TCRAP_Public/140204.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

           Tuesday, February 4, 2014, Vol. 17, No. 24


                            Headlines


A U S T R A L I A

BLACK SWAN: In Receivership, Deloitte Corporate Handles Case
METROPOLE BUYERS: Vincents Chartered Appointed as Administrators
MOMENTUM DIGITAL: Hayes Advisory Appointed as Administrators
NOVA REAL: AUD6-Mil. Funds at Risk as Firm Enters Administration


C H I N A

SUNTECH POWER: Has Deal with Lenders on Chapter 15 Restructuring


I N D I A

ADVANTAGE COMPUTERS: ICRA Suspends 'B-' Rating on INR10cr Loans
ALLIED RETAIL: CRISIL Assigns 'B+' Rating to INR70MM Loan
ANSALDOCALDAIE GB: ICRA Assigns 'D' Ratings to INR20cr Loans
ANTIQUE COTTEX: ICRA Reaffirms B+ Rating on INR8.18cr Loans
APHRODITE INFRA: CRISIL Rates INR400 Million Loan at 'B+'

DIDAR MOTORS: CRISIL Assigns 'B' Ratings to INR200MM Loans
DOLPHIN WIRES: CRISIL Assigns 'B' Ratings to INR50MM Loans
GOEL & ASSOCIATES: CRISIL Reaffirms 'B' Rating on INR50MM Loans
INCOM WIRES: ICRA Assigns 'B+' Ratings to INR12cr Loans
INDERMANI MINERAL: CRISIL Cuts Rating on INR200MM Loan to 'B'

JABALPUR HOSPITAL: ICRA Suspends 'B' Rating on INR9cr Loans
MARUTI NANDAN: CRISIL Assigns 'B' Rating to INR200MM Loans
MEHADIA SALES: ICRA Suspends 'B+' Rating on INR25cr Loans
OMEXO TILES: ICRA Raises Rating on INR6.05cr Loans to 'B+'
PBA INFRASTRUCTURE: ICRA Suspends 'D' Rating on INR315cr Loans

PDRV ENTERPRISES: CRISIL Assigns 'B+' Rating to INR120MM Loans
PONGALUR PIONEER: ICRA Assigns 'B-' Rating to INR17.5cr Loans
PRIYANKA GEMS: ICRA Suspends 'B+' Rating on INR54.41cr Loans
SARAVANA TEXTILES: ICRA Cuts Rating on INR13.65cr Loans to 'B+'
SATYAMEV COT: CRISIL Assigns 'B' Ratings to INR82.9MM Loans

SB INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR55MM Loans
SHAKTI MURUGAN: ICRA Reaffirms 'B' Rating on INR13cr Loans
SHARAYU MOTORS: CRISIL Cuts Rating on INR75MM Loan to 'B-'
SHEETAL PHARMA: CRISIL Cuts Rating on INR200MM Loans to 'D'
SHREE BALAJI: CRISIL Assigns 'B' Ratings to INR55.1MM Loans

SHRI KRISHNA: CRISIL Assigns 'B' Rating to INR100MM Loans
SHYAMA SAKTI: CRISIL Assigns 'B+' Ratings to INR70MM Loans
SMILE CERAMIC: ICRA Reaffirms 'B+' Rating on INR8cr Loans
SPARK INSULATORS: CRISIL Assigns 'B+' Rating to INR70MM Loans
SREE VIINAYAKA: ICRA Revises Rating on INR5.60cr Loans to 'B'

SRI MVR COTTON: ICRA Reaffirms 'B' Rating on INR14.30cr Loans
TEX-STYLES INT'L: ICRA Reaffirms B Rating on INR.12cr Loans
UMA RANI: CRISIL Assigns 'D' Ratings to INR60MM Loans
VARDAAN EXPORTS: CRISIL Assigns 'B' Rating to INR150MM Loan
VENKATESHWARA COTTON: CARE Rates INR9.4cr Long-Term Loan at 'B'

XMOLD POLYMERS: ICRA Suspends 'B+' Rating on INR5.52cr Loans


I N D O N E S I A

MERPATI NUSANTARA: Fails to Pay IDR6.7TT Debt; Faces Dissolution


J A P A N

RENESAS ELECTRONICS: Plans to Exit Small LCD Chip Market
TOKYO ELECTRIC: Posts JPY772.8BB Net Income in Q3 Ended Dec. 31


N E W  Z E A L A N D

FELTEX CARPETS: Trial on Shareholders Case to Start on March 17
ROSS ASSET: Investors May File Legal Action Over Tax Refunds


X X X X X X X X

* BOND PRICING: For the Week Jan. 27 to Jan. 31, 2014


                            - - - - -


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


BLACK SWAN: In Receivership, Deloitte Corporate Handles Case
------------------------------------------------------------
Melinda Oliver at Smart Company reports that Black Swan, owned by
Melbourne-based business Poseidon Tarama, is up for sale seven
months after the Family Court ordered it be placed in
receivership.

Deloitte Corporate Finance partner Victoria Brilliant --
vbrilliant@deloitte.com.au -- said Black Swan was put in the hands
of Deloitte on June 17, 2013.

Ms. Brilliant said that the reason for the sale is not related to
the company's finances, confirming it is "very profitable",
according to Smart Company.

Ms. Brilliant, the report notes, said the business has around 70
staff and says the plan is that whoever takes on the company will
retain staff in a "business as usual" approach.

The report relates that Deloitte began advertising for the sale of
the business, and Ms. Brilliant said there is already "a lot of
interest from different businesses."

Ms. Brilliant, the report notes, declined to speculate on the
value of the company.

Ms. Brilliant said Deloitte are aiming to conclude the sale by
June 30 ahead of the new financial year, the report discloses.  It
has opened expressions of interest until February 12, the report
adds.

Black Swan was founded by Christos Saristavros and was first
listed on ASIC in 1980.  It has been family-owned ever since.
Saristavros was passionate about creating fish-flavoured dip
tarama and hummus dips and initially sold them at the South
Melbourne markets.


METROPOLE BUYERS: Vincents Chartered Appointed as Administrators
----------------------------------------------------------------
Nick Combis -- ncombis@vincents.com.au -- and Peter Dinoris --
pdinoris@vincents.com.au -- at Vincents Chartered Accountants were
appointed as administrators of Metropole Buyers Agency Queensland
Pty Ltd on Jan. 23, 2014.

A first meeting of the creditors of the Company will be held on
Feb. 5, 2014, at the office of Vincents Chartered Accountants,
Level 34 32 Turbot Street, in Brisbane, Queensland.


MOMENTUM DIGITAL: Hayes Advisory Appointed as Administrators
------------------------------------------------------------
Alan Hayes -- ahayes@hayesadvisory.com.au -- and
Christian Sprowles -- csprowles@hayesadvisory.com.au -- of Hayes
Advisory were appointed as administrators of Momentum Digital Pty
Limited on Jan. 29, 2014.

A first meeting of the creditors of the Company will be held on
Feb. 10, 2014, at 11:00 a.m., at Level 11, 66 King Street, in
Sydney.


NOVA REAL: AUD6-Mil. Funds at Risk as Firm Enters Administration
----------------------------------------------------------------
Property Observer reports that nearly AUD6 million in funds
investment in self-managed super funds are at risk, after
Charterhill Group's Nova Real Estate Proprietary Limited has been
placed in voluntary administration.

Heard Phillips have been appointed as administrators of Nova Real
Estate and liquidators for another Charterhill Group entity,
Lending Solutions.

Property Observer says the sole director of both companies is
George Nowak, the chief executive of Charterhill Group.  Despite
this, the Charterhill Group and other related entities are said
not to be impacted.

The first creditors' meetings were held on January 31, the report
notes.

Andrew Heard -- andrew@heardphillips.com.au -- from Heard Phillips
told The Advertiser that the investors impacted are mostly based
in Victoria and New South Wales, the report relays.

"As a result of the appointment there are approximately 140
investors in Nova with funds totalling just over AUD6 million and
less than 20 investors in LSI with funds totalling just over AUD1
million exposed to loss," the report quotes Mr. Heard as saying.

George Nowak completed his accounting degree in 1980, worked at
Deloitte Haskin & Sells, then Delfin Property Group Limited, and
has previously been featured at the Home Buyer and Property
Investor Show, the report discloses.



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


SUNTECH POWER: Has Deal with Lenders on Chapter 15 Restructuring
----------------------------------------------------------------
Suntech Power Holdings Co., Ltd. on Jan. 31 disclosed that it has
signed a Restructuring Support Agreement relating to the petition
for involuntary bankruptcy filed against it under chapter 7 of the
U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern
District of New York.  Under the RSA signed by the petitioners for
the chapter 7 proceeding, the Company, the joint provisional
liquidators of the Company, and certain supporting holders of the
Company's 3% Convertible Senior Notes that include members of the
Company's creditor working group, the chapter 7 proceedings in the
U.S. have been stayed and a stipulation for the dismissal of the
chapter 7 proceedings will be executed and filed following
recognition of the provisional liquidation proceeding previously
filed by the Company in the Cayman Islands under chapter 15 of the
U.S. Bankruptcy Code.

In addition, the RSA provides that (among other things):

    The JPLs, on behalf of the Company, will use commercially
reasonable efforts to file the chapter 15 petition by Feb. 21,
2014;

    The petitioners and supporting noteholders will support the
chapter 15 petition;

    The restructuring must treat all beneficial holders of the
notes pari passu;

    Upon performance of the RSA, the Company is required to
dismiss appeals of certain judgments obtained by the petitioners
relating to repayment of the Notes held by such petitioners; and

    The RSA may be terminated if the Company fails to  file the
chapter 15 petition by February 21, 2014, an order obtaining
recognition of the Cayman Islands restructuring proceeding is not
entered by the U.S. Bankruptcy Court by May 31, 2014, or the
Cayman Islands restructuring is not approved by December 31, 2014.

Mr. David Walker, one of the court appointed JPLs, said, "We are
pleased to have been able to work with all parties to bring this
agreement to fruition.  Finding common ground and alignment among
each of the Company, its large creditors, its small creditors, and
ourselves as the court appointed restructuring professionals
represents tremendous progress.  This agreement hopefully allows
us to continue to proceed with the Company's Cayman Islands
restructuring to preserve value in the interests of all
stakeholders."

                           About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd., produces solar
products for residential, commercial, industrial, and utility
applications.  Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.

Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013, in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are represented
by Jay Teitelbaum, Esq., at Teitelbaum & Baskin LLP, in White
Plains, New York.



