TCRAP_Public/140910.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, September 10, 2014, Vol. 17, No. 179


                            Headlines


A U S T R A L I A

FIRSTMAC MORTGAGE 2-2014: S&P Puts 'BB' Rating to Class B-2 RMBS
J P TREVENEN: In Administration; First Meeting Set Sept. 17
LIBERTY PRIME: Moody's Hikes Rating on Class E Trust Notes to Ba1
REDS EHP 2014-1: Moody's Assigns (P)Ba1 Rating to Class E Notes
SHANDONG TIANYE: Administrators Seek Buyers

VICTORY FRUIT: SV Partners Appointed as Administrators


C H I N A

CHINA RONSGSHENG: Pushed Into Restructuring
FUJIAN NUOQI: CFO Resigns Following Reports on Missing Chairman
GUANGZHOU R&F: Fitch Affirms 'BB' Issuer Default Ratings


I N D I A

BRILLIANT INT'L: CRISIL Reaffirms B+ Rating on INR30M Cash Credit
CRAB & TAUR: CRISIL Reaffirms 'B+' Rating on INR50MM Bank Loan
E C BOSE: CRISIL Reaffirms 'B' Rating on INR55MM Cash Credit
FIBRO PLAST: CRISIL Reaffirms B+ Rating on INR170MM Cash Credit
GEONET IT: CRISIL Assigns 'B+' Rating to INR55MM Cash Credit

GODAVARI KHORE: CRISIL Ups Rating on INR80MM Cash Credit to 'B'
GREENCROP: CRISIL Reaffirms 'B+' Rating on INR52.5M Cash Credit
GYAN SHAKTI: CRISIL Assigns 'B' Rating to INR100MM Term Loan
HILLSTONE: ICRA Reaffirms 'B+' Rating on INR3.50cr Cash Credit
JAI MAAKALI: CRISIL Ups Rating on INR150MM Cash Credit to 'B'

JAYALAXMI ENTERPRISES: ICRA Reaffirms B Rating on INR1.25cr Loan
K L R INDUSTRIES: CRISIL Cuts Rating on INR325MM Cash Credit to D
KGS NELSUN: ICRA Suspends B+ Rating on INR34cr Long Term Loan
MANJOORAN HOUSING: ICRA Suspends D Rating on INR7cr LT Loan
MARS THERAPEUTICS: CRISIL Cuts Rating on INR60MM Cash Credit to D

MARUTI OIL: ICRA Reaffirms B Rating on INR5.75cr Cash Credit
MGM STEELS: ICRA Reaffirms B Rating on INR2.5cr Fund Based Loan
MIDAS INTERNATIONAL: CRISIL Cuts Rating on INR250M Bank Loan to D
MITTAL CERAMICS: CRISIL Reaffirms B Rating on INR122MM Term Loan
NIMBUS AUTOMOTIVE: CRISIL Reaffirms B Rating on INR10MM Bank Loan

PEE JAY: CRISIL Reaffirms 'B' Rating on INR85MM Cash Credit
PUNJAB ALKALIES: CRISIL Cuts Rating on INR724.4MM Term Loan to C
R. K. COTGIN: ICRA Assigns 'B' Rating to INR6.0cr Term Loan
R.M. REALTY: CRISIL Reaffirms 'B' Rating on INR150MM Term Loan
ROYAL ENTERPRISES: CRISIL Reaffirms 'B' Rating on INR20MM Loan

S.A. PLYWOOD: CRISIL Reaffirms B+ Rating on INR115MM Cash Credit
S.M. APPARELS: CRISIL Assigns 'D' Rating to INR458.4MM Term Loan
SADGURU GINNING: ICRA Assigns B+ Rating to INR3.0cr Term Loan
SAI POINT: CRISIL Reaffirms B- Rating on INR90M Funding Loan
SANDEEP SEEDS: CRISIL Reaffirms D Rating on INR220MM Cash Credit

SHIVA SHAKTI: CRISIL Reaffirms B Rating on INR190MM Cash Credit
SHRI BANKEY: CRISIL Assigns 'D' Rating to INR140MM Term Loan
STEELBIRD INTERNATIONAL: ICRA Suspends B/A4 Rating on INR9cr Loan
SUPREME AUDIOTRONICS: ICRA Reaffirms B Rating on INR5.8cr FB Loan
SUSHIL BAHIRAT: CRISIL Reaffirms B+ Rating on INR270MM Term Loan

SWAYAMPRABHA UDYAM: ICRA Reaffirms B Rating on INR1.50cr LT Loan
T. R. CHEMICALS: CRISIL Reaffirms D Rating on INR90MM Cash Credit
VEERAJ CONSTRUCTION: ICRA Reaffirms B Rating on INR3.5cr LT Loan
VEESONS ENERGY: CRISIL Cuts Rating on INR390MM Cash Credit to D


I N D O N E S I A

MITRA PINASTHIKA: S&P Assigns 'B+' CCR; Outlook Stable
PELABUHAN INDONESIA: S&P Assigns 'BB+' CCR; Outlook Stable


P H I L I P P I N E S

NATIONAL POWER: High Court Stops QC Court From using PHP62B


                            - - - - -


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A U S T R A L I A
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FIRSTMAC MORTGAGE 2-2014: S&P Puts 'BB' Rating to Class B-2 RMBS
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to six classes of prime residential mortgage-backed
securities (RMBS) to be issued by Firstmac Fiduciary Services Pty
Ltd. as trustee for Firstmac Mortgage Funding Trust No.4 Series 2-
2014.

The preliminary ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises lenders' mortgage insurance to 60.9% of the
      portfolio, which covers 100% of the face value of these
      loans, accrued interest, and reasonable costs of
      enforcement, as well as note subordination for all rated
      notes.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction are sufficient under its
      stress assumptions to ensure timely payment of interest.
      Such mechanisms include an amortizing liquidity reserve
      equal to the greater of 0.9% of the invested amount of
      all notes and A$550,000 that is to be provided through note
      overissuance, principal draws, a spread reserve that builds
      from available excess spread, and 24 months' timely payment
      cover on approximately 43.3% of loans in the portfolio.

   -- The extraordinary expense reserve of A$150,000, funded from
      day one by Firstmac Ltd., available to meet extraordinary
      expenses.  The reserve will be topped up via excess spread
      if drawn.

   -- S&P's view of the underwriting standards and centralized
      approval processes of the originator, Firstmac Ltd.,
      together with S&P's view on the servicing standards of
      Firstmac Ltd. as the servicer of the loans.

   -- The fixed-to-floating interest-rate swap provided by
      Westpac Banking Corp. to hedge the mismatch between
      receipts from fixed-rate mortgage loans and the variable-
      rate RMBS.

The issuer has informed Standard & Poor's (Australia) Pty Limited
that the issuer will be publicly disclosing all relevant
information about the structured finance instruments that are
subject to this rating report.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

The Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

         http://standardandpoorsdisclosure-17g7.com/2694.pdf

PRELIMINARY RATINGS ASSIGNED

Class      Rating        Amount (A$ mil.)
A-1        AAA (sf)      270.0
A-2        AAA (sf)      240.0
A-3        AAA (sf)       30.0
AB         AAA (sf)       39.0
B-1        AA- (sf)       13.5
B-2        BB (sf)         5.7
B-3        N.R.            1.8
N.R.--Not rated.


J P TREVENEN: In Administration; First Meeting Set Sept. 17
-----------------------------------------------------------
Nathan Deppeler -- nathan.deppeler@worrells.net.au -- and
Matthew Jess -- matthew.jess@worrells.net.au -- of Worrells
Solvency & Forensic Accountants were appointed as administrators
of J P Trevenen Pty Ltd on Sept. 5, 2014.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Suit 6 First Floor 17
Armstrong St Sth Ballarat, in Victoria, on Sept. 17, 2014, at 3:00
p.m.


LIBERTY PRIME: Moody's Hikes Rating on Class E Trust Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the Class B,
C, D and E notes issued by Liberty PRIME Series 2011-1 Trust.

The affected tranches include:

Issuer: Liberty PRIME Series 2011-1 Trust

AUD11.75M Class B Trust Notes, Upgraded to Aaa (sf); previously
on Apr 13, 2011 Definitive Rating Assigned Aa1 (sf)

AUD4.5M Class C Trust Notes, Upgraded to Aa2 (sf); previously on
Sep 19, 2013 Upgraded to Aa3 (sf)

AUD5.5M Class D Trust Notes, Upgraded to A3 (sf); previously on
Sep 19, 2013 Upgraded to Baa1 (sf)

AUD3.25M Class E Trust Notes, Upgraded to Ba1 (sf); previously on
Apr 13, 2011 Definitive Rating Assigned Ba2 (sf)

Ratings Rationale

The upgrades have been prompted by the build-up in credit
enhancement during the sequential pay period. In addition, the
loan performance is within Moody's expectations.

Since the close of the transaction, subordination levels for the
Class A, Class B, Class C, Class D and Class E notes have
increased to 23.7%, 14.3%, 10.6%, 6.2%, and 3.5% from 11.7%, 7%,
5.2%, 3%, and 1.7%, respectively.

Moody's MILAN CE and expected loss assumptions for the transaction
are 10.2% and 1.0%, respectively.

The MILAN CE and expected loss assumptions are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into the RMBS cash-flow model.

As a result of increased credit enhancement and Moody's
expectation that the loans will continue to perform within
expectations, Moody's has upgraded the Class B, C, D and E notes.

The collateral pool has a current weighted average loan to value
ratio of 66% and weighted average seasoning of 5.7 years. The over
90 days arrears ratio is around 2.7%. Nevertheless, cumulative
losses for the pool remain low at 0.05%, and are covered by the
excess spread.

A liquidity facility equal to 2.5% of the outstanding notes
balance -- subject to a floor of AUD625,000 -- provides support to
the transaction.

There is also an AUD2 million excess spread reserve available to
meet losses on the mortgages and charge-offs against the notes. It
can also be used to cover any liquidity shortfalls that remain
uncovered after drawing on the liquidity facility and principal.
Any reserve account balance used can be reimbursed to its limit of
AUD2 million from future excess income.

The transaction is a securitization of a portfolio of Australian
prime residential mortgages originated by Liberty Financial Pty
Limited.

The principal methodology used in this rating was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2014.

Factors that would lead to an upgrade or downgrade of the rating:

Factors that could lead to an upgrade or downgrade of the note
ratings include an improvement or deterioration in the credit
quality and performance of the collateral pool.


REDS EHP 2014-1: Moody's Assigns (P)Ba1 Rating to Class E Notes
---------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes to be issued by Perpetual Trustee Company Limited in its
capacity as trustee of the Series 2014-1 REDS EHP Trust.

Issuer: Series 2014-1 REDS EHP Trust

AUD 400.0 million Class A Notes, Assigned (P)Aaa (sf);

AUD 22.0 million Class B Notes, Assigned (P)Aa2 (sf);

AUD 26.0 million Class C Notes, Assigned (P)A2 (sf);

AUD 12.0 million Class D Notes, Assigned (P)Baa1 (sf);

AUD 12.5 million Class E Notes, Assigned (P)Ba1 (sf).

The AUD 27.5 million Seller Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal with respect to Class
A, B and C Notes by the legal final maturity. As the coupons for
the Class D and E Notes are split into senior and subordinate
amounts -- where the senior amounts are 1M-BBSW, and the
subordinate coupon margin amounts are subordinate to all other
items in the interest waterfall -- the structure allows for timely
payment of the senior amount of interest and ultimate payment of
principal with respect of the Class D and E Notes.

