TCRAP_Public/140319.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, March 19, 2014, Vol. 17, No. 55


                            Headlines


A U S T R A L I A

ABC LEARNING: RCS Opposition to U.S. Recognition Denied
AMERIND PTY: Placed on Market Following Receivership
AUSSIE LIVING: Goes Into Voluntary Administration
CUSTOM GROUP: First Creditors' Meeting Set For March 26
EMECO PTY: Fitch Assigns 'BB-' Rating to USD335MM Sr. Sec. Notes

JKD CANVAS: Cor Cordis Appointed as Administrators
KORAY BONDI: Placed Into Administration
NEWCASTLE KNIGHTS: Deadline for AUD10MM Bank Guarantee Looms
OCEAN ABALONE: Bought Out of Receivership
SMART ABS 2014-1US: Moody's Rates AUD15.809MM Class E Notes 'Ba2'


C H I N A

YANLORD LAND: Moody's Assigns Ba3 Rating to Sr. Unsec. SGD Bonds
YANLORD LAND: S&P Assigns 'BB-' Rating to Proposed SGD Sr. Notes
ZHEJIANG XINGRUN: Facing Bankruptcy With More than $500MM Debt


I N D I A

ABG SHIPYARD: Corporate Debt Restructuring Fails to Take Off
ALFA VITRIFIED: CRISIL Ups Rating on INR287.3MM Loans to 'B+'
BEEPEE ENTERPRISE: CRISIL Reaffirms 'B+' Rating on INR45MM Loans
BISHANDAYAL INDERCHAND: CRISIL Cuts Rating on INR250MM Loan to D
CHINTAMANI JEWELS: ICRA Assigns 'B+' Rating to INR8cr Loan

CLC TEXTILE: ICRA Suspends 'B' Rating on INR17.5cr LT Loan
DAYAL LUMBERS: ICRA Reaffirms 'B+' Rating on INR1.5cr Loan
DHIR GLOBAL: CRISIL Assigns 'D' Rating to INR350MM Loans
ENSOL MULTICLEAN: CRISIL Ups Rating on INR22.1MM Loans to 'B'
GAURAVHWINES PRIVATE: ICRA Suspends B Rating on INR10cr Loan

GOKUL GINNING: ICRA Reaffirms 'B+' Rating on INR6cr Loan
GURUKRUPA DEVELOPERS: ICRA Assigns B+ Rating to INR125cr Loans
JAMPESWAR AGRO: CRISIL Puts 'B' Rating on INR60.3MM Loans
MEGAMILES BEARINGS: ICRA Revises Rating on INR5.3cr Loan to B-
METRO CITY: ICRA Assigns 'D' Rating to INR18.62cr Loans

NAVKAR TEX: ICRA Suspends 'B' Rating on INR5.5cr Loan
P. G. TIMBER: CRISIL Cuts Rating on INR70MM Loans to 'B'
RAGHUVIR BUILDCON: CRISIL Reaffirms B+ Rating on INR100MM Loan
RAM BUILDERS: ICRA Reaffirms 'B' Rating on INR7.5cr Loans
SANGINI COMMERCE: CRISIL Assigns 'B-' Rating to INR380MM Loans

SANKAGIRI SPINTEX: CRISIL Reaffirms 'BB' Rating on INR134MM Loans
SATYA INFRA: CRISIL Lowers Rating on INR112.5MM Loan to 'B+'
SHREE SAIBABA: CRISIL Reaffirms 'B' Rating on INR70.4MM Loans
SRI SEETHARAMA: CRISIL Raises Rating on INR40MM Loans to 'B+'
V.L. RAKA: ICRA Suspends 'B+' Rating on INR12cr Loans

VIDYASAGAR HIMGHAR: CRISIL Raises Rating on INR90MM Loans to 'B'


I N D O N E S I A

TOWER BERSAMA: Fitch Affirms 'BB' IDR; Outlook Stable


N E W  Z E A L A N D

SOUTH CANTERBURY: Former Director Stuart Nattrass Gives Evidence


P H I L I P P I N E S

RURAL BANK OF MONTEVISTA: Placed Under PDIC Receivership


                            - - - - -


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


ABC LEARNING: RCS Opposition to U.S. Recognition Denied
-------------------------------------------------------
Law360 reported that the U.S. Supreme Court let stand the
bankruptcy protections granted to Australia-based ABC
Developmental Learning Centres Ltd., declining to hear arguments
from creditor RCS Capital Development LLC that the child care
company's foreign insolvency proceedings didn't merit Chapter 15
recognition.

According to the report, RCS had sought to challenge a Third
Circuit finding that ABC was entitled to Chapter 15 recognition
and an automatic stay protecting its U.S. assets from creditor
actions, but the high court denied the company's petition for writ
of certiorari without comment.

                         About ABC Learning

Based in Australia, ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom.  The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings
(NZ) Limited and Child Care Centers Australia Ltd.  On Jan. 26,
2007, it acquired La Petite Holdings Inc.  On Feb. 2, 2007, it
acquired Forward Steps Holdings Ltd.  On March 23, 2007, it
acquired Children's Gardens LLP.  In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC.  In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.

In November 2008, ABC Learning Centres Limited appointed Peter
Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.
Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.

The Administrators filed a Chapter 15 petition for the Company
(Bankr. D. Del. Case No. 10-11711) on May 26, 2010.  Joel A.
Waite, Esq., at Young, Conaway, Stargatt & Taylor, represents the
Petitioners in the Chapter 15 case.  ABC's debts and assets were
estimated to be between US$100 million and US$500 million.

A separate Chapter 15 petition was filed for affiliate A.B.C.
USA Holdings Pty Ltd., listing assets and debts of at least
US$100 million.


AMERIND PTY: Placed on Market Following Receivership
----------------------------------------------------
Cara Waters at SmartCompany reports that timber manufacturer and
distributor Amerind Pty Ltd is up for sale after collapsing into
receivership after the Christmas trading period.

Matt Byrnes -- matt.byrnes@au.gt.com -- and Andrew Hewitt --
andrew.hewitt@au.gt.com -- of Grant Thornton were appointed as
receivers and managers of the company after following cash flow
problems after the Christmas period, SmartCompany relates.

Mr. Byrnes told SmartCompany that Amerind is continuing to operate
in receivership and the receiver's plan is to stabilise the
business and market the business and assets for sale.

"The key issue that led to us being appointed was cash flow
throughout the Christmas period," the report quotes Mr. Byrnes as
saying.  "The business underperformed against its forecast and
that put a real squeeze on cash and so it got to the point where
the business struggled to pay some of its suppliers."

SmartCompany relates that Mr. Byrnes said creditors and the banks
are owed AUD30 million to AUD40 million. He didn't want to
identify the major creditors, but said they were the "standard
trade players," the report relays.

Amerind Pty Ltd manufacturers veneer products and distributes
timber, veneer panels and other decorative and architectural
finishes.  It turned over in excess of AUD100 million last
financial year, employs 174 staff and manufactures in Victoria,
New South Wales, Queensland and Western Australia.


AUSSIE LIVING: Goes Into Voluntary Administration
-------------------------------------------------
NewsMail reports that Aussie Living has gone into voluntary
administration, taking with it the lay-by dollars of Bundaberg
woman Debra Gilbert and many others.

Ms. Gilbert called the NewsMail, upset after making a AUD250 down
payment on a lounge only to find her money was lost when the
company collapsed.

According to the report, Brisbane-based administrator
Anne Meagher -- anne.meagher@svp.com.au -- of SV Partners said
Ms. Gilbert was not alone.

"We've got two people who are actually taking calls from lay-by
customers around the clock," NewsMail quotes Ms. Meagher as
saying.  "We've been trying to sort through those on a case-by-
basis."

NewsMail relates that Ms. Meagher said she had not been able to
keep the businesses trading.

"We had a number of landlords that were (issuing) or had already
issued notices to the company to either vacate the premises or to
remedy the breach of their lease, so I didn't have the ability,"
NewsMail quotes Ms. Meagher as saying.

She said unpaid wages were also "quite high," the report relays.

NewsMail adds that Ms. Meagher said she then looked to sell the
business and stock.

"We did have three or four interested parties; one provided an
offer for the stock, no-one provided an offer for the business
. . . and hence why we closed," Ms. Meagher, as cited by NewsMail,
said.

Ms. Meagher believed the employee entitlements, including
redundancies, was in the vicinity of late AUD600,000 to
AUD700,000.  Money owed to the bank was in excess of
AUD4 million, the report discloses.

Aussie Living had a store on Johanna Blvd in Bundaberg and 12
others in Queensland and NSW.


CUSTOM GROUP: First Creditors' Meeting Set For March 26
-------------------------------------------------------
Gayle Dickerson -- gayle.dickerson@au.gt.com -- and Trevor
Pogroske -- trevor.pogroske@au.gt.com -- at Grant Thornton
Australia were appointed administrators of Custom Group Pty Ltd on
March 14, 2014.

A first meeting of the creditors of the Company will be held at
Level 17, 383 Kent Street, in Sydney, on March 26, 2014, at 12:00
p.m.


EMECO PTY: Fitch Assigns 'BB-' Rating to USD335MM Sr. Sec. Notes
----------------------------------------------------------------
Fitch Ratings has assigned Emeco Pty Ltd's USD335m senior secured
notes due 2019 a final rating of 'BB-' with a Recovery Rating of
'RR3'.

The final rating is in line with the expected rating assigned on
Feb. 27, 2014 and follows a review of the final documentation,
which materially conformed to the draft documentation previously
received.  Emeco Pty Ltd is a wholly-owned subsidiary of Emeco
Holdings Limited (Emeco, B+/Stable).

The notes are secured by the assets of the Emeco Group, and
guaranteed by Emeco and some of its subsidiaries.  Proceeds from
the notes will largely be used to refinance existing debt of about
AUD350m.  The 'RR3' recovery rating assigned to the notes reflects
our expectation of at least a 51% value recovery for the note
holders in the event of default, based on the agency's assessment
of the liquidation value of Emeco's rental fleet and other assets
under a stressed situation.  As a result, under Fitch's recovery
rating methodology, the bond is rated a notch above Emeco's Issuer
Default Rating (IDR).

Emeco's ratings reflect the high sensitivity of its earnings to
commodity cycles, due to its position as a rented equipment
supplier to mining companies.  The ratings also take into account
Emeco's low operating leverage, Fitch's expectation of an
improvement in Emeco's financial profile, and Emeco's flexibility
in managing capex, which allows it to preserve operating cash
flows during industry downturns.

KEY RATING DRIVERS

High Cyclicality: Emeco's focus on mine production provides more
stable revenues compared to exploration and new mine development,
although the ability of mining counterparties to cancel contracts,
typically between 30 to 180 days, brings with it volatility and
asset underutilization.  This explains Emeco's 30% drop in EBITDA
in the financial year ended June 2013 (FY13) and Fitch's
expectation of a further 50% drop in EBITDA in FY14.

