TCRAP_Public/140416.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, April 16, 2014, Vol. 17, No. 75


                            Headlines


A U S T R A L I A

DANDENONG QUEST: Cor Cordis Appointed as Administrators
FAIRFAX HOUSE: Cor Cordis Appointed as Administrators
GRAND PACIFIC: Cor Cordis Appointed as Administrators
LIBERTY SERIES: S&P Assigns Preliminary B Rating on Class F RMBS
MORAN INVESTMENTS: Liquidator Appointed to Three Bendigo Firms

NUFARM LTD: To Close New Zealand Facility, Cut Up 59 Jobs
PEPPER RESIDENTIAL: S&P Places Prelim. BB Rating on Class E RMBS
THE ORACLE: Con Makris Buys Oracle Complex for AUD65MM


C H I N A

XINYUAN REAL: Fitch Affirms Senior Unsecured Rating at 'B+'
* CHINA: Tightens Oversight of Trusts Cos. as Default Risk Rises


I N D I A

A M KANNIAPPA: ICRA Suspends 'D' Rating on INR19.60cr Loan
ARUN ELECTRONICS: CRISIL Rates INR55MM Cash Credit at 'B+'
AGRASEN SPONGE: CRISIL Reaffirms B+ Rating on INR170.5MM Loans
BAID INDUSTRIES: CRISIL Lowers Rating on INR389.8MM Loans to 'D'
BINDALS SPONNGE: CARE Reaffirms 'D' Rating on INR70.18cr Loans

CHEMICAL DE ENT: CRISIL Reaffirms B+ Rating on INR90MM Loans
DWARIKESH SUGAR: ICRA Reaffirms B Rating on INR599.99cr Loans
ENVIROX PROTECTION: CARE Reaffirms 'D' Rating on INR65.41cr Loans
HERITAGE PRINCES: ICRA Assigns 'B' Rating to INR20cr Loans
HIRAMAN DEVELOPERS: ICRA Reaffirms 'B+' Rating on INR7cr Loan

JANAK DEHYDRATION: ICRA Revises Rating on INR6.5cr Loan to 'B+'
JANAKI COTTON: ICRA Assigns 'B-' Rating to INR13.10cr Loans
JAYAVELU SPINNING: ICRA Suspends 'C' Rating on INR38.54cr Loan
JINDAL FINE: CARE Lowers Rating on INR4cr Long-Term Loan to 'B+'
KAAMADHENU SPINNERS: CRISIL Puts 'B-' Rating on INR118.4MM Loans

MAHALAXMI SEAMLESS: ICRA Reaffirms 'B-' Rating on INR4cr Loan
MAHI GRANITES: CRISIL Ups Rating on INR415MM Loans to 'B+'
MISHKA FIBBERS: CRISIL Reaffirms 'B+' Rating on INR190MM Loans
NATION EXIM: CRISIL Reaffirms 'B' Rating on INR60MM Loans
PACK MATES: CRISIL Assigns 'B' Rating to INR100MM Loans

REDSON ENGINEERS: CRISIL Reaffirms 'D' Rating on INR60MM Loans
SAHANU SPONGE: CARE Reaffirms 'B+' Rating on INR14.33cr Loans
SAMEEP FABRICS: ICRA Reaffirms 'B' Rating on INR10.48cr Loans
SAMRAT FORGINGS: CRISIL Reaffirms B+ Rating on INR212.6MM Loans
SIDDHARTH PROPERTIES: CRISIL Reaffirms C Rating on INR290MM Loan

SIDHESHWAR MOTORS: ICRA Assigns 'B-' Rating to INR1.50cr Loan
TATA STEEL: Fitch Affirms 'B+' Long-Term Foreign Currency IDR
TECHNOLINE ENGINEERING: CRISIL Rates INR10MM Loan at 'B'
TEHRI PULP: CARE Reaffirms 'D' Rating on INR97.19cr Loans
THEMIS MEDICARE: CARE Reaffirms 'D' Rating on INR112.49cr Loans