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


ADVANTAGE COMPUTERS: ICRA Suspends 'B-' Rating on INR10cr Loans
--------------------------------------------------------------
ICRA has suspended '[ICRA]B-' rating, assigned to the INR10.00
crore bank facilities of Advantage Computers India Pvt. Ltd.. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


ALLIED RETAIL: CRISIL Assigns 'B+' Rating to INR70MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facilities of Allied Retail India Pvt Ltd.

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

The rating reflects ARIPL's below-average financial risk profile,
marked by a small net worth and below average debt protection
metrics and susceptibility of its operating margin to intense
industry competition. These rating weaknesses are partially offset
by the extensive experience of ARIPL's promoters in the
distribution of fast-moving consumer goods and mobile handsets.

Outlook: Stable

CRISIL believes that ARIPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the
company's financial risk profile, particularly its liquidity,
improves, most likely because of higher-than-anticipated accruals
or infusion of substantial capital by promoters. Conversely, the
outlook may be revised to 'Negative' if ARIPL's working capital
cycle weakens, or if it undertakes a large, debt-funded capital
expenditure programme, leading to further deterioration in its
financial risk profile, especially its liquidity.

Incorporated in 2009, ARIPL is the sole authorised distributor in
south Kolkata (West Bengal) of edible oils manufactured by Cargill
India Pvt Ltd. The company is also a sub-distributor for the
entire range of mobile handsets and accessories of Samsung and
Micromax. Its day-to-day operations are managed by Mr. Anil Kumar
and Mrs. Asha Kumari.


ANSALDOCALDAIE GB: ICRA Assigns 'D' Ratings to INR20cr Loans
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]D' to the INR18.00
crore term loan facility and the INR2.00 crore fund based facility
of Ansaldocaldaie GB engineering Private Limited.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long term loan           18.00       [ICRA]D assigned
   Facility

   Long-term fund            2.00       [ICRA]D assigned
   based facility

The assigned rating considers the delays witnessed in servicing
the debt obligations by the company, owing to tight liquidity
position. The company has been witnessing lesser than anticipated
order inflow, consequent to the slowdown in power sector, which
has adversely impacted its revenues and profitability. Competition
in the boiler component fabrication industry is high; however, the
experience of the joint venture parents in the business for more
than three decades mitigates the risk to an extent. Also, the long
term demand outlook for the industry remains favorable.

Incorporated in 2009, the company is primarily engaged in the
manufacture of boiler components at its manufacturing facility
located in Pudukkudy (near Trichy, Tamil Nadu). The company is a
50:50 joint venture between GBEEPL and ABIPL. It caters primarily
to its parents, through conversion / job work at present.
Established in 1980, GBEEPL is primarily engaged in the
fabrication of high pressure application parts for heavy boilers,
pressure vessels, heat exchangers, etc. Established in 2005,
ABIPL, which is a joint venture between Gammon India Limited (74%
stake) and Ansaldo Caldaie SpA of Italy (26% stake), is primarily
engaged in designing and manufacture of utility boilers and heat
recovery steam generators.

Recent Results

AGBEPL reported a net loss of INR6.0 crore on an operating income
of INR3.2 crore during 2012-13.


ANTIQUE COTTEX: ICRA Reaffirms B+ Rating on INR8.18cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR7.50 crore
(enhanced form INR6.00 crore) fund-based cash credit facility and
INR0.68 crore (earlier INR1.00 crore) fund-based term loan
facility of Antique Cottex Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           7.50         [ICRA]B+ reaffirmed
   Term loan             0.68         [ICRA]B+ reaffirmed

The rating reaffirmation continues to factor in Antique Cottex
Private Limited's modest scale of operations with limited
operating history, weak financial profile characterized by low
profitability, high gearing and weak coverage indicators as well
as the stretched liquidity as evident in the very high utilization
of working capital limits. The rating also factors in the
fragmented nature of the industry entailing intense competition
among the players, which, restricts pricing flexibility and
results in thin margins and vulnerability of margins to
fluctuations in raw material prices. The margins are also exposed
to regulatory risk with regard to export quota and Minimum Support
Price (MSP) for raw cotton fixed by the Government of India.
The rating, however, favorably factors in the experience of the
promoters in the cotton ginning and pressing industry, location
advantage resulting in easy availability of raw cotton as well as
its presence in the cotton seed crushing business which provides
revenue diversification.

Antique Cottex Private Limited was incorporated in February 2011
and the plant was commissioned in December 2011. The company is
promoted and managed by three directors Mr. Vinod Ghatodiya, Mr.
Vishal Ghatodiya and Mr. Arvind Ghatodiya. The company is engaged
in cotton ginning and pressing to produce cotton bales. The
company's manufacturing facility is equipped with 24 ginning
machines with an intake capacity of 92 MTPD (considering 20 hours
per day). The promoters also operate two other group companies:
Amar Trading Company and M/s Amar Cera Decorative. Both the group
companies are involved in trading operations.

Recent Results

For the year ended March 31, 2013, the company reported an
operating income of INR24.31 crore with profit after tax (PAT) of
INR0.01 crore.


APHRODITE INFRA: CRISIL Rates INR400 Million Loan at 'B+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Aphrodite Infra Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Cash
   Credit Limit              400     CRISIL B+/Stable

The rating reflects AIPL's exposure to risks related to its
ongoing project, and to the inherent risks and cyclicality in the
real estate sector in India. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the real estate sector.

Outlook: Stable

CRISIL believes that AIPL will continue to benefit over the medium
term from the extensive experience of its promoters in the real
estate sector. The outlook may be revised to 'Positive' if there
is a significant improvement in the funding and demand for, and
implementation of, the company's ongoing project, backed by high
saleability of the project, leading to healthy cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected demand for AIPL's ongoing project, resulting
in lower customer advances and hence, lower-than-anticipated
revenues and profitability, constraining its liquidity and
weakening its debt-servicing ability.

AIPL is promoted by the Surat (Gujarat)-based Patel family and
others. The company is currently developing 69 residential
apartments at Vesu in Surat. The total cost of about at INR1119
million, to be funded by about INR400 million of bank debt, INR639
million of promoters' contributions, and rest through customer
advances.


DIDAR MOTORS: CRISIL Assigns 'B' Ratings to INR200MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the long-term
bank facilities of Didar Motors.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility       111      CRISIL B/Stable

   Cash Credit               14      CRISIL B/Stable

   Inventory Funding
   Facility                  75      CRISIL B/Stable

The ratings reflect Didar's modest scale of operations in
intensely competitive two-wheeler dealership industry and its
below-average financial risk profile marked by high capital
structure. The ratings also reflect exposure to significant
principal concentration risk. These rating weaknesses are
partially offset by its established regional presence in the two-
wheeler dealership segment and extensive industry experience of
its promoters.

Outlook: Stable

CRISIL believes that Didar will continue to benefit from its
established regional presence and healthy relationship with its
principal, Honda Motorcycle and Scooters India Ltd (HMSI). The
outlook may be revised to 'Positive' if Didar's volumes and
operating margins improve substantially leading to higher-than-
expected accruals thereby improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is
decline in its market share, significantly impacting the revenues
and profitability or undertakes a large debt-funded capital
expenditure programme, leading to further deterioration in its
capital structure and cash accruals.

Set up in 1964 as a proprietorship firm by Mr. Aramjit Kaur Kholi,
Chennai-based Didar is an authorised dealer of HMSI.

Didar reported a profit after tax (PAT) of INR1.6 million on a net
sales of INR720.2 million during 2012-13 (refers to financial
year, April 1 to March 31) as against PAT of INR2.5 million on a
net sales of INR715.2 million during 2011-12.


DOLPHIN WIRES: CRISIL Assigns 'B' Ratings to INR50MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Dolphin Wires Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term        20      CRISIL B/Stable
   Bank Loan Facility
   Long Term Loan            30      CRISIL B/Stable
   Export Packing Credit     25      CRISIL A4
   Bank Guarantee             5      CRISIL A4
   Bill Discounting          20      CRISIL A4

The ratings reflect DWPL's modest scale of operations in the
intensely competitive seafood industry, and its below-average
financial risk profile, marked by a modest net worth. These rating
weaknesses are partially offset by the extensive experience of
DWPL's promoters in the seafood industry.

Outlook: Stable

CRISIL believes that DWPL will continue to benefit over the medium
term, from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is a significant
improvement in the company's revenues and profitability, leading
to a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if DWPL's financial risk profile weakens,
most likely because of a decline in its cash accruals, or in case
of large debt-funded capital expenditure.

Established in 2012 in Kerala, DWPL is involved in the processing
and export of seafood such as squid, tuna, octopus and cuttlefish.
The company is promoted by Mr.Jabir Ashraf and his family members
and has commenced operations in August 2013.


GOEL & ASSOCIATES: CRISIL Reaffirms 'B' Rating on INR50MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Goel & Associates
continue to reflect Goel's modest scale of operations, and
geographical and customer concentration in its revenue profile.
These rating weaknesses are partially offset by Goel's moderate
financial risk profile marked by above-average debt protection
metrics, the extensive experience of its promoters in the
construction industry, and its moderate order book.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            30      CRISIL A4 (Reaffirmed)

   Cash Credit               38      CRISIL B/Stable(Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        12      CRISIL B/Stable(Reaffirmed)

Outlook: Stable

CRISIL believes that Goel will continue to benefit over the medium
term from its promoters' extensive industry experience and its
healthy order book. The outlook may be revised to 'Positive' if
the firm scales up its operations significantly while maintaining
its profitability leading to better-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if Goel
reports deterioration in its financial risk profile most likely
caused by capital withdrawals and larger-than-expected working
capital requirements, or it undertakes any large debt-funded
capital expenditure programme.

Goel is a partnership firm formed in 1995 by Mr. Navin Goel and
his father Mr. R C Goel; currently, there are three partners in
the firm. It undertakes civil construction activities such as
construction of housing complexes in the Chhattisgarh state. The
firm is registered as contractor with Chhattisgarh Public Works
Department and Chhattisgarh Housing Board. The firm also
constructs hospitals with HSCC (India) Ltd, a consultancy of
Government of India.

Goel reported a profit after tax (PAT) of INR5.50 million on net
sales of INR241.40 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR4.20 million on net
sales of INR200.10 million for 2011-12.