The transaction is a securitisation of a portfolio of Australian
specific security agreements (previously called chattel mortgages
and bills of sale), finance leases, and hire purchase contracts
secured by motor vehicles and equipment (all wheels). All loans
were originated by Bank of Queensland Equipment Finance Limited
("BOQEF"), a wholly owned subsidiary of Bank of Queensland
("BOQ").

This is the third Australian ABS transaction issued by BOQ since
2008 and BOQ's ninth ABS transaction to date.

Ratings Rationale

Series 2014-1 REDS EHP Trust is similar to the last REDS EHP
transaction in that the composition of the receivables pool
backing the transaction is split between motor vehicles and other
equipment (all wheels)(53.72% and 46.28% respectively). In this
sense, the current transaction is also similar to pre-2009 Trusts
in terms of pool composition. As with the last REDS EHP
transaction, this deal features only AUD denominated tranches,
with one senior (P)Aaa (sf) rated tranche and no short dated P-1
rated tranche.

In order to fund the purchase price of the portfolio, the Trust
will issue up to six classes of Notes. The Notes will be repaid on
a sequential basis in the initial stages, until the subordination
percentage increases from the initial 20.0% to 25.0% for the Class
A Notes and from 15.6% to 19.5% for the Class B Notes and before
the outstanding balance of the notes falls below 10% of the
initial note balance at closing. At all other times, all classes
of notes will be repaid on a pro-rata basis. This principal
paydown structure is comparable to other recent ABS transactions
in the Australian market.

Our base case assumptions are a default rate of 3.45% and a
recovery rate of 35.0%. These imply an expected (net) loss of
2.24%. Both the default rate and recovery rate have been stressed
relative to observed historical levels of 2.40% and 47.85%
respectively.

Methodology Underlying the Rating Action:

The methodologies used in this rating were "Moody's Approach to
Rating Auto Loan-Backed ABS" published in May 2013, and "Moody's
Approach to Rating ABS Backed by Equipment Leases and Loans"
published in December 2013.

Factors That Would Lead to an upgrade or downgrade of the rating:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the market for used vehicles
are primary drivers of performance.

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors or lower recoveries on defaulted
loans. The Australian job market and the market for used vehicles
are primary drivers of performance. Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit quality
of transaction counterparties, lack of transactional governance
and fraud.

Moody's Parameter Sensitivities:

If the default rate rises to 6.90% (double Moody's assumption of
3.45%) and recovery rates are reduced to 15% (more than half of
Moody's assumption of 35%) then the model-indicated rating for the
Class A Notes and Class B Notes both drop seven notches to Baa1
and eight notches to Ba1 respectively.


SHANDONG TIANYE: Administrators Seek Buyers
-------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Shandong Tianye
Australia Limited's administrators from PFK Lawyers are seeking
urgent expressions of interest for the company's capital
restructure. It is pictured that the company's capital restructure
is likely to include a Deed of Company Arrangement and/or
Creditors Trust, the report says.

Shandong Tianye entered administration on August 11 with Bradley
John Tonks and John Vouris being appointed as administrators of
the company, Dissolve.com.au discloses. The first meeting with
creditors took place on Aug. 21, 2014. A second meeting is set for
September 15, the report adds.

Shandong Tianye is an ASX delisted shell company.


VICTORY FRUIT: SV Partners Appointed as Administrators
------------------------------------------------------
David Michael Stimpson and Terry John Rose of SV Partners were
appointed as administrators of Victory Fruit Pty Ltd on
Sept. 4, 2014.

A first meeting of the creditors of the Company will be held at SV
Partners, SV House, 138 Mary Street, in Brisbane, on Sept. 15,
2014, at 10:30 a.m.



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CHINA RONSGSHENG: Pushed Into Restructuring
-------------------------------------------
Vincent Wee of Seatrade Global reports that China Ronsgsheng Heavy
Industries Group looks like its fate is being forced upon it with
upcoming government intervention.

The group had suspended its shares last month and flagged that a
potential announcement relating to restructuring was imminent,
says Seatrade Global. Over the weekend, it made a further
announcement that it had been "notified by a government authority
that they are procuring an independent third party to consider
and, if appropriate, to initiate a potential restructuring
involving Jiangsu Rongsheng Heavy Industries," the report relays.

Jiangsu Rongsheng Heavy Industries is Rongsheng's main unit and
derived some 89% and 91.4% of total revenue for FY2013 and the
first half of this year respectively, from it, says Seatrade
Global. In the first half of 2014, Rongsheng reported a loss of
US$498.1 million, the report notes.

"The company does not currently possess any confirmed details on
the potential restructuring, which might involve a restructuring
of assets, business, debt and/or equity and might involve a
dilution of its equity interest attributable to the group (which
might or might not also affect whether Jiangsu Rongsheng Heavy
Industries continues to be a subsidiary of the group)," Rongsheng,
as cited by Seatrade Global, added.

The company said it would update with any more information as it
becomes available and shares would remain suspended until further
notice, the report notes.

Set up in 2005 and owned by private investors, Rongsheng has
become one of China's biggest shipbuilders, The Wall Street
Journal disclosed.  Last year, it was China's third biggest
shipbuilder in terms of output in deadweight tonnage, a measure of
how much weight a ship can carry, according to Clarkson Research
Services, the research arm of Clarkson shipbrokers. The two
largest shipbuilders are state-owned.


FUJIAN NUOQI: CFO Resigns Following Reports on Missing Chairman
---------------------------------------------------------------
Langi Chiang at South China Morning Post reports that troubled
mainland Chinese menswear retailer Fujian Nuoqi said its chief
financial officer and company secretary Au Yeung Ho-yin resigned
and trading in its shares would remain suspended.

SCMP notes that the shares have been suspended since July 23 when
the company reported to police that chairman Ding Hui went missing
after transferring HK$291 million in cash out of the company's
accounts shortly after its HK$319.5 million initial public
offering in January.

The company is now run by Ding's elder brother, Ding Canyang, the
report relates.

"Save the outstanding remuneration owed by the company to Au
Yeung, Au Yeung confirmed that there is no matter relating to his
resignation that needs to be brought to the attention of the
shareholders of the company," Fujian Nuoqi said in a filing with
the Hong Kong stock exchange on September 8.

Yeung's resignation took effect last Friday [September 5], the
statement said, the report relays.

Fujian Nuoqi is a mainland Chinese menswear retailer.


GUANGZHOU R&F: Fitch Affirms 'BB' Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has revised Guangzhou R&F Properties Co. Ltd.'s
(R&F) Outlook to Stable from Positive and affirmed the China-based
property developer's Long-Term Foreign-Currency and Local-Currency
Issuer Default Ratings (IDR) at 'BB'. The agency has also affirmed
R&F's senior unsecured rating at 'BB'.

The Outlook was revised following the company's substantial land
acquisitions in 2013 for which the company will have to pay land
premiums of as much as CNY43bn. This raised its leverage at mid-
2014 to above 40%, the previous level at which Fitch would
consider negative rating action. The Stable Outlook reflects
Fitch's view that the overall financial profile is likely to
stabilise on the back of higher cash collection and less land
banking in 2H2014.

Key Rating Drivers

Substantial Land Acquisition: The company is estimated to have
spent CNY20bn (vs CNY42bn of contracted sales) in 2013 and CNY18bn
(vs CNY26bn of contracted sales) in 1H14 on land acquisitions.
With more than half of its contracted sales used to buy land,
R&F's leverage, the ratio of net debt to adjusted inventory,
climbed to around 58% at mid-2014 from 37% at end-2012. Fitch
expects leverage to fall below 50% at end-2014, based on the
company's sales target of CNY60bn for the year and conservative
land banking guidance for 2H14.

Diversified Funding but Substantial Perpetuals: The company has
diversified funding channels, including offshore and onshore
bonds, trust loans, offshore bank loans, which provide it with
financial flexibility. However, this is counterbalanced by the
company's decision to issue more perpetual securities, which
raised the perpetual securities outstanding to CNY15.6bn at mid-
2014 from CNY1bn at end-2013. Fitch estimates the effective
maturities of these securities at less than five years and treats
them as 100% debt, which raises R&F's total debt substantially
compared with the level reported by the company. In addition, the
interest on the perpetual securities is higher than the rate the
company pays on its senior unsecured debt.

Superior Margins: Even with the difficult property market and no
major sales of commercial properties recognised in 1H14, R&F
managed to chalk up a gross profit margin for property development
of 36%, which was higher than its peers'. Its EBITDA margin
narrowed to 20% from 26% a year earlier because only CNY10bn of
revenue was recognised. Fitch expects the full-year EBTIDA margin
to improve to around 30% in the next 24 months given its large
land bank and recognition of more sales of commercial properties.

National Presence: R&F has a well-balanced nationwide land bank,
of which 39% by sales value is located in first-tier cities and
38% in second-tier cities. There is no over-concentration in any
one city and even Guangzhou, where R&F first established its
business, accounted for only 12% of sales value in the land bank
at mid-2014. The diversification helps reduce uncertainties
inherent in local policies and local economies.

Rating Sensitivities

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

-- Net debt/adjusted inventory below 40% on a sustained basis.

-- Contracted sales/gross debt above 1.25x (2013: 0.7x) on a
    sustained basis, while maintaining current scale.

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

-- EBITDA margin below 25% on a sustained basis.
-- Net debt/adjusted inventory over 50% on a sustained basis.

-- Contracted sales/gross debt below 0.7x on a sustained basis.

-- Substantial decrease in business scale.



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BRILLIANT INT'L: CRISIL Reaffirms B+ Rating on INR30M Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Brilliant International
continue to reflect BI's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and its large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of BI's promoters in
the plastic-based electronic and household products industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Purchase-          20       CRISIL A4 (Reaffirmed)
   Discounting Facility

   Cash Credit             30       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        25       CRISIL A4 (Reaffirmed)

   Long Term Loan           2.5     CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility       7.5     CRISIL A4 (Reaffirmed)
   Packing Credit          25       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that BI will benefit over the medium term from its
promoters' extensive experience. The outlook may be revised to
'Positive' if BI registers higher-than-expected net cash accruals
led by improvement in scale of operations or profitability.
Conversely, the outlook may be revised to 'Negative' if the firm's
debt protection metrics deteriorate materially due to unrelated
investments or withdrawal of capital or stretch in working capital
cycle.

Update
For 2013-14 (refers to financial year, April 1 to March 31), BI's
business risk profile remained in line with CRISIL's expectations,
with high revenue but low operating margin. The firm registered
revenue of INR232 million, on a provisional basis, for 2013-14, a
year-on-year growth of 28 per cent led by higher demand for its
traded products. BI caters to institutional customers such as Star
CJ - Home Shopping Network and Shopping Zone, which results in
healthy revenue growth. However, BI's operating margin was lower
than expected at about 7 per cent for 2013-14, as against about 10
per cent a year earlier. BI has also started to trade in sarees
and imitation jewellery, which is expected to support its business
risk profile over the medium term.

BI's working capital cycle remains stretched, with provisional
gross current assets of 280 days as on March 31, 2014, led by
large debtors because of stretched payment from customers. The
firm's financial risk profile, therefore, remains weak because of
high dependence on bank borrowings for its incremental working
capital requirements. BI's gearing was high at about 2 times as on
March 31, 2014. The firm's net cash accruals remain modest because
of withdrawal of capital; however, these are expected to remain
sufficient at INR3.5 million over the medium term to repay term
debt of INR2.5 million for 2014-15. CRISIL believes that BI's
financial risk profile will remain constrained over the medium
term because of large working capital requirements and high
dependence on bank borrowings; however, its promoters will
continue to support operations through regular infusion of
unsecured loans.

