthan and Maharashtra.

For 2012-13 (refers to financial year, April 1 to March 31), DP
reported an estimated profit after tax (PAT) of INR9.2 million on
net sales of INR834.6 million, against a PAT of INR6.5 million on
net sales of INR581.1 million for 2011-12.


G J FERNANDEZ: CRISIL Reaffirms 'B-' Rating on INR15MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of G J Fernandez,
Engineers & Contractors continue to reflect GJFEC's small scale of
operations in the intensely competitive civil construction
industry, its large working capital requirements, and high degree
of geographical and project concentration in its order-book. The
ratings of the firm are also constrained on account of its below-
average financial risk profile marked by its small net-worth,
moderate gearing and weak debt protection metrics. These rating
weaknesses are partially offset by the benefits that GJFEC derives
from its promoter's extensive experience in the civil construction
industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          50       CRISIL A4 (Reaffirmed)
   Cash Credit             15       CRISIL B-/Stable (Reaffirmed)
   Letter of Credit         1       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that GJFEC will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained increase in the firm's revenues, while maintaining its
profitability margins, or there is a sustained improvement in its
working capital cycle. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the firm's profitability
margins, or significant deterioration in its capital structure
caused most likely because of any large debt-funded capital
expenditure or a stretch in its working capital cycle.

GJFEC was set up by Mr. G J Fernandez in 1947. The firm undertakes
civil construction works, which includes setting up concrete
spillways, power houses, sheds and facilities. The firm is based
in Secunderabad (Telangana), and its operations are concentrated
mainly in Karnataka. Telangana, and Andhra Pradesh.


GARDENIA AIMS: CRISIL Lowers Rating on INR1.34BB Term Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Gardenia Aims Developers Pvt Ltd to 'CRISIL D' from 'CRISIL BB-
/Stable'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long Term       100       CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Bank Loan Facility      1340       CRISIL D (Downgraded from
   Term Loan                          'CRISIL BB-/Stable')

The rating downgrade reflects the delay by GADPL in servicing its
interest and term loan repayments. The delay was caused by the
company's weak liquidity, primarily on account of decline in
customer advances and fresh booking of new flats due to orders
passed by the National Green Tribunal (NGT). As per the latest
judgement, NGT has prohibited Noida Authority from giving
completion certificates for projects falling within 10 km of Okhla
Bird Sanctuary.

The rating also reflects GADPL's exposure to risks related to its
ongoing project and to the cyclicality inherent in the real estate
sector in India. However, it benefits from the long track record
of GADPL's promoters in the real estate industry and the advanced
stage of construction and booking of its project.

GADPL was incorporated in 2009. It is a special-purpose vehicle
for the development of a group housing project in Noida (Uttar
Pradesh). The company is developing a 2.2-million-square-foot
residential project, Gardenia Aims GLORY, at Sector 46, Noida, at
a total revised cost of about INR8.3 billion to be funded in a
debt-to-equity ratio of 1:1 and the remaining by customer
advances. The project was commercially launched in July 2009.


GREENLAND HOSPITALITY: ICRA Withdraws B+ Rating on INR16.5cr Loan
-----------------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR16.5
crore bank facilities of Greenland Hospitality Private Limited, as
the notice period of three years since suspension of rating has
expired.


J.K. PULSE: CRISIL Assigns 'B' Rating to INR75MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of J.K. Pulse Manufacturer Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              75       CRISIL B/Stable

The rating reflects JK Pulse's weak financial risk profile, marked
by weak capital structure and debt protection metrics; modest
scale of, and working-capital-intensive, operations; exposure to
intense market completion; and adverse changes in government
regulations. These rating weaknesses are partially offset by the
benefits that JK Pulse derives from its promoters' extensive
experience in the pulses trading business and their funding
support.

For arriving at the rating, CRISIL has treated unsecured loans of
INR7.6 million as on March 31, 2014, extended to JK Pulse by its
promoters, as neither debt nor equity as these loans are expected
to be retained in the business over the medium term.

Outlook: Stable

CRISIL believes that JK Pulse will benefit from its promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if there is a significant and
sustained improvement in JK Pulse's cash accruals and consequently
its debt protection metrics and liquidity. Conversely, the outlook
may be revised to 'Negative' if JK Pulse's financial risk profile,
especially liquidity, deteriorates further due to lower-than-
expected cash accruals or a stretch in its working capital cycle.

JK Pulse was taken over by Mr. Radheshyam Agarwal and his family
members in 2008, and trades and processes pulses, largely urad
dal. JK Pulse is a part of JK group of companies based in Indore
(Madhya Pradesh), which trades and processes pulses and also has
warehousing facilities.

For 2013-14 (refers to financial year, April 1 to March 31), JK
Pulse reported an estimated profit after tax (PAT) of around INR1
million on net sales of around INR416.9 million; the company
reported a PAT of INR0.7 million on net sales of INR325 million
for 2013-14.


JAI SHREE: ICRA Assigns 'B' Rating to INR7.40cr Bank Facilities
---------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR7.40
crore fund-based bank facilities, INR0.40 crore unallocated bank
facilities and INR0.20 crore of non-fund based bank facilities of
Jai Shree Shyam textiles.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Bank       7.40         [ICRA]B assigned
   Facilities

   Non-fund based
   bank facilities       0.20         [ICRA]B assigned

   Unallocated bank      0.40         [ICRA]B assigned
   facilities

The assigned rating takes into account the limited track record of
the firm owing to recent commencement of operations in June 2014.
Further being a new entrant, the firm has a limited customer base
and is yet to establish the market acceptability for its product.
The rating also factors in the fragmented and competitive nature
of the industry which results in profitability pressures; margins
additionally remain susceptible to fluctuations in raw material
prices as well as seasonality in business. Given the debt funded
nature of the capital expenditure incurred by the firm, ability to
achieve high capacity utilization with satisfactory profitability
margins will be the critical determinants of its debt servicing
capability. The entity additionally remains exposed to other risks
associated with its constitution as a partnership firm such as
limited sources of raising capital, withdrawals from capital etc.
The rating however draws comfort from the favourable location of
the manufacturing facilities of the firm in Panipat (Haryana),
which provides easy access to raw material well as access to
skilled labour owing to numerous textile units in the region.

In ICRA's view, the ability of the firm to scale-up its operations
while achieving satisfactory profitability metrics and effectively
managing its working capital cycle will remain critical for its
debt coverage indicators and liquidity and hence would be key
rating sensitivities. This apart, timely enhancement in working
capital limits and/or capital infusion by the partners will also
remain critical to support liquidity during the ramp-up phase and
would be key rating monitorables.

Jai Shree Shyam Textiles is a partnership firm and is engaged in
manufacturing of mink blankets. The firm is promoted by first
generation entrepreneurs, who have prior experience of in yarn
manufacturing and trading. The manufacturing facility of the firm
is located in Panipat (Haryana). The firm has an installed
capacity to manufacture 8MT of blankets per day and commenced the
commercial production in June 2014.


JAIRAM MARUTI: CRISIL Ups Rating on INR76.9MM Term Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Jairam Maruti Mills to 'CRISIL B+/Stable' from 'CRISIL B/Stable',
while reaffirming its short-term rating at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee           7.8       CRISIL A4 (Reaffirmed)
   Cash Credit             70         CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')
   Long Term Loan          76.9       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects improvement in JMM's business risk
profile, driven by significant increase in the firm's scale of
operations along with sustenance of its profitability. The firm's
sales increased to INR554 million in 2013-14 (refers to financial
year, April 1 to March 31) from INR381 million in 2011-12, led by
robust increase in demand for cotton yarn. CRISIL believes that
JMM will maintain its improved business risk profile, supported by
healthy orders from its established customer base. Improvement in
its scale of operations along with steady profitability led to
improvement in its cash accruals in 2013-14. CRISIL believes that
JMM will sustain the improvement in its cash accruals over the
medium term, driven by sustained improvement in its revenues.

The rating continues to reflect JMM's below-average financial risk
profile, marked by a high gearing, and the firm's modest scale of
operations and exposure to risks related to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of JMM's promoters in the textile
industry.

Outlook: Stable

CRISIL believes that JMM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm registers more-
than-expected revenues and profitability, resulting in further
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' in case JMM undertakes a larger-than-
expected debt-funded capital expenditure programme, leading to
deterioration in its capital structure, or generates less-than-
expected cash accruals, or if its working capital requirements are
larger than expected, leading to pressure on its liquidity.

JMM was set up in 2006 by Mr. A Subramanian and Mr. A Rajan. It
manufactures cotton yarn. The firm is based in Coimbatore (Tamil
Nadu).


KRISHNA GINNING: ICRA Assigns 'B' Rating to INR9.80cr Loans
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR9.80
crore (enhanced from INR6.80 crore) fund based bank facilities of
Krishna Ginning Pressing & Oil Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.00        [ICRA]B assigned/outstanding
   Term loan             1.80        [ICRA]B outstanding

The assigned rating is constrained by KGPOI's limited track record
of operations; weak financial profile as evident from highly
leveraged capital structure, low profitability and coverage
indicators. The rating is further constrained on account of the
regulatory risks associated with cotton exports as well as the
fragmented nature of the cotton ginning industry resulting in high
competitive intensity. Further, the firm is exposed to adverse
movements in raw material (cotton) prices which coupled with low
value additive nature of the work, keeps the profitability metrics
and cash accruals at modest levels. ICRA also notes that KGPOI is
a partnership firm and any significant withdrawals from the
capital account would affect its net worth and thereby the gearing
levels.