Rental Fleet Utilization to Improve: Emeco's overall utilization
has trended downwards since early 2012, driven by weak volumes in
its Australian coal business.  Coal miners have been reducing
overburden removal volumes in response to weak global coal prices.
Fitch does not expect this trend to continue and expects the
utilization rates of Emeco's assets to improve - Emeco's
Australian business is already showing signs of picking up.  It
has secured new contracts which should help increase its
utilisation rates in Australia to about 50% in June 2014, up from
40% in the six months to 31 December 2013.

Diversification: In FY13, 61% of revenue was generated in
Australia, with coal (both thermal and metallurgical) making up
42% of revenue.  Earnings derived from Australia are volatile due
to the generally high cost of Australian thermal coal on a global
scale.  Coal production has remained buoyant, although coal
producers' response to weak commodity prices has been to optimize
productivity and reduce costs by lowering strip ratios, by mining
in areas that require less removal of overburden.  However,
Emeco's geographical diversification has helped it redeploy its
fleet of 700-odd vehicles among different industries and regions,
which underpins its ability to optimize rental fleet utilization.

High Quality Fleet: Emeco's strategy of disposing most of its
equipment about halfway through expected lifespans ensures it
maintains a relatively young fleet with low operating hours, which
is attractive to mining companies.  This, coupled with the generic
nature of most of its assets, aids in the resale of these assets.
Over the past seven years, the company has disposed of between
AUD20m to AUD50m of assets at generally above-depreciated value.
The recurring nature of these cash inflows helps to mitigate the
volatility in operating cash flows.

Improving Financial Profile: Fitch expects Emeco to deleverage
from FY14 onwards, due to both improving utilization and a
substantially curtailed expansionary capex spend.  However,
Emeco's leverage, as measured by net debt/EBITDA, is likely to
deteriorate in FY14, compared to 2.4x in FY13, mainly due weak
average utilization.

RATING SENSITIVITIES

Positive rating action is not envisaged in the medium term. A
meaningful reduction in Emeco's portfolio risk profile, so that
there is greater geographical and commodity diversification, would
be necessary before any positive rating action were possible.

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

- A failure to reduce leverage as measured by net debt/EBITDA to
below 3.0x by FY16.


JKD CANVAS: Cor Cordis Appointed as Administrators
--------------------------------------------------
Ozem Azzam Kassem -- okassem@corcordis.com.au -- and Jason Tang
-- jtang@corcordis.com.au -- at Cor Cordis were appointed as
administrators of JKD Canvas Pty Limited ATF JKD Canvas Trust,
trading as B & J PVC & Canvas, on March 13, 2014.

A first meeting of the creditors of the Company will be held at
Boardroom, Level 19, 10 Eagle Street, in Brisbane on March 25,
2014, at 11:00 a.m.


KORAY BONDI: Placed Into Administration
---------------------------------------
Danny Vrkic at DV Recovery Management was appointed as
administrator of Koray Bondi Pty Limited on March 14, 2014.

A first meeting of the creditors of the Company will be held at
the office of DV Recovery Management, Level 1, 76 Market Street,
in Wollongong, New South Wales, on March 26, 2014, at
11:00 a.m.


NEWCASTLE KNIGHTS: Deadline for AUD10MM Bank Guarantee Looms
------------------------------------------------------------
Melinda Oliver at SmartCompany reports that a deadline is looming
for former billionaire Nathan Tinkler to pay a reported
AUD10.52 million sum to his NRL club, Newcastle Knights.

SmartCompany, citing a report in The Australian Financial Review,
says if Mr. Tinkler fails to hand over the bank guarantee, he
could lose control of the club.  The fee is due on March 31, a two
month extension on the original deadline, the report notes.

According to the report, Mr. Tinkler's company Hunter Sports Group
is the principal owner of the rugby league club. The bank
guarantee was part of a deal Mr. Tinkler signed when he took over
the club in 2011.

SmartCompany says the Newcastle Knights released a statement on
March 18 declaring the payment will be met.

"The bank guarantee is due for renewal on March 31, 2014, and will
be in place by the due date," the club said.  "This is an annual
agreement, as part of the audit, between the Hunter Sports Group
and the Members Club."

The statement follows comments in the AFR by Knights Members
chairman Nick Dan, who told the paper he wanted the bank guarantee
details finalised ahead of the deadline, and that a backup
strategy was in place to take over the team if the guarantee was
not met, according to SmartCompany.

"I would not think the Members Club would agree to another
extension," Mr. Dan told the AFR.

The AFR reported if Mr. Tinkler's business cannot meet the
deadline, Knights members could commence legal action to secure
the money, adds SmartCompany.

SmartCompany notes that the news follows the collapse of Mr.
Tinkler's minerals asset Aston Metals in November last year, with
voluntary administrators appointed. The minerals company was
previously placed in receivership in September last year as
secured creditors aggressively pursued unpaid debts.

Mr. Tinkler was formerly listed on the 2012 BRW Rich List at a
value of around AUD915 million but failed to make the list in
2013. His fortune took a dive when he was forced to sell around
AUD300 million of shares in Whitehaven Coal, SmartCompany
discloses.


OCEAN ABALONE: Bought Out of Receivership
-----------------------------------------
Port Lincoln Times reports that Ocean Abalone Australia has been
bought out of receivership, and its management is hopeful the
operation will have a fruitful future.

Formerly known as Australian Bight Abalone, the farm was placed
into receivership twice, but has now been bought out of
receivership for the second time, according to Port Lincoln Times.

The report notes that General Manager Verne Lindsay would only say
that a Queensland-based company had bought Ocean Abalone
Australia, located in Elliston, but also purchased a "little land
farm formerly known as Streaky Bay Aquaculture".

The report relates that Mr. Lindsay said the Elliston farm had not
stopped operating, even during the times it was in receivership,
and had continued to employ local people in Elliston.

Mr. Lindsay also said the Streaky Bay land farm had been operating
after being closed in 2011, although it was looking for more
stock, the report discloses.

The Streaky Bay land farm will eventually supply the Elliston sea
farm with stock to grow in the sea, Mr. Lindsay said, the report
relays.


SMART ABS 2014-1US: Moody's Rates AUD15.809MM Class E Notes 'Ba2'
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Trustee Company Limited in its capacity as
trustee of the SMART ABS Series 2014-1US Trust.

Issuer: SMART ABS Series 2014-1US Trust

USD 90.00 million Class A-1 Notes, Assigned P-1 (sf);

USD 94.00 million Class A-2a Notes, Assigned Aaa (sf);

USD 40.00 million Class A-2b Notes, Assigned Aaa (sf);

USD 70.00 million Class A-3a Notes, Assigned Aaa (sf);

USD 96.00 million Class A-3b Notes, Assigned Aaa (sf);

USD 50.00 million Class A-4a Notes, Assigned Aaa (sf);

USD 60.00 million Class A-4b Notes, Assigned Aaa (sf);

AUD 9.486 million Class B Notes, Assigned Aa3 (sf);

AUD 17.390 million Class C Notes, Assigned A2 (sf);

AUD 17.390 million Class D Notes, Assigned Baa3 (sf);

AUD 15.809 million Class E Notes, Assigned Ba2 (sf).

The AUD 15.810 million Seller Notes are not rated by Moody's.

The Class A-1, Class A-2a, Class A-3a and Class A-4a Notes are
fixed rate Notes while the Class A-2b, Class A-3b and Class A-4b
Notes are floating rate Notes.

The transaction is a securitisation of a portfolio of Australian
novated leases, commercial hire purchase agreements, chattel
mortgages and finance leases secured by motor vehicles, originated
by Macquarie Leasing Pty Limited ("Macquarie"). This is
Macquarie's first ABS transaction issued in 2014.

Ratings Rationale

SMART ABS Series 2014-1US Trust replicates structures seen in
previous SMART transactions sponsored by Macquarie, and closely
follows the structure seen in other SMART ABS Series offered in
the US. Notable features of the transaction include the
conservative composition of the receivables pool backing the
transaction, the USD-denominated senior notes and the sequential
to pro-rata principal repayment profile.

The pool includes a high percentage of novated leases (63%), which
exhibit a lower level of risk than other contract types. At the
same time, the deal is exclusively backed by motor vehicles,
predominantly cars. Past non-US SMART transactions and other
Australian ABS transactions typically include 10-15% of other
equipment types. Motor vehicles exhibit less pro-cyclical default
patterns and, on average, higher recovery rates. As a result,
Moody's views the SMART ABS Series 2014-1US Trust pool as having
more positive collateral characteristics than peer portfolios.

In order to fund the purchase price of the portfolio, the Trust is
issuing six classes of Notes across twelve tranches. The Notes
will be repaid on a sequential basis in the initial stages (until
the subordination percentage increases from the initial 12.0% to
18.9%, and from 13.0% to 19.9% including the liquidity reserve)
and once the transaction reaches the 10% pool factor. At all other
times, the structure will follow a pro rata repayment profile.
This principal paydown structure is comparable to other structures
in the Australian ABS market in recent years.

The deal includes seven senior, USD-denominated tranches. The
Class A-1 Notes are fast-pay money-market notes, rated P-1. The
Class A Notes will be repaid sequentially within the Class A Note
allocation. The ratings are based on the credit enhancement
provided by the subordinated notes and the liquidity reserve, in
total equal to 13% for the Class A Notes.

An unusual feature of this and previous USD-denominated SMART
transactions is that the maturity dates of the Class A Notes were
set not with reference to the maturity of the longest dated
receivable but rather with reference to the scheduled principal
amortisation profile (with a certain buffer to allow for defaults
and delinquencies). Moody's has accounted for the possibility of
losses and delinquencies during the term of the Class A Notes in
its assessment of the likelihood of their repayment and believes
scheduled principal amortisation to be sufficient to repay the
Class A Notes by the maturity dates in full.

Moody's base case assumptions are a default rate of 1.90% and a
recovery rate of 40.00%. These rates imply an expected (net) loss
of 1.14%. Both the default rate and the recovery rate have been
stressed relative to extrapolated historical levels of 1.50%
(extrapolated) and 54.13% respectively.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's
Approach to Rating Auto Loan-Backed ABS" published in May 2013.

Factors That Would Lead to an Upgrade or Downgrade of the Rating:

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

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

Moody's Parameter Sensitivities:

If the default rate rises to 3.80% (double Moody's assumption of
1.90%) and recovery rates are reduced to 20% (half Moody's
assumption of 40%) then the model-indicated rating for the Class
A4 Notes and Class B Notes both drop seven notches to Baa1 and Ba1
respectively.



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YANLORD LAND: Moody's Assigns Ba3 Rating to Sr. Unsec. SGD Bonds
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to Yanlord
Land Group Ltd's proposed senior unsecured SGD bonds.