For 2013-14, BI reported, on a provisional basis, a net profit of
INR6.2 million on net sales of INR230 million; the firm reported a
net profit of INR7.4 million on net sales of INR178 million for
2012-13.

BI, based in Mumbai, is a partnership firm established in 1992 by
Mr. Ram Chainani and his son, Mr. Bipin Chainani. The firm
manufactures and trades in electronic and household products such
as door bells, switches, distribution boxes, miniature circuit
breaker boxes, home appliances, and plugs. It also trades in
sarees and imitation jewellery.


CRAB & TAUR: CRISIL Reaffirms 'B+' Rating on INR50MM Bank Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Crab & Taur Engineering
Pvt Ltd, continues to reflect the company's below-average
financial risk profile, marked by a modest net worth and moderate
debt protection metrics. The ratings also factor in the company's
modest scale of operations, susceptibility to the cyclicality in
its end-user industries, and its working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of its promoter in the pump assembling and
manufacturing industry, established relationships with its
principal and clients, and diversification in its end-user
industries.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         60        CRISIL A4 (Reaffirmed)

   Cash Credit            35        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       30        CRISIL A4 (Reaffirmed)

   Proposed Long Term     50        CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Standby Letter of      30        CRISIL A4 (Reaffirmed)
   Credit

   Term Loan               5        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CTEPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters and established relationship with its principal. The
outlook may be revised to 'Positive' if there is a significant
improvement in the company's working capital cycle, scale of
operations, and profitability. Conversely, the outlook may be
revised to 'Negative' if CTEPL's receivables management
deteriorates, leading to a further stretch in its working capital
cycle, or if it generates low cash accruals, resulting in pressure
on its liquidity, or if it undertakes an aggressive, debt-funded
capital expenditure program.

Update
For 2013-14 (refers to financial year, April 1 to March 31),
CTEPL's operating income was estimated at INR120 million, with
year-on-year revenue growth of around 21 per cent. The operating
margin also improved to about 7 per cent in 2013-14, as
anticipated, from about 4.3 per cent in previous year, which
helped the company break-even in 2013-14 vis-a-vis cash losses in
previous year. On back of a moderate unexecuted order book of
about INR260 million as of end of August 2014, company is expected
to register revenue of over INR200 million in 2014-15, while
maintaining the operating margin at about 7-8 per cent.

CTEPL's financial risk profile continue to remain below average,
reflected in its modest net worth of INR18 million and gearing of
2 times as on March 31, 2014 and debt protection metrics, marked
by NCATD and interest cover at 0.12 times and 2.6 times
respectively for 2013-14. Liquidity continues to remain stretched
due to low annual cash accruals from business at about INR4
million estimated for 2013-14 and working capital intensive
operations marked by gross current assets of 115 days as on
March 31, 2014. CTEPL's working capital bank limits have a
moderate utilization of around 80 per cent over 12 months ending
March 2014. Prudent management of expected large incremental
working capital requirements arising from growth in operations
will influence the company's liquidity over the medium term.

For 2013-14, CTEPL reported a profit after tax (PAT) of INR6
million on net sales of INR121 million; it reported a PAT of
INR1.4 million on net sales of INR100 million for 2012-13.

CTEPL was originally established as Crab & Taur, a proprietorship
concern, in 1996-97 in Pune (Maharashtra); it was reconstituted as
a private limited company with the current name in May 2014. The
company is engaged in distribution of Flowserve pumps,
manufactured by Flowserve Corporation, USA. It provides end-to-end
solutions, including fabricating, assembling, and maintenance
services related to Flowserve pumps, mainly to oil and gas,
engineering, pharmaceutical, and edible oil companies.


E C BOSE: CRISIL Reaffirms 'B' Rating on INR55MM Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank facilities of E C Bose and Co Pvt Ltd
continue to reflect ECBPL's small scale and working-capital-
intensive nature of operations, and its exposure to intense
competition in the logistics industry. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the stevedoring industry.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee        10          CRISIL A4 (Reaffirmed)
   Cash Credit           55          CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ECBPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations, while improving its profitability and
capital structure, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if ECBPL's
financial risk profile deteriorates, most likely because of a
stretch in its working capital cycle or larger-than-expected debt-
funded capital expenditure.
About the Company

ECBPL was incorporated in 1851, promoted by the late Mr. Eshan
Chandra Bose, and is currently managed by his family. The company
offers stevedoring and forwarding services, besides other allied
services such as comprehensive shipping and logistical services,
customs clearance, shipping, chartering and freight forwarding,
and warehousing.

For 2013-14 (refers to financial year, April 1 to March 31), ECBPL
reported, on a provisional basis, a profit after tax (PAT) of
INR2.9 million on net sales of INR230.4 million; it had reported a
PAT of INR2.8 million on net sales of INR193.0 million for 2012-
13.


FIBRO PLAST: CRISIL Reaffirms B+ Rating on INR170MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Fibro Plast Corporation
continue to reflect FPC's below-average financial risk profile,
marked by a small net worth and a high total outside liabilities
to tangible net worth (TOLTNW) ratio, and its exposure to supplier
concentration risk. The ratings also factor in the susceptibility
of the firm's margins to volatility in raw material prices and to
fluctuations in foreign exchange (forex) rates. These rating
weaknesses are partially offset by the extensive industry
experience of the firm's partners and the healthy demand for
polymers in India.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           170        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      230        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that FPC will continue to benefit over the medium
term from its partners' extensive experience in the polymers
trading business and the funding support it receives from them.
The outlook may be revised to 'Positive' if the firm significantly
improves its capital structure, resulting in a comfortable TOLTNW
ratio, or if there is significant improvement in its
profitability. Conversely, the outlook may be revised to
'Negative' if FPC's business risk profile deteriorates because of
unfavourable changes in its relationships with its suppliers, or
if its operations do not turn around as anticipated, resulting in
further weakening of its financial risk profile.

Update:
FPC registered a decline of 8 per cent year-on-year in its revenue
to around INR129 million in 2013-14 (refers to financial year,
April 1 to March 31). The firm is exposed to fluctuations in forex
rates as nearly its entire procurement is imported. With very
sharp forex rate fluctuations in 2013-14, the firm is estimated to
have registered a forex-related loss of INR22.7 million during the
year, resulting in cash losses. It has changed its forex policy
and started covering its forex exposure. The change of policy is
expected to improve its margins over the medium term. CRISIL
believes that FPC's operating margin will remain susceptible to
forex rate fluctuations, and a turnaround of its operations in
2014-15 will remain a rating sensitivity factor.

FPC's operations continues to remain working capital intensive as
reflected in its high gross current asset (GCA) of around 182 days
as on March 31, 2014. The high GCA days emanates from its
increased inventory levels of around 62 days and moderate
receivable cycle of around 53 days as on March 31, 2014. The
firm's creditor days have declined to 9 days due to higher
proportion of buyer's credit towards the year-end, firm's
outstanding letter of credit were rolled over to buyer's credit.

FPC has a below-average financial risk profile, marked by a small
net worth and high TOLTNW ratio. The firm had a net worth of
around INR14.6 million as on March 31, 2014. Treating unsecured
loans of INR220 million as neither debt nor equity as these are
expected to remain in the business, FPC's TOLTNW is expected to
have been high at over 22 times as on this date. However, the
firm's liquidity is supported by regular infusion by its partners.
In 2013-14, the partners have infused capital of INR14.5 million
and extended unsecured loans of INR30 million. Despite negative
cash accruals for 2013-14, FPC has maintained its liquidity.
CRISIL believes that with low accretion to reserves, FPC's net
worth will remain small, resulting in a high TOLTNW ratio over the
medium term; regular funding support from the partners will remain
a key rating sensitivity factor.

FPC, a partnership firm established in 2006, trades in polymers
and glass materials procured from Dupont Ltd, and fibre-reinforced
glass from Owen Cornings Ltd. The firm is managed by Mr. Bhavesh
Valia and his family.


GEONET IT: CRISIL Assigns 'B+' Rating to INR55MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Geonet IT Mall. The rating reflects GITM's
exposure to inherent risks in the Information Technology (IT)
hardware distribution business and below-average financial risk
profile, driven by weak debt protection metrics and moderate total
outside liabilities to total net worth ratio. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the industry, diversified product portfolio, and
established relationship with suppliers.

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

Outlook: Stable

CRISIL believes that GITM will maintain its business risk profile
backed by the promoters' extensive industry experience and their
established relationship with suppliers. The outlook may be
revised to 'Positive' if the firm reports more-than-expected
increase in its scale of operations while maintaining its
profitability and improving its capital structure. Conversely, the
outlook may be revised to 'Negative' if it reports a decline in
its revenue or profitability margins, or undertakes any large
debt-funded capital expenditure programme, thereby affecting its
capital structure.

Set up in 2000, GITM is a Mumbai-based proprietorship firm set up
by Ms. Suneetapriya Singh. It is managed by Ms. Singh and her
husband Mr. Bimal Singh. The firm operates 14 HP World showrooms,
6 multi-brand outlets, and 2 Samsung Smart Cafes in different
parts of Mumbai (Maharashtra) and deals in various IT products
such as laptops, printers, and other computer hardware.

GITM is expected to report book profit and net sales of INR0.9
million and INR254 million, respectively, in 2013-14 (refers to
financial year, April 1 to March 31) as against INR2.8 million and
INR475 million, respectively, in 2012-13.


GODAVARI KHORE: CRISIL Ups Rating on INR80MM Cash Credit to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Godavari Khore Namdeoraoji Parjane Patil Taluka Sahakari Dudh
Utpadak Sangh Limited to 'CRISIL B/Stable' from 'CRISIL D'.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Credit            80          CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

   Proposed Long Term     10          CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

   Term Loan              30          CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects the timely servicing of its debt
obligation backed by increase in cash accruals marked by
improvement in revenue and profitability of the company. CRISIL
expects company's cash accruals to remain sufficient to service
its debt obligations over the medium term.

The ratings, however, continue to reflect Godavari's below-average
financial risk profile, marked by small net worth, high gearing
and average debt protection metrics; and exposure to supply
constraints and epidemic-related factors in the dairy industry.
These rating weaknesses are partially offset by the extensive
experience of Godavari's promoters in the milk processing
industry.
Outlook: Stable

CRISIL believes that Godavari will benefit over the medium term
from its long-standing presence in the industry. The outlook may
be revised to 'Positive' in case the company reports higher-than-
expected revenue and profitability, resulting in improvement in
its capital structure and debt-servicing metrics. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected revenues and profitability resulting in lower cash
accruals or if it undertakes a larger-than-expected, debt-funded
capital expenditure, resulting in weakening its financial risk,
particularly its liquidity.

Incorporated in 1976, Godavari is promoted by Mr. Namdeo Rao
Rakhmaaji Parjane Anna of Ahmednagar (Maharashtra). Godavari has
set up a milk processing unit in Ahmednagar. The company mainly
processes milk and also manufactures dairy products, such as ghee,
shrikhand, and paneer.

Godavari reported a profit after tax (PAT) of INR6.0 million on
net operating income of INR1.38 billion for 2013-14 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.1
million on a net operating income of INR1.31 billion for 2012-13.