The rating, however, favorably considers the favorable location of
the plant giving it easy access to high quality raw cotton and
strong demand for cotton seed oil in Gujarat. Further ICRA has
considered KGPOI's presence in oil expelling which provides
diversification in product mix.

Established in 2012, Krishna Ginning Pressing and Oil Industries
is engaged in ginning, pressing as well as crushing operations.
The business is owned and managed by Mr. Dalpatbhai and other
family members. The firm's manufacturing facility is located in
Jamnagar, Gujarat. The firm has 24 ginning machines and 1 pressing
machine having a cumulative processing capacity of 125 TPD of raw
cotton. The firm is also equipped with 6 expellers for cottonseed
crushing to produce cottonseed oil as well as cottonseed oil cakes
with production capacity of 7500 kgs of cottonseed oil per day.
The firm commenced commercial operations from March 2013.

Recent Results
For the year ended 31st March 2014(as per provisional financial
statement), Krishna Ginning Pressing & Oil Industries reported
operating income of INR71.38 crore and profit before tax of
INR0.66 crore.


KRUSHNA COTEX: CARE Assigns 'B+' Rating to INR18.80cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities
of Krushna Cotex Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     18.80      CARE B+ Assigned
   Short-term Bank Facilities    18.08      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Krushna Cotex
Private Limited are constrained by relatively moderate scale of
operations, low and fluctuating profitability margins, leveraged
capital structure and weak coverage indicators.  The ratings are
further constrained by the foreign exchange fluctuation risk,
susceptibility of margins to raw material price fluctuation and
presence in the highly fragmented and competitive industry.

These factors far offset the benefits derived from experienced
management and operational support from group entities. Ability of
KCPL to improve the scale of operations and profitability amidst
increasing competition coupled with efficient management of
working capital cycle are the key rating sensitivities.

Incorporated in 2007, Krushna Cotex Private Limited is engaged in
manufacturing of terry towels. The company generates around 47% of
income through exports and rest through domestic customers, while
procures raw material domestically. KCPL's plant is located at
Shirpur, Dhule, Maharashtra with installed capacity of 92.4 tonnes
per annum.

KCPL, a Deesan group company was established under the "Group Work
Shed Scheme" for power looms, wherein KCPL provides all the
infrastructure and other units setup their looms in the same work
shed and share all the facilities. Under the said scheme 36 looms
were setup with the other 14 units (not belong to the Deesan
group); off which only 1 loom belongs to KCPL. Out of these 36
looms 24 are installed and functional while 12 other are yet to be
installed. These looms will provide.


KRUTI ASSOCIATES: CRISIL Reaffirms 'D' Rating on INR71MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Kruti Associates
continues to reflect instances of delays by the firm in servicing
its debt; the delays have been caused by the firm's weak
liquidity. The firm's account has been classified as a non-
performing asset by its banker.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL D (Reaffirmed)
   Long Term Loan            14      CRISIL D (Reaffirmed)
   Overdraft Facility        65      CRISIL D (Reaffirmed)
   Proposed Long Term        71      CRISIL D (Reaffirmed)
   Bank Loan Facility

Kruti is also exposed to intense competition in the stainless
steel industry, and its profitability margins are susceptible to
volatility in raw material prices. However, Kruti derives benefit
from its promoter's extensive experience in the steel industry.

Kruti, set up in 1994, is a proprietorship concern promoted by Mr.
Deepak Desai. The firm manufactures stainless steel sheets, which
are used in manufacturing of utensils and other kitchenware.


LAND MARVEL: ICRA Suspends 'B' Rating on INR85cr Loan
-----------------------------------------------------
ICRA has suspended ICRA]B ratings assigned to the INR85.0 crore
non convertible debentures of Land Marvel Projects 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.


LOHCAB MOTOR: CRISIL Reaffirms B+ Rating on INR100MM Loans
----------------------------------------------------------
CRISIL's rating on the bank facilities of Lohcab Motor Company Pvt
Ltd continue to reflect its below-average financial risk profile,
marked by its small net worth, high total outside liabilities to
tangible net worth (TOLTNW) ratio, and weak debt protection
metrics. The rating also factors in the company's stretched
liquidity. These rating weaknesses are mitigated by Lohchab's
long-term association with Mahindra & Mahindra Ltd (M&M; rated
'CRISIL AA+/Stable/CRISIL A1+') and Honda Motors India Pvt Ltd
(HMI).

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             30       CRISIL B+/Stable (Reaffirmed)
   Channel Financing       70       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Lohchab will continue to benefit from its
association with M&M and HMI, over the medium term. The outlook
may be revised to 'Positive' if the company improves its financial
risk profile and liquidity with sizeable cash accruals and an
enhanced capital structure. Conversely, the outlook may be revised
to 'Negative' if Lohchab's financial risk profile deteriorates
because of substantial debt-funded capital expenditure (capex) or
deficient working capital management.

Update
Lohchab's operating income declined to INR1237 million in 2013-14
(refers to financial year, April 1 to March 31) from INR1267
million in 2012-13, driven by subdued demand of personal vehicles.
The company sold around 1940 cars on an average ticket size of
INR0.6 million in 2013-14. Lohchab's sales were INR270 million in
the first quarter of 2014-15 with sale of 630 cars at an average
ticket size of around INR0.4 million, and could be around INR1320
million for the whole year. The company's operating margin was 1.5
per cent in 2013-14 given its trading operations, and could remain
low.

Lohchab's financial risk profile and liquidity could remain below-
average, over the medium term. The TOLTNW ratio is likely to
remain high at around 3 times, with its small net worth, estimated
at INR50 million, as on March 31, 2014, and large inventory. Low
net cash accruals led to extensive dependence on bank borrowings,
as indicated by bank limit utilisation of around 90 per cent on
average for previous year.

The company can comfortably meet its term debt obligations of
INR5.3 million and INR2.5 million, with net cash accruals in the
range of INR6.2 million to INR6.6 million, respectively, in 2014-
15 and 2015-16. Lohchab intends to undertake capex to open
showrooms for M&M and HMI in 2014-15, but has not finalised the
size and funding mix. The company has reduced its cash credit
limit and resorted to channel financing to reduce interest
expenses. Thus, the interest coverage could improve to around 1.6
times over the medium term, from around 1.4 times as on March 31,
2014.

Lohchab was set up in 2009 by Mr. Jitesh Lohchab, and commenced
operations in 2010-11. The company is an authorised dealer for
M&M, and has showrooms in Rohtak, Jhajjar and Bahadurgarh (all in
Haryana). Lohchab also has a dealership for HMI motorcycles, with
showrooms in Rohtak and Sampla (Haryana).

The company, on a provisional basis, reported net sales of
INR1224.8 million and profit after tax (PAT) of INR3.8 million for
2013-14, as against a PAT of INR2.4 million, on net sales of
INR1256.6 million, for 2012-13.


M.D. COTTEX: CARE Revises Rating on INR11.72cr Bank Loan to 'D'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
M.D. Cottex Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.72      CARE D Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of M.D.
Cottex Private Limited primarily factors in the irregularity in
servicing of its debt obligations due to the weak liquidity
position.


MAHADIK SUGAR: CRISIL Lowers Rating on INR500MM Term Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Mahadik
Sugar & Agro Products Ltd to 'CRISIL D' from 'CRISIL BB-/Stable'.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan                 500       CRISIL D (Downgraded from
                                       'CRISIL BB-/Stable')

The rating downgrade reflects instances of delays by MSAPL in
meeting its term debt obligations. The delays have been caused by
the company's weak liquidity.

MSAPL is also exposed to risks associated with its nascent scale
of operations, and the cyclical demand and regulatory risks
inherent in the sugar industry. The company has a below-average
financial risk profile marked by modest net worth and average debt
protection metrics. However, it benefits from its promoters'
extensive experience in the sugar industry.

MSAPL was incorporated in 1999. The company was originally
promoted by Mr. Shankar Rao Mahadik and his family members. The
present promoters-Mr. Nrupal Patil, Mr. Sunil Kekal, and Mr.
Praviin Kekal-acquired MSAPL through Reliable Sugar and Allied
Industries Pvt Ltd (RSAIPL) in February 2013. RSAIPL is MSAPL's
majority shareholder with a 94 per cent stake.

Under Phase I, MSAPL set up an integrated sugar plant with
capacity of 2500 tonnes crushed per day (tcd) and a 9-megawatt
(MW) co-generation (co-gen) power plant in Farale in Kolhapur
(Maharashtra) at a cost of INR833.3 million. The plant was
commissioned and began commercial operations in December 2013. In
Phase II, MSAPL intends to expand capacity of its sugar plant to
3500 tcd and of the co-gen plant to 17 MW.