UB VENTURES: CRISIL Reaffirms 'B-' Rating on INR133.7MM Loans
UNITED STEEL: CRISIL Lowers Rating on INR250MM Loans to 'D'
VACHNAMRUT RESIDENCY: ICRA Suspends 'B' Rating on INR10cr Loan
VRAJBHUMI COTTON: ICRA Reaffirms 'B+' Rating on INR4.8cr Loans


I N D O N E S I A

JAPFA COMFEED: Fitch Affirms LT Issuer Default Rating at 'BB-'


S O U T H  K O R E A

STX GROUP: Former Chairman Under Arrest For Alleged Graft


                            - - - - -


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


DANDENONG QUEST: Cor Cordis Appointed as Administrators
-------------------------------------------------------
Glenn J Spooner -- gspooner@corcordis.com.au -- and Daniel P
Juratowitch -- djuratowitch@corcordis.com.au -- at Cor Cordis
Chartered Accountants were appointed as administrators of
Dandenong Quest Inn Pty Ltd on April 10, 2014.

A first meeting of the creditors of the Company will be held at
The Institute of Chartered Accountants, Level 3, Bourke Place
600 Bourke Street, in Melbourne, on April 24, 2014, at 4:00 p.m.


FAIRFAX HOUSE: Cor Cordis Appointed as Administrators
-----------------------------------------------------
Glenn J Spooner and Daniel P Juratowitch at Cor Cordis Chartered
Accountants were appointed as administrators of Fairfax House
Quest Lodging Pty Ltd on April 10, 2014.

A first meeting of the creditors of the Company will be held at
The Institute of Chartered Accountants, Level 3, Bourke Place
600 Bourke Street, in Melbourne, on April 24, 2014, at 3:00 p.m.


GRAND PACIFIC: Cor Cordis Appointed as Administrators
-----------------------------------------------------
Glenn J Spooner and Daniel P Juratowitch at Cor Cordis Chartered
Accountants were appointed as administrators of Grand Pacific
Resort International Pty Ltd on April 10, 2014.

A first meeting of the creditors of the Company will be held at
The Institute of Chartered Accountants, Level 3, Bourke Place
600 Bourke Street, in Melbourne, on April 24, 2014, at 2:00 p.m.


LIBERTY SERIES: S&P Assigns Preliminary B Rating on Class F RMBS
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to seven of the eight classes of residential mortgage-
backed securities (RMBS) to be issued by Liberty Funding Pty Ltd.
in respect of Liberty Series 2014-1 Trust.  Liberty Series 2014-1
Trust is a securitization of nonconforming and prime residential
mortgages originated by Liberty Financial Ltd.

The preliminary ratings reflect:

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

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises mortgage insurance for 25.8% of the portfolio,
      which covers 100% of the face value of those loans, their
      accrued interest, and reasonable costs of enforcement, and
      note subordination for the class A1, class A2, class B,
      class C, class D, class E, and class F notes.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including an amortizing
      liquidity facility equal to 3.6% of the invested amount of
      class A1, class A2, class B, class C, class D, class E, and
      class F notes and the stated amount of class G notes,
      subject to a floor of A$600,000, and principal draws, are
      sufficient under its stress assumptions to ensure timely
      payment of interest.

   -- The provision of a reserve account established and
      maintained through the trapping of excess spread on each
      payment date.  The reserve account may be utilized to meet
      current loan losses or as liquidity support.

   -- The benefit of a fixed-to-floating interest-rate swap to be
      provided by National Australia Bank Ltd. to hedge the
      mismatch between receipts from any fixed-rate mortgage
      loans and the variable-rate RMBS.

A copy of Standard & Poor's complete report for Liberty Series
2014-1 Trust can be found on RatingsDirect, Standard & Poor's Web-
based credit analysis system, at:

           http://www.globalcreditportal.com

The issuer has not informed Standard & Poor's (Australia) Pty
Limited whether the issuer is publically disclosing all relevant
information about the structured finance instruments the subject
of this rating report or whether relevant information remains non-
public.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

         http://standardandpoorsdisclosure-17g7.com/2328.pdf

REGULATORY DISCLOSURES

Please refer to the initial rating report for any additional
regulatory disclosures that may apply to a transaction.