GREENCROP: CRISIL Reaffirms 'B+' Rating on INR52.5M Cash Credit
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Greencrop
International Pvt Ltd continues to reflect Greencrop's modest
scale of operations, low operating margin, and average financial
risk profile marked by small net worth, low gearing, and average
debt protection metrics. The rating also reflects the company's
large working capital requirements. These rating weaknesses are
partially offset by the benefits that Greencrop derives from its
promoters' extensive experience in the agricultural chemicals
industry and its wide distribution network.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           52.5      CRISIL B+/Stable (Reaffirmed)


   Long Term Loan        41.7      CRISIL B+/Stable (Reaffirmed)


   Proposed Long Term     5.8      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that Greencrop will continue to benefit over the
medium term from its promoters' extensive industry experience and
its wide distribution network. The outlook may be revised to
'Positive' in case of substantial improvement in the company's
scale of operations and profitability margins, resulting in large
cash accruals. Conversely, the outlook may be revised to
'Negative' in case of steep decline in the company's
profitability, or deterioration in its capital structure on
account of large working capital requirements or debt-funded
capital expenditure.

Update
Greencrop's revenue registered 7 per cent year-on-year growth to
around INR330 million in 2013-14 (refers to financial year,
April 1 to March 31). The company's business performance is
expected to weaken in 2014-15 with expected decline in revenue
because of lower rainfall impacting demand for fertilisers.
However, the company's performance is expected to improve during
2015-16 with capex plans to consolidate two units at Sholapur
(Maharashtra). Post the capex, Greencrop's business risk profile
is expected to improve over the medium term; however, any time or
cost overrun in the capex will remain a rating sensitivity factor.

Greencrop's operations continue to remain working capital
intensive as reflected in increased gross current assets (GCA)
levels of around 201 days as on March 31, 2014, as compared to 160
days a year earlier. These GCA days emanates from the company's
high inventory levels of around 67 days and receivables cycle of
125 days. The company's receives support for credit cycle from
suppliers as provided to its customers; thereby being able to
stretch its payments to its suppliers. As a result, the company's
average bank limit utilization have been moderate at around 84 per
cent, for the 6 months ended June 2014.

Greencrop's average financial risk profile is marked by low
gearing, average debt protection metrics, and small net worth. The
net worth was at INR53 million as on March 31, 2014, limiting the
company's financial flexibility to meet exigency. The company has
moderate debt, contracted to fund working capital requirements;
the debt and small net worth result in low gearing, estimated at
0.93 times as on March 31, 2014. With debt-funded capex, the
gearing is expected to increase moderately to about 1.5 times over
the medium term. Greencrop's liquidity is expected to remain
moderate, marked by modest cash accruals vis-a-vis term debt
obligations of around INR0.8 million for 2014-15.

For 2012-13, Greencrop registered a profit after tax (PAT) of
INR2.4 million on net sales of INR309 million, against a PAT of
INR5.1 million on net sales of INR308 million for the previous
year.

Greencrop set up in 2001, is engaged in the formulation of
pesticides and micro-nutrient fertilisers. It is headquartered in
Pune (Maharashtra), with distribution offices in Hyderabad
(Telangana), Bengaluru (Karnataka), Coimbatore (Tamil Nadu),
Raipur (Chhattisgarh), Indore (Madhya Pradesh), Akola
(Maharashtra), and Ahmedabad (Gujarat). It is promoted by Mr.
Sharad Sawant and Mr. Popatrao Deshmukh, who have been engaged in
the agricultural chemicals industry for around four decades.


GYAN SHAKTI: CRISIL Assigns 'B' Rating to INR100MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Gyan Shakti Education Welfare Trust. The rating
reflects GSEWT's exposure to high project implementation risks,
and below-average financial risk profile marked by a high project
gearing, and a modest net worth. These rating weaknesses are
partially offset by the benefits that the trust is expected to
derive from the healthy demand prospects of the education sector
in India.

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

Outlook: Stable

CRISIL believes that GSEWT will benefit from the healthy demand
prospects of education in India. The outlook may be revised to
'Positive' in case of timely start of its school within the
budgeted cost and along with better-than-expected occupancy level
during the initial phase of the school's operations. Conversely,
the outlook may be revised to 'Negative' in case GSEWT faces any
delay in project implementation leading to time and cost overruns
or registers lower-than-expected occupancy levels during the
initial phase of its operations.

GSEWT, set up in 2013, is based in New Delhi. The trust is
currently setting up a Central Board of Secondary Education
(CBSE)-affiliated public school at Crossings in Ghaziabad (Uttar
Pradesh) which is expected to commence session in 2015-16.


HILLSTONE: ICRA Reaffirms 'B+' Rating on INR3.50cr Cash Credit
--------------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed to the INR3.50 crore
fund based cash credit facility and the INR3.01 crore (reduced
from INR3.71 crore) term loan facility of Hillstone Ceramic
Private Limited. The rating of [ICRA]A4 has also been reaffirmed
to the INR1.10 (enhanced from the INR0.80 crore) short term non
fund based facilities of HCPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit Limits     3.50      [ICRA]B+ reaffirmed
   Term Loan              3.01      [ICRA]B+ reaffirmed
   Bank Guarantee         1.10      [ICRA]A4 reaffirmed

The ratings continues to be constrained by limited track record of
the company's operations, small scale of planned operations in
relation to other larger organized ceramic tile manufacturers,
weak financial profile characterized by adverse capital structure
and debt coverage indicators as well as highly competitive
business environment on account of presence of large number of
organized as well as unorganized players in the region. The
ratings also take into account its limited product portfolio and
relatively low brand visibility as compared to other established
and organized players. The ratings are also constrained by
vulnerability of profitability and cash flows to cyclicality
inherent in the real estate industry, which is the main consuming
sector and to the availability and increasing prices of gas, as
gas is its major source of fuel.

The ratings, however, favorably factor in the long experience of
the promoters in the ceramic industry and the location advantage
enjoyed by HCPL with its plant located in ceramic hub of Morbi.

Hill Stone Ceramic Private Limited was incorporated in 2010 and is
engaged in manufacturing of ceramic wall tiles. The company has an
installed capacity of 24225 MTPA with its plant situated at Morbi,
Gujarat. HCPL is promoted by Mr.Mahendra Mundadiya, Mr.Dinesh
Agrawal, Mr. Mahedev Detroja and Mr. Kalpesh Zalariya.. HCPL
commenced commercial operations in May 2011 and currently
manufactures ceramic wall tiles of size 10"x13" with the current
set of machineries and production facilities.

Recent Results
For the year ended 31st March, 2014, HCPL reported an operating
income of INR17.86 crore and profit after tax of INR0.17 crore.


JAI MAAKALI: CRISIL Ups Rating on INR150MM Cash Credit to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Jai Maakali Fish Farms Private Limited to 'CRISIL B/Stable' from
'CRISIL D'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           150         CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term     10         CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

The rating upgrade reflects the regularization of JMFFPL's cash
credit account over the last four months ended July 2014,
supported by an equity infusion of INR30 million by its promoters
in the first quarter of 2014-15 (refers to financial year,
April 1 to March 31). The upgrade also factors in CRISIL's belief
that JMFFPL will continue to service its debt in a timely manner
over the medium term, with its cash accruals expected to be
sufficient to meet its term debt repayment obligations.

The rating reflects JMFFPL's weak financial risk profile marked by
its small net worth, high gearing, and weak debt protection
metrics. The ratings of the company are also constrained on
account of its large working capital requirements, its exposure to
intense competition and inherent risks in the fish cultivation
industry, and the susceptibility of the company's profitability
margins to volatility in raw material prices. These rating
weaknesses are partially offset by the benefits that JMFFPL
derives from its promoters' extensive experience.

Outlook: Stable

CRISIL believes that JMFFPL will continue to benefit over the
medium term from its promoters' extensive experience. The outlook
may be revised to 'Positive' if the company registers a sustained
improvement in its working capital cycle, or there is an
improvement in its liquidity on the back of sizeable capital
additions by its promoters. 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 by a large debt-funded capital
expenditure or a stretch in its working capital cycle.

JMFFPL was incorporated in 2003 by Mr. Kumar Pappu Singh. The
company is engaged in cultivation of fish at Potluru and Dosapadu
villages in West Godavari District of Andhra Pradesh.


JAYALAXMI ENTERPRISES: ICRA Reaffirms B Rating on INR1.25cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B outstanding on
the INR1.25 crore fund based facilities of Jayalaxmi Enterprises.
ICRA has also reaffirmed the short term rating of [ICRA]A4 for the
INR6.25 crore short term fund based facilities and INR2.00 crore
of short term fund based facility (sub-limit of fund based limits)
of JE.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund Based Limits-      1.25       [ICRA]B/Reaffirmed
   Cash Credit

   Fund Based Limits-
   Pledge Loan             6.25       [ICRA]A4/Reaffirmed

   Short Term Fund
   Based Facility         (2.00)      [ICRA]A4/Assigned

The ratings take comfort from the promoter's long standing
experience in the cashew processing industry, the firm's
established distribution channel across domestic and export
markets and established relationships with brokers and agents for
procurement of raw cashew and sale of processed cashew and the
support from Group Firms in terms of raw cashew processing. In
2013-14, the firm's gearing improved on back of low debt
outstanding as on March 31, 2014 aided by decline in working
capital intensity coupled with equity infusion by the promoters.
The ratings remain constrained by the firm's small scale of
operations limiting its operational and financial flexibility, low
value additive nature of business and high competitive intensity
owing to fragmented nature of the industry resulting in minimal
pricing flexibility. In addition, during 2013-14, the firm's
revenues declined by 12.4% coupled with operating margins
declining by 210 bps on account of the firm's inability to
completely pass on the increase in the raw material cost to its
customers. The rating also takes note, the seasonal nature of crop
necessitate high inventory holding during the crop season,
March to June thus leading to continuous working capital
requirements. Going forward, the firm's ability to scale up, and
improve its profitability indicators would be key rating
sensitivities.

Jayalaxmi Enterprise was incorporated in 1998 by Mr. A Vittalaraya
Hegde and his wife Mrs. Veena Hegde. The firm is primarily engaged
in the processing of raw cashew nuts into plain cashew kernels. JE
procures its raw material either from the domestic market through
brokers or foreign countries like Tanzania, Ivory Coast,
Indonesia, Benin, etc. through agents depending upon the
prevailing price. The processed cashew is sold mainly to the
wholesalers in domestic market through brokers. The firm's
manufacturing facilities are located at Karkala in Udupi district
of Karnataka with an aggregate installed capacity of 5.25 Metric
Tonnes (MT)/day.

Besides Jayalaxmi Enterprises, the promoter Group also owns two
other firms named Laxmidevi Cashews and Manglagowri Exports which
are engaged into the processing of raw cashew nuts on job work
basis solely for JE with an aggregate processing capacity of 1.8
Metric Tonnes (MT)/day.

Recent results

The Firm reported net profit of INR0.0 crore on operating income
of INR16.1 crore during 2013-14 (according to unaudited results)
as against net profit of INR0.2 crore on operating income of
INR18.4 crore during 2012-13.


K L R INDUSTRIES: CRISIL Cuts Rating on INR325MM Cash Credit to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of K L R
Industries Limited to 'CRISIL D/ CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           325         CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Letter of Credit       13.4       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Term Loan             161.6       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects the company's overdrawn cash credit
facility-the facility has been overdrawn for more than 30 days
owing to weak liquidity.

KLR has large working capital requirements, and is exposed to
intense competition in the drilling equipment industry. However,
the company benefits from the extensive experience of its
promoters in the drilling equipment business.

KLR was set up in 1985 by Mr. Kichannagari Laxma Reddy and his
family members. The company manufactures drilling equipment, which
are used mainly in drilling wells.


KGS NELSUN: ICRA Suspends B+ Rating on INR34cr Long Term Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR34.00 crore
long term loans & working capital facilities & the [ICRA]A4 rating
assigned to the INR66.00 crore short term non fund based and
proposed facilities of M/s KGS Nelsun Paper Mill Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MANJOORAN HOUSING: ICRA Suspends D Rating on INR7cr LT Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR7.00 crore
long term fund based facilities of Manjooran Housing Development
Company Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the entity.