Moody's has also affirmed the company's Ba3 corporate family
rating, Ba3 senior unsecured debt rating, and the Ba3 rating to
the RMB bond issued by Yanlord Land (HK) Co., unconditionally
guaranteed by Yanlord Land Group Limited.

The ratings outlook is stable.

The proceeds of the proposed notes will be used for debt
refinancing.

Ratings Rationale

"The proposed bonds will improve Yanlord's liquidity position,
help fund future growth and improve the company's debt maturity
profile," says Lina Choi, a Moody's Vice President and Senior
Analyst.

"As part of the proceeds will be used for debt refinancing, the
proposed bonds will not result in any material increase in the
company's debt leverage," adds Choi, who is also the Lead Analyst
for Yanlord.

Yanlord's book debt increased to RMB17.5 billion at end-2013 from
RMB13.6 billion at end-2012, as the company used debt to fund
existing and new projects.

Its debt leverage at end-2013 -- as measured by revenue to debt --
of 0.7x is weak for a Ba rating category. Moody's expects
Yanlord's debt leverage to stay at this level over the next two
years.

On the other hand, Yanlord's operating performance improved
materially in 2013, as it adjusted its business model and sold a
higher proportion of mass market products. It recorded growth in
contracted sales of RMB3 billion, taking the total to
approximately RMB15 billion in 2013.

Moody's expects that the company will post a 10%-15% growth in
contracted sales in 2014, resulting in revenue growth in 2014 and
2015. Its revenue to debt ratio should therefore stay at current
levels, as the expected higher revenues will offset the increased
levels of debt used to fund growth.

However, its increased focus on the sale of mass market products
has resulted in a narrower adjusted EBITDA margin of 32% in 2013
from 36% in 2012. As a result, its adjusted EBITDA/interest was
3.2x in 2013, and which may be weakened to 2.7x-3.0x over the next
two years. Nonetheless, such levels would support its Ba3 rating.

"Despite Yanlord's weakening interest coverage over the next 24
months, it will likely maintain its contracted sales growth levels
and engage in disciplined land acquisitions, which should ensure a
sound liquidity position to buffer against market volatility,"
says Choi.

Yanlord's liquidity strength is reflected by its cash on hand of
RMB7.1 billion at end-2013, which is equivalent to 2x its short-
term debt. Given its estimated operating cash flow of RMB2.5-
RMB3.0 billion over the next 12 months, the company has sufficient
resources to fully cover its short-term maturing debt of RMB3.6
billion and committed land payment premiums of around RMB1.4
billion over the same period.

Moody's believes that Yanlord will not undertake aggressive land
acquisitions that would lead to a weakening of its liquidity
position, because the company has a track record of spending less
than 20% of its annual contracted sales on such acquisitions. In
2013, Yanlord spent RMB2.9 billion on land purchases, and which
represented 19.5% of its contracted sales, versus 16% in 2012.

The stable ratings outlook reflects Moody's expectation that
Yanlord will continue to achieve contracted sales growth and
maintain prudent financial management to maintain adequate
liquidity.

Upgrade factors would emerge if the company: (1) substantially
achieves its presales target over the next 12 months and improves
its balance sheet liquidity, and (2) achieves an EBITDA/interest
coverage of over 3.5x-4.0x on a sustained basis.

The ratings could be downgraded if Yanlord: (1) fails to execute
its sales plan such that liquidity weakens, as reflected in
cash/short term debt coverage falling below 1.0x-1.5x, or (2)
engages in other material land acquisitions that strain its
liquidity, and/or (3) exhibits weakening credit metrics, with
EBITDA/interest under 2.5x for a sustained period.

The principal methodology used in these ratings was the Global
Homebuilding Industry published in March 2009.

Yanlord Land Group Limited is one of the major property developers
in China. It operates in the major cities of Shanghai, Nanjing,
Suzhou, Shenzhen, Tianjin, Tangshan, Zhu Hai, Sanya, and Chengdu.
It was established in 1993 and was listed on the Singapore Stock
Exchange in 2006.


YANLORD LAND: S&P Assigns 'BB-' Rating to Proposed SGD Sr. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating and 'cnBB+' long-term Greater China regional scale
rating to a proposed issue of Singaporean dollar-denominated
senior unsecured notes by Yanlord Land Group Ltd. (Yanlord: BB-
/Stable/--; cnBB+/--).  The China-based real estate developer will
use the proceeds to refinance its existing debts.  The ratings on
the notes are subject to S&P's review of the final issuance
documentation.

"We have equalized the issue rating to the corporate credit rating
because we believe Yanlord's ratio of priority debt to total
assets will likely remain below our notching threshold of 15% for
speculative-grade issuers.  Yanlord's ratio was below the
threshold in 2013. We expect Yanlord's sound relationship with
banks and its experience in tapping the offshore borrowing market
would facilitate the company to continue obtaining offshore
borrowings," S&P said.

Yanlord achieved total contract sales of about 15 billion Chinese
renminbi in 2013, which is higher than S&P's previous forecast.
S&P expects the company will increase expenditures on land
acquisition and construction as it plans to accelerate its sales
turnover.  S&P estimates its sales growth will offset its higher
expenditure, resulting in credit metrics remaining stable in the
next 12 months.  In S&P's base-case scenario, it forecasts
Yanlord's debt-to-EBITDA ratio at 4.0x-4.5x in 2014 and its EBITDA
interest coverage will stay above 3x.

The ratings on Yanlord reflect S&P's view of the company's
concentration risk in the mid- to high-end residential market,
project concentration risk, and declining profitability as S&P
expects Yanlord will adopt an accommodative pricing strategy to
accelerate sales.  Yanlord's established market position and brand
recognition in the mid- to high-end residential market, improving
financial flexibility with extensive financing channels in the
onshore and offshore markets, and proven execution record temper
these weaknesses.


ZHEJIANG XINGRUN: Facing Bankruptcy With More than $500MM Debt
--------------------------------------------------------------
Reuters reports that a Chinese property developer owing
CNY3.5 billion ($566.52 million) to banks and individuals is
teetering at the edge of insolvency, and its owner has been
detained for illegal fund-raising, domestic media reported, citing
local officials.

Zhejiang Xingrun Real Estate Co, based in Fenghua in eastern
Zhejiang province, owes 15 domestic banks 2.4 billion yuan,
Reuters relates citing state-owned China News Services.

Reuters says the company illegally raised most of the remaining
funds from 98 individual investors. Private fundraising is common
but illegal in China, Reuters notes.

"As far as we know, this is the largest property developer in
recent years that is at risk of bankruptcy," wrote Zhang Zhiwei of
Nomura Securities in a research note, Reuters relays. "We believe
more property developers will face similar pressures as
transaction volumes slow and cash flow conditions tighten."

According to the news agency, bankruptcies and bank loan defaults
in China are common, but the size of Zhejiang Xingrun's
outstanding loans, and the fact that the near-bankruptcy troubles
follow shortly after China's first public bond default on
March 7, is likely to rattle investors.



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


ABG SHIPYARD: Corporate Debt Restructuring Fails to Take Off
------------------------------------------------------------
The Economic Times reports that a 22-member lenders' consortium
led by ICICI Bank has failed to agree on a proposal from ABG
Shipyard to recast its INR11,500-crore loan, a majority of which
turned into dud assets on their books, sources said March 15.

"There was no consensus on the terms of the loan restructuring
proposal from ABG Shipyard at the corporate debt restructuring
cell meeting held last Friday [March 16]," a senior official of a
state-run bank told PTI, adding that banks are not sure about the
promoter's ability to bring in fresh equity contribution of around
INR300 crore, the report relays.

According to the report, sources said the consortium has around
INR2,600 crore exposure to the troubled company, while SBI's (rpt)
SBI exposure is around INR1,600 crore. The other main lenders
include IDBI Bank with a stuck loan of INR1,400 crore, while
Punjab National Bank and Bank of Baroda have around
INR700 crore each and the Exim Bank has INR700 crore.

The report relates that another public sector banker said that
promoters have already brought in INR80 crore as fresh equity, but
they are not sure about their ability to bring in INR220 crore
more.

"If the promoters can bring in this amount before the end of the
month, then it could still be worked out," the source, as cited by
ET, said.

ET notes that the company has been looking to recast its INR11,500
crore loan since last November. In late January, lenders had
agreed to throw a lifeline to the Surat-based shipyard, which is
the largest private sector ship builder in India, the report adds.

ABG Shipyard Limited belongs to the Agarwal Business Group
(controlled by Mr Rishi Agarwal) and is the largest private
shipyard in the country, in terms of the order book. ASL is
engaged in the construction and repair of various types of vessels
as well as rigs. ASL has constructed and delivered 156 vessels
over the last 23 years. ASL has capacity to build vessels up to
1,20,000 Dead Weight Tonnage (DWT) at Dahej and upto 20,000 DWT at
Surat, Gujarat. As on October 30, 2012, the unexecuted orderbook
of ASL stood at around INR9,000 crore.


ALFA VITRIFIED: CRISIL Ups Rating on INR287.3MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Alfa Vitrified Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and reaffirmed its rating on AVPL's short-term bank
facilities at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Bank Guarantee        27      CRISIL A4 (Reaffirmed)

   Cash Credit           80      CRISIL B+/Stable (Upgraded from
                                 'CRISIL B/Stable')

   Term Loan            207.3    CRISIL B+/Stable (Upgraded from
                                 'CRISIL B/Stable')

The upgrade reflects CRISIL's expectation of improvement in AVPL's
liquidity on account of anticipated increase in cash accruals,
following healthy growth in revenue. The healthy offtake of the
company's products after commencement of operations in August 2012
has been supported by its promoters' industry experience. The
promoters have also extended unsecured loans to the company to
support its liquidity and are likely to continue to do so if
required.

The ratings reflect AVPL's below-average financial risk profile
marked by high gearing, and the company's large working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience of AVPL's promoters and the
strategic location of its manufacturing facility.

Outlook: Stable

CRISIL believes that AVPL will continue to benefit over the medium
term from its strategic location in Morbi (Gujarat) and its
promoters' extensive experience in the ceramic tiles industry. The
outlook may be revised to 'Positive' if the company records more-
than-expected revenue growth and profitability and improves its
working capital management. Conversely, the outlook may be revised
to 'Negative' if AVPL's revenue and profitability are less than
expected or if the company takes up a major debt-funded capital
expenditure programme or witnesses stretch in working capital
cycle.

AVPL, incorporated in 2011, was promoted by Mr. Lalitbhai Sanghai.
The company manufactures ceramic vitrified tiles and has capacity
of 6500 boxes per day at its Morbi plant. It commenced production
in August 2012.