INCOM WIRES: ICRA Assigns 'B+' Ratings to INR12cr Loans
-------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR3.0 crores fund
based limits, INR3.0 crores proposed fund based limits and INR6.0
crores proposed term loans of Incom Wires and Cables Ltd.  ICRA
has also assigned '[ICRA]A4' rating assigned to the INR3.0 Crores
non-fund based limits and INR3.0 crores proposed non-fund based
facilities of ICWL.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Limits         3.0        [ICRA]B+; Assigned

   Fund Based Limits-        3.0        [ICRA]B+; Assigned
   Proposed

   Term Loan-Proposed        6.0        [ICRA]B+; Assigned

   Non Fund Based Limits     3.0        [ICRA]A4; Assigned

   Non Fund Based Limits-    3.0        [ICRA]A4; Assigned
   proposed

The assigned ratings are constrained by the high competition in
the cable manufacturing industry due to the presence of numerous
organized and unorganized players. Further, the ratings take into
account the company's high dependence on tender based orders from
Indian Railways which accounts for more than 90% of ICWL's
revenues. Moreover, the ratings factor in small scale of
operations of the company and its moderate financial profile as
reflected by small net worth, working capital intensive nature of
operations and moderate debt protection indicators. Nevertheless,
the ratings derive comfort from ICWL's experienced promoters with
established track record of operations in the cable manufacturing
business, reputed client base of the company such as Indian
Railways, its healthy order book position and favorable demand
prospects for railways, telecom and power sectors which are the
end users for IWCL's products.

Incom Wires and Cables Ltd., set up in 1992 is engaged in the
manufacturing of telecommunication, signaling and power cables.
The company is promoted by Mr. Pranav Sharma and Mr. Kanchan
Sharma. The company has its manufacturing unit in Mayapuri, Delhi
and supplies directly to Indian Railways. ICWL is approved by the
Research Design and Standards Organisation (RDSO) as a Part 1
supplier of cables to Indian Railways. The company also has
regulatory approvals from various State Electricity Boards in the
country.

Recent Results

The company reported net profit of INR0.11 crores on operating
income of INR3.53 crores in FY13 as against net profit of INR0.14
crores on operating income of INR11.08 crores in FY12.


INDERMANI MINERAL: CRISIL Cuts Rating on INR200MM Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Indermani Mineral India Pvt Ltd (IMPL; part of the Indermani
group) to 'CRISIL B/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           200       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects the deterioration in the Indermani
group's financial risk profile, particularly its liquidity, due to
significant stretch in its working capital cycle. The stretch,
which is expected to persist over the medium term, is because of
substantial increase in its debtor and inventory levels. The group
trades in coal, and due to subdued demand from customers its
operating income declined to INR1.6 billion in 2012-13 (refers to
financial year, April 1 to March 31), against INR2.25 billion in
2011-12.

The rating continues to reflect the Indermani group's weak
financial risk profile, marked by a high total outside liabilities
to tangible net worth ratio and weak debt protection metrics, and
its large working capital requirements. These rating weaknesses
are partially offset by the extensive industry experience of the
group's promoters.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of IMPL and Future Carbon Solutions Pvt
Ltd, together referred to as the Indermani group. CRISIL had
earlier assessed the business and financial risk profiles of IMPL
on a standalone basis. The change in analytical approach is
because the two companies are now under a common management, and
have fungible funds and operational synergies with each other.

Outlook: Stable

CRISIL believes that the Indermani group will continue to benefit
over the medium term from the extensive experience of its
promoters in the coal trading industry. The outlook may be revised
to 'Positive' if the group achieves significant and sustainable
growth in revenues while improving its operating profitability,
working capital cycle, and capital structure. Conversely, the
outlook may be revised to 'Negative' if the Indermani group's
financial risk profile, particularly its liquidity, deteriorates
significantly, most likely because of lower-than-anticipated
growth in its revenue and accruals or larger-than-expected debt-
funded capital expenditure.

Incorporated in 2009, IMPL is a part of the Raipur (Chhattisgarh)-
based Indermani group. The group's flagship entity, Indermani
Coal, was set up by Mr. Sunil K Agarwal in 1998. IMPL was
incorporated to take over the coal trading business of Indermani
Coal.


JABALPUR HOSPITAL: ICRA Suspends 'B' Rating on INR9cr Loans
-----------------------------------------------------------
ICRA has suspended '[ICRA]B' rating, assigned to the INR9.00 crore
bank facilities of Jabalpur Hospital & Research Centre Pvt. Ltd.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


MARUTI NANDAN: CRISIL Assigns 'B' Rating to INR200MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the bank
facilities of Maruti Nandan Oils (P) Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               75      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       125      CRISIL B/Stable

The ratings reflects the weak financial risk profile of the
company marked by high gearing and weak debt protection metrics
and small scale of operations in highly fragmented industry. These
rating strengths are partially offset by MOPL's promoters
experience in the industry.

Outlook: Stable

CRISIL believes that the business profile of MOPL will remain
constrained with limited track record of manufacturing operations
of the company in oil extraction segment. The outlook may be
revised to 'Positive' in case the company generates higher than
expected sales along with significant improvement in profitability
leading to improvement in financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of increase in
working capital requirement and/or any debt funded capex program
leading to deterioration in financial risk profile.

Incorporated in 2008 and based in Mansa (Punjab), MOPL is engaged
in the extraction of rice bran oil with an installed capacity of
175 MT per day.  The company is promoted by Mr. Sunny Kumar and
Parminder Kumar.

For 2012-13, MOPL reported a net profit of INR68 million on net
sales of INR846.8 million, against a net loss of INR3.6 million on
net sales of INR245.3 million for the previous year.


MEHADIA SALES: ICRA Suspends 'B+' Rating on INR25cr Loans
---------------------------------------------------------
ICRA has suspended the '[ICRA]B+' and '[ICRA]A4' ratings assigned
to the INR25.00 Crore fund based and non- fund based bank
facilities of Mehadia Sales Trade Corporation. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


OMEXO TILES: ICRA Raises Rating on INR6.05cr Loans to 'B+'
----------------------------------------------------------
ICRA has upgraded the long term rating assigned to INR2.00 crore
fund based cash credit facility and the INR4.05 crore term loan
facility of Omexo Tiles from '[ICRA]B' to '[ICRA]B+'. ICRA has
also reaffirmed an [ICRA]A4 rating to INR0.75 crore short term non
fund based facilities of OT.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limit       2.00        Upgraded to [ICRA]B+
   Term Loan               4.05        Upgraded to [ICRA]B+
   Bank Guarantee          0.75        [ICRA]A4 reaffirmed

The ratings revision reflects the timely commissioning of the tile
manufacturing operations supported by moderate capacity
utilization level in FY13. The ratings also favorably take into
account the long experience of the key promoters of Omexo Tiles
(OT) in the ceramic industry and established brand visibility of
its group concerns. The ratings also continues to factor in the
location advantage enjoyed by Omexo Tiles, giving it easy access
to raw material and presence in digitally printed segment which is
expected to result in better realizations.

The ratings however remain constrained by OT limited operating
history entailing a weak financial profile characterized by low
profitability, high gearing levels and weak coverage indicators.
The ratings are further constrained by the firm's dependence on
the performance of the real estate industry which is the main
consuming sector. Other constraints include intense competition
with the presence of large established organized tile
manufacturers and unorganized players and vulnerability to
increasing gas and power prices. The ratings also take note of
Omexo Tiles being a partnership firm; any substantial withdrawals
from capital account will impact the net worth and thereby the
gearing levels.

Established in January 2012, M/s. Omexo Tiles is a digitally
printed ceramic glazed wall tiles manufacturer with its plant
located at Morbi, Gujarat having installed capacity of 26,300
MTPA. The commercial production commenced in December 2012. The
firm is promoted and managed by Mr. Bharat along with other family
members and relatives.

Recent Results

For the year ended March 31, 2013, the firm reported an operating
income of INR3.44 crore with profit after tax of INR0.02 crore.
Further during first nine months of operations in FY14 the firm
has achieved revenue of INR13.86 crore.


PBA INFRASTRUCTURE: ICRA Suspends 'D' Rating on INR315cr Loans
--------------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR65.00 crore
long term fund-based facilities and INR250.00 crore long term non-
fund based facilities of PBA Infrastructure Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


PDRV ENTERPRISES: CRISIL Assigns 'B+' Rating to INR120MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of PDRV Enterprises Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit-Stock         40      CRISIL B+/Stable
   Bank Guarantee            30      CRISIL A4
   Cash Credit- Book Debt    80      CRISIL B+/Stable

The ratings reflect PDRV's moderate scale of operations in the
wire-manufacturing industry along with low operating margin and
working-capital-intensive operations. The ratings also factor in
the company's below-average financial risk profile, marked by high
gearing and weak debt protection metrics. These rating weaknesses
are partially offset by the promoters' extensive experience in the
winding wires manufacturing industry and their established
relationship with customers and suppliers.

Outlook: Stable

CRISIL believes that PDRV maintain a stable business risk profile
over the medium term driven by the extensive experience of the
promoters and established relationships with customers. The
outlook could be revised to 'Positive' if the company reports
higher-than-expected cash accruals while improving its working
capital management and thus improves its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is
significant decline in operating profitability or further
deterioration in working capital management leading to pressure on
its liquidity and capital structure.

Set up in 2001, PDRV is a Delhi-based company manufacturing
winding wires used in transformers. The key promoters of the
company are Mr. Rajesh Giri and his brother-in-law Vikas Talwar.


PONGALUR PIONEER: ICRA Assigns 'B-' Rating to INR17.5cr Loans
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to the INR11.75
crore term loan facilities and INR5.75 crore fund based facilities
of Pongalur Pioneer Textiles Private Limited.  ICRA has also
assigned a short-term rating of '[ICRA]A4' to the INR12.50 crore
short term non-fund based facilities of PPTPL.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------             -----------    -------
   Term loan facilities      11.75       [ICRA]B- assigned

   Fund based facilities      5.75       [ICRA]B- assigned

   Non-fund based
   facilities                12.50       [ICRA]A4 assigned

The assigned ratings consider the experience of the promoters in
the textile industry spanning over two decades and long standing
relationship established with its customers. The Company is
engaged in producing finer counts of yarn, which entails
relatively higher margins. Favourable demand for cotton yarn (both
from the domestic and export markets) is expected to support the
Company's accruals position in the current fiscal.

The ratings however remain constrained by the stretched financial
profile characterised by high gearing and the weak coverage
indicators. Further the Company has significant debt-funded
capital expenditure plans to add another 12,000 spindles in the
near term funding through a debt to accrual mix of 70:30. This
proposal is likely to exert further pressure on the financial
profile of the Company over the medium term. However, the
anticipated improvement in accruals position shall cushion the
overall impact on debt indicators in the long term. While arriving
at the ratings, ICRA also takes note of the Company's history of
past delays and the regularization of debt servicing since July
2013, as confirmed by the lenders and the management. Further, the
Company's modest scale of operations, relatively lower value
addition and the intense competition prevalent in the highly
fragmented industry limits pricing flexibility. Going forward, the
Company's ability to sustain margins and increase cash accruals
would be crucial to improving the credit profile of the Company.