MAHAJYOTI FIBERS: CARE Revises Rating on INR11.27cr Loan to 'B+'
----------------------------------------------------------------
CARE revises rating assigned to the bank facilities of Mahajyoti
Fibers Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.27      CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Mahajyoti Fibers Private Limited (MFPL) is primarily driven by
an increase in its total operating income (TOI) and gross cash
accruals (GCA) along with the improvement in the liquidity
position during FY14 (refers to the period April 1 to March 31).
The rating assigned to the bank facilities of MFPL continues to
remain constrained on account of the low net-worth, leveraged
capital structure, presence in the highly fragmented cotton
ginning industry, seasonality associated with the procurement of
raw material, susceptibility of profitability to cotton price
fluctuation and changes in the government policy.

However, the rating continues to draw strength from the wide
experience of the promoter in the cotton industry and
proximity to the cotton-growing areas of Madhya Pradesh and
Maharashtra.

The ability of MFPL to increase its scale of operations and
improve its profitability and capital structure, while moving up
in the cotton value chain, will remain the key rating sensitivity.

Sendhwa-based (Madhya Pradesh) MFPL was promoted by the Agrawal
family in 2008. The company is engaged in the trading of ginned
cotton and cotton seeds and also produces cotton bales by ginning
and pressing of raw cotton. The ginning facility is located at
Prakasha (Maharashtra) with an installed capacity of 21,000 Metric
tonnes per annum (MTPA) as on March 31, 2014.

During FY14 (Provisional), MFPL reported a PBT of INR0.58 crore on
a total operating income (TOI) of INR34.45 crore as against a PBT
of INR0.26 crore on a TOI of INR12.24 crore in FY13.


MANU IMPEX: ICRA Reaffirms 'B+' Rating on INR2.5cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the INR2.5
crore cash credit limits of Manu Impex Private limited. ICRA has
also reaffirmed the short term rating of [ICRA] A4 to the INR7.5
crore non-fund based limits of MIPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       2.5         [ICRA]B+ Reaffirmed
   Non-Fund Based Limits   7.5         [ICRA]A4 Reaffirmed

The rating reaffirmations favourably factor in the company's
diversified customer base with moderate client concentration risk
and the strong experience of the promoters in the specialized
steel and iron trading business.

The ratings remain constrained by the company's modest scale of
operations, trading nature of business resulting in relatively
weak profit margins, high inventory period leading to inventory
risk, exposure to foreign currency fluctuation risk and the
company's stretched capital structure characterised by low net
worth, weak coverage indicators and stretched liquidity position.

MIPL, erstwhile know as Manu enterprise, began its operation in
1958 as a trader of steel and iron products. Founded by Mr.
Manubhai Shah, the company is currently being run by his sons Mr.
Hitesh and Mr. Tushar Shah. MIPL is involved in trading of boiler
quality pressure vessel plate. Its clientele consists of companies
such as Godrej & Boyce Manufacturing Company Ltd., Lonestar
Industries and Inox India Ltd.

Recent Results
The company recorded a PBT of INR0.05 crore on an operating income
of INR9.9 crore in FY14 as compared to a PBT of INR0.05 crore on
an operating income of INR10.2 crore in FY13.


MODEL RAG: CRISIL Rates INR70MM Cash Credit at 'B+'
---------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Model Rag Exports.

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

The rating reflects MRE's modest scale of operations in the highly
fragmented and competitive tobacco industry, its weak financial
risk profile marked by a high total outside liabilities to
tangible net worth ratio and weak debt protection metrics. These
rating weaknesses are partially offset by the benefits derived by
the extensive experience of MRE's promoters in the tobacco
industry and its healthy relationships with its key customers.

Outlook: Stable

CRISIL believes that MRE will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenues and
profitability increase substantially, leading to an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if MRE undertakes aggressive, debt-funded
expansions, or in case of deterioration in its working capital
management or if its revenues and profitability decline
substantially, leading to weakening of its financial risk profile.

Set up in 2012 as a sole proprietorship by Mr. Shabbir Ahmad, MRE
is engaged in trading and processing of unmanufactured tobacco.
The processing facilities are based out of Guntur (Andhra
Pradesh).

MRE, reported on a provisional basis, a profit after tax (PAT) of
INR4 million on net sales of INR307 million for 2013-14 (refers to
financial year, April 1 to March 31), as against a PAT of INR2
million on net sales of INR188 million for 2012-13.


NAKODA AGRO: CRISIL Assigns 'B+' Rating to INR40MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Nakoda Agro Tech.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit              40         CRISIL B+/Stable
   Term Loan                21.5       CRISIL B+/Stable

The rating reflects NAT's expected below-average financial risk
profile marked by modest net worth, high gearing, and weak debt
protection metrics; the rating also factors in the firm's modest
scale of operations in the intensely fragmented cotton ginning and
pressing industry. These rating weaknesses are partially offset by
NAT's partners' extensive industry experience and their funding
support.

Outlook: Stable

CRISIL believes that NAT will benefit over the medium term from
the extensive industry experience of its partners and their
funding support. The outlook may be revised to 'Positive' in case
of stabilisation of its debt-funded capital expenditure leading to
healthy ramp-up in its operations, along with better-than-expected
cash accruals. Conversely, the outlook may be revised to
'Negative' in case of unanticipated delays in commissioning of its
enhanced capacities or lower-than-expected cash accruals or
larger-than-expected working capital requirements, which may exert
pressure on the firm's liquidity.

NAT is a partnership firm set up by Mr. Mahipal Jain and his
family members in 2013-14 (refers to financial year, April 1 to
March 31). The firm is currently setting up a cotton ginning and
pressing unit in Khetia (Madhya Pradesh), and is expected to
commence operations in November 2014.


NEELKANTH COAL: CRISIL Assigns 'B' Rating to INR120MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Neelkanth Coal Manufacturing Pvt Ltd.  The rating
reflects NCMPL's modest scale of operations and customer
concentration in its revenue profile. These rating weaknesses are
partially offset by the promoters' established track record in the
salt industry.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              120       CRISIL B/Stable

Outlook: Stable

CRISIL believes that NCMPL will continue to benefit over the
medium term from its promoters' extensive experience in the salt
industry. The outlook may be revised to 'Positive' if the company
achieves a higher-than-expected scale of operations and
profitability along with better working capital management.
Conversely, the outlook may be revised to 'Negative' if it does
not achieve the expected sales or profitability, or if its working
capital requirements increase by more than expected, thus leading
to deterioration in its business and financial risk profiles.

NCMPL was set up in 2003 by the Neelkanth group based in
Gandhidham (Gujarat). The company was formed for manufacturing of
low-ash met coke. However, later on, the management decided to not
to venture into this business. Currently, the company is engaged
in the production of industrial salt.


PARTH DIAMOND: CRISIL Raises Rating on INR105MM LOC From 'D'
------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Parth Diamond Pvt Ltd to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           15       CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Line of Credit          105       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term        5       CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')


The ratings upgrade reflects the regularisation of Parth's bank
limits over the last three months ended July 31, 2014 supported by
improvement in its inventory levels. CRISIL believes that the
company will sustain this improvement on the back of its better
production planning and its management's cautious strategy to
operate with lower inventory levels. Furthermore, the company's
liquidity profile is supported by absence of term loans; the
company does not intend to contract any incremental term loan over
the medium term.

The ratings factors in Parth's large working capital requirements,
and its modest scale of operations in the intensely competitive
jewellery manufacturing industry. The ratings of the company are
also constrained on account of its average financial risk profile
marked by its low net worth, moderate total outside liabilities to
tangible net worth ratio, and average debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the jewellery
manufacturing industry, and its established relationships with
customers.

Outlook: Stable

CRISIL believes that Parth will maintain its established presence
in the jewellery manufacturing industry over the medium term on
the back of its promoters' extensive industry experience and its
established relations with customers. The outlook may be revised
to 'Positive' if there is substantial improvement in the company's
capital structure on the back of sizeable equity infusion from its
promoters, or there is a sustained improvement in the company's
receivables cycle. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its capital
structure caused most likely because of larger-than-expected
working capital requirements.

Parth, established in 2000 by Mr. Vaishal P Jariwala, manufactures
diamond-studded jewellery for retailers. The company primarily
caters to the domestic market.


PARTHASARATHY CNC: ICRA Reaffirms 'B-' Rating on INR15.95cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- outstanding
on the INR15.95 crore term loan facilities and the INR1.55 crore
fund based facilities of Parthasarathy CNC Technology Private
Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term loan facilities    15.95      [ICRA]B- reaffirmed
   Fund based facilities    1.55      [ICRA]B- reaffirmed

The reaffirmation of rating considers the favourable long-term
outlook for the capital goods sector, although the ongoing
economic slowdown, which has affected investments in that sector,
is expected to adversely impact the company's revenue growth and
profitability at least in the near term. The rating also considers
the net losses incurred by the company during the period 2007-08
to 2010-11 which has adversely impacted the networth; and the
aggressive debt financing of capital expenditure during 2013-14,
which is expected to result in the company's capital structure and
coverage metrics remaining stretched over the medium term.
However, demonstrated financial support from promoters through
infusion of unsecured loans provides comfort to an extent. The
company's scale of operations remains small, which restricts
financial flexibility.