MARS THERAPEUTICS: CRISIL Cuts Rating on INR60MM Cash Credit to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities Mars
Therapeutics and Chemicals Ltd to 'CRISIL D/ CRISIL D' from
'CRISIL C/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee          5         CRISIL D(Downgraded from
                                     'CRISIL A4')

   Cash Credit            60         CRISIL D (Downgraded from
                                     'CRISIL C')

   Letter of Credit        5         CRISIL D (Downgraded from
                                     'CRISIL A4')

The rating downgrade has been on account of the company's
overdrawn cash credit facility'the facility has been overdrawn for
more than 30 days owing to weak liquidity.

MTCL has a below-average financial risk profile marked by its
small net-worth, high gearing, and modest debt protection metrics.
The company also has large working capital requirements, and is
exposed to intense competition in the pharmaceutical formulations
industry. However, the company benefits from the extensive
experience of its promoters in the pharmaceutical industry.

MTCL, set up as a private limited company by Mr. P Appa Rao and
family in 1993. The company manufactures pharmaceutical
formulations for the domestic market. Its manufacturing facility
is in Secunderabad (Telangana).


MARUTI OIL: ICRA Reaffirms B Rating on INR5.75cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA] B to INR6.48
crore bank lines of Maruti Oil Mills. The rating reaffirmation
continues to be constrained by the weak financial risk profile of
the firm marked by declining operating profitability and stagnant
PAT despite significant growth in the operating income for FY14.
Consequently the coverage indicators continued to remain stretched
with NCA/TD of 5%, TD/OPBDIT of 6.22 times and high gearing of
3.13 times as on 31st March 2014.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.75       [ICRA]B reaffirmed
   Term Loan             0.54       [ICRA]B reaffirmed
   Unallocated           0.19       [ICRA]B reaffirmed

The rating is further constrained on account of low value additive
nature of operations and relatively small scale of MOM in a highly
fragmented nature of industry thereby limiting its ability to pass
on any adverse raw material price fluctuations to its customers.
The rating also takes into account the high geographical
concentration of the firm with majority of the revenues accounted
from sale of cotton lint in Tamil Nadu. The rating however
favorably factors in the promoter's long track record of over two
decades in the cotton ginning industry, proximity of the firm's
ginning unit to cotton growing areas in Warangal (Andhra Pradesh)
facilitating easy procurement of raw materials.

Setup in 2007, Maruti Oil Mills is engaged in cotton ginning,
pressing and extraction of cotton seed oil. The firm's plant is
located at Warangal district of Andhra Pradesh with a capacity of
36 gins, 1 pressing unit and 6 oil expellers for ginning, pressing
and oil extraction.


MGM STEELS: ICRA Reaffirms B Rating on INR2.5cr Fund Based Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B outstanding on
the INR2.50 crore fund based facility of MGM Steels. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 outstanding on the
INR6.50 crore non-fund based facility of MGM Steels.  ICRA had
earlier suspended the long-term rating of [ICRA]B and the short-
term rating of [ICRA]A4 in June 2014. The rating suspension now
stands revoked.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund based facility        2.50       [ICRA]B reaffirmed
   Non-fund based facility    6.50       [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account the experience
of promoters in the steel trading business. The ratings also
consider the firm's highly geared capital structure and stretched
coverage metrics; and the small scale of its operations in a
highly competitive steel trading business, which restricts scope
for improvement in profitability. While the ongoing weakness in
the domestic steel industry is expected to adversely impact the
firm's revenue growth and accruals at least in the near term,
favourable demand outlook for steel products in long term is
expected to support business growth.

Established in 2005, MGM Steels is primarily engaged in trading of
MS channels, MS flats, MS angles, plates, billets, ingots and TMT
bars. The partnership firm is promoted by Mr. Govind Prasad and
Ms. Bobby Sonthalia (wife of Mr. Govind Prasad), with a share in
profits in the ratio of 3:1.

Recent results
The firm reported a net profit of INR0.3 crore on an operating
income of INR50.4 crore during 2013-14 (according to unaudited
results), as against a net profit of INR0.4 crore on an operating
income of INR49.4 crore during 2012-13.


MIDAS INTERNATIONAL: CRISIL Cuts Rating on INR250M Bank Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Midas
International (India) Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'. The rating downgrade is because of delays by
MIL in repayment of its term debt by 60 to 90 days.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee          5         CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit            50         CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Letter of Credit       45         CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Long Term     250        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB-/Stable')

The ratings also reflect SGFPL's working-capital-intensive nature
of operations and susceptibility of its revenues and margins to
intense competition in the logistics industry.

MIL was originally set up in 2004 by Ms. Meena Vohra as a
proprietorship firm under the name Midas International. In
April 2013, the firm's operations were transferred to a newly
incorporated closely held limited company, MIL. It is currently
being managed Mr. Chetan Vohra (husband of Ms. Meena Vohra), and
their son, Mr. Karan Vohra. MIL trades in pig iron, sponge iron,
billets and ingots, and imported scrap metal, and also provide
logistics solutions. The company operates through its registered
office at Andheri in Mumbai.


MITTAL CERAMICS: CRISIL Reaffirms B Rating on INR122MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Mittal Ceramics
continues to reflect MIC's weak financial risk profile, marked by
weak liquidity, high gearing, weak debt protection metrics, and
insufficient cash accruals to meet debt obligations. The rating
also reflects the susceptibility of MIC's profitability to
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of MIC's promoter in
the glass industry.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           97.5        CRISIL B/Stable (Reaffirmed)
   Term Loan            122          CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MIC will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm generates large
cash accruals, backed by stabilisation of its newly added capacity
and improvement in operating profitability and working capital
cycle, leading to improvement in liquidity and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
the firm's profitability or revenue declines, resulting in low
cash accruals, and if increase in working capital requirements
weakens its financial risk profile, particularly liquidity.

Update
MIC reported revenue of INR508.5 million for 2013-14 (refers to
financial year, April 1 to March 31) against INR48.9 million for
2012-13. The significant increase in revenue was mainly on account
of change in the firm's business model. Till September 2012, MIC
manufactured glass bangles; MIC shut down its facility from
September 2012 to March 2013 to convert to manufacturing of glass
bottles. MIC caters primarily to the liquor industry and has a
strong clientele, which includes Pernord Ricard India Pvt Ltd,
Jagatjit Industries, United Liquors India Pvt Ltd, and Fine Arts
Glass Works. CRISIL believes that MIC's revenue will grow by 10 to
15 per cent over the medium term, supported by the firm's strong
clientele and the healthy demand prospects for its end-user
industry.

MIC reported net profit of INR0.2 million for 2013-14, against net
loss of INR11.90 million for 2012-13. Its operating margin was
low, at 5.29 per cent, in 2013-14 and is expected to remain at a
similar level over the medium term. The firm's operations are
working capital intensive, marked by gross current assets of
around 195 days as on March 31, 2014, driven by inventory of
around 90 days and receivables of 115 days. The firm's bank limit
utilisation was moderate, averaging 87 per cent for the 12 months
ended March 31, 2014.

MIC's net worth is low, at INR74.5 million as on March 31, 2014.
The firm has large debt, contracted to fund working capital
requirements; large debt and small net worth resulted in high
gearing of 4.06 times as on March 31, 2014.

Established in 1978, MIC initially produced glass bangles, and
started making glass bottles in March 2013. The Firozabad (Uttar
Pradesh)-based firm is managed by Mr. Raj Kumar Mittal.


NIMBUS AUTOMOTIVE: CRISIL Reaffirms B Rating on INR10MM Bank Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Nimbus Automotive
Private Limited continues to reflect NAPL's small scale of
operations in the fragmented automotive (auto) components trading
industry, and its weak financial risk profile, marked by a highly
leveraged capital structure. These rating weaknesses are partially
offset by the extensive industry experience of the company's
promoters.

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

   Export Packing Credit   65       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      10       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if NAPL increases its scale
of operations and significantly improves its operating
profitability and net worth. Conversely, the outlook may be
revised to 'Negative' if the company's revenue and operating
profitability decline, its working capital requirements increase,
or it undertakes a large debt-funded capital expenditure
programme, thus weakening its financial risk profile.

NAPL is promoted by Mr. Vijay Kapoor and his family members. The
company trades in auto components, which it sells mainly to
clients based in Bangladesh, Sri Lanka, and Tanzania.


PEE JAY: CRISIL Reaffirms 'B' Rating on INR85MM Cash Credit
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Pee Jay Import Exports
continues to reflect Pee Jay's weak financial risk profile marked
by high gearing and weak debt protection metrics, and its modest
scale of operations, with customer concentration in revenue
profile. These rating weaknesses are partially offset by the
extensive experience of the firm's promoters in the textile
industry.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            85         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Pee Jay will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if Pee Jay's liquidity
improves, most likely because of significant increase in
profitability and turnover, leading to better-than-expected cash
accruals, or capital infusion by its promoters. Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile deteriorates, most likely because of significant increase
in working capital requirements, or decline in turnover, or debt-
funded capital expenditure.

Update
Pee Jay's performance was largely in line with CRISIL
expectations, with sales of INR 296.0 million in 2013-14 (refers
to financial year, April 1 to March 31) against INR281 million in
2012-13. The sales remained stagnant on account of focus towards
high margin order execution. CRISIL believes that sales will
remain in the range of INR320-340 million in near term. Pee Jay's
operating profitability remained stable at 5.9 per cent in 2013-
14. The firm's working capital requirements continue to be driven
by large inventory and debtors at around 140 days. The firm
maintains average inventory of around two months; its inventory
was at 57 days as on March 31, 2014. Pee Jay extends open credit
of around 90 days to customers and receives credit of only 10 days
from its suppliers, resulting in large working capital
requirements.

Its gearing remains high, around 5 times as on March 31, 2014, as
expected by CRISIL, driven by short-term debt contracted to fund
working capital requirements. Pee Jay does not plan any debt-
funded capital expenditure over the medium term. Its liquidity
remains constrained due to large working capital requirements. Its
bank limits were almost fully utilised over the 10 months through
July 2014. Despite no term debt obligation, CRISIL believes that
Pee Jay's liquidity will remain stretched on account of its large
working capital requirements.

Pee Jay is a partnership form established in 1997 by Mr. Sanjiv
Gupta, Mr. Rajinder Bansal, Mr. Sanjay Gupta, and Mrs. Kamlesh
Gupta (mother of Mr. Sanjiv Gupta). The firm manufactures garments
such as T-shirts, sweaters, and jackets; its manufacturing
capacities are in Ludhiana (Punjab).


PUNJAB ALKALIES: CRISIL Cuts Rating on INR724.4MM Term Loan to C
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Punjab Alkalies & Chemicals Ltd to 'CRISIL C' from 'CRISIL B-
/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            90         CRISIL C (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long Term     69.1       CRISIL C (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

   Term Loan             724.4       CRISIL C (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects the deterioration in PACL's
liquidity and the expected insufficiency of its cash accruals to
meet its term debt obligations. The deterioration in liquidity is
driven by the decline in the firm's operating margin on account of
increased power cost and lower-than-expected revenue.

The rating reflects PACL's weak financial risk profile, marked by
high gearing. The rating also factors in the company's
susceptibility to changes in government regulations and to intense
competition from importers as well as other players in the
domestic market. These rating weaknesses are partially offset by
PACL's established and diversified customer and end-user industry
base.