PPTPL was established in the year 1990 by Mr. V Selvapathy and is
closely held by the promoter group who has more than two decades
of experience in the textile industry. The Company has installed
capacity of 54,856 spindles and manufactures combed warp cotton
yarn in the higher count ranges of 60s to 91s. The Company is
focusing on compact spinning, which improves the tensile
properties, reduces fibres and improves regularity of the yarn.
The yarn is sold to Somanur (Coimbatore) and Bombay market and
besides being directly marketed to garment exporters in India. The
manufacturing facility is located in Pongalur, Tirupur Taluk. The
Company has five wind mills, which meets ~33% of the power
requirements of the Company. Wind mills are situated at
Edayarpalayam, Coimbatore (1 unit of 250 KW and 3 units of 225 KW
each) and Karungulam, Tirunelveli District (1 unit of 750 KW).

Recent Results

As per audited financials, the Company has posted net profit of
INR2.4 crore on operating income of INR48.4 crore during 2012-13
as against net loss of INR2.0 crore on an operating income of
INR33.4 crore during 2011-12. For the period April to September
2013, the Company has posted sales of INR34.8 crore and net profit
of INR2.1 crore (un-audited).


PRIYANKA GEMS: ICRA Suspends 'B+' Rating on INR54.41cr Loans
------------------------------------------------------------
ICRA has suspended '[ICRA]B+' rating assigned to the fund based
limits aggregating to INR54.41 crore of Priyanka Gems. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Formed in 1978, Priyanka Gems (PG) is a partnership firm engaged
in the import of rough diamonds and export of Cut and Polished
Diamonds (CPDs). PG has a processing unit at Surat & sales office
in Opera House, Mumbai.


SARAVANA TEXTILES: ICRA Cuts Rating on INR13.65cr Loans to 'B+'
---------------------------------------------------------------
ICRA has revised the long term rating outstanding on INR6.15 crore
term loan facilities (revised from INR8.00 crore), INR7.50 crore
long term fund based facilities and INR1.85 crore long term
proposed fund based facilities of Saravana Textiles Private
Limited to '[ICRA] B+' from '[ICRA] BB-'. ICRA has re-affirmed the
short term rating outstanding on the INR3.32 crore non fund based
facilities of STPL at '[ICRA]A4'.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Term loan facilities      6.15        [ICRA]B+/downgraded
                                         from[ICRA]BB- (stable)

   Long term fund based      7.50        [ICRA]B+/downgraded
   Facilities                            from[ICRA]BB- (stable)

   Long term proposed        1.85        [ICRA]B+/assigned
   fund based facilities

   Short term non fund       3.32        Reaffirmed at [ICRA]A4
   based facilities

The revision in long term rating takes into account the Company's
relatively weak performance in 2012-13, despite revival in yarn
demand, on account of elevated power costs due to frequent use of
costly generator sets to support operations during power cuts and
high interest outflow stemming for rising working capital
borrowings to support the large amount of inventory held in the
books. As a consequence, the Company's cash flows moderated,
leading to consistent overdrawals in sanctioned working capital
limits. While arriving at the ratings, ICRA also continues to
factor the Company's stretched capital structure, its relatively
low profit margins on account of focus in coarser counts hank yarn
and the high competitive intensity in the industry which restricts
pricing flexibility to an extent. However, the ratings also draw
comfort from the experience of the promoters in the cotton
spinning industry and the sustained improvement in the dynamics of
the domestic cotton yarn during 2013-14 which is likely to aid the
Company in recording an improvement in both turnover and profits.
Ability of the Company to sustain pricing amidst competitive
pressures, whilst growing the scale of operations would, however,
remain critical to improve the credit profile. The same would also
be crucial to support cash flows for timely servicing of large
cumulative debt repayment obligation of INR6.2 crore that fall due
over the next five years. Any dip in demand or sharp drop in
cotton / yarn prices could adversely impact the Company's
operations and would be key sensitivities to the rating.

Saravana Textiles Private Limited, was incorporated in July 1984
as Chari Textiles Private limited and is currently engaged in the
manufacturing of cotton yarn. STPL has an installed capacity of
15,808 spindles at its manufacturing unit at Rajapalayam. The
company produces majority of its output in hank form and caters
mainly to the handloom sector. STPL caters mainly to the demand of
the domestic market through trade depots at Karur and
Ekambarakuppam, Tamil Nadu.

Recent Results

As per unaudited results for the nine months ended December 31,
2013, the Company has reported a profit after tax of INR0.3 crore
on an operating income of INR29.2 crore. During the financial year
ended March 31, 2013, STPL reported net loss of INR0.1 crore on an
operating income of INR33.1 crore as against net profit of INR0.1
crore on an operating income of INR29.1 for the corresponding
previous year.


SATYAMEV COT: CRISIL Assigns 'B' Ratings to INR82.9MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Satyamev Cot Fibers Pvt Ltd (SCFPL).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               60       CRISIL B/Stable
   Term Loan                 22.9     CRISIL B/Stable

The rating reflects SCFPL's below-average financial risk profile
and susceptibility of its profitability to volatility in cotton
prices. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the cotton
industry.

Outlook: Stable

CRISIL believes that SCFPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case of a
significant increase in SCFPL's scale of operations, while it
improves its profitability. Conversely, the outlook may be revised
to 'Negative' if the company's revenues and profitability are
lower than expected, its working capital cycle is stretched, and
if it undertakes any significant debt-funded capital expenditure
programme.

Incorporated in 2012, SCFPL is engaged in ginning and pressing of
raw cotton at its facilities in Anjad (Madhya Pradesh). The
company's day-to-day operations are managed by Mr. Ishwar Patidar.


SB INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR55MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank facilities of SB Industries continues
to reflect SB's below-average financial risk profile, large
working capital requirements, and its marginal scale of operations
in a fragmented industry. The ratings also factor in the
susceptibility of the firm's margin to volatile raw material
prices. These rating weaknesses are partially offset by the
promoter's extensive experience in the aluminum wire and cable
manufacturing segment.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           15       CRISIL A4 (Reaffirmed)

   Cash Credit              45       CRISIL B/Stable (Reaffirmed)

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

Outlook: Stable

CRISIL believes that SB will maintain a stable business risk
profile on the back of the promoter's extensive industry
experience. The outlook may be revised to 'Positive' if SB's
financial risk profile improves due to efficient working capital
management or an improvement in its net worth. Conversely, the
outlook may be revised to 'Negative' if the firm reports a
significant decline in its cash accruals driven by deterioration
in its margin or revenues.

Update
SB registered net sales of INR152 million in 2012-13 (refers to
financial year, April 1 to March 31) vis-a-  vis INR154 million in
2011-12. The firm's operating margin increased by around 130 basis
points to 8.1 per cent in 2012-13, because of a decline in raw
material prices. CRISIL believes that SB's operating margin will
remain susceptible to volatility in raw material prices and the
highly competitive industry environment over the medium term.

SB's working capital requirements have continued to increase since
2009-10, indicated by gross current assets (GCAs) of around 328
days as on March 31, 2013, as compared to 205 days as on March 31,
2010. The GCAs are driven by inventory of around 191 days and
receivables of 110 days as on March 31, 2013. SB's inventory has
consistently increased since 2009-10 following the customers'
delays in inspecting finished goods. Large working capital
requirements have resulted in high average bank limit utilization
of around 95 per cent for the 12 months ended December 31, 2013.

SB's net worth remained small at around INR7.5 million, as on
March 31, 2013, thereby limiting its financial flexibility to meet
any exigency. The firm contracted large debt to fund its working
capital requirements; additionally, SB's small net worth resulted
in high gearing of around 11.32 times as on March 31, 2013.

SB was established by Mr. Bhutani in 1984. The firm is engaged in
the manufacturing and marketing of electrical wires and cables
through its factory in Delhi.


SHAKTI MURUGAN: ICRA Reaffirms 'B' Rating on INR13cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' assigned to
INR13.00 crore fund based limits and ratings of '[ICRA]B/[ICRA]A4'
to INR3.00 crore unallocated limits of Shakti Murugan Industries.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limits      13.00       [ICRA]B reaffirmed
   Unallocated limits      3.00       [ICRA]B/[ICRA]A4 reaffirmed

The ratings reaffirmation continues to be constrained by small
scale of operations in the cotton ginning industry and weak
financial profile as reflected by highly leveraged capital
structure, low profitability and stretched coverage indicators for
FY13. The ratings are further constrained by dip in operating
income in FY13 owing to decrease in realization from lint;
fragmented industry characterized by competition from a large
number of players which limits the ability to pass on hike in
input costs coupled with regulatory risk associated with minimum
support price for raw cotton; and risks inherent in the
partnership nature of the firm. The ratings however take comfort
from long standing experience of the promoter in the cotton
industry; favorable location of the manufacturing facility
providing easy accessibility to raw material.

Shakti Murugan Industries was formed as a partnership firm in the
year 2009. The firm is engaged in ginning; pressing & trading of
cotton lint. The plant is located in Karimnagar district of Andhra
Pradesh and it commenced operations from November 2009. The firm
has 36 gins & 1 Bale press and a capacity to produce 9000 bales
per month. All the partners of SMI are family members and Mr.
Bachu Bhaskar and Mr. Batchu Srinivas are Managing Partners.


SHARAYU MOTORS: CRISIL Cuts Rating on INR75MM Loan to 'B-'
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Sharayu
Motors (division of SAP Holdings & Leasing Pvt. Ltd) to 'CRISIL B-
/Stable' from 'CRISIL B/Stable'.


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

The downgrade reflects significant pressure on SM's financial risk
profile marked by deterioration in its capital structure and
liquidity profile. The company's gearing as on March 31, 2013, was
4.14 times (3.24 times as on March 31, 2012) and total outside
liabilities to total net worth ratio of 5.02 times (4.38 times as
on March 31, 2012). The debt of INR 551.6 million in 2013
comprised term loans of INR 229.8 million and working capital
borrowings of INR 321.8 million. While CRISIL expects SM's capital
structure to moderately improve over the medium term on the back
of plough back of earnings, the gearing is expected to remain
aggressive and significantly higher than the initial expectations.