BEEPEE ENTERPRISE: CRISIL Reaffirms 'B+' Rating on INR45MM Loans
----------------------------------------------------------------
CRISIL ratings on the bank facilities of Beepee Enterprise Private
Limited continue to reflect BEPL's below-average financial risk
profile marked by modest net worth, and weak debt protection
metrics, large working capital requirements, and modest scale of
operations. These rating weaknesses are partially offset by the
benefits that BEPL derives from the extensive experience of its
promoters in the textile industry, and established relationship
with its customers.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit           35      CRISIL B+/Stable (Reaffirmed)

   Foreign Demand
   Bill Purchase         20      CRISIL A4 (Reaffirmed)

   Letter Of Guarantee    3      CRISIL A4 (Reaffirmed)

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

Outlook: Stable

CRISIL believes that BEPL will maintain its stable business risk
profile over the medium term, backed by its promoter's extensive
industry experience and established customer relationship. The
outlook may be revised to 'Positive' in case of substantial
improvement in BEPL's scale of operations and profitability,
leading to better-than-expected cash accruals, or if there is
improvement in the company's capital structure or working capital
cycle. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the company's financial risk profile due
to further lengthening of working capital cycle or due to decline
in revenues and profitability.

Update
For 2012-13 (refers to financial year, April 1 to March 31), BEPL
registered revenues of INR261 million as against INR252 million a
year ago. The modest revenue growth was mainly on account of
improved demand from its end customers. The company is further
expected to register modest revenues in the current year of 2013-
14. The operating profitability of the company improved to 7 per
cent in 2012-13 as against 5.5 per cent in the previous year on
the back of improved realization. Over the medium term, the
operating profitability is expected to be sustained under similar
levels.

The operations of the company are working capital intensive
reflected by gross current assets (GCA) days of 215 as on March
31, 2013. Higher GCA days are on account of higher inventory days
of 145 days maintained by the company during the same period. This
has resulted in high working capital requirements thereby
constraining its financial risk profile. BEPL had a high gearing
of 2.5 times as on Mar 31, 2013 on account of its modest accretion
to reserves and small net worth base of INR44 million as on Mar
31, 2013. The company is also expected to incur capital
expenditure of about INR60 million over the medium term which is
expected to constrain its financial risk profile.

BEPL has stretched liquidity. For 2013-14, its cash accruals are
expected to be modest at around INR4 million against zero debt
obligations. Furthermore, the company has highly utilised its bank
limits of INR55 million at an average of 98 per cent over the ten
months through September 2013. CRISIL believes that BEPL's
liquidity profile will remain constrained over the medium term on
account of its modest cash accruals and large capex plans.

BEPL reported a profit after tax (PAT) of INR1.8 million on
operating income of INR261 million for 2012-13, against a PAT of
INR1.7 million on operating income of INR252 million for 2011-12.

BEPL was incorporated in 2003, by Mr. Chandrakishor Poddar along
with his sons, Mr. Anup Poddar and Mr. Anil Poddar. The company
manufactures of bed sheets, table cloths, serviettes, chair
covers, moulton, table linens, duvets, and mats. BEPL's customers
include various reputed players such as Air India Ltd, Taj Hotels
Resorts and Palaces, and Hotel Leela Ventures Ltd.


BISHANDAYAL INDERCHAND: CRISIL Cuts Rating on INR250MM Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bishandayal Inderchand Jewellers (BIJ) to 'CRISIL D' from
'CRISIL BB-/Stable'.


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

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

   Proposed Long Term
   Bank Loan Facility       50     CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The rating downgrade reflects continuous over-utilisation of BIJ's
cash credit account for a period of more than 30 days owing to
weak liquidity, mainly because of restrictions on import of gold.

BIJ's financial risk profile is below-average, marked by high
gearing and weak debt protection metrics. Also, the firm's
business is subject to geographical concentration, and exposure to
intense industry competition. These weaknesses are partially
offset by the extensive experience of BIJ's promoters in the
jewellery industry as well as efficient inventory risk management
supported by back-to-back inventory booking with suppliers.

BIJ was set up as a partnership concern in 2005 by the Tibarewal
family of Cuttack (Orissa). The firm has a retail showroom (800
square feet) in Cuttack; it is a retailer of silverware. In 2011,
BIJ changed its business model and entered into wholesaling and
retailing of 24-carat gold jewellery with a small proportion of
silverware work. The firm's day-to-day operations are being
managed by two brothers, Mr. Rohit Tibarewal and Mr. Anurag
Tibarewal.


CHINTAMANI JEWELS: ICRA Assigns 'B+' Rating to INR8cr Loan
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR8.00
crore long term fund based facilities (Cash Credit) of Chintamani
Jewels. ICRA has also assigned a short term rating of '[ICRA]A4'
to the INR8.00 crore short term non-fund based sub limits of the
entity.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term, fund-         8.00       [ICRA]B+
   based facilities
   (Cash Credit)

   Short-term, non          (8.00)     [ICRA]A4
   fund-based
   facilities

The ratings take into account the promoter's long experience and
operating track record of almost three decades in the gems and
jewellery industry, along with strong revenue growth in FY13 aided
by higher share of gold ornaments trading. The ratings are however
constrained by CJ's stretched financial profile given the high
gearing levels and stretched liquidity position on account of
elongated receivable cycle. ICRA also notes the regulatory risk
and capital withdrawal risk due to business constitution as
partnership firm, and exposure to currency fluctuation risk on
dollar receivables. The margins also remain thin given the trading
nature of business and exposure to intense competition in
jewellery trading.

Chintamani Jewels (CJ) is a partnership concern established in
2011 for trading of bullion and gold jewellery in the domestic
markets. It purchases gold from the local market and outsources
the manufacturing to job workers in Zaveri Bazaar, Mumbai. It has
a jewellery manufacturing unit in Surat SEZ which will commence
operations from March 2014.

Recent results:

As per its audited results for FY 2012-13, CJ reported profit
after tax (PAT) of INR0.34 crore on operating income of INR76.76
crore.  As per its unaudited results for the nine months ended
December 2013, CJ reported profit before tax of INR0.53 crore on
operating income of INR70.40 crore.


CLC TEXTILE: ICRA Suspends 'B' Rating on INR17.5cr LT Loan
----------------------------------------------------------
ICRA has suspended '[ICRA]B' rating assigned to the INR17.5 crore,
long term loans of CLC Textile Park 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 ICRA's suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


DAYAL LUMBERS: ICRA Reaffirms 'B+' Rating on INR1.5cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR1.5 crore (revised from INR1.2 crore) cash credit
facilities of Dayal Lumbers (P) Limited. ICRA has also reaffirmed
the short-term rating of [ICRA]A4 assigned to the INR8.5 crore
(revised from INR7.0 crore) letter of credit facilities of DLPL.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         1.5         [ICRA]B+ Reaffirmed
   Letter of Credit    8.5         [ICRA]A4 Reaffirmed

The rating reaffirmation takes into consideration scale-up of
DLPL's operations backed by continued demand for imported timber
in the Indian market and comfortable liquidity profile supported
by adequate fund-based credit facilities. The ratings also
continue to incorporate management's extensive experience in the
wholesale timber trading business and a well established client-
base. The above strengths are however mitigated by the low
profitability which is reflective of the highly fragmented nature
of the timber trading industry as well as the negligible value
addition in the business involving only processing of timber logs
into desired sizes. With majority of timber being sourced from
international markets, the company's profit margins are vulnerable
to fluctuations in foreign exchange rate. Also, expansion plans of
the company to set up around 20 self-owned sawing machines may
increase the reliance on external borrowings and exert pressure on
the credit profile of the company.

Dayal Lumbers Private Limited was incorporated in 2010 and is into
trading of imported timber. The company was promoted by Mr. Rajesh
Mittal and his family, which is into timber trading for the past
30 years. Until 2010, the timber business was carried out under a
partnership firm, named 'Dayal Timber Store' which was dissolved
prior to incorporation of DLPL. The company purchases timber
(imported from Malaysia) which is processed at its facility in
Gandhidham (Gujarat) and is supplied to wholesalers across the
country.


DHIR GLOBAL: CRISIL Assigns 'D' Rating to INR350MM Loans
--------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Dhir Global Industria Pvt Ltd and has assigned its
'CRISIL D/CRISIL D' ratings to these facilities. The ratings had
been suspended by CRISIL as per its rating rationale dated
November 19, 2013, as DGIPL had not provided the necessary
information required for reviewing the ratings. The company has
now shared the requisite information, thereby enabling CRISIL to
assign ratings to the bank facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee             5      CRISIL D (Assigned;
                                     Suspension revoked)

   Cash Credit               85      CRISIL D (Assigned;
                                     Suspension revoked)

   Foreign Bill Purchase     60      CRISIL D (Assigned;
                                      Suspension revoked)

   Letter of Credit          95      CRISIL D (Assigned;
                                     Suspension revoked)

   Packing Credit            90      CRISIL D (Assigned;
                                     Suspension revoked)

   Rupee Term Loan           15      CRISIL D (Assigned;
                                     Suspension revoked)

The ratings reflect instances of delays by DGIPL in servicing its
term debt obligations; the delays have been caused by the
company's weak liquidity, driven by stretched receivables.

DGIPL also has a modest scale of operations in the competitive
ready-made garments industry with high working-capital-intensity,
and a below-average financial risk profile, marked by depressed
accruals. However, the company benefits from the extensive
experience of its promoters in the ready-made garment industry.

DGIPL, based in Gurgaon (Haryana) was promoted by Mr. M K Dhir and
his family members in 1999. The company manufactures ready-made
garments, which it sells in the domestic and export markets. Its
manufacturing facility is based in Gurgaon.


ENSOL MULTICLEAN: CRISIL Ups Rating on INR22.1MM Loans to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Ensol Multiclean Equipments Pvt Ltd to 'CRISIL B/Stable' from
'CRISIL B-/Stable' and has reaffirmed the rating on its short-term
facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            55      CRISIL A4 (Reaffirmed)

   Cash Credit               20      CRISIL B/Stable (Upgraded
                                     from CRISIL B-/Stable)

   Term Loan                  2.1    CRISIL B/Stable (Upgraded
                                     from CRISIL B-/Stable)

The rating upgrade reflects CRISIL's belief that EMPL's liquidity
will continue to be supported by funding support from promoters in
the form of equity and unsecured loans and its sufficient cash
accruals against low term debt obligations. The company's accruals
are expected to increase in 2013-14 (refers to financial year,
April 1 to March 31) on account of expected ramp-up in operations
in the period. The company is expected to generate cash accruals
of around INR2.0 million against its minimal term debt obligations
of around 0.6 million in the period. CRISIL expects EMPL's
liquidity to be supported by the funding support from promoters
and absence of any major term debt obligations.

The ratings continue to reflect EMPL's below-average financial
risk profile, marked by a small net worth, high gearing, and
below-average debt protection metrics. The ratings also reflect
company's modest scale of operations along with average operating
margin and working-capital-intensive operations. These ratings
weaknesses are partially offset by the benefits that EMPL derives
from its promoters' extensive industry experience and funding
support it receives from them.