Incorporated in 2007, PCTPL is primarily engaged in the
manufacture of casings for gear boxes and manufacture of
components which find application in capital goods. The Company
also undertakes job work activities. Its manufacturing facility is
located in Pollachi (Tamil Nadu). PCTPL is promoted by Mr. P
Prabhakar, Mr. P Sekhar and Mr. P Badri.

Recent results
PCTPL reported an operating income of INR3.80 crore, during 2013-
14 (according to unaudited results). It reported a net profit of
INR0.15 crore on an operating income of INR3.05 crore during 2012-
13.


PRAJAY PROPERTIES: CRISIL Reaffirms 'D' Rating on INR1.21BB Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Prajay Properties Pvt
Ltd (PPPL; part of the Prajay group) continues to reflect
instances of delay by PPPL in servicing its debt; the delays have
been caused by the group's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Project Loan             1213     CRISIL D (Reaffirmed)

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

The Prajay group is also exposed to implementation and demand
risks associated with its ongoing project - Prajay Megapolis, and
is vulnerable to cyclicality inherent in the Indian real estate
industry. However, the group benefits from its promoters'
extensive industry experience in real estate development business.

For arriving at the rating, CRISIL has combined the business and
financial risk profile of PPPL and its wholly owned subsidiary -
Prajay Land Capital Pvt Ltd (PLCPL), together referred to as the
Prajay group. This is because each company owns a part of the land
on which the Prajay Megapolis project is being constructed, and
PPPL will pay a revenue share to PLCPL for the proportion of land
owned by the latter.

PPPL, incorporated in 2007 by Prajay Engineers Syndicate Ltd, is
developing a high-rise residential real estate project - Prajay
Megapolis - in Hyderabad (Andhra Pradesh). State General Reserve
Fund, Oman, has invested around INR659 million in PPPL by way of
compulsory convertible debentures. PLCPL, a wholly owned
subsidiary of PPPL, owns 8.35 acres of land out of the total 17.12
acres under development.


PREMIER CARWORLD: CRISIL Assigns 'B' Rating to INR125MM Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Premier Carworld Pvt Ltd and has assigned its
'CRISIL B/Stable' ratings to the bank facilities of PCPL. The
ratings were previously 'Suspended' by CRISIL vide the Rating
Rationale dated September 26th 2013, since PCPL had not provided
necessary information required for a rating review. PCPL has now
shared the requisite information enabling CRISIL to assign ratings
to its bank facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             125       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects PCPL's weak capital structure constraining its
overall financial risk profile, low profitability, and exposure to
intense competition in the automative dealership business. These
rating weaknesses are partially offset by PCPL's prudent working
capital management.

For arriving at the rating, CRISIL has treated unsecured loans of
INR100 million, extended to PCPL by its promoters and their
relatives, as neither debt nor equity. This is based on a specific
undertaking from the management that the loans will not be
withdrawn from the business for next three years.

Outlook: Stable

CRISIL believes that PCPL will benefit over the medium term from
its established relationship with Maruti Suzuki India Ltd (MSIL;
Rated CRISIL AAA/Stable/CRISIL A1+). The outlook may be revised to
'Positive' in case of higher-than-expected accruals or substantial
infusion of capital by the promoter, leading to improvement in
PCPL's financial risk profile, particularly its capital structure
and liquidity. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected accruals or if the
company's working capital cycle weakens or if it undertakes any
large debt-funded capital expenditure programmes, leading to
further deterioration in its financial risk profile, especially
liquidity.

PCPL, incorporated in 2010, and promoted by the Kolkata (West
Bengal [WB])-based Mr. Ramesh Chandra Agarwal, is an authorised
dealer of MSIL's passenger cars in and around Kolkata. PCPL
commenced its operations in March 2011. In 2013-14 (refers to
financial year, April 1 to March 31), PCPL obtained a second
dealership of MSIL for Barasat (WB), and is expected to commence
operations from its recently established showroom in Barasat from
August 2014.


RACHNA ENTERPRISE: CRISIL Lowers Rating on INR52.5MM Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Rachna
Enterprise (RE) to 'CRISIL D' from 'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                52.5     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects instances of delay by RE in
servicing its term debt; the delays have been caused by the firm's
weak liquidity. The firm has weak liquidity because of its lower-
than-expected offtake of its sole commercial project in Surat
(Gujarat) The booking status continues to remain low. CRISIL
believes that RE's liquidity will remain weak over the medium term
because of demand risks related to selling/leasing of its
commercial space as reflected by its low booking status.

RE continues to have exposure to demand risks related to
selling/leasing of its commercial space and exposure to risks and
cyclicality inherent to the real estate sector in India. The firm,
however, benefits from the extensive experience of its promoters
in the real estate sector and the brand recall of the promoter,
the Jivraj group, in the Surat region.

Incorporated in 2011, RE is a joint venture between the Jivrag
group and the Ribaa group based in Surat. Mr. Vijay Sureshchandra
Shah, Mr. Viren Sureshchandra Shah (brother of Mr. Vijay Shah),
Mr. Rishabh Viren Shah (son of Mr. Viren Shah), and Mr.
Harikrishan Sundarlal Virmani are the partners in the firm. RE
started building a commercial complex in 2012 located at Surat
that is expected to be completed by October or November 2013.


RAJPAL CARGO: CRISIL Ups Rating on INR50MM Cash Credit to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Rajpal Cargo Movers Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

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

   Proposed Long Term
   Bank Loan Facility       14.5      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Term Loan                 7.8      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The upgrade reflects sustainable improvement in RCML's financial
risk profile, particularly liquidity, on the back of liquidation
of investment in unrelated assets. In 2013-14 (refers to financial
year, April 1 to March 31), the company sold a flat it had
invested in for INR37 million, realising profit of INR4 million,
which was used to reduce debt by INR54 million; as a result, its
gearing declined to 0.7 times as on March 31, 2014, from 1.7 times
a year ago. The reduced debt also led to reduced interest payment
leading to improved debt protection metrics, marked by interest
coverage ratio of 2.4 times and net cash accruals to total debt
ratio of 0.2 times in 2013-14. The sale proceeds also led to
moderate utilisation of cash credit facility, at an average of 60
per cent over the 12 months through March 2014. CRISIL believes
that in the absence of any debt-funded capital expenditure (capex)
plan, RCML will sustain it financial risk profile, particularly
its liquidity, over the medium term.

The rating reflects RCML's small scale of operations, large
working capital requirements, and exposure to intense competition
in the road freight transport industry. These rating weaknesses
are partially offset by the benefits that RCML derives from its
promoters' extensive experience in the road freight transport
industry and their expected funding support.

For arriving at the rating, CRISIL has treated RCML's interest-
free unsecured loan of INR20 million from its promoters and group
companies as neither debt nor equity; this is because the
unsecured loan is to be retained in the business.

Outlook: Stable

CRISIL believes that RCML will continue to benefit over the medium
term from its promoters' extensive experience in the road freight
transport industry and their funding support. The outlook may be
revised to 'Positive' if RCML improves its scale of operations and
profitability, leading to substantial cash accruals and
improvement in liquidity and capital structure. Conversely, the
outlook may be revised to 'Negative' in case of significant
weakening in RMPL's business risk profile because of decline in
sale leading to losses, or in its financial risk profile most
likely because of large debt-funded capex.

RCML was incorporated in 2000 as Rajpal Cargo Movers South Pvt Ltd
by Mr. Surinder Singh and his family members and was renamed as
Rajpal Cargo Movers Pvt Ltd in 2004. It provides inland logistics
(by road) services, mainly to steel manufacturing companies in
Karnataka and Maharashtra.

RCML reported a profit after tax (PAT) and net sales of INR4
million and INR153 million, respectively, for 2012-13; the company
reported PAT of INR1 million on net sales of INR191 million for
2011-12.


RAM SARUP: ICRA Suspends 'B' Rating on INR10cr Bank Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B ratings assigned to the INR10.0 crore
bank facilities of Ram Sarup Ram Niwas. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


SAHYOG COTTON: CRISIL Assigns 'B+' Rating to INR500MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sahyog Cotton and Oil Pvt Ltd. The rating
reflects Sahyog's average financial risk profile marked by a high
gearing and below-average debt protection metrics and its large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of Sahyog's promoters
in the cotton industry, and the company's proximity to cotton-
growing belts.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan              27.5       CRISIL B+/Stable
   Standby Line of Credit   50       CRISIL B+/Stable
   Cash Credit             500       CRISIL B+/Stable
   Proposed Long Term     22.5       CRISIL B+/Stable
   Bank Loan Facility

Outlook: Stable

CRISIL believes that Sahyog will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers
higher-than-expected accruals, or if its capital structure
improves on account of capital infusion by its promoters.
Conversely, the outlook may be revised to 'Negative' if Sahyog
registers deterioration in its overall financial risk profile,
because of increase in its working capital borrowings, or if it
undertakes any larger-than-expected debt-funded capital
expenditure programme, resulting in pressure on its liquidity.