The company's liquidity profile is stretched with high bank limit
utilisation and term debt repayments tightly matched with expected
cash accruals. SM's bank limits were utilized at an average of
97per cent for the 12 months through November 2013, leaving
limited headroom to absorb any spikes in working capital
requirements. The company generated cash accruals of INR 23.9
million in 2012-13, and is expected to generate cash accruals of
INR 25-35 million in 2013-14 and 2014-15. The company has term
debt obligations of INR 40 million to be serviced in 2014-15. The
company's liquidity is also constrained by the financial support
extended by SM to its group entities, which have increased from
INR 218.4 million in 2012 to INR 302.4 million in 2013. The
liquidity profile is expected to remain stretched on account of
large working capital requirements and continued financial support
to group entities.

SM's business risk profile continues to remain moderate with
revenues of INR 1.9 billion in 2012-13 (increased from Rs 1.58
billion in 2011-12) and stable operating margins of 4.5 percent.
The company's estimated revenues for 2013-14 are around INR 2.1
billion.

The rating reflects SM's below average financial risk profile,
marked by modest net worth, high external indebtedness, subdued
debt protection metrics, and financial support extended to group
entities. The rating is also constrained by exposure to intense
competition in the automobile dealership business. These rating
weaknesses are partially offset by the extensive industry
experience of SM's promoters and established position in
automobile dealership market in Navi Mumbai.

Since SM is a division of SAP Holdings & Leasing Pvt. Ltd, CRISIL
has considered the financials of SAP Holdings & Leasing Pvt. Ltd
while arriving at the ratings of SM.

Outlook: Stable

CRISIL believes that SM will continue to benefit over the medium
term from its extensive experience of the promoter and established
position in automobile dealership market in Navi Mumbai. The
outlook may be revised to 'Positive' if SM's capital structure
improves significantly, most likely due to equity infusion by
promoters, or due to significant increase in cash flows from
operations. Conversely, the outlook may be revised to 'Negative'
if SM's cash accruals decline significantly, or if the company
avails larger than expected debt, significantly impacting its debt
servicing ability.

SM, a division of SAP Holding & Leasing Pvt. Ltd, is a dealer of
Hyundai Motors India Ltd, located in Vashi (Navi Mumbai). SAP
Holding & Leasing Pvt. Ltd was incorporated in 1994. The company
is part of the Sharayu Group, promoted by Mr. Shrinivas Pawar, and
his wife, Mrs Sharmila Pawar.

SM reported a profit after tax (PAT) of INR13.6 million on net
sales of INR 1903.7 million for 2012-13(refers to financial year,
April 1 to March 31) as against PAT of 0.54 million on net sales
of INR 1581.3 million for 2011-12.


SHEETAL PHARMA: CRISIL Cuts Rating on INR200MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sheetal Pharma to 'CRISIL D/ CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit                95     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Letter of Credit          105     CRISIL D (Downgraded from
                                     'CRISIL A4')

The rating downgrade reflects Sheetal Pharma's overdrawn cash
credit facility for more than 30 days owing to the firm's weak
liquidity.

Sheetal Pharma has large working capital requirements and a weak
financial risk profile, marked by its small net worth, high total
outside liabilities to tangible net worth ratio, and weak debt
protection metrics. These rating weaknesses are partially offset
by the promoters' extensive experience in trading in active
pharmaceutical ingredients (APIs) and animal-feed supplements.

Set up in 1984, Sheetal Pharma trades in APIs and animal-feed
supplements. It was reconstituted as a partnership firm in 2002
after Mr. Nailesh K Shah, brother of Mr. Kalpesh K Shah, became a
partner in the firm. The firm has a warehouse in Bhiwandi
(Maharashtra).


SHREE BALAJI: CRISIL Assigns 'B' Ratings to INR55.1MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Shree Balaji Industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long Term Loan            5.1     CRISIL B/Stable
   Bank Guarantee            3.5     CRISIL A4
   Cash Credit              50       CRISIL B/Stable

The ratings reflect SBI's below-average financial risk profile,
marked by weak capital structure and weak debt protection metrics,
and stretched liquidity, modest scale of operations in a
competitive and fragmented industry and working-capital-intensive
operations. These rating weaknesses are partially offset by the
benefits that SBI derives from the extensive experience of its
promoters in the electrical transformers industry and moderate
order book.

Outlook: Stable

CRISIL believes that SBI will continue to benefit from its
promoter's extensive experience in electrical transformer
industry. The outlook may be revised to 'Positive' in case of
significant improvement in SBI's scale of operations and
profitability, resulting in higher-than-expected cash accruals
along with efficient working capital management, particularly,
timely collection of receivables. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in the firm's
financial risk profile, especially its liquidity due to lower-
than-expected cash accruals or larger-than-expected working
capital requirements or large debt-funded capital expenditure
(capex).

Established in 2008 as a partnership concern, SBI manufactures
distribution transformers. The firm manufactures transformers
ranging from 6.3 KVA to 1000 KVA at its manufacturing facilities
located at Baddi (HP). The entire business is tender based and the
firm primarily caters to the orders floated by the state power
utilities of Punjab, Rajasthan, Madhya Pradesh and Uttar Pradesh.
The firm is promoted by Mr. Praveen Bansal and Mr. Shankar Bansal.


SHRI KRISHNA: CRISIL Assigns 'B' Rating to INR100MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shri Krishna Seeds.

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

   Proposed Long Term
   Bank Loan Facility         35     CRISIL B/Stable

The rating reflects SKS's below-average financial risk profile,
marked by a modest net worth, high gearing and weak debt
protection metrics. The rating also factors in SKS's modest scale
of operations in the highly fragmented seed processing industry.
These rating weaknesses are partially offset by the extensive
industry experience of SKS's partners.

Outlook: Stable

CRISIL believes that SKS will continue to benefit from the
partners' extensive industry experience over the medium term. The
outlook maybe revised to 'Positive' if the firm substantially
improves its financial risk profile, driven by higher-than-
expected cash accruals or capital infusion along with efficient
working capital management. Conversely, the outlook maybe revised
to 'Negative' if SKS reports lower-than-expected cash accruals or
larger-than-anticipated working capital requirements, or
undertakes a large debt-funded capital expenditure (capex)
programme, thereby restricting its liquidity.

SKS was established in Gadarpur (Uttarakhand) in 2003, as a
partnership firm by Mr. Darshan Lal Chhabra, and his son Mr.
Naresh Chhabra. The firm processes and trades wheat seeds.


SHYAMA SAKTI: CRISIL Assigns 'B+' Ratings to INR70MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facilities of Shyama Sakti Rice Agro Food Products Pvt
Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                13.2     CRISIL B+/Stable
   Cash Credit              50       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        6.8     CRISIL B+/Stable

The rating reflects the benefits that the company derives from its
diversified portfolio of clients and stable demand for rice. These
rating strengths are partially offset by SSRAFPPL's weak capital
structure constraining overall financial risk profile and modest
scale of operations in the fragmented rice milling industry.

Outlook: Stable

CRISIL believes that SSRAFPPL will benefit from the healthy
prospects of the rice processing industry over the medium term and
its diversified portfolio of clients. The outlook may be revised
to 'Positive' in case of substantial improvement in company's
scale of operations or in case of better working capital
management or infusion of equity by promoters leading to
significant improvement in financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of lower than
expected accrual, stretch in working capital management, or if
SSRAFPPL undertakes any large debt funded capex, leading to
deterioration in overall financial risk profile particularly
liquidity.

Incorporated in 2008, SSRAFPPL is engaged in milling of non-
basmati parboiled rice. Its manufacturing facility is located at
Galsi, West Bengal. SSRAFPPL's day to day operations are looked
after by its director Mr. Dhamadas Ghatak.


SMILE CERAMIC: ICRA Reaffirms 'B+' Rating on INR8cr Loans
---------------------------------------------------------
ICRA has reaffirmed the rating of '[ICRA]B+' to the INR4.00 Cr.
term loans and INR4.00 Cr. fund-based cash-credit facility of
Smile Ceramic. ICRA has also reaffirmed the rating of '[ICRA]A4'
to the INR0.50 Cr. short-term non-fund based facility of SC.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           4.00         [ICRA]B+ reaffirmed
   Term Loan             4.00         [ICRA]B+ reaffirmed
   Bank Guarantee        0.50         [ICRA]A4 reaffirmed

The ratings continue to be constrained by the small scale of
operations and weak financial profile of the entity with average
profitability margins, leveraged capital structure and high
working capital intensity. Further the ratings are constrained by
the highly fragmented nature of the tiles industry which results
in intense competitive pressures and risks inherent in the
partnership form of business. The ratings also take into account
the cyclical nature of the real estate industry which is the main
consuming sector and exposure of profitability of the company to
increasing prices of key inputs.

The ratings however take comfort from the reasonable experience of
the partners in the ceramic industry and the firm's competitive
advantage on account of its favorable location in Morbi, which is
the tile manufacturing hub of the country.

Incorporated in 2009, Smile Ceramic commenced commercial
production of body clay in April 2009. Its plant is located at
Lakhdirpur in Rajkot district of Gujarat. SC is a partnership firm
having 14 partners. The firm currently manufactures body clay and
has a current production capacity of 1,50,000 MTPA of body clay.

Recent Results

For the year ended 31st March, 2013, SC reported an operating
income of INR14.75 Cr. and profit after tax of INR0.76 Cr. as
against an operating income of INR20.15 Cr. and a profit after tax
of INR0.76 Cr. during FY12. For the 6M ended 30th September the
company reported operating income of INR9.19 Cr. and profit after
tax of INR0.13 Cr. (Provisional Numbers)


SPARK INSULATORS: CRISIL Assigns 'B+' Rating to INR70MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Spark Insulators Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Cash              10     CRISIL B+/Stable
   Credit Limit
   Letter of Credit           13     CRISIL A4
   Bank Guarantee              7     CRISIL A4
   Cash Credit                30     CRISIL B+/Stable
   Proposed Letter of
   Credit & Bank Guarantee    10     CRISIL A4
   Proposed Long Term Bank
   Loan Facility               4.2   CRISIL B+/Stable
   Long Term Loan             25.8   CRISIL B+/Stable

The rating reflects SIPL's below-average financial risk profile,
marked by a modest net worth and average debt protection metrics,
and its modest scale of operation in the intensively competitive
polymer insulator industry. The rating also factors in the
company's limited pricing flexibility and the susceptibility of
its profitability margins to volatility in raw material prices.
These rating weaknesses are partially offset by the extensive
industry experience of SIPL's promoters.