PRELIMINARY RATINGS ASSIGNED

Class      Rating         Amount (mil. A$)
A1         AAA (sf)       210.0
A2         AAA (sf)        41.4
B          AA (sf)         26.4
C          A (sf)          10.8
D          BBB (sf)         4.8
E          BB (sf)          3.0
F          B (sf)           1.6
G          N.R.             2.0

N.R.--Not rated.


MORAN INVESTMENTS: Liquidator Appointed to Three Bendigo Firms
--------------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Moran Investments
Group Pty Ltd, Morcorp Cartely Pty Ltd and Moran Hospitality &
Leisure Pty Ltd have entered voluntary liquidation. JP Downey and
Co was appointed as liquidator of the companies on March 13, 2014,
the report says.

The three companies traded as Green Olive Cafe, Cafe Au Lait and
Bath Lane Cafe.


NUFARM LTD: To Close New Zealand Facility, Cut Up 59 Jobs
---------------------------------------------------------
The Sydney Morning Herald reports that Nufarm Limited will shut
down its manufacturing facility at Otahuhu in New Zealand and shed
up to 59 jobs associated with the plant.

SMH relates that the closure comes in the wake of last month's
closure of Nufarm's Welshpool plant in Western Australia and
Lytton facility in Queensland alongside 105 job cuts.

Nufarm expects to incur one-off restructuring costs from the
Otahuhu plant closure of AUD11 million (NZ$11.9 million), of which
AUD9 million is non-cash, the report notes.

According to SMH, the closures are part of a review of Nufarm's
Australian and New Zealand operations to try and boost efficiency
and profitability in the face of tough seasonal conditions --
which hurts sales of agricultural chemicals -- and is a
significant fixed cost burden.

The Otahuhu shutdown is expected to result in annualised cost
savings of AUD3 million once implemented, bringing the total
annual savings from the operational review to AUD16 million
(including AUD13 million from the Australian restructure), SMH
adds.

                      About Nufarm Limited

Based in Australia, Nufarm Limited (ASX:NUF)--
http://www.nufarm.com/-- manufactures and supplies a range of
agricultural chemicals used by farmers to protect crops from
damage caused by weeds, pests and disease.  The Company has
production and marketing operations worldwide and sells products
in more than 100 countries.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 26, 2013, Standard & Poor's Ratings Services said that it had
assigned its 'BBB-' long-term issue rating to Nufarm Ltd.'s senior
secured AUD530 million bank facility, which has replaced the
company's AUD406 million facility.  At the same time, S&P lowered
the senior unsecured issue rating on Nufarm Australia Ltd.'s
US$325 million notes to 'B+' from 'BB-', following the refinancing
of its senior secured syndicated bank facilities.

The downgrade on the senior unsecured issue reflects its
structural subordination and an increase in the senior secured
facility size to AUD530 million from AUD406 million.  Security
offered for the new senior secured facility will be Australian,
New Zealand, and U.S. tangible assets, except for assets already
pledged to the securitized receivables program's special-purpose
vehicle, Nufarm Finance BV, but including the subordinated loan
provided by Nufarm Holdings SAS to Nufarm Finance BV.

Standard & Poor's simulated default scenario assumes a payment
default in 2018 due to material worsening in Nufarm's operating
results arising from a significant and prolonged weakening in
global demand from the agribusiness sector.  Under this scenario,
there is adequate enterprise value to provide a very high recovery
for the senior secured credit facilities (assuming a fully drawn
facility).  Therefore, S&P has assigned a recovery rating of '1'
to the senior secured bank facility, indicating that lenders
should expect high recovery of principal (90%-100%) in the event
of default.  S&P also assigned a recovery rating of '6' to the
senior unsecured notes, indicating lenders should expect
negligible recovery (0%-10%).


PEPPER RESIDENTIAL: S&P Places Prelim. BB Rating on Class E RMBS
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to nine classes of nonconforming residential mortgage-
backed securities (RMBS) to be issued by Permanent Custodians Ltd.
as trustee of Pepper Residential Securities Trust No.12.  Pepper
Residential Securities Trust No.12 is a securitization of
nonconforming residential mortgages originated by Pepper HomeLoans
Pty Ltd.

The preliminary ratings reflect:

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

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises note subordination for each class of rated note.