Sahyog, set up in 1993-1994 (refers to financial year April 1 to
March 31), processes cotton seed cake and wash oil from cotton
seeds. In 2013-14, the company set up a cotton ginning unit of
250-bales-per-day capacity. Its overall operations are looked
after by Mr. Natwarlal Faldu and his son, Mr. Keval Faldu.

For 2012-13, Sahyog registered a profit of INR6.0 million on net
sales of INR1.57 billion, against a net profit of INR5.0 million
on net sales of INR1.51 billion for 2011-12. For 2013-14, on a
provisional basis, the company reported net sales of INR1.64
billion.


SCODA TUBES: CRISIL Reaffirms 'B+' Rating on INR92.5M Cash Credit
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Scoda Tubes Ltd
continues to reflect its weak financial risk profile marked by
high gearing and weak debt protection metrics, its modest scale of
operations in the highly fragmented stainless steel seamless pipe
industry and its working capital intensive operations. These
rating weaknesses are partially offset by its promoters' extensive
industry experience.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee         7.5       CRISIL A4 (Assigned)
   Term Loan             21.7       CRISIL B+/Stable (Reaffirmed)
   Proposed Term Loan     1.5       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        25       CRISIL A4 (Assigned)
   Cash Credit           92.5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes STL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company achieves higher-than-
expected cash accruals or its promoters infuse significant equity,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if there is a significant
decline in STL's cash accruals or deterioration in its working
capital cycle or the company undertakes any large, debt-funded,
capital expenditure programme, resulting in further weakening of
its financial risk profile.

Incorporated in 2008, STL commenced commercial productions in
September 2010. It manufactures stainless steel seamless, welded
tubes and pipes, and U tubes. The company is promoted by Mr.
Mahesh Patel and Mr. Harshad Patel. The company has manufacturing
facility based in Mehsana (Gujarat).

For 2013-14 (refers to financial year April 1 to March 31), STL is
estimated to achieve a profit after tax (PAT) of INR5.1 million on
net sales of INR266.4 million as against a PAT of INR3.5 million
on net sales of INR291.0 million for 2012-13.


SHREE BHAWANI: ICRA Suspends 'B+' Rating on INR1.0cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR1.00
crore long-term fund-based limits & [ICRA]A4 rating assigned to
the INR10.50 crore short-term non fund-based bank limits of
Shree Bhawani Lumbers. The suspension follows ICRAs inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Shree Bhawani Lumbers was incorporated in 2003 by Mr. Satish Goyal
& Mr. Niranjan Poddar; earlier the partners were involved in
textile business under the name of "Umesh textiles". Shree Bhawani
Lumbers is engaged in timber trading business wherein it imports
Pinewood from New Zealand and Hardwood from Malaysia with the
products sold to end user industries like packaging & construction
industries. The firm is located at Gandhidham in Kutch District
(Gujarat), near to the Kandla Port. It has a sawing capacity of
3800 cubic feet a day.


SHREE SIDHBALI: CRISIL Reaffirms B+ Rating on INR95.6MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Sidhbali Paper
Mills Ltd continue to reflect SSPML's stretched liquidity, driven
by large term debt repayments and working-capital-intensive
operations, vis-a-vis moderate cash accruals. This rating weakness
is partially offset by the extensive experience of the company's
promoters in the kraft paper industry, and its healthy operating
profitability.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         2.5       CRISIL A4 (Reaffirmed)
   Buyer Credit Limit      5        CRISIL B+/Stable (Reaffirmed)
   Cash Credit            70        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        5        CRISIL A4 (Reaffirmed)
   Proposed Cash Credit
   Limit                  30        CRISIL B+/Stable (Reaffirmed)
   Term Loan              95.6      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      7.9      CRISIL B+/Stable (Reaffirmed)
   Proposed Term Loan     14        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSPML will, over the medium term, continue to
benefit from its promoters' extensive industry experience, and
maintain its capital structure supported by its healthy operating
profitability. The outlook may be revised to 'Positive' if the
company's liquidity improves, supported by a substantial increase
in its scale of operations along with sustained profitability and
an improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' if SSPML's liquidity
deteriorates further, most likely because of lower-than-expected
cash accruals, or a considerable increase in its working capital
requirements, or debt-funded capital expenditure.

Update
SSMPL reported an operating income of around INR373.5 million for
2013-14 (refers to financial year, April 1 to March 31) vis-a-vis
INR322.8 million for 2012-13. The increase was driven by higher
sales volumes and a slight improvement in sales realisations. The
higher volume was primarily because of the increase in the
company's capacity to 30,000 tonnes per annum (tpa) from 23,250
tpa. It has recorded sales of around INR150 million during the
first quarter of 2014-15 owing to the enhanced capacity, and is
expected to report sales of around INR450 million for whole year.
SSPML's operating profitability was healthy at around 16 per cent
in 2013-14 owing to the low cost of raw material (waste paper).
Its operating profitability is expected to improve slightly over
the medium term to around 16.5 per cent, driven by its focus on
improving its operating efficiency and the benefits from economies
of scale.

SSPML's liquidity remains weak owing to its working-capital-
intensive operations and repayment obligations. Its inventory and
debtors are estimated at 79 and 77 days, respectively, as on March
31, 2014. The inventory is expected to increase due to stocking of
bagasse also from 2014-15; as bagasse is procured in the season
(December to March) the inventory is expected to remain in the
range of 90 to 100 days. SSPML utilised its bank limits at an
average of 91 per cent. The company's net cash accruals, expected
at INR47 million and INR55 million in 2014-15 and 2015-16,
respectively, will be adequate to meet its repayment obligations
of INR37 million and INR25.5 million, respectively. Its
incremental working capital requirements are estimated at INR15
million to 20 million in 2014-15. SSPML's financial risk profile
is expected to remain healthy, marked by gearing of less than 1
time and interest coverage of around 3.5 times over the medium
term, driven by its moderate net worth, and healthy operating
profitability.

For 2013-14, SSMPL, on a provisional basis, reported a profit
after tax (PAT) of INR2.7 million on net sales of INR373.5
million; it had reported a PAT of INR2.4 million on net sales of
INR322.8 million for 2012-13.

SSPML, incorporated in 2001, manufactures kraft paper, which is
used to manufacture corrugated boxes. It has its manufacturing
facility in Muzzafarnagar (Uttar Pradesh). Mr. Naveen Kansal, Mr.
Kapil Garg, Mr. Raghuraj Garg, and Mr. Ravindra Kumar Bansal,
along with their family members, have promoted the company.


SHRI RANI: CRISIL Assigns 'B+' Rating to INR60MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Shri Rani Sati Foods and Grains Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                 14       CRISIL B+/Stable
   Cash Credit               60       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        26       CRISIL B+/Stable

The rating reflects SRFGPL's weak financial risk profile, high
inventories leading to weak liquidity, and susceptibility to
volatility in raw material prices and adverse changes in
government regulations. These rating weaknesses are partially
offset by its promoters' extensive experience in the rice milling
business and its diversified customer base.

Outlook: Stable

CRISIL believes SRFGPL will maintain its business risk profile
backed by its promoters' extensive experience in the rice milling
business and its diversified customer base. The outlook may be
revised to 'Positive' in case of significantly large cash
accruals, better working capital management, or capital infusion
by promoters leading to significant improvement in financial risk
profile, particularly liquidity. Conversely, the outlook may be
revised to 'Negative' if SRFGPL's liquidity deteriorates, most
likely driven by deterioration in working capital management, or
low cash accruals.

Incorporated in 2009, SRFGPL is engaged in milling of non-basmati
parboiled rice. Its manufacturing facility is located in Ranchi
(Jharkhand). SRFGPL's day-to-day operations are looked after by
its promoter director Mr. Susil Poddar.


SHUBHAM POLYSPIN: CRISIL Assigns 'B' Rating to INR29MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Shubham Polyspin Pvt Ltd (SPPL). The rating
reflects SPPL's weak financial risk profile marked by aggressive
capital structure and below-average debt protection metrics and
modest scale of operations in the highly competitive polymer
packaging industry. These rating weaknesses are partially offset
by the extensive industry experience of SPPL's promoters and their
established relationship with reputed customers.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              24       CRISIL B/Stable
   Term Loan                29       CRISIL B/Stable

Outlook: Stable

CRISIL believes that SPPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company stabilises its newly added
capacities on time, leading to larger-than-expected cash accruals
and improved financial risk profile. Conversely the outlook may be
revised to 'Negative' if the company's cash accruals because of
reduced order flow or profitability, or weakening of financial
risk profile because of stretch in working capital or large debt-
funded capital expenditure.

Incorporated in 2012, SPPL is promoted by Ahmedabad (Gujarat)-
based Somani family. Its key promoters, Mr. Ankit Somani and Mr.
Nitin Somani, have been engaged in the plastic packaging industry
for more than a decade through group concern Shubham Tex-o-Pack
Pvt Ltd.

For 2013-14 (refers to financial year, April 1 to March 31), SPPL
reported, on a provisional basis, net loss of INR1.1 million on
net sales of INR61.2 million.