Outlook: Stable

CRISIL believes that SIPL will continue to benefit over the medium
term from the industry experience of its promoters. The outlook
may be revised to 'Positive' in case of significant improvement in
the company's scale of operations and profitability, or
substantial equity infusion, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SIPL's revenues and margins decline, resulting in a stretch in its
liquidity, or if it undertakes a large debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile.

Established in 2009 by Mr. P Bheemudu and Mr. Padala Sanjeeva
Kumar, SIPL manufactures polymer insulators in the range of 11
kilovolt amperes (kVA) to 765 kVA. The company started commercial
production in July 2010. Its day-to-day operations are managed by
Mr. Bheemudu.

SIPL reported a profit after tax of INR6.4 million on net sales of
INR132.3 million for 2012-13 (refers to financial year,
April 1 to March 31), against a profit after tax of INR5.0 million
on net sales of INR98.4 million for 2011-12.


SREE VIINAYAKA: ICRA Revises Rating on INR5.60cr Loans to 'B'
-------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR5.60 crore
fund based limits of Sree Viinayaka Rice Mill from '[ICRA]D' to
'[ICRA]B'. ICRA has also revised ratings to '[ICRA]B/[ICRA]A4'
from [ICRA]D to INR5.40 crore unallocated limits of SVRM.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund based limits     5.60         [ICRA]B revised
   Unallocated limits    5.40         [ICRA]B/[ICRA]A4 revised

The revision in ratings primarily takes into account
regularization in servicing of debt obligations in the past six
months. The ratings continue to factor in the long track record of
the promoters in the rice mill business through group company and
easy availability of paddy due to plant location in major paddy
cultivating region of the country. Further, favorable demand
prospects of the industry with India being the second largest
producer and consumer of rice internationally augurs well for the
firm. The ratings are however continue to be constrained by small
scale of operations in the rice milling industry; weak financial
profile of the firm characterized by low profitability high
gearing and weak debt coverage indicators and risks inherent in a
partnership nature of the firm. The ratings are further
constrained by susceptibility of profitability & revenues to agro-
climatic risks which impact the availability of the paddy in
adverse weather conditions and government policy restrictions on
the quantity of rice which can be sold in the open market limit
the flexibility and realizations for the firm.

Sri Viinayaka Rice mill was founded as a partnership firm in the
year 2011. The firm had setup a rice mill with production capacity
of 71000 TPA to produce raw & boiled rice. The unit is located at
Rangampeta district of Andhra Pradesh. The firm is promoted by
Mr.P.Ranga Rao, who has more than 30 years of experience in rice
milling and trading. He is also the owner of Sri Vijaya Modern
Rice Mill which is engaged in paddy milling and trading of rice,
broken rice, bran and husk.


SRI MVR COTTON: ICRA Reaffirms 'B' Rating on INR14.30cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR14.25
crore (revised from INR24.95 crore) fund based facilities and
INR0.05 crore non fund based facilities of Sri MVR Cotton Oil
Mills Private Limited  at '[ICRA]B'.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Fund based limits         14.25        [ICRA]B reaffirmed
   Non Fund based limits      0.05        [ICRA]B reaffirmed

The rating upgrade primarily factors in consistent timely debt
servicing over the last year. ICRA's earlier rating was
constrained by previous track record of delays in debt servicing.
Further, the gearing is expected to improve in the absence of any
debt funded capex plans and the retirement of long term loans. The
rating also takes into account the experience of the promoters in
the cotton trading and ginning business, proximity of MVR's
ginning unit to cotton growing areas of the Guntur district of
Andhra Pradesh (AP) and the ability to produce better quality
output (lint) from the Technology Mission on Cotton unit. The
rating however continues to be constrained by the relatively
modest scale of operations and the fragmented nature of the
ginning industry characterized by the presence of a large number
of small and medium scale players which restricts MVR's pricing
flexibility and hence exposing the margins of the company to
fluctuation in the raw material prices. ICRA notes that, the
company is vulnerable to regulatory risks with regards to minimum
support price for kapas. The rating also takes into account the
low profitability in the business combined with high gearing
resulting into weak interest and debt coverage. The rating is
further constrained by the large working capital requirement of
the company on account of large inventory holdings owing to the
seasonal nature of the business.

MVR was incorporated in 2008 and has a TMC cotton ginning mill in
Guntur district of AP. In addition to better quality output, TMC
unit has other advantages such as higher production speed and low
manpower requirement. MVR is promoted by Mr. M. Venkateswara Rao
who has over a decade of experience in cotton ginning and trading.
The capacity of the ginning mill was increased during FY 11 by
addition of 24 gins, making the total installed capacity 48 gins
which can produce 71,153 bales of cotton lint during the cotton
season each year.

Recent Results

As per the latest FY 13 results, MVR has reported an operating
income of INR 35.34 crore and a profit after tax of INR 0.17
crore.


TEX-STYLES INT'L: ICRA Reaffirms B Rating on INR.12cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' to the
INR0.12 crore (reduced from INR1.13 crore) term loan and the short
term rating of [ICRA]A4 to the INR6.00 crore short term fund based
and non fund based facilities of Tex-Styles International Pvt.
Ltd. ICRA has also reaffirmed the [ICRA]B/[ICRA]A4 ratings to the
INR1.06 crore (reduced from INR2.05 crore) untied limits of TSIPL.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term Fund            0.12       [ICRA]B reaffirmed
   Based Limits
   (Term Loan)

   Short term Fund           3.50       [ICRA]A4 reaffirmed
   Based Limit (PCL)

   Short term Fund           2.50       [ICRA]A4 reaffirmed
   Based Limit (FBD)

   Short term Non           (0.75)      [ICRA]A4 reaffirmed
   Fund Based Limit (LC)

   Untied Limits             1.06       [ICRA]B/[ICRA]A4
                                        reaffirmed

The ratings reaffirmation take into account, TSIPL's modest scale
of operations and a weak financial profile characterized by
decline in revenues, moderate profitability, stretched liquidity
and highly adverse capital structure. ICRA also notes the
vulnerability of operations to the competitive pressure and the
fluctuations in cotton yarn prices. The ratings, however,
favorably incorporate the significant experience of the directors
in the business of garment manufacturing and the operational
support received from the group concerns.

Incorporated in 2008, Tex Styles International Pvt. ltd. (TSIPL)
is engaged in export of readymade garments manufactured on made-
to-order basis. The present directors of the firm include Mr.
Deepak Bhavnani and Mrs. Jaya Bhavnani. The company has its
registered office at Lower Parel, Mumbai and has two manufacturing
units located in Mumbai and Bangalore respectively. TSIPL derives
its sales entirely through exports and mainly caters to Europe.
TSIPL's related concerns, M/s Tex-Styles International and M/s Hi-
Tech Fashions are also engaged in the similar line of business
since 1977.

Recent Results

TSIPL recorded a net profit of INR0.14 crore on an operating
income of INR22.51 crore for the year ended 31st March 2013.


UMA RANI: CRISIL Assigns 'D' Ratings to INR60MM Loans
-----------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank loan
facilities of Uma Rani Agro Tech Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              22.5     CRISIL D
   Term Loan                37.5     CRISIL D

The rating reflects instances of delay by UAPL in servicing its
debt due to weak liquidity, driven by the company's initial stage
of operations.

UAPL also has a weak financial risk profile and remains exposed to
a competitive and fragmented rice milling industry. However, the
company benefits from the healthy growth prospects of the rice
industry.

UAPL was incorporated in Dubrajpur, West Bengal in 2010. The
company processes paddy into rice, rice bran, broken rice, and
husk. The rice mill commenced operations in October 2013. Mr.
Sukhdev Kundu and Mr. Anando Kundu manage UAPL's day-to-day
operations.


VARDAAN EXPORTS: CRISIL Assigns 'B' Rating to INR150MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Vardaan Exports.

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

The rating reflects VE's small scale of operations in the highly
fragmented and competitive rice processing industry, along with
the firm's weak financial profile marked by high gearing, small
net worth and weak debt protection metrics. These rating
weaknesses are partially offset by the promoter's extensive
experience in the rice processing industry.

Outlook: Stable

CRISIL believes that VE will maintain its business risk profile,
backed by the promoters' extensive experience in the rice
industry. The firm's financial risk profile is, however, likely to
remain constrained by its small net worth, high gearing and weak
debt protection metrics. The outlook may be revised to 'Positive'
if the firm reports a significant improvement in its financial
risk profile, due to a capital infusion or an improvement in its
scale of operations. Conversely, the outlook may be revised to
'Negative' if VE's financial risk profile deteriorates due to a
sizeable increase in inventory, leading to large incremental bank
borrowings; or if the firm undertakes a debt-funded capital
expenditure (capex) programme.

VE is based in Kaithal (Haryana). The firm was founded by Mr. J B
Bansal and Mrs. Poonam Garg in April 2009. VE is engaged in
milling, processing, and selling parmal and basmati rice in the
export and domestic markets. The firm has a rice milling capacity
of 5 tons per hour (tph). It has a plant in Kaithal. Mr. J B
Bansal and Mr. Sushil Garg (Mrs. Poonam Garg's husband) oversee
VE's day-to-day operations.

VE reported a profit after tax (PAT) of INR1.0 million on net
sales of INR886.1 million for 2012-13 (refers to financial year,
April 1 to March 31), vis-a-  vis a PAT of INR0.9 million on net
sales of INR808.7 million for 2011-12.


VENKATESHWARA COTTON: CARE Rates INR9.4cr Long-Term Loan at 'B'
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of
Venkateshwara Cotton Mills.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            9.40       CARE B Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Venkateshwara Cotton
Mills is primarily constrained on account of the high project
stabilization risk associated with its recently concluded
predominantly debt-funded project. Furthermore, the rating is
constrained due to its presence in the highly fragmented cotton
ginning & pressing industry with limited value addition and
susceptibility to any adverse change in government policies of
cotton.

The rating, however, draws strength from the experience of the
promoters in the same line of activity.

The ability of VCM to achieve the envisaged capacity utilization
and develop the relationship with its customers and suppliers in
the new geography along-with efficient working capital management
are the key rating sensitivities.

VCM was incorporated on April 12, 2013, as a partnership firm by
Mr Ravi Kumar Rameshwar Garg, Mr Gokulsingh Chunnilal Dhobal, Mr
Gopaldas Ramdayal Mittal and Mr Pawan Manoharlal Mittal. VCM has
its cotton ginning & pressing unit located at Sadashivepet, Andhra
Pradesh (AP), having a processing capacity of 25,000 bales per
month.