   -- The availability of a retention amount, amortization
      amount, and yield reserve, which will all be funded by
      excess spread, but at various stages of the transaction's
      term.

   -- They will have separate functions and timeframes, including
      reducing the balance of senior notes, reducing the balance
      of the most subordinated notes, and paying senior expenses
      and interest shortfalls on the class A notes.

   -- The extraordinary expense reserve of A$250,000, funded from
      day one, available to meet extraordinary expenses.  The
      reserve will be topped up via excess spread if drawn.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      facility equal to 2.5% of the outstanding balance of the
      notes, and principal draws, are sufficient under its stress
      assumptions to ensure timely payment of interest.

   -- The condition that a minimum margin will be maintained on
      the assets.

   -- The redemption facility providers' unconditional and
      irrevocable commitment to ensure the full repayment of the
      stated amount of the class A1-u1 notes or class A1-u2 notes
      (if issued) on their legal final maturity.

   -- The benefit of a cross-currency swap provided by
      Commonwealth Bank of Australia to hedge the mismatch
      between the Australian dollar receipts from the underlying
      assets and the U.S. dollar payments on the class A1-u1
      notes.

A copy of Standard & Poor's complete report for Pepper Residential
Securities Trust No.12 can be found on RatingsDirect, Standard &
Poor's Web-based credit analysis system, at:

            http://www.globalcreditportal.com

The issuer has not informed Standard & Poor's (Australia) Pty
Limited whether the issuer is publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report or whether relevant information
remains non-public.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

         http://standardandpoorsdisclosure-17g7.com/2332.pdf

REGULATORY DISCLOSURES

Please refer to the initial rating report for any additional
regulatory disclosures that may apply to a transaction.

PRELIMINARY RATINGS ASSIGNED

Class       Rating        Amount (mil. A$)
A1-u1*      A-1+ (sf)     275.0
A1-a        AAA (sf)       75.0
AR-u        AAA (sf)        0.0
A2          AAA (sf)       52.5
B           AA (sf)        26.5
C           A (sf)         25.5
D           BBB (sf)       18.0
E           BB (sf)        11.5
F           B (sf)          8.0
G           N.R.            8.0
N.R.--Not rated.

*The class A1-u1 notes will be issued in U.S. dollars.  The U.S.
dollar equivalent and the exchange rate are yet to be determined.
In aggregate, total issuance of the Class A1-u1 and class A1-a
notes will be A$350 million on closing; however, the split may
vary to the amounts published before closing.  Class A1-u2 or AR-u
notes may be issued to refinance class A1-u1 notes on class A1-u1
legal maturity date.


THE ORACLE: Con Makris Buys Oracle Complex for AUD65MM
------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that property tycoon
Con Makris purchased Gold Coast's The Oracle complex located at
Broadbeach in a deal worth $65 million.

Receiver KordaMentha Real Estate has run the property on behalf of
lenders that include Morgan Stanley and Goldman Sachs since 2010,
dissolve.com.au relates.  According to the report, the investment
banks were reportedly able to pick up discounted exposures
following troubles faced by the project.

The Oracle complex, which was finished in 2010, includes 507
apartments, dissolve.com.au discloses.



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C H I N A
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XINYUAN REAL: Fitch Affirms Senior Unsecured Rating at 'B+'
-----------------------------------------------------------
Fitch Ratings has affirmed US-listed China-based homebuilder
Xinyuan Real Estate Co., Ltd.'s (Xinyuan) Long-Term Issuer Default
Rating (IDR) at 'B+' with Stable Outlook.  The agency has also
affirmed the company's senior unsecured rating at 'B+'.

Key Rating Drivers

Expansion With Sound Leverage: Fitch expects Xinyuan's 2014 net
debt/adjusted inventory to increase to around 30% from net cash
position in 2013 as a result of the expansion of its business
scale.  However, this level of leverage is still healthy compared
with peers'.  While Xinyuan acquired land that will yield 1.4
million sqm in GFA at a cost of CNY3.6 billion in total land
premiums in 2013, it had CNY6.2 billion of contracted sales and
maintained a net cash position.  Following its substantial land
banking and good performance in 2013, the company will continue to
take advantage of its healthy financial position to leverage up to
further expand, as reflected by its sales target of CNY10.2
billion for 2014.