PACL was incorporated in 1975, with 44.6 per cent stake owned by
Punjab State Industrial Development Corporation Ltd. The company
manufactures caustic soda and chlorine. Its plant is in Ropar
district (Punjab); it is listed on the Bombay Stock Exchange.

PACL reported, on a provisional basis, a net loss of INR95.8
million on net sales of INR2648.0 million for 2013-14 (refers to
financial year, April 1 to March 31); it had reported a profit
after tax (PAT) of INR28.1 million on net sales of INR2855.9
million for 2012-13. The company has reported a PAT of INR24.9
million on net sales of INR762.3 million for first three months of
2014-15.


R. K. COTGIN: ICRA Assigns 'B' Rating to INR6.0cr Term Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR11.5
crore long term bank facilities of R. K. Cotgin & Pressing
Industries.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan              6.0        [ICRA]B; Assigned
   Long term Fund
   Based Limit            5.5        [ICRA]B; Assigned

The assigned ratings favorably factors in the long experience of
promoters in business and their established relationships with
customers and suppliers. The rating also takes into account
RKCPI's forward integration into yarn manufacturing which is
expected to lead to improvements in profitability in addition to
revenue diversification.

However, the rating is constrained by the company's weak financial
profile characterized by modest debt coverage indicators
(Debt/OPBDIT of 9.48 times, DSCR of 0.7 times in FY14) given the
recent debt funded capex undertaken. The rating also factors in
the decline in RKCPI's ginning volumes owing to weak cotton season
and the consequent decline in profits in FY14. Further, the rating
takes into account the competitive nature of business and the
vulnerability of RKCPI's margins to raw material prices.

Going forward, the ability of the company to scale up operations
in its yarn manufacturing facility, improve its profitability
margins and debt coverage indicators will be the key rating
sensitivities.

Incorporated in the year 1976, R. K. Cotgin & Pressing Industries
is engaged in the business of cotton ginning & pressing
operations, the entity has its production facility in Ellenabad
area of Haryana; they also undertook yarn manufacturing facility
in their Elenabad plant from 2013. They have a combined production
capacity of 77,490 quintal in their cotton unit and 20,545 quintal
for their Yarn unit.

Recent Results
In FY2014, RKCPI registered operating income (OI) of INR51.78
crore , profit after tax (PAT) of INR0.06 crore, total debt of
INR14.12 crore and tangible net worth of INR5.07 crore, compared
to OI of INR79.84 crore, PAT of INR0.05 crore, total debt of
INR8.13 crore and tangible net worth of INR2.64 crore in FY2013.


R.M. REALTY: CRISIL Reaffirms 'B' Rating on INR150MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of R.M. Realty
Developers continues to reflect RMRD's exposure to risks
associated with completion, funding, and salability of ongoing
projects, accentuated by the initial stage of project
construction. The rating also factors in the firm's vulnerability
to cyclicality inherent in the Indian real estate industry and in
Maharashtra. These rating weaknesses are partially offset by the
extensive experience of RMRD's partners in the real estate
industry in Pune (Maharashtra).

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

Update on the Projects
RMRD has high project risk marked by high implementation and
funding risk. RMRD's significant portion of its Felej project is
yet to be completed leading to high implementation risk. The firm
has completed about 90% of the construction of Hiras Nagar project
and about 25% of the construction of Felej project. Large part of
this funding is supported by promoter funding and bank funding
which was disbursed in 2013-14. Given that whole bank loan is
sanctioned and disbursed the remaining construction cost will be
highly reliant on timely receipt of customer advances

More than 85% flats of the Hiras Nagar project are booked and
about Rs 53 million is collected. Further majority of the units
launched in Phase I of Felej is yet to be booked. Hence going
forward, RMRD's liquidity would remain susceptible to incremental
bookings for the Felej project and timely inflow of customer
advances. CRISIL believes that the implementation and funding
risks for the Felej project would be high due to low initial
bookings and heavy reliance on customer advances. However the same
is expected to be supported by track record of promoter funding
witnessed in the project.

Outlook: Stable

CRISIL believes that RMRD will benefit over the medium term from
its partners' extensive experience in the real estate industry in
Pune. The outlook may be revised to 'Positive' in case of better-
than-expected bookings of units and receipt of customer advances,
leading to higher-than-expected cash inflows. Conversely, the
outlook may be revised to 'Negative' in case of time or cost
overruns in the project or in case of slower-than-expected
increase in customer bookings, leading to lower-than-expected cash
inflows and deterioration in the firm's financial risk profile,
particularly liquidity.

RMRD is a partnership firm established by members of the Thakur
family (engaged in real estate development in Pune) in 2010-11
(refers to financial year, April 1 to March 31) to undertake
residential real estate projects, Hiras Nagar and Felej, at
Pirangut in Pune. Mr. Nitin Thakur looks after the firm's daily
activities.


ROYAL ENTERPRISES: CRISIL Reaffirms 'B' Rating on INR20MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Royal Enterprises
continue to reflect the firm's weak financial risk profile, marked
by its modest net worth, and weak capital structure and debt
protection metrics. The ratings also factor in the firm's small
scale of operations, susceptibility to intense market competition
because of industry fragmentation, and geographical concentration
in its revenue profile. These rating weaknesses are partially
offset by Royal Enterprises' established customer relations and
promoters' extensive industry experience and funding support.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B/Stable (Reaffirmed)
   Letter of Credit       100        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Royal Enterprises will continue to benefit
from its established customer relations, and the extensive
industry experience of its promoters, over the medium term. The
outlook may be revised to 'Positive' if the firm's scale of
operations improves sharply, while it maintains profitability and
working capital management; or if there is a significant infusion
of funds by the promoters, leading to an improved capital
structure and financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the firm's liquidity is constrained by
lesser-than-expected cash accruals or sizeable working capital
requirements; or a debt-funded capital expenditure programme.

Royal Enterprises was set up in Indore (Madhya Pradesh) in 2009 by
Mr. Vimal Khurana. The firm trades in steel scrap, which is
supplied to local steel plants and foundries.


S.A. PLYWOOD: CRISIL Reaffirms B+ Rating on INR115MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of S.A. Plywood Industry
Pvt Ltd continue to reflect SAPIPL's small scale of operations,
below-average financial risk profile and its working-capital-
intensive operations. These rating weaknesses are partially offset
by the extensive experience of SAPIPL's promoters in the plywood
industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2.5      CRISIL A4 (Reaffirmed)

   Cash Credit           115.0      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term     22.5      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Proposed Short Term    50.0      CRISIL A4   (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that SAPIPL will continue to benefit from its
promoters' extensive experience in the plywood business. The
outlook may be revised to 'Positive' if the company improves its
financial risk profile through sustained increase in scale of
operations, resulting in better accruals and improves its working
capital management. Conversely, the outlook may be revised to
'Negative' if SAPIPL undertakes any large, debt-funded capital
expenditure programme leading to deterioration in its financial
risk profile or there is a stretch in its working capital cycle.

SAPIPL, formed in 1979 as a partnership concern by Mr. Arun Saha
and Mr. Salil Shah, was reconstituted as a private limited company
in 2009. The company manufactures plywood, block board and flush
door at its facility in Mathabhanga in Coochbehar (West Bengal).
The company sells its products under the brand name Globe and
Glider.


S.M. APPARELS: CRISIL Assigns 'D' Rating to INR458.4MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of S.M. Apparels Pvt. Ltd.

                            Amount
   Facilities             (INR Mln)       Ratings
   ----------             ---------       -------
   Inland/Import Letter       6.6         CRISIL D
   of Credit

   Cash Term Loan           458.4         CRISIL D

   Export Packing Credit     35           CRISIL D


The ratings reflect instances of delay by SMA in servicing its
term debt. The delays have been caused by the company's weak
liquidity.

SMA also has a weak financial risk profile, marked by weak capital
structure, and modest scale of operations in a fragmented and
competitive textile industry. SMA, however, benefits from its
promoter's extensive industry experience.

SMA, incorporated in 1983 and based in Chennai (Tamil Nadu),
manufactures and exports ready-made garments. The company's day-
to-day operations are managed by Mr. Vijay Pai.

For 2013-14 (refers to financial year, April 1 to March 31), SMA
reported, on a provisional basis, a loss of INR31 million on total
revenue of INR181 million; the company reported a loss of INR57
million on total revenue of INR98 million for 2012-13.


SADGURU GINNING: ICRA Assigns B+ Rating to INR3.0cr Term Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR3.00
crore fund-based limits and INR3.00 crore term loan of Sadguru
Ginning & Pressing Pvt. Ltd.  The unallocated amount of INR4.00
crore has been rated on both the scales at [ICRA]B+ and [ICRA]A4.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit Limits     3.00      [ICRA]B+ assigned
   Term Loan Limits       3.00      [ICRA]B+ assigned
   Un-allocated amount    4.00      [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by the small scale and
limited track record of Sadguru Ginning & Pressing Pvt. Ltd.'s
(SGPPL) operations. The rating also takes into account the low
value additive nature of the ginning industry resulting in thin
profitability, weak capital structure resulting from debt funded
capex for setting up the manufacturing unit and the intense
competition among the players which restricts pricing flexibility.
The rating is also constrained by the vulnerability to
fluctuations in raw material prices, which are in turn subject to
seasonality and crop harvest.

The ratings, however, positively consider the long experience of
the promoters in the cotton industry. ICRA also notes the healthy
growth in revenues in its first full year of operations.

Sadguru Ginning & Pressing Pvt. Ltd. incorporated in August 2012
is promoted by the Bharsakle family. The company is engaged in
ginning raw cotton into cotton bales. The company has set up 28
ginning machines with an installed capacity of 16000 MTPA. The
commercial production of the company commenced in April 2013. The
company's registered office and factory is located in Daryapur,
Amravati district of Maharashtra.

Recent Results:
As per the unaudited results of FY14, the company reported a
profit before tax of INR0.39 crore on an operating income of
INR41.04 crore.


SAI POINT: CRISIL Reaffirms B- Rating on INR90M Funding Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sai Point Cars Pvt Ltd
continue to reflect SCPL's weak financial risk profile, marked by
a small net worth, high gearing, and weak debt protection metrics,
and its modest scale of operations. The rating also factors
company's exposure to intense competition in automobile dealership
industry. These rating weaknesses are partially offset by the
extensive experience of SCPL's promoter in the automobile
dealership industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         10        CRISIL A4 (Reaffirmed)
   Cash Credit             5        CRISIL B-/Stable (Reaffirmed)
   Inventory Funding
   Facility               90        CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     17        CRISIL B-/Stable (Reaffirmed)
   Term Loan              28        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Sai Point Cars Private Limited (SCPL) will
continue to benefit over the medium term from its promoter's
extensive industry experience. CRISIL, however, also believes that
the company's financial risk profile will remain weak during this
period, marked by high total outside liabilities to tangible net
worth (TOL/TNW) and weak debt protection metrics. The outlook may
be revised to 'Positive' if SCPL generates larger-than-expected
cash accruals, primarily led by increase in its scale of
operations and profitability. Conversely, the outlook may be
revised to 'Negative' if the company's liquidity weakens
significantly because of inadequate support from its group
concern, or decline in its profitability.

SCPL, set up in 2008, is an authorised dealer of Maruti Suzuki
India Ltd (MSIL) in Salcette, Goa. SCPL was set up by Mr. Dilip
Patil, who manages its overall operations. The company also deals
in MSIL spare parts and has a workshop in Goa. Mr. Dilip Patil is
also the promoter of Sai Point Automobiles which is into
dealership of Honda 2 wheelers in Thane

For 2012-13, SCPL reported a net loss of INR7.5 million on
revenues of INR532.9 million, as against a net loss of INR7.7
million on net sales of INR506.1 million for the previous year.