SIPPING SPIRITS: CARE Ups Rating on INR5.87cr Bank Loan From 'D'
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Sipping
Spirits Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    5.87        CARE BB Revised from
                                            CARE D

Rating Rationale

The revision in the rating factors in the satisfactory debt
servicing track record of Sipping Spirits Private Limited (SSPL)
and the significant improvement in financial performance marked by
healthy growth in revenues, the company's turnaround from cash
losses in FY13 (refers to the period April 1 to March 31) to cash
profits in FY14, infusion of unsecured loans by the promoters in
FY14 and the improvement in the capital structure.

The rating continues to be constrained by the relatively small
size of its operations, lower capacity utilization of its
production facilities and the absence of direct presence/IMFL
license in the state of Tamil Nadu which contributes to
major portion of its revenue & profits margins. The ratings also
take into account the challenges of operating in a highly
regulated environment characterized by stringent controls on
production, distribution, pricing and advertising.

The ratings favourably factor in the promoter's experience,
demonstrated financial support of the promoters, exclusivity
in using the 'Resolute' brand in the domestic market and SSPL's
presence in the high margin earning premium segment. Going
forward, the ability of the company to grow the scale of
operations and improve its profitability would be the key
rating sensitivities.

SSPL is engaged in the manufacture and sale of Indian Made Foreign
liquor (IMFL). SSPL, incorporated in 2007, operates out of Goa and
manufactures and markets Vodka under the brand name 'Resolute'
Vodka in three flavour variants and two SKUs (stock keeping unit).
Resolute Vodka is from the stable of The Melchers Group, Lelystad,
Netherlands, who has licensed the brand to SSPL. SSPL owns the
trademark in India. SSPL commenced commercial operations in May
2009.  SSPL caters to the market in Goa and also sells in Tamil
Nadu by means of a bottling agreement with contract bottlers.

The company had tied up with another contract bottler earlier.
However, the agreement with them had been terminated and SSPL
commenced its relationship with its present contract bottler from
October 2012 onwards. A predominant portion of SSPL's income is
from the Tamil Nadu market.

SSPL is promoted by Mr Prasanna Natarajan (Promoter Director) who
is a management graduate with exposure to Food & Agribusiness
sectors in Latin America, USA and Australia. His father, Mr S
Natarajan (Promoter Director) is a CharteredAccountant with more
than three decades of experience in various industries. He is
group director for the Shriram group companies. The day to day
affairs are managed by Mr Prasanna Natarajan.

During FY14, SSPL registered PAT of INR0.70 crore on gross sales
of INR19.36 crore as against net losses of INR0.84 crore on
gross sales of INR 17.39 crore registered during FY13.


SKY ALLOYS: CARE Reaffirms 'B+' Rating on INR126.31cr Bank Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Sky
Alloys & Power Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    126.31      CARE B+ Reaffirmed

Rating Rationale

The rating continues to remain constrained by the small scale of
operation of SAPPL, low capacity utilization in the first
year of operation, weak financial risk profile, project
implementation risk, volatility in prices of inputs & finished
goods and intense competition. The rating, however, continues to
draw strength from the experience of the promoters, strategic
location of the plant with proximity to market and source of raw
materials and captive power. The ability to optimally utilize its
existing & proposed facilities and effective management of working
capital would remain the key rating sensitivities.

Sky Alloys and Power Private Limited, incorporated in 2009, had
set up a 60,000 MTPA sponge iron, 48,000 MTPA ingot and 16 MW
captive power plant [of which 4 MW is based on Waste Heat Recovery
Boiler (WHRB)] at a cost of INR156.9 cr in Raigarh, Chhattisgarh
in FY14.

SAPPL is in the process of setting up a 2x6 MVA ferro alloy
furnaces (with an annual capacity of 19,000 MTPA of silico
manganese & 25,000 MTPA of ferro manganese) at a cost of INR30.0
crore to optimally utilize its captive power plant. The project is
proposed to be financed at a debt-equity of 2:1 and expected to be
commissioned in phases by Oct 2014. As on Mar 31, 2014, the
company has incurred INR8.54 cr on the project.

Based on Provisional FY14 result (refers to the period from April
1 to March 31), SAPPL incurred losses of INR14.1 crore on
total operating income of INR72.0 crore. In Q1FY15, SAPPL's total
operating income stood at INR26.8 crore.


SMILAX LABORATORIES: ICRA Suspends 'D' Rating on INR106.9cr Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR106.9 crore
bank facilities of Smilax Laboratories Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


TINKA STONES: ICRA Reaffirms B Rating on INR5.0cr Long-Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B outstanding on
the INR5.0 crore long-term bank facilities of Tinka Stones Private
Limited. ICRA has also reaffirmed the short term rating of
[ICRA]A4 outstanding on the INR 3.0 crore short-term bank
facilities of the company.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long-term, fund-based     5.00        [ICRA]B; reaffirmed
   facilities - Cash
   Credit

   Short-term, non fund-     3.00        [ICRA]A4; reaffirmed
   based facilities
   Letter of Credit

The reaffirmed ratings continue take into account the promoter's
experience and operating track record of over three decades in the
marble processing industry. The ratings also factor in the
ownership of mines by group companies, with import licence in
place, which mitigates raw material availability risk and cost
pressures to an extent.

The ratings however continue to be constrained by the small scale
of operations and the intense competition in a highly fragmented
industry, thereby limiting pricing flexibility. The ratings also
factor in the vulnerability of margins to foreign exchange
fluctuations since purchases are denominated in foreign currency
and the stretched financial profile characterised by high gearing
and weak coverage indicators. ICRA also notes the vulnerability of
operations to inherent cyclicality in domestic real estate sector,
leading to fluctuating demand.

Tinka Stones Private Limited (TSPL) was initially incorporated as
Nagma Stones Private Limited (NSPL) in the year 1998 by taking
over the proprietorship concern of Mr. Shaikh Mohammad Abdullah.
In 2007, its name was changed to its current name. The company is
closely held by the promoter family.

The company is engaged in import of crude marble, and processing
and sale of marble slabs in the domestic market. TSPL procures
rough marble primarily from Italy, and also from other European
and Middle East countries. The crude marbles are processed at the
processing unit based at Silvassa, Dadra and Nagar Haveli. TSPL
sells the final product through both wholesale and retail
channels. The company also has three retail outlets, one at Delhi
and two in Mumbai respectively. Its customer profile comprises of
institutional clients as well as marble traders.

Recent results:

As per its unaudited results for FY 2014, TSPL reported profit
after tax of INR0.47 crore on operating income of INR27.04 crore.


UNITED ELECTRICAL: CRISIL Keeps 'C' Rating on INR60MM Cash Credit
-----------------------------------------------------------------
CRISIL ratings continue to reflect United Electrical Industries
Ltd (UEIL) delay in the repayment of the term loans availed from
the Government of Kerala (GoK) due to company's weak liquidity;
these loans are not rated by CRISIL.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bank Guarantee            30        CRISIL A4 (Reaffirmed)
   Cash Credit               40        CRISIL C (Reaffirmed)
   Proposed Cash Credit
   Limit                     60        CRISIL C (Reaffirmed)
   Proposed Short Term
   Bank Loan Facility        70        CRISIL A4 (Reaffirmed)

The ratings also reflect UEIL's weak financial risk profile,
marked by continuing operating losses and a negative net worth,
and its exposure to intense market competition. These rating
weaknesses are partially offset by the company's long track record
in the energy meter manufacturing business.

Set up in 1950, UEIL manufactures energy meters. GoK holds an
equity stake of 97.2 per cent in the company. UEIL sells its
products under the Unilec brand, with Kerala State Electricity
Board as its biggest customer.



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


MODERNLAND REALTY: Fitch Assigns Final 'B' Rating to $191MM Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based property developer PT
Modernland Realty Tbk's (Modernland; 'B'/Stable) USD191m 9.75%
senior notes due in 2019 a final 'B' rating with a Recovery Rating
of 'RR4'.

This follows the receipt of documents conforming to information
already received.  The final rating is in line with the expected
rating assigned on 14 July 2014.  The notes will be issued by a
wholly owned subsidiary, Marquee Land Pte. Ltd, and guaranteed by
Modernland and certain of its subsidiaries.

On Aug. 13, 2014, Modernland announced that the holders of 61.59%
of its USD150m 11% 2016 notes have agreed to exchange their notes
for the 2019 notes.  New funds following the issue of the 2019
notes and the debt exchange will be used to repay debt and for
general corporate purposes.  Fitch views this exchange favorably
as it extends Modernland's debt maturity profile and lowers its
overall interest expense.

The notes are rated at the same level as Modernland's senior
unsecured debt rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company.

KEY RATING DRIVERS

Limited Recurring Income: Modernland's rating reflects its limited
recurring revenue, which differentiates it from higher rated
global peers.  The company derives recurring revenue from estate
management fees and its newly opened hotel operations, but these
segments account for less than 10% of annual EBITDA.  Modernland's
small recurring revenue base is the main constraint on its
ratings, particularly given the cyclicality of the property
development sector.

Moderating Execution Risks: Jakarta Garden City's (JGC) strategic
location, established infrastructure, and affordability compared
with other properties in the Kelapa Gading district in northern
Jakarta underpin Modernland's business growth prospects.  There is
execution risk with Modernland taking over this project from
Keppel Land.  However, Fitch believes the risk has moderated, as
evidenced by Modernland's successful new launch following the
acquisition.  The 200 new units it launched in May 2014 have all
been sold.  Aeon's new mall in JGC, which will be in operation by
end-2015, will be important in attracting potential buyers in
future launches.