Outlook: Stable

CRISIL believes that EMPL will benefit over the medium term from
the extensive industry experience of its promoters; however,
EMPL's financial risk profile shall remain constrained by its
small net worth. The outlook may be revised to 'Positive' in case
of substantial improvement in EMPL's scale of operations with
improvement in profitability, working capital management, and
capital structure. Conversely, the outlook may be revised to
'Negative' in case of larger-than-expected incremental working
capital requirements due to delays in project execution or
realisation of payments, thus weakening its financial risk
profile.

EMPL was set up in 1999 in Jaipur (Rajasthan) by Mr. Arun Sharma
and Mr. Ajay Sharma. The company manufactures and assembles
customised waste handling mobile equipment such as garbage
compactors and tippers, mainly for state government projects.


GAURAVHWINES PRIVATE: ICRA Suspends B Rating on INR10cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR10.0 crore
fund based limits of GauravhWines 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.


GOKUL GINNING: ICRA Reaffirms 'B+' Rating on INR6cr Loan
--------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating for the INR6.00 crore
(enhanced from INR5.45 crore) fund based facilities of Gokul
Ginning and Oil Industries.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long term fund
   based-Cash Credit   6.00         [ICRA]B+ reaffirmed

The ratings continue to be constrained by the firm's weak
financial profile as reflected by low profitability, leveraged
capital structure and weak debt coverage indicators. The ratings
also take into account the low value additive nature of operations
and intense competition on account of fragmented industry
structure leading to thin profit margins. The ratings are further
constrained by vulnerability of profitability to adverse
fluctuations in raw material prices which are subject to seasonal
availability of raw cotton and government regulations on MSP and
export quota. Further, GGOI being a partnership firm, any
significant withdrawals from the capital account would affect its
net worth and thereby the gearing levels.

The ratings, however, positively factors in the long experience of
the promoters in the cotton ginning and pressing business and the
advantages arising from the firm's proximity to the raw material
sources which ensures regular and easy availability of raw cotton
as well as favorable demand outlook for cotton and cottonseed oil.

Established in 2007, Gokul Ginning & Oil Industries (GGOI) is
engaged in ginning and pressing of raw cotton to produce cotton
bales and crushing of cotton seeds to produce cotton seed oil and
cotton seed oil cake. The firm is owned by Mr. Amin Gangani and
his relatives. The firm's plant is located at Babra (Gujarat) and
is equipped with twenty four ginning machines and one manual
pressing machine with a capacity to process 44 MT of raw cotton
per day and five expellers with crushing capacity of 840 MT of
cotton seeds per day.


GURUKRUPA DEVELOPERS: ICRA Assigns B+ Rating to INR125cr Loans
--------------------------------------------------------------
ICRA has assigned a rating of [ICRA]B+ to the INR62.50 crore long-
term bank facilities and the INR62.50 crore proposed long-term
bank facilities of Gurukrupa Developers D N Nagar Project.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-Term Fund          62.50        [ICRA]B+ Assigned
   Based Limits (TL)

   Proposed Long-Term
   Fund Based Limits (TL)  62.50        [ICRA]B+ Assigned

The rating is constrained by significant market risks for the
firm, as bookings for the Malwani project are yet to commence,
together with significant project execution risks as construction
is currently at a nascent stage and financial closure for funding
the project also remains to be achieved. However, the firm has a
clear land title and has paid full consideration for land for the
project. Furthermore, the rating draws comfort from the long track
record and experience of the promoters in executing real estate
projects in Mumbai.

Incorporated in 2004, Gurukrupa Developers DN Nagar Project (GD)
is a partnership firm involved in real estate development in
Mumbai, Maharashtra. The firm is a part of the Gurukrupa Group
involved in real estate development mainly in Mumbai, with ~12.86
lakh sq. ft. of real estate properties developed till date. The
Group was promoted in 1994 by Mr. Mansukhbhai Kothari, Mr.
Mansukhbhai Sureja and Mr. Chetan Patel. The firm is currently
executing a residential-cum-commercial redevelopment project
-- Shubh Residency -- at Andheri (W), and a residential
Malwani Project at Malad (W), Mumbai.


JAMPESWAR AGRO: CRISIL Puts 'B' Rating on INR60.3MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank loan facilities of Jampeswar Agro Udyog Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                37.5     CRISIL B/Stable (Assigned)
   Proposed Long Term
   Bank Loan Facility        2.8     CRISIL B/Stable (Assigned)
   Cash Credit              20       CRISIL B/Stable (Assigned)
   Letter of Credit          2.7     CRISIL A4 (Assigned)

The ratings reflect JAUPL's modest scale of operations in the
intensely competitive rice milling industry, and its below-average
financial risk profile. These rating weaknesses are partially
offset by the extensive industry experience of JAUPL's promoters.

Outlook: Stable

CRISIL believes that JAUPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
rice milling industry. The outlook may be revised to 'Positive' in
case of increase its scale of operations or better than expected
profitability leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
JAUPL's profitability is lower than expectations, large working
capital requirements, or if it undertakes a significant debt-
funded capital expenditure programme, leading to weakening of its
liquidity.

Incorporated in 2012, JAUPL has recently set up a par-boiled rice
mill in Birbhum (West Bengal). The rice mill commenced operations
in December 2013. The company's day-to-day operations are managed
by Mr. Siddhartha Mondal and Mr. Rabindra Nath Chowdhury.


MEGAMILES BEARINGS: ICRA Revises Rating on INR5.3cr Loan to B-
--------------------------------------------------------------
ICRA has revised the rating outstanding on the INR5.30 crore
(revised from INR3.80 crore) long term fund based facilities of
Megamiles Bearings Cups Private Limited to [ICRA]B- from [ICRA]C+.
ICRA has reaffirmed [ICRA]A4 rating to the INR1.50 crore (revised
from INR2.00 crore) short-term non fund based limits of the
Company.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long Term Fund
   Based Limit         5.30         [ICRA]B-Revised from
                                    [ICRA]C+

   Short Term Non-
   fund Based Limit    1.50         [ICRA]A4 / Re-affirmed

The revision in long term rating take into account MBCPL's
sustained revenue growth and improved margins during 2012-13.
Despite sluggish domestic automotive industry, the Company's
performance during 2012-13 and H1 2013-14 was supported by
increased exports during the period. ICRA notes that the Company
has secured healthy export orders which enhances near term revenue
visibility.

Going forward, the Company's increasing thrust on export market
and introduction of new product range is likely to support its
business prospects. The ratings also take into account the strong
technical background and industry experience of the promoters.
However, the ratings remain constrained on account of small scale
of the Company's operations thereby restricting the operational
and financial flexibility; its exposure to the cyclicality of the
domestic automotive industry (largely Commercial Vehicle segment)
and high customer concentration with over 90% of the revenues
derived from top three customers. Also, the Company's financial
profile remains weak as reflected by high gearing of 2.0x times as
on March 31, 2013, inadequate coverage indicators and high working
capital intensity.

Going forward, the Company's ability to scale up its operations,
improve its capital structure and reduce its working capital cycle
would be the key rating sensitivities.

Incorporated in 1990, Megamiles Bearing Cups Private Limited is
engaged in manufacturing of cold forged & CNC machined components
for automotive applications. The Company's promoters -Mr. Y.S
Mahadev, Mr. S. Rudra Prasad, and Mr. B.S. Divakar are technocrats
with more than two decades of experience in the automotive
components industry. The Company's product portfolio primarily
comprises of a wide range of bearing cups which find application
in transmission system parts (such as gear box, drive shaft
components and propeller shaft components), starter motor
components (like solenoid housings) and engine components. With
its manufacturing facility located at Jigani Industrial Area
(Bangalore), the Company is a tier-1 supplier of gear box and
engine components for the commercial vehicle manufacturer, Ashok
Leyland Limited.

Apart from MBCPL, the promoters also own another company, Megatech
Cold Forgings Private Limited (MCFPL) which is engaged in
manufacturing of cold forged steel, copper and aluminum
components for the automotive and engineering industry. MCFPL also
undertakes forging operations for MBCPL.

Recent Results
For 2012-13, the Company's operating income stood at INR14.8 crore
with a profit after tax of INR0.1 crore against profit after tax
of INR0.0 crore on operating income of INR14.0 crore in 2011-12.


METRO CITY: ICRA Assigns 'D' Rating to INR18.62cr Loans
-------------------------------------------------------
The long term rating of [ICRA]D has been assigned to the INR7.75
crore cash credit facility, INR5.00 crore term loans limits and
INR3.37 crore unallocated limits of Metro City Tiles Private
Limited. The short term rating of [ICRA]D has also been assigned
to INR2.50 crore non-fund based facilities of MCTPL.

                         Amount
   Facilities         (INR crore)      Ratings
   ----------          -----------     -------
   Cash Credit Limits      7.75       [ICRA]D assigned
   Term Loans              5.00       [ICRA]D assigned
   Unallocated Limits      3.37       [ICRA]D assigned
   Bank Guarantee          2.50       [ICRA]D assigned

The assigned ratings are constrained by the stretched liquidity
position of the company which has resulted in recent delays in
debt servicing. The lower than anticipated profitability on its
sales coupled with high working capital intensity and high
repayment obligations towards the debt funded capital expenditure
have resulted in a stress on the company's cash flows. Further the
ratings are constrained by MCTPL's weak financial profile
characterized by high gearing levels and poor coverage indicators,
small size of current operations and the highly competitive nature
of the ceramic tile industry. The ratings also takes into account
the vulnerability of MCTPL's profitability to the cyclicality
associated with the real estate industry and to the increasing
prices of gas, as gas is the major source of fuel.
ICRA takes note of the extensive experience of promoters in the
ceramic industry and locational advantage due to presence of the
company's plant in Morbi (Gujarat), India's ceramic hub giving it
easy access to raw material. The group companies are also present
in other tile segments, which supports the marketing and sales of
the company's products to dealers / builders.

Incorporated in the year 2007, Metro City Tiles Private Limited
(MCTPL) is involved in manufacturing of vitrified and digital
glazed vitrified tiles with its plant situated at Morbi, Gujarat.
The plant has an installed capacity of 45000 Metric Tonnes Per
Annum (MTPA). MCTPL currently manufactures vitrified tiles of size
2 X 2 sq. ft. and 2 x 4 sq. ft with the current set of machineries
at its production facility.

MCTPL is promoted by Mr. Dilip R. Patel and his family members.
The company is a part of Metro Group of industries having presence
across floor tiles (Metro Ceramics), glazed vitrified tiles
(MCTPL), polished vitrified tiles and porcelain tiles (Metro World
Tiles Pvt. Ltd.).

In FY 13, MCTPL reported an operating income of INR18.35 crore
and net loss of INR0.60 crore as against an operating income of
INR34.00 crore and profit after tax of INR0.33 crore during FY 12.
During 9M FY14 (provisional financials), MCTPL reported an
operating income of INR21.03 crore.