SANDEEP SEEDS: CRISIL Reaffirms D Rating on INR220MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the long term bank facilities of Sandeep Seeds
and Farms Pvt Ltd (SSF; part of the Sandeep group) continue to
reflect its overdrawn cash credit facility'the facility has been
overdrawn for more than 30 days owing to weak liquidity.

                       Amount
   Facilities         (INR Mln)        Ratings
   ----------         ---------        -------
   Cash Credit            220          CRISIL D (Reaffirmed)

The Sandeep group has seasonal nature of operations, and is
exposed to risks inherent in the agriculture-based commodity
business. However, the group benefits from its established
regional presence and its promoters' extensive experience in the
seeds industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSF, Ajay Seed Processing Plant,
Sandeep Seed Processing Plant, and Santosh Seed Processing Plant.
This is because these companies, collectively referred to as the
Sandeep group, have common promoters, are in the same line of
business, and have significant operational and financial linkages
with each other.

The Sandeep group processes and sells self-pollinated seeds such
as paddy, bengal gram, ground nuts, and soya bean.


SHIVA SHAKTI: CRISIL Reaffirms B Rating on INR190MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shiva Shakti
Grains (India) Pvt Ltd continues to reflect SSG's weak financial
risk profile as a result of large working capital requirement. The
rating also factors in the company's modest scale of operations in
a fragmented industry. These rating weaknesses are partially
offset by the extensive business experience of SSG's promoters,
and the healthy growth prospects of the rice industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            190        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term      11.7      CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan               38.3      CRISIL B/Stable (Reaffirmed)

   Warehouse Financing     60        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSG will continue to benefit over the medium
term from its promoters' extensive business experience. The
outlook may be revised to 'Positive' if the company's liquidity
improves, driven by significant improvement in its cash accruals
supported by significant improvement in its scale of operations
resulting from better capacity utilisation, or if its capital
structure improves significantly because of more-than-expected
accretion to reserves or additional equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' if
SSG's capital structure deteriorates, most likely on account of
larger-than-expected debt-funded capital expenditure or in case of
pressure on its profitability, or if its working capital
requirement is larger than expected.

SSG, incorporated in 2010, processes and sells basmati rice
(mainly Pusa 1121 quality). The company is promoted by Mr. Anil
Vig and his family. It has a paddy processing (milling and
sorting) unit at Gurdaspur (Punjab) with total capacity of 10
tonnes per hour. SSG primarily sells basmati rice in the domestic
market, mainly to exporters. It plans to double its processing
capacity over the next two years.


SHRI BANKEY: CRISIL Assigns 'D' Rating to INR140MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long term bank
loan facilities of Shri Bankey Bihari Educational Trust.  The
rating reflects the instances of delay by SBBET in servicing its
term loan obligations because of trust's short-term cash flow
mismatch.

                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Long Term       60           CRISIL D
   Bank Loan Facility

   Term Loan               140           CRISIL D

The ratings also reflect SBBET's intense competition in the
education industry and susceptibility of revenue growth to adverse
regulatory changes.  These rating weaknesses are partially offset
by long standing presence of the trust in education industry and
its moderate financial risk profile.

Shri Bankey Bihari Educational Trust was started in 2005 under the
chairmanship of Late Mr. Vinay Gupta. The trust is having four
colleges under it running in Palwal district, Haryana.


STEELBIRD INTERNATIONAL: ICRA Suspends B/A4 Rating on INR9cr Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B, [ICRA]A4 ratings for the INR9.0
Crore bank facilities of Steelbird International. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


SUPREME AUDIOTRONICS: ICRA Reaffirms B Rating on INR5.8cr FB Loan
-----------------------------------------------------------------
ICRA has reaffirmed long term rating of [ICRA]B for INR5.80 crore
bank lines of Supreme Audiotronics Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund-based Limits     5.80        [ICRA]B (Reaffirmed)

ICRA's rating on bank lines of SAPL continue to reflect limited
value addition in SAPL's business (resulting in low
profitability), high competition intensity in the industry, and
modest scale of company's operations, with revenues of INR~14
crore in FY14 (provisional). The rating continues to factor in
SAPL's exposure to significant client concentration risk, as the
company is dependent on Tata Motors Limited for more than 90% of
its revenues, and its exposure to exchange rate fluctuations as
the company imports all its audio systems and does not hedge its
currency risk. The reaffirmation also factors in slowdown in sales
of TML's Indica and Indigo models, which is likely to adversely
impact SAPL's revenues.

The rating, however, continues to derive comfort from SAPL's
experienced promoters, its established relationships with large
Original Equipment Manufacturers (OEMs) such as TML and Maruti
Suzuki India Limited (MSIL) and its large servicing network with
over 110 service centers across the country. While reaffirming the
rating, ICRA has noted that the distribution business for JVC
audio systems has now been taken over by SAPL from its sister
concern, Impel Automotive Private Limited. The same is likely to
result in expansion of operations, diversification of customer
base, and in increased funding requirement.

Going forward, improvement in scale of operations and
profitability will be key rating sensitivities.

Supreme Audiotronics Private Limited is a Delhi based company,
engaged in distributing and servicing car audio systems and also
in manufacturing of plastic parts for cars. The company mainly
caters to Tata Motors Limited for car audio systems and to Maruti
Suzuki India Limited (MSIL) for plastic consoles. It is the sole
distributor and service provider for Clarion Audio Systems in
India. The company has now taken over the JVC audio system
distribution business from its sister concern- Impel Automotive
Private Limited. The entity was incorporated in 1956 as a
partnership firm, Supreme Electronics, and was later converted
into a private limited company Supreme Audiotronics Private
Limited.

Recent Results
In FY2014, as per provisional financial statements, Supreme
Audiotronics Private Limited (SAPL) reported operating income of
INR14.52 crore (previous year INR10.30 crore) and net profit of
INR0.24 crore (previous year INR0.17 crore).


SUSHIL BAHIRAT: CRISIL Reaffirms B+ Rating on INR270MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sushil Bahirat
Patil and Associates (SBPA) continues to reflect SBPA's weak
financial risk profile, marked by a small net worth, a high
gearing, and weak debt protection metrics. The rating also
reflects the firm's high exposure to its affiliates and its
tightly matched cash accruals vis-a-vis its debt obligations.
These rating weaknesses are partially offset by the benefits that
SBPA derives from the prime location of its property along with
revenue visibility from long-term lease agreements.

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

   Term Loan              270       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SBPA will continue to benefit over the medium
term from its long-term lease agreements, backed by steady cash
flows from lease rentals. The outlook may be revised to 'Positive'
if the firm witnesses sharp increase in debt service coverage
ratio (DSCR) because of better-than-expected lease rentals from
existing clients or its capital structure improves backed by
equity infusion by its partners. Conversely, the outlook may be
revised to 'Negative' in case significant delays in rental
receivables from tenants adversely affects its cash flows, or if
it extends financial support to its group entities or partners.

SBPA was set up in 2011 as a partnership firm by Mr. Sushil
Bahirat Patil and his wife, Mrs. Pritam Bahirat. The firm develops
and leases out commercial properties in Pune (Maharashtra).


SWAYAMPRABHA UDYAM: ICRA Reaffirms B Rating on INR1.50cr LT Loan
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR1.50
crore long-term fund based limits of Swayamprabha Udyam & Co. ICRA
has also reaffirmed the [ICRA]A4 rating assigned to the INR4.25
crore short-term fund based limits of the firm.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term-Fund
   based/Cash Credit      1.50        [ICRA]B (Reaffirmed)

   Short term-Fund
   based/Pledge Loan      4.25        [ICRA]A4 (Reaffirmed)

The reaffirmation of ratings takes into account the firm's long-
track record in the cashew processing industry with over 14 years
of operations. ICRA also notes that despite the stagnation in
operating income in FY14 as compared to FY13, the operating
margins had improved from 3.43% in FY13 to 4.12% in FY14 supported
by the increased sales in higher margin processed cashew kernel
rather than trading raw cashew nuts.

The ratings, however, continue to be constrained by the company's
small scale of operation and stretched financial risk profile
characterized by high gearing (3.11x as on March 2014) and modest
coverage indicators (interest coverage ratio of 1.47x in FY14).
ICRA notes that firm is exposed to volatility in the raw cashew
nut prices as the procurement is seasonal and not backed by
confirmed orders; hence the firm is exposed to price fluctuations
based on the timing difference between the procurement and actual
execution of the order. The ratings also factor in the firm's
exposure to foreign currency movements as it imports the raw
cashew nuts from African countries.

Swayamprabha Udyam & Co was established in 2000 with Mr. Ajith
Kamath and Mrs. Shobha Kamath (mother of Mr. Ajit Kamath) as
partners, to manufacture and process cashew kernels from raw
cashew nuts. The firm was reconstituted in July 2011, with Mrs.
Anasooya Kamath (wife of Mr. Ajith Kamath) joining as a partner
replacing Mrs. Shobha Kamath. The firm imports the raw cashew nuts
(RCNs) primarily from African countries like Guinea Bissau,
Tanzania and Ivory Coast. The RCNs are further processed, graded,
packed and sold in domestic market.

Recent Results
Swayamprabha Udyam & Co earned a profit after tax (PAT) of INR0.10
crore on an operating income of INR18.63 crore in FY14
(provisional). In FY13 company earned a PAT of INR0.07 crore on an
OI of INR18.87 crore.


T. R. CHEMICALS: CRISIL Reaffirms D Rating on INR90MM Cash Credit
-----------------------------------------------------------------
CRISIL ratings on the bank facilities of T. R. Chemicals Ltd
continue to reflect instances of delay by TRCL in repaying its
term loan instalment and interest on it. The delays have been
caused by the company's weak liquidity.

                        Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           10         CRISIL D (Reaffirmed)
   Bill Purchase-
   Discounting Facility     15         CRISIL D (Reaffirmed)
   Cash Credit              90         CRISIL D (Reaffirmed)
   Term Loan                21.1       CRISIL D (Reaffirmed)
   Working Capital
   Term Loan                13.9       CRISIL D (Reaffirmed)

TRCL also has large working capital requirements marked by sharp
increase in inventory and marginal market share making TRCL
vulnerable to cyclicality in the steel industry. These credit
weaknesses are partially offset by the extensive experience of the
promoters in the steel industry.

TRCL was established as a private limited company in 1997,
promoted by Mr. Sanjeev Kapoor and Mr. Mukesh Kumar Agarwal. It
was subsequently reconstituted as a closely held limited company.
TRCL manufactures sponge iron and phenolic resins; the company's
facilities are based in Barpali (Orissa).


VEERAJ CONSTRUCTION: ICRA Reaffirms B Rating on INR3.5cr LT Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the INR3.50
crore long-term, fund based limits of Veeraj Construction. ICRA
has also reaffirmed the short-term rating of [ICRA]A4 to the
INR4.50 crore short-term, non-fund based limits of VC.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund
   based limits          3.50         [ICRA]B reaffirmed

   Short-term, Non-
   fund based limits      4.50        [ICRA]A4 reaffirmed

The reaffirmation of ratings factors in healthy order book of
Veeraj Construction, long standing experience of promoters in
field of irrigation and water supply project execution, and the
large planned Government expenditure towards irrigation and water
management. The assigned ratings, however, are constrained by
modest scale of operations of the firm along with stretched
financial risk profile as indicated by high gearing, extended
receivables, and weak debt coverage indicators. The ratings
further factor in high geographical concentration of projects,
with receipts mostly from various irrigation departments in
Maharashtra State, which have experienced execution delays in the
past.