Nevertheless, high execution risks remain for Modernland's longer-
term expansion plan in Bekasi, an important satellite city about
16 km from Jakarta.  Success of this project is contingent upon
the timely execution of accompanying infrastructure and the
company's ability to build critical mass.

Project Diversification: The ratings also reflect Modernland's
sizeable landbank, which is diversified by location and evenly
balanced between industrial and residential use. Over the next 18
months, cashflows will be primarily driven by presales from
residential estate JGC and industrial estate Modern Cikande.  Over
the longer term, the company will also look to launch its second
industrial estate in Bekasi.

Cash Buffer from ASRI: Cashflows from land sales to PT Alam Sutera
Realty Tbk (ASRI, B+/Stable) mitigate the execution risks by
providing sufficient liquidity.  In 2014, Modernland expects to
receive IDR900bn from land sales to ASRI.  In the year to May
2014, company received IDR400bn.

Modernland's liquidity profile is also supported by its discretion
over land acquisition and the minimal capex required for the
company to generate cashflows from its major projects in JGC and
Cikande.  This is because both projects already have established
infrastructure.

RATING SENSITIVITIES

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

   -- Decline in presales/ gross debt ratio to below 30% (2013:
      55%) on a sustained basis

   -- Net debt/net inventory above 1.0x (2013: 0.59) on a
      sustained basis, possibly resulting from delays in project
      execution or weaker-than-expected presales.

Positive rating action is not expected unless Modernland
demonstrates a track record of timely project execution, leading
to improved scale and project diversification, or a significant
improvement in recurring income.



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


* MONGOLIA: Seeks Economic Lifeline With Pivot to China, Russia
---------------------------------------------------------------
Michael Kohn and Yuriy Humber at Bloomberg News report that after
two decades courting Western investors and political allies,
Mongolia is refocusing on foreign ties closer to home seeking to
revive its economy.

China's President Xi Jinping is scheduled to arrive today,
August 21 in the country landlocked between his nation and Russia,
as Mongolia's economic woes mount, the report says. Growth is the
weakest in four years, foreign investment has plummeted, inflation
is rising and the currency has plunged to a record low, Bloomberg
relates.

Bloomberg notes that Xi's trip to the mineral-rich nation, the
first by a Chinese president in 11 years, comes ahead of the
expected visit of Russian President Vladimir Putin about two weeks
later. As analysts anticipate deals or negotiations from energy to
infrastructure, the visits signal a pivot to Russia and China as a
prolonged spat with Rio Tinto Group over Mongolia's biggest ever
investment has cooled foreign interest in the nation, according to
Bloomberg.

"The timing is critical," Bloomberg quotes Peter Morrow, partner
at NovaTerra LLC, which advises on projects including energy, from
Ulaanbaatar, as saying. "Both China and Russia are keenly
interested in Mongolia's resources, and both know that the country
is going through a rough economic patch."

Since breaking free from Soviet influence and becoming a democracy
in 1990, Mongolia -- with an estimated $1.3 trillion of natural
resources -- has tried to counter the leverage of Russia and China
by seeking ties with so-called "third-neighbors" including the
U.S. It has sought to woo investors including Peabody Energy
Corp., Anglo American Plc and South Korea's Samsung Engineering
Co., Bloomberg says.

According to Bloomberg, the nation is turning to China, its
biggest trading partner, and Russia after foreign investment
collapsed 70 percent in the first-half. Investment plunged amid an
already 18-month dispute with key investor Rio Tinto and after
Mongolia passed more nationalist-minded investment laws in 2012,
that were later reversed, the report relates.

"Everyone is dealing with China," Mongolia's vice minister for
mining Erdenebulgan Oyun said last month in an interview,
Bloomberg relays.  Erdenebulgan said among potential deals
expected to be signed during the Chinese leader's visit is a gas
project and supply accord with China Petrochemical Corp., known as
Sinopec Group, according to Bloomberg.

Bloomberg adds that energy, transport and infrastructure
agreements will be on the agenda during Xi's visit, assistant
Chinese Foreign Minister Liu Jianchao said on Aug. 18 in Beijing,
with an aim to give Mongolia better access to ports and overseas
markets for its natural resources, including coal. Cooperation is
a priority for both governments on port corridors, minerals,
energy and finance, he said, without giving specific details,
Bloomberg reports.  Xi will visit Mongolia on Aug. 21-22, the
official Xinhua News Agency said Aug. 14, adds Bloomberg.



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


VIADUCT CAPITAL: FMA Files Civil Proceedings Against Trustee
------------------------------------------------------------
The Financial Markets Authority (FMA) has filed civil proceedings
against Prince and Partners Trustee Company Limited (Prince),
using the powers of section 34 of the Financial Markets Authority
Act.  Prince was the trustee for finance company Viaduct Capital
Limited.

Viaduct collapsed in 2009. FMA alleges that Prince breached the
obligations it owed to Viaduct investors and to the Treasury (the
Crown) under the Retail Deposit Crown Guarantee.

Section 34 of the Financial Markets Authority Act enables the FMA
to stand in the shoes of another, and exercise that person's right
to take action against an individual or company who is or has been
in the financial markets industry.

Exercising the right of action of Viaduct investors and the
Treasury (who holds the rights of investors paid out under the
Crown Guarantee), FMA alleges that Prince failed to fulfil its
obligations to protect the interests of investors in Viaduct. The
claim further alleges that this conduct resulted in loss to
individual investors and to the Treasury under the Crown
Guarantee, to which Viaduct was a party.

The FMA has serious concerns about the conduct of Prince as
trustee in the case of Viaduct.  The FMA has determined that it is
appropriate for the Court to consider the conduct in this case,
and where appropriate to award compensation to investors who
suffered loss as a result of Prince's failure to fulfil its
obligations as Trustee.  This is the first claim filed by FMA
against a trustee.

"Trustees play a critical role in protecting the rights of
investors and it is vital the public have confidence that a
trustee's obligations will be discharged," said Belinda Moffat,
FMA Director of Enforcement.

FMA has brought separate criminal charges against individuals
associated with Viaduct which are currently still before the
Court.

As reported in the Troubled Company Reporter-Asia Pacific on
May 17, 2010, Viaduct Capital Ltd. has been placed into
receivership with debts of NZ$7.8 million.  Prince and Partners
Trustee Company Limited on May 13 appointed Iain McLennan and
Boris van Delden from McDonald Vague as receivers of Viaduct
Capital.  Colin Wilson of Prince and Partners Trustee Company
Limited said the action is "to protect the interests of investors
through an orderly realization of the company's assets."

Viaduct Capital has $7.8 million of secured debentures held by
approximately 110 investors.  Viaduct said in a statement posted
in its Web site that NZ$7.3 million is covered by the Government
Guarantee, with the balance of NZ$500,000 unguaranteed.

Viaduct Capital Ltd. is a New Zealand-based finance company.



====================
S O U T H  K O R E A
====================


DAEHAN SHIPBUILDING: Bankrupt Korean Shipbuilder Files in U.S.
--------------------------------------------------------------
Korean shipbuilder Daehan Shipbuilding Co., Ltd., filed a Chapter
15 bankruptcy petition in Manhattan to seek U.S. recognition of
rehabilitation proceedings in Korea.

The Company wants to enjoin lawsuits against it in the U.S. while
it works on its rehabilitation plan in its hometown.  The company,
which is estimated to have less than US$500 million in assets and
US$500 million to US$1 billion in debt, is facing a $54 million
lawsuit from Rimpacific Navigation Inc. and Wonder Enterprises
Ltd. in New York.

Byung Mo Lee, the custodian, said in a court filing in Manhattan
that recently, the Company suffered from a serious liquidity
crisis due to the economic recession arising from the global
financial crisis in 2008. These issues were compounded by the
financial difficulties of the Company's parent company, Dae Ju
Construction Industry Co., Ltd., during the same timeframe. As a
result, the Company's credit rating plummeted.  This, in turn,
resulted in the cancellation of 22 of the Company's ship building
contracts.  In addition, the Company suffered major losses due to
currency fluctuations following the economic recession. These
losses were made worse by the inflation in the personnel expenses
and distribution costs for shipbuilding.

As a result of its financial difficulties, in May 2009, the
Company filed an application to put it under a debt workout plan.
Notwithstanding this previous Korean bankruptcy proceeding, the
Company has continuously recorded business losses and net losses
since 2011.

On June 27, 2014, the Company applied for rehabilitation under the
Republic of Korea's Debtor Rehabilitation and Bankruptcy Act
(DRBA).  On July 7, 2014, the Korean Bankruptcy Court issued a
commencement order commencing the rehabilitation proceeding of the
Company.

With the filing of the Chapter 15 petition, Daehan Shipbuilding is
seeking recognition of the Korean Bankruptcy Proceeding as a
"foreign main proceeding".  It also seeks an order staying the
commencement or continuation of any action or proceeding against
the Company in the U.S.