NAVKAR TEX: ICRA Suspends 'B' Rating on INR5.5cr Loan
-----------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR5.5 crore
bank lines of Navkar Tex Creations.  The suspension follows ICRA's
inability to carry out a rating due to lack of cooperation from
the company.

Navkar Tex Creations is a proprietorship firm based in Pali,
Rajasthan which is engaged in trading of 'rubia' fabric that is
mainly used in ladies saree blouses. The firm procures grey fabric
from 'mandis' in Rajasthan and Maharashtra and gets it processed
on an outsourced basis in Pali. Pali is home to
various fabric processors owing to its conducive water and
environment for such processing. The firm sells its fabric to
wholesalers across the country through agents on a commission
basis.

Incorporated in 2008, the firm is managed by second generation
entrepreneur Mr. Kalpesh Bhandari. The firm is part of the Pali
based ISON group which has interests in real estate development
apart from textile trading.


P. G. TIMBER: CRISIL Cuts Rating on INR70MM Loans to 'B'
--------------------------------------------------------
CRISIL has downgraded its long term rating on bank facilities of
P. G. Timber Private Limited to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            24      CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

   Working Capital        46      CRISIL B/Stable (Downgraded
   Demand Loan                    from 'CRISIL B+/Stable')

The downgrade reflects deterioration in PGTPL's liquidity profile
as reflected by fully drawn bank lines on account of working
capital intensive nature of operations. Further, company's
profitability has also come under pressure on account of currency
fluctuations, as major part of company's raw materials are
imported.

The rating reflects PGTPL's small and working capital intensive
nature of operations. These rating strengths are partially offset
by company's moderate financial risk profile.

Outlook: Stable

CRISIL believes that PGTPL 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
significant increase in volumes, resulting in higher-than-expected
net cash accruals or lower-than-expected working capital
requirements, which, in turn, will result in improvement in
PGTPL's liquidity. Conversely, the outlook may be revised to
'Negative' in case of weakening in the company's operating margin
or debt protection metrics or stretch in its working capital
cycle.

PGTPL was incorporated in December 2007 as a closely held company.
It is promoted by Mr. Ajay Gupta and Mr. Ganga Prasad Gupta, who
have more than two decades of experience in this line of business.
PGTPL manufactures wooden doors and frames and uses scrap timber
to produce mouldings. The company's current manufacturing facility
is located in Baidyabati, Hooghly (West Bengal).


RAGHUVIR BUILDCON: CRISIL Reaffirms B+ Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Raghuvir
Buildcon Private Limited continues to reflect RBPL's exposure to
intense competition in the fragmented civil construction segment
and geographic concentration in the RBPL's revenue profile and
its, large working capital requirements. These rating weaknesses
are partially offset by the extensive experience of the RBPL's
promoters in the civil construction business, and average
financial risk.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            60      CRISIL A4 (Reaffirmed)
   Overdraft Facility       100      CRISIL B+/Stable (Reaffirmed)

Outlook: Stables

CRISIL believes that the RBPL will benefit over the medium term
from its promoters' industry experience and comfortable capital
structure. The outlook may be revised to 'Positive' if the RBPL's
working capital cycle improves, or in case of higher-than-expected
revenue growth while maintaining its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative',
if the RBPL records lower-than-expected profitability; or if its
capital structure and debt protection metrics weaken, most likely
due to stretch its working capital cycle management or higher than
expected debt funded capex.

Update

RBPL recorded a year-on-year growth of 29 per cent in its turnover
to INR546.8 million in 2012-13 (refers to financial year, April 1
to March 31). Until 2012-13, RBPL was catering mainly to Hindustan
Construction Company (HCC), However, beginning 2013-14, the
company has diversified its customer base and has started
undertaking projects for the Government of Gujarat. The company is
expected to book a 10% growth in topline during 2013-14. CRISIL
believes, that over the medium term, RBPL is expected to sustain
its growth momentum, on the back of its moderate order book
position of around INR600 million to be executed over the next six
to twelve months. RBPL's operating margins are also expected to
marginally improve but remain moderate around 8 per cent during
2013-14 supported by better realizations from executed as well as
current ongoing projects. CRISIL expects, the group's operating
margin to remain stable at around 8 per cent over the medium term.

RBPL's gearing has remained comfortable at 1.16 times as on March
2013. With the receivables realization faster from the Government
of Gujarat, RBPL's incremental working capital requirements are
expected to be funded through a judicious mix of internal accruals
and debt. Consequently, RBPL's capital structure is expected to
remain comfortable at around 1 times over the medium term. RBPL's
debt protection metrics are also expected to remain comfortable
over the medium term. RBPL's liquidity remained stretched in line
with the past. While its estimated cash accruals of INR 25 million
for the year 2014-15 is comfortable to meet its debt repayment
obligations of less than INR 5 million, the working capital
intensive nature of operations, has resulted in high bank limit
utilization levels, which averaged at 95 per cent for the twelve
months period ended January 2014. CRISIL expects RBPL's liquidity
to remain stretched over the medium term.

Incorporated in 1990, RBPL is engaged in undertaking civil
construction works such as construction of canals, cement concrete
roads, dams, and bridges for state governments. The company is
engaged in civil construction activity mainly in Gujarat and
Andhra Pradesh.

RBPL reported a profit after tax (PAT) of INR 9.6 million on net
revenues of INR 546.8 million for 2012-13 (refers to financial
year, April 1 to March 31), against a PAT of INR 5.3 million on
net sales of INR 425.1 million for 2011-12.


RAM BUILDERS: ICRA Reaffirms 'B' Rating on INR7.5cr Loans
---------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B assigned to
the long-term fund based limits of INR2.50 crore and the non-fund
based limits of INR5.00 crore of Ram Builders.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limit        2.50        [ICRA]B Re-affirmed
   Non-Fund Based Limit    5.00        [ICRA]B Re-affirmed

The rating re-affirmation factors in the firm's small scale of
operations, limiting its bidding capacity; its significant 48% de-
growth in revenues during FY13 due to execution-related delays;
and its moderate order book position with order book/OI ratio of
1.48x times as of December 2013, which provides a moderate revenue
visibility going forward. The rating also remains constrained by
the firm's high client and geographic concentration risks, with
MCGM being its largest customer and all outstanding orders based
out of Mumbai. ICRA further notes the intensely competitive
environment, with the presence of a large number of civil
construction contractors in Mumbai, resulting in high pressure on
margins.

However, the rating favorably factors in the long track record of
the firm and its favorable capital structure with a gearing of
0.12x as of March 31, 2013.

Ram Builders is a partnership firm operating for more than six
decades as a civil contractor. The firm is registered as Class I-A
contractors with PWD Maharashtra, and as Class AA with MCGM, which
entitles it to quote for works without limit. The firm has
successfully executed several prestigious works for other
organizations like CIDCO, Hiranandani, MTNL, UPL Environmental
Engineers Ltd., Somaiya Trust, Buildtech, Reliance Industries
Limited, Willingdon Sports Club, and the Thane Municipal
Corporation. It has also executed several infrastructure works
such as cement concrete roads/asphalt roads/mastic roads, RCC
work, earth works, laying of sewers/storm water drains/water
mains/ducts/rising mains, construction of RCC structures like
buildings and underground box drains, construction of bridges and
such allied works.


SANGINI COMMERCE: CRISIL Assigns 'B-' Rating to INR380MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Sangini Commerce Pvt Ltd.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Term Loan            350      CRISIL B-/Stable (Assigned)
   Working Capital
   Demand Loan           30      CRISIL B-/Stable (Assigned)

The rating reflects SCPL's exposure to implementation and funding
risks on its ongoing project. SCPL faces high funding risk, since
the additional funding for the revised cost of the project has not
yet been tied-up. However, the company benefits from the extensive
experience of its promoters in the hotel industry and the tie-up
with Hyatt group for managing the proposed hotel.

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoter's extensive experience and its association
with Hyatt Group. The outlook may be revised to 'Positive' in case
of timely execution of SCPL's hotel within the projected cost or
in case of higher-than-expected average room rent (ARR) and
occupancy levels; resulting in higher-than-expected accruals and
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of any time or cost overruns, which
would adversely impact the company's financial risk profile, and
thus its debt-servicing ability.

SCPL was incorporated in March 2007 by Mr. Pun Pun Agrawal and Mr.
Pawan Agrawal to carry out trading operations. However, in
September 2009, SCPL was acquired by Ms. Rani Maurya and Mr.
Madhukar Maurya to carry out hotel business. The company is
constructing a 150-room premium (five-star category) hotel at
Havelia Crossing, Sarnath, Varanasi, and has recently entered into
an agreement with the Hyatt group for the management of the
proposed hotel.


SANKAGIRI SPINTEX: CRISIL Reaffirms 'BB' Rating on INR134MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Sankagiri Spintex
Ltd reflect its promoters' extensive experience in the textile
industry, and its established customer base. These rating
strengths are partially offset by SSL's modest scale of operations
in the highly fragmented textile yarn industry, below-average
financial risk profile marked by high gearing, and the
susceptibility of its operating margin to volatility in raw
material prices.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         16       CRISIL A4+ (Reaffirmed)
   Cash Credit            40       CRISIL BB/Stable (Reaffirmed)
   Letter of Credit       10       CRISIL A4+ (Reaffirmed)
   Term Loan              94       CRISIL BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SSL enhances its scale of
operations, and significantly improves its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' if SSL undertakes a large debt-funded capital
expenditure (capex) programme, or if its profitability declines
significantly, resulting in weakening in its financial risk
profile.

Update
SSL reported operating revenue of INR304 million for 2012-13
(refers to financial year, April 1 to March 31), against INR220
million for 2011-12. Healthy growth in revenue in 2012-13 was on
account of pickup in demand for cotton yarn during the year.
Consequently, the company's operating margin improved to 10.6 per
cent in 2012-13 from 9.2 per cent a year ago. The company reported
revenue of INR270 million for the period from April to December
2013 and is likely to report revenue growth of around 15 per cent
over the medium term. CRISIL believes that SSL will report stable
revenue growth and profitability over the medium term with steady
off take from its customers.

SSL's financial risk profile remained below average, marked by
high gearing of 2.52 times as on March 31, 2013, against 2.86
times as on March 31, 2012. The company did not undertake any
significant debt-funded capex programme during 2012-13, and does
not plan capex over the medium term. SSL's gearing is expected to
improve over the medium term, supported by steady accretion to
reserves and absence of capex plans.

SSL's liquidity remains moderate, marked by moderate bank limit
utilisation and adequate cash accruals to meet debt obligations.
The company's bank limit utilisation averaged around 85 per cent
over the 10 months through January 2014. SSL is likely to generate
cash accruals of INR23 million to INR27 million against term debt
obligations of INR17 million per annum over the medium term.
CRISIL believes that SSL will maintain its moderate liquidity over
the medium term, in the absence of debt-funded capex plans.

Set up in 2005, SSL is engaged in cotton yarn spinning, primarily
carded yarn in count of 40s. The company is managed by Mr. P
Shanmugam.