Asset-Light Small Homebuilder: Xinyuan's small holdings of
property development assets give its creditors less protection in
the event of asset liquidation.  Its land bank in terms of
saleable GFA was 1.8 million sqm at end-2013, smaller than that of
similarly rated peers.  Fitch expects the company to enlarge its
land bank substantially in the next 24 months.  The company has
demonstrated an outstanding ability to pick locations that will be
well-received by buyers.  This can been seen in its gross profit
margin of around 30% - no worse than peers'- even though its sales
have come mainly from land that was acquired over the past two
years, when prices were increasing substantially.

Land Cost Affects Margin: Land cost forms over 25% of Xinyuan's
average selling prices (ASP), compared with less than 20% for most
Chinese homebuilders, which limits the company's profit margin.
The higher proportion of land cost was mainly due to new land bank
acquired in 2013, which accounted for around 79% of unsold land
bank at end-2013 and Xinyuan's fast turnover business model, which
does not allow for much land price appreciation.

Diversified Funding Channels: The USD109m of equity and
convertible debt it raised from private equity investor TPG Asia
VI SF in September 2013, followed closely by offshore note
issuance, shows that the company has access to diversified funding
sources to accelerate its growth plan in 2014.  Fitch believes it
has sufficient liquidity on its balance sheet to support its
growth and mitigate downside risks.

Rating Sensitivities

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

  - reduction of scale as reflected by a fall in GFA land bank
    to less than two years of sales
  - contracted sales falling below CNY5 billion
  - net debt/adjusted inventory rising above 35%
  - changes to its fast turnover model so that contracted
    sales/gross debt falls below 1.2x (2013:1.2x)

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

  - significant increase in scale as reflected by contracted
    sales exceeding CNY15 billion
  - increase in business diversification by geography and by
    product mix.

  - maintaining a strong financial profile


* CHINA: Tightens Oversight of Trusts Cos. as Default Risk Rises
----------------------------------------------------------------
Bloomberg News reports that China's banking regulator ordered
owners of the nation's 68 trust companies to be prepared to
provide funding or sell their stakes as the risk of defaults rises
in the $1.9 trillion industry for high-yield investment.

The China Banking Regulatory Commission told trust companies to
either restrict their businesses and reduce net assets or have
shareholders replenish capital when the firms suffer losses,
according to an April 8 notice that was seen by Bloomberg News.
The regulator will also impose a "strict" approval process on
trust firms' entry into new businesses and products starting this
year, Bloomberg News relates citing the document.

Bloomberg News says China is stepping up regulation of the
industry after the nation in January avoided what would have been
its first trust default in at least a decade. About CNY5.3
trillion ($853 billion) of products are due to mature this year,
up from CNY3.5 trillion in 2013, Haitong Securities Co. estimated
in a January report, warning that firms can no longer shoulder all
the risk tied to implicit guarantees associated with the trusts,
Bloomberg News relays.

"We will see a peaking of trust-product maturity in the second
quarter, so it's very timely to have more regulation in place,"
Huang Wentao, a Beijing-based analyst at China Securities Co.,
told Bloomberg News. "The central government is committed to rein
in any risks before they turn into a systemic crisis."

According to Bloomberg News, the banking regulator indicated in
the notice that the statement was being distributed to all CBRC
branches and trust companies that it oversees. The CBRC also
banned individuals from using money that's not their own to
purchase trust products, which typically require a minimum
investment of CNY3 million.  Bloomberg News notes that the
regulator urged trust companies to fully disclose risks during
their sales process and move toward using tape or video recordings
to keep records.

Bloomberg News says by offering better returns than bank deposits,
trusts have gained popularity among China's wealthy investors and
overtaken insurance to become the biggest segment by assets of the
country's financial industry after banks. Trust assets surged more
than fourfold from the beginning of 2010 even as policy makers
sought to curb money flows outside the formal banking system, the
report notes.

The industry's growth makes more investors vulnerable to losses as
China's slowing economy makes it more difficult for borrowers to
repay their debt, Bloomberg News says.