Veeraj Construction, a partnership firm based out of Nashik,
Maharashtra, is involved in executing irrigation and water supply
projects on a turnkey basis. The firm was established as a
proprietorship firm by Mr. Sanjay Kotecha in 2006, which was then
converted into a partnership firm in 2009, with Mrs. Vandana
Kotecha, wife of Mr. Sanjay, as the partner.

Recent Results
VC has reported a profit after tax of INR0.28 crore on an
operating income of INR11.27 crore in FY13 as against a PAT of
INR0.68 crore on an OI of INR13.56 crore in FY12. As per the
provisional financials for FY14, the firm has achieved profit
before tax of INR0.53 crore on an OI of INR11.15 crore.


VEESONS ENERGY: CRISIL Cuts Rating on INR390MM Cash Credit to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Veesons Energy Systems Pvt Ltd to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         215        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit            390        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Letter of Credit       165        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term     114.1      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL A4+')

   Term Loan               91.5      CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Working Capital         30        CRISIL D (Downgraded from
   Demand Loan                       'CRISIL A4+')

   Working Capital         80        CRISIL D
   Term Loan

The rating downgrade reflects instances of delay by Veesons Energy
in servicing its term debt because of weak liquidity.

Veesons Energy also has a weak financial risk profile, marked by
its high gearing and below-average debt protection metrics, along
with its working-capital-intensive operations. However, the
company also benefits from the promoters' extensive industry
experience and established customer relationships.

Veesons Energy commenced operations as a partnership firm in 1981
and was reconstituted as a private limited company in 1994. The
company manufactures boilers and boiler components, besides
undertaking erection, procurement, and commissioning (EPC)
contracts to set up boilers. The company's other services include
conversion, modification, and renovation of existing boilers.



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


MITRA PINASTHIKA: S&P Assigns 'B+' CCR; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' long-term corporate credit rating to Indonesia based auto
distribution and services company PT Mitra Pinasthika Mustika Tbk.
The outlook is stable.  S&P also assigned its 'B+' long-term issue
rating to the proposed senior unsecured notes that MPM's wholly
owned subsidiary MPM Global Pte. Ltd. will issue.  MPM
unconditionally and irrevocably guarantees the notes.  At the same
time, S&P assigned its 'axBB' long-term ASEAN regional scale
rating to MPM.

"The rating on MPM reflects the company's high product and
geographic concentration and execution risk in scaling up its
diverse businesses, in some of which it has a limited track
record," said Standard & Poor's credit analyst Abhishek Dangra.
"MPM's established motorcycle distribution business, long
relationship with manufacturer PT Astra Honda Motor (Astra), and
diverse operations temper these weaknesses."

MPM's motorcycle and lubricants businesses are highly dependent on
sales of motorcycles.  The company is a master distributor of only
the Honda brand of motorcycles and spare parts in East Java, where
its motorcycle distribution business is concentrated.  Any long-
term decline in sales of Honda motorcycles will therefore directly
affect MPM.

MPM has a limited track record in its car distribution (which it
commenced in 2013) and rental services (started in 2012)
businesses.  The company is in early stages of ramping up car
distribution for Nissan Motor Distributor Indonesia.  S&P believes
it will take a couple of years for this business to positively
contribute to MPM's margins.  The car rental services business
provides high EBITDA margins for MPM but requires significant
ongoing capital expenditure; it also exposes the company to
resale-value risk for used cars.

S&P expects MPM to maintain its good market position due to the
strong Honda brand (over 65% market share) in East Java.  S&P
believes MPM's long-standing good relationship with Astra supports
its motorcycle distribution business.  MPM's profitability across
most segments is comparable to that of industry peers.

S&P expects MPM's high capital expenditure for growth across
segments to result in negative free operating cash flows over the
next 12-24 months.  However, S&P expects the company to maintain a
ratio of debt to EBITDA below 3.5x and a ratio of funds from
operations (FFO) to debt of about 20%, supported by strong revenue
in the distribution and rental services businesses.  MPM's
simultaneous expansion into new business segments demonstrates its
ambitious growth strategy, in S&P's opinion.  S&P, however,
expects the company to maintain financial discipline by limiting
dividends to support growth and avoiding large debt-funded
acquisitions.

MPM's ratio of FFO to debt is at the lower end of the
"significant" category.  S&P believes that the company's major
growth plans, limited record in some new segments, and smaller
size and weaker diversity than some peers with similar anchor
ratings are credit weakness.  S&P therefore adjusts the rating
down by one notch due to its negative comparable rating analysis.

S&P believes MPM's financial services business will be self-
sustaining and not require capital injection or support from the
other businesses.  S&P therefore excludes the financial services
business and evaluate MPM's other businesses under S&P's corporate
rating framework.

MPM intends to refinance its Indonesian rupiah borrowings with its
proposed U.S. dollar notes.  The company has committed to fully
hedging the principal.

"The stable outlook reflects our expectation that MPM's motorcycle
distribution business will provide stable cash flows, and that
execution risks for newer business segments would be manageable
over the next 12 months," said Mr. Dangra.

S&P also anticipates that the company will hedge its currency risk
and appropriately manage its liquidity.  S&P expects the ratio of
debt to EBITDA to stay at less than 3.5x, excluding the financial
services business.

S&P may upgrade MPM if the company demonstrates successful
execution capability by expanding and establishing good market
positions in its car distribution and rentals businesses.  S&P may
also raise the rating if MPM moderates capital spending and
improves profitability in the newer businesses such that the debt-
to-EBITDA ratio is below 3x and the ratio of FFO to debt is above
25% on a sustainable basis.

S&P may downgrade MPM if the company does not fully hedge its
foreign currency borrowing, leading to unhedged currency risk, or
its liquidity weakens significantly.  S&P may also lower the
rating if MPM's ratio of FFO to debt falls below 15%-17% on a
sustainable basis.  This could happen because of higher capital
expenditure or weaker margins owing to execution risk in the newer
businesses.


PELABUHAN INDONESIA: S&P Assigns 'BB+' CCR; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating and 'axBBB+' long-term ASEAN regional
scale rating to Indonesia-based port operator PT Pelabuhan
Indonesia III (Persero) (Pelindo III).  The outlook is stable.
S&P also assigned its 'BB+' long-term issue rating to the senior
unsecured notes that the company proposes to issue.  The issue
rating is subject to S&P's review of the issuance final size and
documentation.

S&P's rating on Pelindo III reflects the company's exposure to
Indonesia's high country risk and execution risks in its
substantial investments.  Pelindo III's resilient profitability
and stable cash flows from operating key ports in central and
eastern Indonesia temper these weaknesses.

"Most of Pelindo III's revenues are from origin and destination
shipments, a segment we view as less competitive than the
transshipment business," said Standard & Poor's credit analyst
Bertrand Jabouley.  "The good location of the company's ports also
supports its cash flows and profitability. Pelindo III's flagship
ports Tanjung Perak and Tanjung Emas are in Surabaya and Semarang,
the country's second- and fifth-largest cities and key
manufacturing and industrial hubs.  Its Banjarmasin port serves
the resources-rich Kalimantan province, while its Benoa port
provides access to Bali, the country's most popular tourist
destination."

S&P views the growth potential of sea trade in Indonesia as robust
because it forecasts GDP expansion in the archipelago to be
resilient.  Still, S&P anticipates a softening in the high trade
volume-to-GDP ratio posted in the past decade.

S&P expects Pelindo III's conservative capital structure to
deteriorate as the company implements its modernization and
expansion plan.  While the company benefits from above-average
predictability of cash flows, given the essential and regulated
nature of the service it provides, the substantial investments
ahead pose significant execution risks, in S&P's view.  This is
due to the potential for cost overruns, inadequate funding at
attractive costs, and underutilization of new capacity.

S&P views Pelindo III as a government-related entity (GRE) and the
rating factors in S&P's view of a "very high" likelihood of
extraordinary support from the government of Indonesia
(BB+/Stable/B; axBBB+/axA-2) based on the following company
characteristics:

   -- A "very important" role for the Indonesia government
      because the company manages key hubs that S&P views as
      strategic for the country's economy.

   -- About 95% of Indonesia's goods are transported by sea.

   -- A "very strong" link with its sole owner, the Indonesian
      government.  S&P believes the government is committed to
      retaining a controlling stake even if it dilutes its
      ownership.

"The stable outlook reflects our view that execution risks related
to Pelindo III's expansion and modernization investment plan are
moderate, in light of the company's record of developing its
infrastructure," Mr. Jabouley said.  Standard & Poor's believes
Pelindo III will deliver on its investment program and postpone
part of its capital expenditure if needed, such that the FFO-to-
debt ratio will remain above 25% on a sustainable basis.

S&P believes the 'BB+' local currency sovereign rating caps
Pelindo III long-term corporate rating.  This is because of the
company's high sensitivity to Indonesia's country risk and its GRE
status.  Accordingly, an upgrade of Indonesia would be a
prerequisite to any positive rating action on Pelindo III.

S&P could lower the rating if Pelindo III fails to raise adequate
financing to cover its needs over the next 12 months.  S&P would
revise its liquidity assessment to "less than adequate" from
"adequate" in such a scenario.  Beyond 12 months, S&P could lower
the rating if the company fails to maintain a FFO-to-debt ratio
above 25% and FFO interest coverage above 3.5x on a sustainable
basis.  This could happen if cost overruns or the company's
capacity utilization is below S&P's expectations because of lower
GDP growth in Indonesia.



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


NATIONAL POWER: High Court Stops QC Court From using PHP62B
-----------------------------------------------------------
Tetch Torres-Tupas at INQUIRER.net reports that the Supreme Court
stopped the Quezon City regional trial court from enforcing the
PHP62-billion garnishment of assets of the National Power
Corporation and the Power Sector Assets and Liabilities Management
Corporation (PSALM) as payment for terminated employees.

INQUIRER.net relates that in its ruling, the high court's special
third division said "court's action today . . . stops the
execution of the writs of garnishment and allows the Court to
determine who are entitled to be paid under the terms of its
previous resolution and how much is entitled to be paid."

According to the report, the high court also took into
consideration letters of several Cabinet secretaries including
Finance Secretary Cesar Purisima and Energy Secretary Carlos
Jericho Petilla to the high court expressing their concerns about
the amount and noting the "injurious effects" to the economy and
the energy sector.

Mr. Petilla said if the court forces the collection, they will be
left with no funds to buy fuel for power production, the report
relays.

INQUIRER.net notes that the controversy stemmed from the complaint
of Napocor's Drivers and Mechanics Association (DAMA) that
questioned their dismissal in mid-2000. The high court, on
September 2006, ordered payment of backwages in lieu of
reinstatement to almost 5,000 dismissed employees.  In 2008, the
high court ordered the Quezon City Regional Trial Court to compute
the amount to be paid to DAMA members, INQUIRER.net recalls.
Several motions were filed and the high court managed to resolve
all the motions in June 2014, adds INQUIRER.net.

Following the June, 2014 ruling, the Quezon City Regional Trial
Court issued a notice of garnishment for Napocor's assets to pay
DAMA, the report relates. The prescribed settlement is pegged at
PHP60.24 billion plus attorney's fees and cost of execution making
the amount reach PHP62 billion, INQUIRER.net notes.

Psalm was included in the case because Napocor's assets were
turned over to PSALM for management and disposal, INQUIRER.net
adds.

National Power Corporation -- http://www.napocor.gov.ph/-- is a
state-owned utility that builds and operates nuclear,
hydroelectric, thermal, and alternative power generating
facilities.  It works with independent producers under a build-
operate-transfer program.


                             *********

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.


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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.



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