SATYA INFRA: CRISIL Lowers Rating on INR112.5MM Loan to 'B+'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Satya Infrastructures Ltd to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Term Loan           112.5     CRISIL B+/Stable (Downgraded
                                 from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in SIL's business risk
profile, marked by a lower than expected revenues and operating
margin in 2012-13, primarily on account of delay in implementation
of its township, Malwa Country in Indore (Madhya Pradesh). The
revenues of the company are expected to remain low and had
declined to INR 74.8 in 2012-13 from INR 140.9 in 2010-11. The
company has only booked about 30 per cent of its total expected
revenues of ~INR2.5 billion from this project over the last four
years through 2012-13 due to delay in implementation of the
project and lower demand, driven by the economic slowdown.
Moreover, the operating margins of the company had decline to 2.5
per cent in 2012-13 vis-a-vis an average of 25 per cent over the
four years through 2011-12, due to increase in project cost.

The rating reflects SIL's high dependence on customer advances for
timely completion of its project, and its exposure to the
cyclicality inherent in the Indian real estate industry. These
rating weaknesses are partially offset by the established track
record of SIL's promoters in the construction industry.
Outlook: Stable

CRISIL believes that SIL will remain susceptible to risks related
to project implementation and cyclicality inherent in the Indian
real estate industry, over the medium term. The outlook may be
revised to 'Positive' in case of timely implementation of the
company's ongoing project, leading to healthy and sustainable cash
accruals. Conversely, the outlook may be revised to 'Negative' if
there are time and cost overruns in SIL's ongoing project, or
delays in receiving customer advances, leading to pressure on its
revenues and profitability, thus impacting its liquidity.

Incorporated in 2005, SIL is part of the Satya group, promoted by
Mr. Nawal Kishore Agarwal and his son, Mr. Manish Agarwal. The
company develops real estate in northern India.

SIL is currently developing Malwa County, a 110-acre township. The
project involves the development of plots, group housing, villas,
low-rise floors, a commercial complex, a school, and a hospital.
The total developed area of the project will be over 3,620,967
square feet (sq ft), comprising residential plots of 2,021,411 sq
ft, amenities of 89,099 sq ft, apartments of 471,788 sq ft, and
commercial area of 1,038,669 sq ft.

SIL reported a profit after tax (PAT) of INR0.8 million on net
sales of INR74.8 million for 2012-13, against a PAT of INR7.5
million on net sales of INR51.2 million for 2011-12.


SHREE SAIBABA: CRISIL Reaffirms 'B' Rating on INR70.4MM Loans
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Shree Saibaba Plasto
Products Pvt Ltd continues to reflect SSPPPL's small scale of
operations and below-average financial risk profile marked by
modest net worth, moderate gearing and inadequate debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of SSPPPL's promoters in the plastic goods
industry.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           15.5     CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     9.9     CRISIL B/Stable (Reaffirmed)
   Term Loan             45       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSPPPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is an improvement in
the company's scale of operations and profitability, while it
maintains its capital structure. Conversely, the outlook may be
revised to 'Negative' if SSPPPL's financial risk profile,
especially liquidity, deteriorates, most likely because of lower-
than-expected profitability, stretch in its working capital cycle,
or large, debt-funded, capital expenditure.

Update
Largely in line with expectations, SSPPPL recorded revenues of
INR102 million at an operating margin of 15 per cent in 2012-13
(refers to financial year, April 1 to March 31) as compared to
INR20 million in the previous year. SSPPPL is estimated to
register moderate growth in revenues to about INR130 million, but
at lower operating margin of 11 per cent, on account of intense
competition in the industry.

SSPPPL's financial risk profile remains below-average, marked by
modest net worth of INR44 million and gearing of around 1.5 times
as on March 31, 2013 constrained due to initial phase of
operations. Its debt protection metrics were inadequate with
interest coverage and net cash accruals to total debt ratios of
1.7 times and 0.06 times, respectively, for 2012-13 (refers to
financial year, April 1 to March 31). SSPPPL's financial risk
profile is expected to remain constrained over the medium term on
account of nominal accretions to reserves.

SSPPPL's liquidity is constrained by insufficient cash accruals as
against maturing debt obligations albeit supported by unsecured
loans extended by promoters. SSPPPL is expected to generate cash
accruals of INR5.5 million in 2013-14 which is insufficient to
meet its debt obligations of INR9 million maturing during the
year. The liquidity of SSPPPL is, however, supported by timely
support from promoters in the form of unsecured loans (Rs.6
million as on March 31, 2013) and moderate bank limit utilisation
of about 57 per cent for the trailing 12 months through December
2013.

SSPPPL was incorporated in February 2010 and began commercial
operations in December 2011. The company, based in Kolkata (West
Bengal), primarily manufactures moulded plastic furniture. SSPPPL
is promoted by Mr. Dharm Vir Sharma, Mr. Ajit Kumar Sharma, and
Mr. Santosh Kumar Sharma who have an experience of over a decade
in the plastic industry.

SSPPPL reported a net loss of INR0.5 million on net sales of
INR101 million for 2012-13, as against a net loss and net sales of
INR1 million and INR20 million, respectively, for 2011-12.


SRI SEETHARAMA: CRISIL Raises Rating on INR40MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sri Seetharama Constructions (SSC; part of Seetharama group) to
'CRISIL B+/Stable' from 'CRISIL B/Stable', while reaffirming its
rating on the firm's short term facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        110      CRISIL A4 (Reaffirmed)

   Cash Credit            30      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

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

The rating upgrade reflects the improvement in the Seetharama
group's business risk profile driven by a sustained increase in
its scale of operations, while maintaining its profitability
margins. The upgrade also reflects the increase in the group's net
worth, and CRISIL's belief that the group will sustain its healthy
capital structure on account of continued improvement in its
networth and absence of any debt-funded capital expenditure
(capex) programme.

The group is expected to register a compound annual growth rate of
50 per cent in its revenues from 2011-12 (refers to financial
year, April 1 to March 31) to 2013-14. CRISIL believes that the
group would register an annual revenue growth of around 20 per
cent over the medium term, given its order book of INR420 million
as on December 31, 2013 (around 1.5 times its expected revenues in
2013-14). The group's operating profit margin is also expected to
remain stable at around 15 per cent over the medium term as the
group will continue to prudently bid for new projects.

The group's net worth is expected to increase to around INR74
million as on March 31, 2014 from INR49 million as on March 31,
2012 on the back of moderate accretion to reserves over this
period. The gearing, which is expected to remain low at 0.6 times
as on March 31, 2014, is expected to be below 0.7 times over the
medium term on account of continued growth in its net-worth and
absence of any debt-funded capex plan.

The ratings continue to reflect the Seetharama group's modest
scale of operations in the intensely competitive civil
construction industry, high degree of geographic and customer
concentration in its revenue profile, and its small net worth
limiting its financial flexibility. These rating weaknesses are
partially offset by the extensive experience of the Seetharama
group's promoters in the civil construction industry, and the
firm's above-average financial risk profile marked by low gearing
and robust debt protection metrics.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SSC and Sri Seetharama Constructions-
Srinivasa Reddy Constructions (SSRC). This is because these two
entities, together referred to as the Seetharama group, have
common promoters, are in the same line of business, and have
fungible cash flows.
Outlook: Stable

CRISIL believes that the Seetharama group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if there is a
sustained diversity in the group's revenue profile, while it
maintains its profitability margins, or there is a substantial
increase in its net worth on the back of equity infusion from its
promoters. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in the group's profitability margins, or
substantial deterioration in its financial risk profile on account
of larger-than-expected working capital requirements or large
debt-funded capex.

SSC was incorporated as a partnership firm in 1999. The firm
carries out construction and repairing of roads, building and
irrigation systems. The firm is also registered as a Special Class
Contractor with the Public Works Department, Andhra Pradesh. The
firm is based in Rajam (Andhra Pradesh).

SSRC is a 75:25 joint venture between Seetharama and Srinivasa
Reddy Constructions to execute road construction and maintenance
order for the Andhra Pradesh Road Development Corporation.


V.L. RAKA: ICRA Suspends 'B+' Rating on INR12cr Loans
-----------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR12 crore fund based facilities of V.L. Raka Jewellers
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.

V.L. Raka Jewellers Private Limited is a manufacturer and retailer
of gold and silver jewellery, operating a single showroom owned by
the company at Bhiwandi. The company was established in 2008. The
promoters have been associated with the jewellery business since
1931, when Mr. Valchand Raka established a small store for selling
jewellery procured from Mumbai. The company at present is managed
by his son, Mr. Pradeep Raka. Besides selling jewellery
manufactured in house, the company also acts as dealer for major
branded jewellery players such as Gitanjali, Agni, Utsav and
Ishta.


VIDYASAGAR HIMGHAR: CRISIL Raises Rating on INR90MM Loans to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Vidyasagar Himghar Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            14.5     CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Proposed Long Term     12.0     CRISIL B/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

   Term Loan              63.5     CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

The rating upgrade reflects higher than expected improvement in
VHPL's cash accruals to INR15.8 million in 2012-13 (refers to
financial year, April 1 to March 31), from INR6.6 million in 2011-
12. The improvement followed the commencement of commercial
operations at its second cold storage and the better-than-expected
utilisation rate of its facilities. The increase in cash accruals
has resulted in an improvement in the company's debt protection
metrics. Its accruals are likely to be at a similar level over the
medium term. However, CRISIL believes that VHPL's debt servicing
ability will remain dependent upon timely realisation of
advances/loans extended to farmers against cold storage receipts.

The rating reflects VHPL's exposure to risks related to the highly
regulated and intensely competitive nature of the cold storage
industry in West Bengal, and its weak financial risk profile,
marked by a small net worth and high gearing. These rating
weaknesses are partly offset by the extensive experience the
company's promoters in the cold storage business.
Outlook: Stable

CRISIL believes that VHPL will continue to benefit over the medium
term from the extensive experience of its promoters in the cold
storage business. The outlook may be revised to 'Positive' in case
of further increase the company's cash accruals or infusion of
capital by its promoters, leading to an improvement in its overall
financial risk profile, particularly its liquidity, and in its
risk-absorption capacity. Conversely, the outlook may be revised
to 'Negative' in case of pressure on VHPL's liquidity on account
of delays in repayments by farmers, less-than-expected cash
accruals, or significant debt-funded capital expenditure.

Incorporated in 1997, VHPL provides cold storage facilities to
potato farmers and traders. The company is owned by the West
Bengal-based Ghosh family. It currently has two cold storages, one
each at Paschim Medinipur and Hooghly (both in West Bengal).



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


TOWER BERSAMA: Fitch Affirms 'BB' IDR; Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed PT Tower Bersama Infrastructure Tbk's
Long-Term Issuer Default Ratings at 'BB'.  At the same time, the
agency affirmed the National Long-Term Rating at 'AA-(idn)'.  The
Outlooks for the ratings are Stable.