At least 20 trust products have run into difficulty making
payments since 2012, according to Beijing-based China Securities.
All have avoided default as issuers or third parties such as
state-owned bad-loan managers and guarantee firms eventually
repaid investors in full, Bloomberg News adds.



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I N D I A
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A M KANNIAPPA: ICRA Suspends 'D' Rating on INR19.60cr Loan
----------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR19.60 crore
long term bank facilities of A M Kanniappa Mudaliar & A M K
Jambulinga Mudaliar Educational Trust. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the firm.

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.


ARUN ELECTRONICS: CRISIL Rates INR55MM Cash Credit at 'B+'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Arun Electronics. The rating reflects its small
scale of operations, and limited bargaining power with principals
leading to low operating profitability.

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

The rating also factors in the firm's below-average financial risk
profile, marked by its highly leveraged capital structure and weak
debt protection metrics. These rating weaknesses are partially
offset by the promoter's extensive experience in the mobile phone
trading segment and efficient working capital management.

Outlook: Stable

CRISIL believes that Arun Electronics will benefit from the
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if the firm significantly
increases its scale of operations and profitability, thus
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if Arun Electronics' financial risk profile
and liquidity deteriorate because of sizeable working capital
requirements and debt-funded capital expenditure.

Arun Electronics is a proprietorship firm founded by Mr. Arun
Nakra in Karol Bhag (Delhi) in 1989. The firm trades in branded
and non-branded mobile phones. The promoter oversees the firm's
day-to-day operations.

Arun Electronics reported a book profit of INR1.97 million on net
sales of INR426.3 million for 2012-13 (refers to financial year,
April 1 to March 31), vis-a -vis a book profit of INR1.15 million
on net sales of INR   258.9 million for 2011-12.


AGRASEN SPONGE: CRISIL Reaffirms B+ Rating on INR170.5MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Agrasen Sponge Pvt Ltd
continue to reflect the company's moderate scale of operations,
its exposure to volatility in availability and prices of raw
materials, and its large working capital requirements. These
rating weaknesses are partially offset by ASPL's above-average
financial risk profile, marked by low gearing and healthy debt
protection metrics.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           --------    -------
   Bank Guarantee          9.5      CRISIL A4 (Reaffirmed)
   Cash Credit           100        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     47.5      CRISIL B+/Stable (Reaffirmed)
   Term Loan              23        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ASPL will maintain a stable credit risk
profile over the medium term, backed by its above-average
financial risk profile. The outlook may be revised to 'Positive'
if there is improvement in the company's business performance with
higher-than-expected sales and profitability, or if its working
capital cycle shortens on a sustainable basis, leading to
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' in case of lower-than-expected net cash
accruals or larger-than-expected working capital requirements,
leading to deterioration in its financial risk profile, especially
its liquidity.

Update
ASPL recorded a small decline in sales in 2012-13 (refers to
financial year, April 1 to March 31) but it is expected to achieve
healthy year-on year (y-o-y) sales growth of around 50 per cent in
2013-14, backed by higher volumes of sponge iron and trading
sales. With the increase in trading revenue, ASPL's operating
margin is expected to decline to around 6 per cent in 2013-14 from
8.7 per cent in 2012-13. Nevertheless, the company's net profits
are estimated to increase y-o-y to around INR9 million in 2013-14
due to the scale up in operations.

ASPL's working capital cycle experienced a stretch in 2012-13 and
2011-12, with higher inventory levels and receivables, which were
supported by extension of promoter funds, incremental bank
borrowings, and customer advances. Hence, ASPL's reliance on bank
lines also remained low at 39 per cent for the 12 months through
February 2014. Although the working capital cycle moderated in
2013-14 vis-a-vis 2012-13, the inventory level remains high at
around 130 days. Furthermore, with the withdrawal of the
aforementioned promoter funds in 2013-14, CRISIL believes that
ASPL's reliance on bank lines will increase going forward.
Neverthless, ASPL is expected to generate sufficient cash accruals
of INR23 million to INR26 million over the medium term against
yearly term obligations of INR16 million.