Michael B. Schaedle, Esq., at Blank Rome LLP, U.S. counsel of the
Debtor, avers that given the limited assets the Company has in the
United States, it is unclear why the plaintiffs would continue to
prosecute the NY Action, other than in an attempt to seek
circumvent the limitations set forth in the DRBA and the Company's
Korean Bankruptcy Proceeding.

Accordingly, the Debtor has filed an ex parte application for
provisional relief pending recognition of a foreign main
proceeding.  It wants the U.S. bankruptcy court to enter an order
to show cause with temporary restraining order: (i) prohibiting
the commencement or continuation of proceedings against the
Company or its property currently within (or which may come into)
the territorial jurisdiction of the United States, and (ii)
scheduling a hearing on the Company's request for a preliminary
injunction order.

                           U.S. Lawsuit

On March 3, 2014, Rimpacific Navigation Inc. and Wonder
Enterprises Ltd. filed a petition for recognition of foreign
judgments against the Company in the Supreme Court of the State of
New York, County of New York (Index No. 650686/2014).  The
petition seeks the entry of an order recognizing and enforcing an
English judgment rendered in favor of Rimpacific and Wonder and
against the Company, and the entry of a judgment against the
Company of not less than US$54,538,682.

On April 16, 2014, the Company filed an answer to the Petition and
asserted various defenses, including: (i) failure to state a
claim; (ii) insufficient service of process; (iii) the foreign
judgments do not have res judicata effect; and (iv) the English
Court lacked jurisdiction, service of process in that proceeding
was invalid, notice was insufficient and the underlying guarantees
are invalid and repugnant to public policy.

On July 24, 2014, Rimpacific and Wonder filed a motion for summary
judgment in support of their petition for recognition of foreign
judgments.

By agreement between Rimpacific, Wonder and the Company, the
latter's response to the motion for summary judgment was due on
Aug. 20, 2014.

                     About Daehan Shipbuilding

Based in Haenam-gun, Jeollanam-do, Korea, Daehan Shipbuilding Co.,
Ltd., is engaged in the shipbuilding and repair business.

On June 27, 2014, Daehan Shipbuilding applied for rehabilitation
before the 4th Bankruptcy Division of the Seoul Central District
Court.  Byung Mo Lee, as existing chief executive officer of the
Company, assumed the role of the custodian and "foreign
representative" of the company.

Mr. Lee filed a Chapter 15 bankruptcy petition in Manhattan, in
the United States (Bankr. S.D.N.Y. Case No. 14-12391) on Aug. 18,
2014, to seek recognition of the Korean rehabilitation
proceedings.

Judge Sean H. Lane is assigned to the U.S. case.  The Debtor has
tapped Michael B. Schaedle, Esq., at Blank Rome LLP, as counsel.


DAEHAN SHIPBUILDING: Chapter 15 Case Summary
--------------------------------------------
Chapter 15 Petitioner: Byung Mo Lee

Chapter 15 Debtor: Daehan Shipbuilding Co., Ltd.
                   Joseonso-gil 498
                   Hwawon-myeon, Haenam-gun
                   Korea

Chapter 15 Case No.: 14-12391

Type of Business: The Company is engaged in the shipbuilding and
                  repair business.

Chapter 15 Petition Date: August 18, 2014

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. Sean H. Lane

Chapter 15
Petitioner's Counsel: Michael B. Schaedle, Esq.
                      John Kimball, Esq.
                      Thomas Belknap, Esq.
                      Marc E. Richards, Esq.
                      Alan M. Root, Esq.
                      BLANK ROME LLP
                      One Logan Square
                      130 North 18th Street
                      Philadelphia, PA 19103
                      Tel: 215-569-5762
                      Fax: 215-832-5762
                      Email: schaedle@blankrome.com
                             JKimball@BlankRome.com
                             TBelknap@BlankRome.com
                             MRichards@BlankRome.com
                             Root@BlankRome.com

Estimated Assets: $100 million to $500 million

Estimated Liabilities: $500 million to $1 billion


LEO MOTORS: Incurs $315,000 Net Loss in Second Quarter
------------------------------------------------------
Leo Motors, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $314,715 on $0 of revenues for the three months ended June 30,
2014, compared to a net loss of $188,240 on $0 of revenues for the
same period in 2013.

For the six months ended June 30, 2014, the Company reported a net
loss of $1.58 million on $0 of revenues compared to a net loss of
$369,127 on $0 of revenues for the same period last year.

As of June 30, 2014, the Company had $1.15 million in total
assets, $1.92 million in total liabilities and a $766,257 total
deficit.

"Our liquidity and capital resources are limited.  Accordingly,
our ability to initiate our plan of operations and continue as a
going concern is currently dependent on our ability to either
generate significant new revenues or raise external capital," the
Company stated in the Report.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/CiCnEV

                         About Leo Motors

Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.

In 2011, the Company determined its investment in Leo B&T Inc. an
investment account was impaired and recorded an expense of
$4.5 million.  During the 2012 year the Company had a net non
operating income largely from the result of the forgiveness of
debt for $1.3 million.

Leo Motors reported a net loss of $1.24 million on $0 of revenues
for the year ended Dec. 31, 2013, as compared with a net loss of
$1.88 million on $25,605 of revenues during the prior year.

John Scrudato CPA, in Califon, New Jersey, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has incurred significant losses since inception
of $16,871,850.  This and other factors raise substantial doubt
about the Company's ability to continue as a going concern.



===============
T H A I L A N D
===============


TMB BANK: Fitch Affirms 'BB+' Support Rating Floor
--------------------------------------------------
Fitch Ratings has affirmed TMB Bank Public Company Limited's (TMB)
Long-Term Issuer Default Rating (IDR) at 'BBB-' and Long-Term
National Rating at 'A+(tha)'.  The Outlook is Stable.

KEY RATING DRIVERS - VR, IDRs, National Ratings

TMB's IDRs and National Ratings are based on its standalone
financial strength, which is reflected in its Viability Rating
(VR) of 'bbb-'.  The ratings reflect its sound franchise as a mid-
sized bank in Thailand (with the seventh-largest share of the loan
and deposit market) in a challenging operating environment.  The
ratings also take into account the improvement in recent years in
TMB's overall financial performance, particularly in asset
quality.

The bank's NPL ratio declined to 4.5% while reserve coverage
increased to 140% at end-2013 from 9.9% and 57% respectively at
end-2010.  The bank sold THB3.3bn of NPLs in 2Q14 and the NPL
ratio has dropped further to 4.1% at end-June 2014.  Nevertheless,
the uncertain and fragile operating environment remains a
challenge - around 40% of TMB's loan portfolio is extended to
small and medium enterprises (SMEs), which may be more vulnerable
in an economic downturn.

In 2013, TMB had return on assets (ROA) of 0.8% and return on
equity (ROE) of 9.7%, which were lower than the local peer average
(ROA: 1.3%, ROE: 13.6%).  Fitch expects TMB's loan growth of 2% in
1H14 to pick up in 2H14, if the operating environment remains
favorable.  Fitch expects TMB's profitability to steadily improve
in the next two to three years, barring any unexpected negative
shocks, as it focuses on SMEs rather than corporates.

Fitch believes TMB's capitalization is adequate and comparable to
peers' - its core Tier 1 capital was 9.9% and Fitch Core Capital
was 11.4% at end-2013.  This would provide some buffer to
potential credit loss.  TMB's funding and liquidity profile are
also sound and compare favorably with its peers'.  The bank has
also increased the proportion of low-cost deposits in its overall
deposit base.

RATING SENSITIVITIES - VR, IDRs, National Ratings

A material reversal of recent gains in key financial measures,
such as asset quality and earnings, and a material increase in
risk appetite, if not offset by strengthened capital and
profitability buffers, could lead to a downgrade.  An upgrade is
unlikely in the near term because further improvement in TMB's
overall credit profile is likely to be gradual and this has been
factored into the ratings.

KEY RATING DRIVERS - Support Rating and Support Rating Floor
The Support Rating and Support Rating Floor reflect Fitch's view
that there is a moderate probability of support from the Thai
state (BBB+/Stable), if necessary.  TMB is systemically important
within the domestic financial sector.  It is the seventh-largest
commercial bank with a 4.5% share of loans and 4.8% share of
deposits in the market.

RATING SENSITIVITIES - Support Rating and Support Rating Floor

Any significant changes to the bank's systemic importance -
typically indicated by market share in assets, loans and deposits
- could affect the propensity of the government to support the
bank, and hence its Support Rating and Support Rating Floor.  A
multiple-notch change to Thailand's IDRs could also affect the
Support Rating and Support Rating Floor.  However, Fitch believes
these are unlikely to occur in the near term.

The full list of rating actions follows:

TMB
Long-Term IDR affirmed at 'BBB-'; Outlook Stable
Short-Term IDR affirmed at 'F3'
USD3.0bn senior unsecured medium-term note programme affirmed at
'BBB-'
Viability Rating affirmed at 'bbb-'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
National Long-Term Rating affirmed at 'A+(tha)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(tha)';
National subordinated debt rating affirmed at 'A(tha)'


                             *********

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 ***