Fitch affirmed the ratings notwithstanding Tower Bersama's FFO-
adjusted net leverage remaining above 4.0x, the threshold at which
a negative rating action may be considered.  Tower Bersama's FFO-
adjusted net leverage was 5.4x at end December 2013, following
higher debt to fund telecommunications tower building activity
during 2013.  However, the agency expects leverage to return below
its negative guideline in the medium-term thanks to rising cash
flows from long-term contracts with EBITDA margins above 80%.  The
risk of higher leverage is also offset by a stronger customer
portfolio, with a higher proportion of revenue from investment-
grade operators.

'AA' National Ratings denote expectations of very low default risk
relative to other issuers or obligations in the same country.  The
default risk inherently differs only slightly from that of the
country's highest rated issuers or obligations.

KEY RATING DRIVERS

Growth Keeps Leverage High: Tower Bersama's leverage in 2013
remained high, mainly driven by higher borrowings to fund new base
station sites for orders from telecommunication operators,
especially PT Telekomunikasi Selular (Telkomsel, BBB/Stable).
Tower Bersama's base station tower building activity reached its
peak in 2013 with 1,800 towers built (2012: 1,144).  Fitch expects
leverage to remain above our negative guideline of 4.0x in 2014
and 2015.  However, Fitch believes that this will not be
sustainable and FFO-adjusted net leverage will fall below 4.0x in
2016.

Acquisitions May Slow Deleveraging: As the second-largest
telecommunications tower provider in Indonesia in terms of the
number of towers, Tower Bersama has limited opportunity to acquire
smaller tower portfolios from other tower companies.  However
significant tower acquisitions might materialise if operators such
as PT Telekomunikasi Indonesia Tbk (BBB-/Stable), PT Indosat Tbk
(BBB/Stable) and PT XL Axiata Tbk (XL, BBB/Stable) decide to
divest their tower portfolios.  In Fitch's view, any opportunistic
acquisitions would result in slower deleveraging than the agency
currently expects and put further pressure on the rating.

Better Tenant Mix: Tower Bersama's customer portfolio has
improved, with revenue contribution from investment-grade telcos
increasing to 75% in 2013 from 70% in 2012.  The better quality of
Tower Bersama's tenant mix offsets its higher leverage.  It is
rated at a similar level as the largest telecommunications tower
provider in Indonesia, PT Profesional Telekomunikasi Indonesia
(Protelindo, BB/Stable), which has FFO-adjusted net leverage of
below 4.0x but derives less than 50% of its revenue from
investment-grade telcos.

Although Tower Bersama continues to face risk from its exposure to
struggling CDMA players, Fitch expects that tenant composition
will further skew towards investment-grade operators as they
continue their investments in network expansion.  Fitch also
expects revenue contribution from investment-grade telcos to
further rise to above 75% after XL completes its acquisition of PT
Axis Telekom Indonesia in March 2014.

Solid Margin, Predictable Cash Flows: Tower Bersama's ratings
benefit from its solid profitability and revenues that are backed
with long-term non-cancellable contracts.  Tower Bersama posted
EBITDA margin of 81.9% in 2013, up from 81.5%in 2012.  The
company's cash flows are also highly predictable with locked-in
revenue of USD1.9bn at end September 2013, with average contract
period of its portfolio at 7.3 years.

Strong Access to Funding: Tower Bersama's liquidity is further
supported by its strong access to bank borrowings with USD262m in
unutilised working capital facilities.  The company also has a
track record in bond markets with both local currency and foreign
currency issuances.  The company plans to gradually replace
secured debt at the operating company level with unsecured debt at
the holding company level.  In addition, the company plans to
minimise its currency exposure by having more rupiah-denominated
borrowings.

Currency Exposure Is Manageable: Tower Bersama has about USD887m
in foreign-currency debt, forming 81% of its overall debt.  More
than 90% of its debt is protected through a combination of hedging
contracts and a natural hedge from USD40m in annual revenue (18%
of total revenue).  The company recorded IDR854bn (USD75m) of cash
(including restricted cash) at the end of December 2013 in which
USD56m was denominated in US dollars.

RATING SENSITIVITIES

Fitch expects no positive rating action as the company's leverage
will remain high in the medium-term.

Negative: Future developments that could individually or
collectively lead to negative rating actions include:

- A debt-funded acquisition of another tower portfolio or lease
defaults by weaker telcos leading to FFO-adjusted net leverage
remaining above 4.0x on a sustained basis.

- A fall in revenue contribution from investment-grade telcos to
below 50%.

- Any event that causes Fitch to revise its projections, such that

Fitch no longer forecasts the company's FCF to turn positive in
2015.

Full list of rating actions:

Long-Term Foreign Currency Issuer Default Rating affirmed at 'BB';
Outlook Stable

Long-Term Local Currency Issuer Default Rating affirmed at 'BB';
Outlook Stable

National Long-Term Rating affirmed at 'AA-(idn)'; Outlook Stable

Foreign currency senior unsecured rating affirmed at 'BB'

USD300m guaranteed senior unsecured notes issued by TBG Global Pte
Ltd affirmed at 'BB'

National senior unsecured rating affirmed at 'AA-(idn)'

IDR4trn bond programme affirmed at 'AA-(idn)'

IDR740bn tranche I under the IDR4trn bond programme affirmed at
'AA-(idn)'



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


SOUTH CANTERBURY: Former Director Stuart Nattrass Gives Evidence
----------------------------------------------------------------
Chris Hutching at NBR Online reports that former South Canterbury
Finance director Stuart Nattrass was on March 18 grilled by Crown
prosecutor Colin Carruthers QC as the first witness called in the
fraud trial.

NBR says former directors Bob White and Edward Sullivan and former
chief executive Lachie McLeod are defending fraud charges in
relation to the collapse of the finance company at the Timaru High
Court.

NBR relates that the three men stand accused of 18 charges brought
by the Serious Fraud Office for a variety of alleged offences,
including theft by a person in a special relationship, false
statements and false accounting.

Several of the charges involve correspondence with the Treasury
upon SCF's application to join the Crown Retail Deposit Guarantee
Scheme and its extended version, the report says.

According to NBR, Mr. Caruthers asked Mr Nattrass, who was a
director of SCF from 2002 to 2009; about the general way that
business was done around the board table at the company founded by
the late Allan Hubbard.

NBR relates that Mr. Nattrass said that proposals would be brought
to the board.

He was aware, however, that discussions had often been going on in
other forums, not at the board table, between other members of
SCF's leadership, including Mr. White and Mr. Sullivan and former
chairman Mr. Hubbard, NBR relays.

NBR relates that a number of issues were then raised by
Mr. Carruthers, including South Canterbury's dealings involving
Auckland's Hyatt Regency Hotel and Peter Symes -- Mr. Sullivan's
brother-in-law.

According to NBR, Mr. Carruthers questioned Mr. Nattrass for
details about who was directly responsible for putting together
prospectus material. Mr Nattrass replied that it was generally the
chief executive, the chief financial officer and usually one or
other of the directors.

Mr. Carruthers then took him through several prospectuses from
2004 to 2009 and asked him to state for the court who were the
signatories, which were in each case Mr. Hubbard, Mr. Sullivan,
Mr. White and Mr. Nattrass, NBR states.

NBR says there was also further discussion toward the end of the
mid-day session about the deposit guarantee scheme and how signing
up to the trust deed had affected the business.

Mr. Nattrass said he had expected it had diminished the role of
Mr. Hubbard, NBR adds.

The trial before Justice Paul Heath is set down for four months,
the report notes.

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



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


RURAL BANK OF MONTEVISTA: Placed Under PDIC Receivership
--------------------------------------------------------
The Monetary Board (MB) placed the Rural Bank of Montevista (Davao
del Norte), Inc. under the receivership of the Philippine Deposit
Insurance Corporation (PDIC) by virtue of MB Resolution No. 407
dated March 6, 2014. As Receiver, PDIC took over the bank on March
7, 2014.

Rural Bank of Montevista is an eleven-unit rural bank with Head
Office located in Sobrecary, City of Tagum, Davao del Norte. Its
10 branches are located in Laak, Mawab, Monkayo, Montevista, New
Bataan and Pantukan in Compostela Valley; Bayugan, San Francisco
and Trento in Agusan del Sur; and in Mati, Davao Oriental. Latest
available records show that as of December 31, 2013, Rural Bank of
Montevista had 35,293 accounts with total deposit liabilities of
PHP230.35 million. A total of 35,248 deposit accounts or 99.87% of
the accounts have balances of PHP500,000 or less and are fully
covered by deposit insurance. Total insured deposits amounted to
PHP209.83 million or 91.09% of total deposits.

PDIC said that upon takeover, all bank records shall be gathered,
verified and validated. The state deposit insurer assured
depositors that all valid deposits shall be paid up to the maximum
deposit insurance coverage of PHP500,000.00.

The PDIC also announced that it will conduct Depositors-Borrowers
Forums on March 12 to 14, 2014 to inform depositors of the
requirements and procedures for filing deposit insurance claims.
Claim forms will be distributed during the Forum. The schedule and
venue of the Forum will be posted on the bank premises and in the
PDIC website, www.pdic.gov.ph. The claim forms and the
requirements and procedures for filing are likewise available for
downloading from the PDIC website.

Depositors may update their addresses with the PDIC
representatives at the bank premises or during the Forum using the
Mailing Address Update Forms to be furnished by PDIC
representatives. Duly accomplished Mailing Address Update Forms
should be submitted to PDIC representatives accompanied by a
photo-bearing ID with signature of the depositor. Depositors may
update their addresses until March 17, 2014.

Depositors with valid deposit accounts with balances of
PHP50,000.00 and below do not need to file deposit insurance
claims. But depositors who have outstanding obligations with the
Rural Bank of Montevista including co-makers of the obligations,
and have incomplete and/or have not updated their addresses with
the bank, regardless of amount, should file deposit insurance
claims.

For depositors who do not need to file deposit insurance claims,
PDIC will start sending payments by mail to their addresses based
on bank records by March 21, 2014.

For depositors that are required to file deposit insurance claims,
the PDIC will start claims settlement operations for these
accounts also by the first week of April. The schedule of the
claims settlement operations will be announced through notices to
be posted at the bank premises and other public places as well as
through the PDIC website, www.pdic.gov.ph.

According to the latest Bank Information Sheet (BIS) as of
December 31, 2013 filed by the Rural Bank of Montevista with the
PDIC, the bank is owned by Get Holdings, Inc. (35.23%), University
of Mindanao (Retirement Fund) (20.76%), RBM Employees Provident
Fund (15.43%), Guillermo P. Torres, Jr. (9.9%), Edwin P. Torres
(4.33%), Antonio M. Pilpil (4.08%), Victor Nicasio P. Torres
(3.03%), and University of Mindanao (2.17%). Its President and
Chairman is Felix A. Maceda.



                             *********

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.



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