ASPL has a healthy financial risk profile given the low reliance
on bank lines and moderate net worth. While the company's bank
limit utilisation is expected to increase over the near term,
gearing is likely to remain below 1 time because of moderate net
worth estimated at INR210 million as on March 31, 2014. The debt
protection metrics also remain healthy because of low interest
expenses, with interest coverage and net cash accruals to total
debt ratios estimated at around 3.5 times and 0.2 times
respectively in 2013-14.

ASPL, managed by Mr. M L Sharma, manufactures sponge iron. The
company was set up by Mr. Ashok Agrawal, Mr. Pawan Agrawal, and
Mr. Raghuveer Prasad Gupta in 2002. The company's manufacturing
unit is located in Rourkela (Odisha).

ASPL reported net profit of INR4.3 million on net sales of
INR430.7 million for 2012-13, against net loss of INR1.2 million
on net sales of INR470.4 million for 2011-12.


BAID INDUSTRIES: CRISIL Lowers Rating on INR389.8MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Baid
Industries Private Limited to 'CRISIL D' from 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           70         CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Term Loan            319.8       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The rating downgrade reflects instances of delay in term debt
servicing by BIPL due to its weak liquidity stemming from delays
in ramping up of operations at its double twisted Fully Drawn Yarn
(FDY) manufacturing unit. This is further accentuated by its
operations being working capital intensive leading to frequent
overdrawal's in cash credit account. Though the promoters have
continued to support the liquidity by infusing unsecured loans and
equity, the timing mismatch has resulted in delays in servicing of
its debt obligations.

BIPL has a weak financial risk profile, marked by high gearing and
weak debt protection metrics and modest scale of operations. These
rating weaknesses are partially offset by the BIPL's promoters'
extensive experience in the textile industry and their funding
support.

BIPL was incorporated in 2007 by Mr. Ashok Kumar Baid and his
brother, Mr. Hemant Kumar Baid. In 2009-10, the company started
setting of manufacturing facilities for double twisted polyester
oriented yarn (POY) and fully drawn yarn (FDY) at its facility in
Surat (Gujarat). The phases of the project are:

Phase 1 - installation of machines for manufacturing double
twisted yarn; it is completed and production started in Dec 2011.

Phase 2 ' manufacturing of fully drawn yarn ' polyester (FDY); it
is under implementation and will tentatively commence operations
by May 2014.

BIPL reported profit after tax of INR0.6 million on net sales of
INR116.7 million in 2012-13 as compared to a net loss of INR4.1
million on net sales of INR33.6 million in 2011-12.


BINDALS SPONNGE: CARE Reaffirms 'D' Rating on INR70.18cr Loans
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Bindals Sponnge Industries Ltd.

                                Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities     47.24       CARE D Reaffirmed
   Short-term Bank Facilities    22.94       CARE D Reaffirmed

Rating Rationale

The ratings of Bindals Sponnge Industries Ltd continue to remain
constrained due to ongoing delays in servicing of the company's
debt obligations on account of continuing stress in the liquidity
position of the company.

BSIL was incorporated on February 20, 2003, as a public limited
company by the name of Bindal Sponge Ltd and started its
commercial operations in FY06 (refers to the period from April 1
to March 31). The company got its present name on May 15, 2012.
BSIL is engaged in the manufacturing of sponge iron and M.S.
ingots with an installed capacity of 90,000 Metric Tonnes
Per Annum (MTPA) each. The manufacturing facility of the company
is located in Talcher, Distt Angul Orissa. Mr Neeraj Goel,
Managing Director, looks after the day-to-day operations of the
company. During FY12, the company also started trading of TMT
bars, CR sheet, etc. The major raw material for the company
includes coal and iron ore. The company procures coal from the
Mahanadi Coal Fields (MCL) and from open market through e-auction
and iron ore from private miners. The main raw material for
manufacturing of M.S. ingot is sponge iron which is in-house
produced by the company.

The lower operational performance of the company over the last
three years, elongated working capital cycle coupled with fixed
debt repayment obligations has affected the liquidity profile of
the company. The company's fund-based working capital limits have
remained fully utilized during the past 12 months. Furthermore,
there have been reported instances of delay in debt and interest
servicing on account of the stressed liquidity position.