It has recently concluded its green-field project and incurred a
total project cost of INR7.65 crore which was funded from INR3.60
crore of term loan, INR3.05 crore of partners' capital and INR1
crore of unsecured loan. All the partners of the firm are dealing
in the cotton business as a partner in various firms of the Suraj
group of Sendhawa, viz, Radha Madhav Trading Co (RMTC), Suraj
Cotex (SC) and Suraj Fibers (SF).


XMOLD POLYMERS: ICRA Suspends 'B+' Rating on INR5.52cr Loans
------------------------------------------------------------
ICRA has suspended '[ICRA]B+' ratings assigned to the INR2.02
crore term loan and INR3.50 crore long term, fund based
facilities. ICRA has also suspended the '[ICRA]A4' ratings
assigned to the INR2.75 crore short-term, non-fund based
facilities of Xmold Polymers Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.



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


MERPATI NUSANTARA: Fails to Pay IDR6.7TT Debt; Faces Dissolution
----------------------------------------------------------------
Antara News reports that Chief Economics Minister Hatta Rajasa
said it is difficult for the government to advance more money to
ailing state-owned Merpati Nusantara Airlines to pay for its
IDR6.7 trillion debts.

"Please discuss internally first and then bring the results to a
coordination meeting, to see its business plan. If it is
illogical, well, just close it," the report quotes Hatta as
saying.

The reports says MNA has failed to repay debts to a number of
financiers including state lender Bank Mandiri and the government
itself. The government, however, still gives an opportunity for
the airline to rise and settle its internal problem, Hatta, as
cited by Antara, said.

Last month, Antara News recalls, PT MNA named PT Bentang Persada
Gemilang and PT Amagedon Indonesia joint operation partners as
investors and to improve the performance of the airline.

According to the report, Minister for State Enterprises Dahlan
Iskan said the debt ridden airline would form a new subsidiary PT
Merpati Aviation Service.

"Merpati Aviation Service will carry out all business expansion
plan prepared by the two joint operation partners," Antara quotes
Dahlan as saying.

Antara relates that Dahlan said the management of PT MNA is in the
process of divesting subsidiaries PT Merpati Maintenance
Facilities (MMF) and Merpati Training Center.

He said the management of PT MNA has decided to allow MMF to be
taken over by state-owned asset management company PT Perusahaan
Pengelolaan Aset, to seek investors, the report relays.

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

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 19, 2011, The Jakarta Globe said that State Enterprises
Minister Mustafa Abubakar said the financial restructuring of
Merpati Nusantara Airlines will carry on despite a recent crash
that led to questions about the safety of its fleet.

Jakarta Globe said Merpati was under the care of the state-asset
management company Perusahaan Pengelola Aset, which has injected
hundreds of billions of rupiah to bring it back to profitability.
But after the crash of a Merpati MA-60 that killed 25 people on
May 7, 2011, pressure is building to let the airline go under.



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


RENESAS ELECTRONICS: Plans to Exit Small LCD Chip Market
--------------------------------------------------------
The Japan Times reports that struggling chip-maker Renesas
Electronics Corp. will withdraw from the market for small liquid
crystal displays as part of efforts to turn around its business,
an industry source said on Feb. 1.

According to the report, the source said Renesas plans to sell all
shares it holds in Renesas SP Drivers Inc., a Tokyo-based
subsidiary in charge of chip development and sales, to an overseas
semiconductor manufacturer.

By exiting the LCD chip market, Renesas aims to focus on
production and sales for automobiles, a sector where the company
expects stable growth in the medium and long term, the report
notes.

The Japan Times discloses that Renesas owns a 55 percent share in
the subsidiary, while Sharp Corp. holds a 25 percent stake and
Taiwanese chip manufacturer Powerchip Technology Corp. has a 20
percent share.

Renesas SP Drivers, which has a foothold in Tenri, Nara
Prefecture, in addition to its headquarters in Tokyo's Kodaira
district, has a workforce of around 240.

The Japan Times relates that sources said although the subsidiary
is in the black on growing demand for a product called driver IC
amid the widespread use of smartphones around the globe, Renesas
decided to pull out of the market amid intensifying competition
with South Korean and Taiwanese rivals.

Renesas exited the chip market for large LCDs, such as for
televisions, in 2012, the report adds.

Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.

The Company reported a net loss of JPY168 billion for the fiscal
year ended March 31, 2013, compared with a net loss of
JPY62.60 billion in fiscal year ended March 31, 2012.


TOKYO ELECTRIC: Posts JPY772.8BB Net Income in Q3 Ended Dec. 31
---------------------------------------------------------------
Tokyo Electric Power Co., Inc. (TEPCO) announced that Operating
Revenues for the FY2013 third quarter increased 10.8% from the
same period of the previous fiscal year to JPY4,800.1 billion (up
11.6% to JPY4,669.3 billion on a non-consolidated basis). Ordinary
Income was JPY189.2 billion (JPY143.1 billion on a non-
consolidated basis).

Electricity Sales decreased 1.6% over the same period of the
previous fiscal year to 194.5 billion kWh, as a result of a
decrease in heating demand due to higher temperatures during last
March through April, etc.

Per demand type, Electricity Sales for Lighting decreased 2.3% to
64.8 billion kWh, those for Low-Voltage Power decreased 4.6% to
7.6 billion kWh, and those for Specified-Scale Demand decreased
1.0% to 122.1 billion kWh, compared with the same period of the
previous fiscal year.

On the revenue side, Electricity Sales Revenues increased 9.9%
from the same period of the previous fiscal year to JPY4,291.0
billion due to an increase in the unit price of electricity
resulting from the electricity rate revision two years ago and
fuel cost adjustments, etc. Operating Revenues including
electricity sales to other companies, etc. increased 10.8% to
JPY4,800.1 billion (up 11.6% to JPY4,669.3 billion on a non-
consolidated basis). Ordinary Revenues increased 10.8 % to
JPY4,855.3 billion (up 11.6% to JPY4,704.5 billion on a non-
consolidated basis).

On the expense side, in spite of increased fuel usage at thermal
power stations caused by the suspension of all nuclear power
stations as well as the increase in fuel costs caused by factors
such as the large depreciation of the yen, due to extensive cost
reduction efforts targeting all of TEPCO, such as reduction of
personnel expenses and urgent postponement of repair works,
Ordinary Expenses increased 1.9% from the same period of the
previous fiscal year to JPY4,666.1 billion (up 2.6% to JPY4,561.3
billion on a non-consolidated basis).

Net Income in the third quarter was JPY772.8 billion (JPY737.7
billion on a non-consolidated basis). Extraordinary Income was
JPY1,782.6 billion (JPY1,780.1 billion  on a non-consolidated
basis) due to the Grants-in-aid from the Nuclear Damage Liability
Facilitation Fund of JPY1,665.7 billion and Gain on Reversal of
Provision for Loss on Disaster of JPY32.0 billion. Extraordinary
Loss was JPY1,185.0 billion (same amount on a non-consolidated
basis) due to Nuclear Damage Compensation of JPY1,123.9 billion
and Loss on decommissioning of Fukushima Daiichi Nuclear Power
Station Units 5 and 6 of JPY39.8 billion.

                           About Tepco

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 22, 2014, Moody's Japan K.K. believed that the Japanese
government's approval of changes to the special business plan for
Tokyo Electric Power Company, Incorporated (TEPCO, CFR: Ba3,
negative) is credit positive because it demonstrates a heightened
level of commitment by the authorities to supporting the power
utility's financial obligations.  TEPCO announced the changes on
Jan. 15, 2014.

The company's huge obligations include compensation payments, and
decontamination and decommissioning costs. These are all expected
to increase significantly over time as the company meets
unforeseen challenges, for example the ongoing leakage of toxic
water from the damaged Fukushima Dai-ichi Nuclear Power Plant.

In order to ensure compensation payments are smoothly distributed,
according to the plan's changes, TEPCO will now receive as much as
JPY9 trillion in interest-free loans from the government, up from
JPY5 trillion.

In addition, TEPCO's creditor banks will be requested to maintain
their lending and to provide new loans for the utility to pursue
strategic growth areas. The latter will provide income to help
TEPCO fund some of its compensation payments.

The plan includes a broad range of measures to improve income and
reduce costs. Moody's has concerns over whether ambitious plan can
actually achieve the profitability projected. As of now, the plan
envisages the company posting annual operating profits of JPY200
billion or more during FYE3/2015 through FYE3/2017.



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


FELTEX CARPETS: Trial on Shareholders Case to Start on March 17
---------------------------------------------------------------
Marta Steeman at Stuff.co.nz reports that a NZ$180 million damages
case taken by 3,600 former shareholders in failed carpet-maker
Feltex Carpets is on track for a trial beginning on
March 17, six years after the action was first filed.

The international company funding the litigation for a fee has
filed the NZ$1 million security required by the High Court. That
is Harbour Litigation Funding, the report relates.

According to Stuff.co.nz, senior counsel for the investor
representative action, Austin Forbes, QC, said the NZ$1 million
had been paid at the time of the hearing.  Last week, Stuff.co.nz
recalls, a High Court decision related to the case in which
Justice Robert Dobson said the NZ$1 million had to be paid to a
trust account of law firm Wilson McKay by 5:00 p.m. on Jan. 31,
2014.

"There is no question of will it be paid? It has been paid," the
report quotes Mr. Forbes as saying.

Stuff.co.nz notes that the representative action is being taken by
Eric Houghton, a former Feltex shareholder, on behalf of the
3,600. He filed his action in February 2008 against the directors
of Feltex, the sellers of the Feltex shares and the promoters of
the issue of Feltex shares to the public in mid 2004. Feltex
collapsed in late 2006.

The report says the investors are claiming the prospectus for the
issuing of the Feltex shares was misleading and untrue.

The defendants include former Feltex directors Tim Saunders, Sam
Magill, John Feeney, Craig Horrocks, Peter Hunter, Peter Thomas
and Joan Withers, as well as broking firms Credit Suisse First
Boston, First NZ Capital and Forsyth Barr, according to
Stuff.co.nz.

Stuff.co.nz notes that the trial will be in Wellington starting on
March 17 with nine weeks allowed and the possibility of a tenth.
Stage one of the trail is to prove Mr. Houghton's case and his
loss and also to determine the issues in common to all the
claimants, the report adds.

                          About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
is a manufacturer of superior-quality carpet.  The Feltex
operation included a wool scouring plant, six spinning mills,
three tufted carpet mills, a woven carpet mill and offices in New
Zealand, Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.


ROSS ASSET: Investors May File Legal Action Over Tax Refunds
------------------------------------------------------------
Hamish McNicol at Stuff.co.nz reports that swindled David Ross
investors are considering legal action over "paying tax for being
robbed".

In November last year, Stuff.co.nz recalls, the Inland Revenue
Department told Ross Asset Management investors how to have tax
returns from 2008 onwards reassessed. Tax would be recalculated on
the fictitious investments. Stuff.co.nz relates that Ram Investors
Group head Bruce Tichbon initially estimated the total refund
could be worth between NZ$15 million and NZ$20 million. But
investors were increasingly unhappy with the deal, as more
realised the tax refund would be a portion of total tax paid on
the money lost.

"It's a very confused situation; we're only beginning to realise
how poor the tax refunds are going to be," the report quotes
Mr. Tichbon as saying.

"Going nuclear" on the issue would be a last resort but a
consortium of investors had a lawyer standing by, ready to test
the refunds in court, Stuff.co.nz says.

This would take the form of either a "test case" or possibly a
class action using Tichbon's 400-plus Ram Investors Group members.
"I think we have to push the issue . . . I feel we are going to
have to take this to court," Mr. Tichbon, as cited by Stuff.co.nz,
said.

Stuff.co.nz notes that an Auckland-based chartered accountant of
more than 30 years' experience lost NZ$875,000 to Mr. Ross'
fraudulent Ponzi scheme.  She lost her entire investment, which
was 20 years of savings she planned to retire on.

She had paid NZ$55,000 tax on her investment but, based on IRD
information, would receive a NZ$17,000 refund. She had sent her
reassessment application on December 2 last year but had not yet
heard back.  Though the formula suggested she would receive only
NZ$17,000, she believed investors who had lost everything should
get all tax back, the report relates.

"We've paid, there are no gains.  Most of these people have lost
everything." A client of hers would receive about half the tax
they had paid. She was in discussions with Mr. Tichbon as to the
best method of legal action. "It's whether investors want to stump
up some money for Bruce to actually get him to fight a test case.

"I would think from most people I talk to, and even I feel it
myself, every dollar counts."
Stuff.co.nz relates that an IRD spokesperson said about 80
amendment requests had been received, and some refunds had been
paid.

IRD would continue to work with the liquidator and investors to
clarify the tax positions, according to Stuff.co.nz.

Stuff.co.nz adds that liquidator PwC said some accounts were worth
3.67 per cent of the original value.

Mr. Tichbon said investors who faced a total loss were essentially
being asked to pay tax for "being robbed". "I put NZ$415,000 in
and took absolutely nothing out. I have to pay tax for the
services of a thief," Mr. Tichbon, as cited by Stuff.co.nz, said.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, that the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers to
Ross Asset Management Limited and nine other associated entities
following application by the Financial Markets Authority.  The
associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership); and
   -- Mercury Asset Management Limited (In Receivership).



===============
X X X X X X X X
===============


* BOND PRICING: For the Week Jan. 27 to Jan. 31, 2014
-----------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----


  AUSTRALIA
  ---------


BOART LONGYEAR MAN    7.00   04/01/21     USD      74.50
COMMONWEALTH BANK     1.50   04/19/22     AUD      73.78
EXPORT FINANCE & I    0.50   06/15/20     NZD      74.63
GRIFFIN COAL MININ    9.50   12/01/16     USD      72.75
GRIFFIN COAL MININ    9.50   12/01/16     USD      72.75
MIRABELA NICKEL LT    8.75   04/15/18     USD      21.38
MIRABELA NICKEL LT    8.75   04/15/18     USD      35.00
NEW SOUTH WALES TR    0.50   09/14/22     AUD      70.07
NEW SOUTH WALES TR    0.50   10/07/22     AUD      69.84
NEW SOUTH WALES TR    0.50   10/28/22     AUD      69.63
NEW SOUTH WALES TR    0.50   11/18/22     AUD      69.41
NEW SOUTH WALES TR    0.50   12/16/22     AUD      70.49
NEW SOUTH WALES TR    0.50   03/30/23     AUD      69.51
NEW SOUTH WALES TR    0.50   02/02/23     AUD      70.02
TREASURY CORP OF V    0.50   11/12/30     AUD      47.24
TREASURY CORP OF V    0.50   03/03/23     AUD      70.67
TREASURY CORP OF V    0.50   08/25/22     AUD      72.21


CHINA
-----

CENTRAL HUIJIN INV    4.20   09/20/40     CNY      73.91
CHINA DEVELOPMENT     3.80   10/30/36     CNY      70.91
CHINA DEVELOPMENT     4.01   10/11/35     CNY      74.13
CHINA GOVERNMENT B    1.64   12/15/33     CNY      59.34
CHINA RAILWAY CORP    4.10   11/15/36     CNY      74.67


INDONESIA
---------

DAVOMAS INTERNATIO   11.00   12/08/14     USD      23.63
DAVOMAS INTERNATIO   11.00   12/08/14     USD      23.63
INDONESIA TREASURY    6.63   05/15/33     IDR      74.06
INDONESIA TREASURY    6.13   05/15/28     IDR      73.81
INDONESIA TREASURY    6.38   04/15/42     IDR      68.47
PERUSAHAAN LISTRIK    5.25   10/24/42     USD      73.76
PERUSAHAAN LISTRIK    5.25   10/24/42     USD      72.83
PERUSAHAAN PENERBI    6.10   02/15/37     IDR      69.95
PERUSAHAAN PENERBI    6.75   04/15/43     IDR      73.83
PERUSAHAAN PENERBI    6.00   01/15/27     IDR      74.59


INDIA
-----

3I INFOTECH LTD       5.00   04/26/17     USD      36.25
CORE EDUCATION & T    7.00   05/07/15     USD      31.00
COROMANDEL INTERNA    9.00   07/23/16     INR      15.38
DEWAN HOUSING FINA    5.50   09/24/23     INR      72.76
DR REDDY'S LABORAT    9.25   03/24/14     INR       4.99
GTL INFRASTRUCTURE    2.53   11/09/17     USD      30.62
INDIA GOVERNMENT B    0.24   01/25/35     INR      17.27
JCT LTD               2.50   04/08/11     USD      20.00
MASCON GLOBAL LTD     2.00   12/28/12     USD      10.00
PRAKASH INDUSTRIES    5.25   04/30/15     USD      50.63
PRAKASH INDUSTRIES    5.63   10/17/14     USD      56.25
PYRAMID SAIMIRA TH    1.75   07/04/12     USD       1.00
REI AGRO LTD          5.50   11/13/14     USD      56.25
REI AGRO LTD          5.50   11/13/14     USD      56.25
SHIV-VANI OIL & GA    5.00   08/17/15     USD      21.38
SUZLON ENERGY LTD     5.00   04/13/16     USD      48.21
SUZLON ENERGY LTD     7.50   10/11/12     USD      60.13


JAPAN
-----

ELPIDA MEMORY INC     0.50   10/26/15     JPY      14.13
ELPIDA MEMORY INC     0.70   08/01/16     JPY      11.25
ELPIDA MEMORY INC     2.10   11/29/12     JPY      16.00
ELPIDA MEMORY INC     2.03   03/22/12     JPY      16.00
ELPIDA MEMORY INC     2.29   12/07/12     JPY      16.00
JAPAN ATOMIC POWER    1.42   12/25/19     JPY      74.13
JAPAN ATOMIC POWER    1.28   09/25/20     JPY      73.13
JAPAN ATOMIC POWER    1.48   02/25/21     JPY      72.25
JAPAN EXPRESSWAY H    0.50   03/18/39     JPY      71.59
JAPAN EXPRESSWAY H    0.50   09/17/38     JPY      72.11
TOKYO ELECTRIC POW    2.37   05/28/40     JPY      69.88
TOKYO ELECTRIC POW    1.96   07/29/30     JPY      74.38


KOREA
-----

EXPORT-IMPORT BANK    0.50   10/23/17     TRY      66.02
EXPORT-IMPORT BANK    0.50   01/25/17     TRY      70.30
EXPORT-IMPORT BANK    0.50   12/22/17     TRY      64.46
EXPORT-IMPORT BANK    0.50   11/28/16     BRL      70.97
EXPORT-IMPORT BANK    0.50   10/27/16     BRL      71.87
EXPORT-IMPORT BANK    0.50   12/22/17     BRL      62.27
EXPORT-IMPORT BANK    0.50   12/22/16     BRL      70.46
EXPORT-IMPORT BANK    0.50   11/21/17     BRL      63.33
EXPORT-IMPORT BANK    0.50   09/28/16     BRL      72.60
EXPORT-IMPORT BANK    0.50   08/10/16     BRL      74.47
TONGYANG CEMENT &     7.30   06/26/15     KRW      70.00
TONGYANG CEMENT &     7.50   04/20/14     KRW      70.00
TONGYANG CEMENT &     7.50   09/10/14     KRW      70.00
TONGYANG CEMENT &     7.50   07/20/14     KRW      70.00
TONGYANG CEMENT &     7.30   04/12/15     KRW      70.00


SRI LANKA
---------

SRI LANKA GOVERNME    5.35   03/01/26     LKR      64.78


PHILIPPINES
-----------

BAYAN TELECOMMUNIC   13.50   07/15/06     USD      22.75
BAYAN TELECOMMUNIC   13.50   07/15/06     USD      22.75


SINGAPORE
---------

BAKRIE TELECOM PTE   11.50   05/07/15     USD      14.38
BAKRIE TELECOM PTE   11.50   05/07/15     USD      14.63
BLD INVESTMENTS PT    8.63   03/23/15     USD      30.50
BUMI CAPITAL PTE L   12.00   11/10/16     USD      69.35
BUMI CAPITAL PTE L   12.00   11/10/16     USD      66.53
BUMI INVESTMENT PT   10.75   10/06/17     USD      66.25
BUMI INVESTMENT PT   10.75   10/06/17     USD      65.56
ENERCOAL RESOURCES    9.25   08/05/14     USD      59.60
GENCO SHIPPING & T    5.00   08/15/15     USD      57.13
INDO INFRASTRUCTUR    2.00   07/30/10     USD       1.88
OTTAWA HOLDINGS PT    5.88   05/16/18     USD      74.74
OTTAWA HOLDINGS PT    5.88   05/16/18     USD      75.00


THAILAND
--------

G STEEL PCL           3.00   10/04/15     USD      13.50
MDX PCL               4.75   09/17/03     USD      17.75



                             *********

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

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

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


                            *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



                 *** End of Transmission ***