CHEMICAL DE ENT: CRISIL Reaffirms B+ Rating on INR90MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chemical de Enterprises
continue to reflect CE's weak financial risk profile, marked by a
small net worth, high total outside liabilities to tangible net
worth (TOLTNW) ratio, and weak debt protection metrics. The
ratings also factor in the firm's stretched liquidity owing to the
working-capital-intensive nature of its business. These rating
weaknesses are partially offset by the extensive experience of
CE's promoter in the chemical industry and its established
linkages with suppliers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          --------     -------
   Cash Credit            82.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      7.5      CRISIL B+/Stable (Reaffirmed)

   Letter of credit
   & Bank Guarantee       30        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that CE's financial risk profile will remain weak
over the medium term, driven by large working capital
requirements. The outlook may be revised to 'Positive' in case of
substantial and sustainable increase in the firm's scale of
operations and profitability, or a sharp improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' in case of pressure on CE's profitability, or
lengthening of its working capital cycle, or capital withdrawals,
leading to weakening of its financial risk profile, especially its
liquidity.

Update
CE's operating income is estimated at INR580 million to INR630
million for 2013-14 (refers to financial year, April 1 to
March 31) vis-a-vis INR604 million in 2012-13. The firm achieved
revenue of INR542 million until February 2014. Its operating
margin remained low at 2.5 per cent in 2012-13, and is estimated
at around a similar level over the medium term. This is due to the
trading nature of its business and its focus on increasing
volumes. CE's growth is expected to remain low due to its
operations in a fragmented industry.

CE's financial risk profile is expected to remain weak over the
medium term, marked by a high TOLTNW ratio estimated at over 8
times and low interest coverage ratio of around 1.2 times. Its
risk coverage ratio1 is also estimated to be low at 1.1 to 1.3
times. This is due to its weak profitability and small net worth,
which further declined to INR20.4 million as on March 31, 2013,
due to capital withdrawal of INR12 million in 2012-13. The net
worth may improve over the medium term due to funding support from
the promoter. The timing and extent of infusion will remain key
rating sensitivity factors.

CE's liquidity is expected to remain stretched, with high average
bank limit utilisation of 97 per cent. This is owing to large
incremental working capital requirements, driven by increasing
debtor days, estimated at around 110 as on March 31, 2014. Its
liquidity is, however, partially supported by unsecured loans
estimated at around INR22 million as on February 28, 2014. Its
annual net cash accruals are expected to be low at INR2 million to
INR3 million, though adequate to meet annual repayment obligations
of INR0.9 million, over the medium term.

CE reported a profit after tax (PAT) of INR1.6 million on net
sales of INR598.6 million for 2012-13, against a PAT of INR0.4
million on net sales of INR485.2 million for 2011-12.

CE was incorporated in 1966 by Mr. Rajendra Gupta. The firm has
been selling different types of chemicals over the past 47 years.
The major chemical that it trades in is titanium dioxide.


DWARIKESH SUGAR: ICRA Reaffirms B Rating on INR599.99cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of Dwarikesh Sugar
Industries Limited at '[ICRA]B' for INR235.93 crore term loans,
INR261.00 crore cash credit facilities and INR103.06 crore
unallocated limits.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Term Loan             235.93       [ICRA]B; reaffirmed
   Cash Credit           261.00       [ICRA]B; reaffirmed
   Unallocated Limits    103.06       [ICRA]B; reaffirmed

The credit strengths and concerns of DSIL remain the same as
highlighted in ICRA's Rationale issued in March, 2014 available at
the following link:

http://www.icra.in/Files/Reports/Rationale/Dwarikesh%20Sugar_r_110
32014.pdf

Dwarikesh Sugar Industries Ltd., promoted by Mr. Gautam R.
Moraraka was incorporated in 1994 by setting up a 2500 TCD Sugar
plant in the sugar rich belt of Uttar Pradesh at Bundki village in
Bijnor District. The Company has been raising its crushing
capacity regularly and the same has since been increased to 21500
TCD. The company currently has three plants viz. Dwarikesh Nagar
(DN), Dwarikesh Puram (DP) & Dwarikesh Dham (DD). DN & DP are
located in Bijnor District of Uttar Pradesh and DD is located in
Bareilly District in Uttar Pradesh. Besides, the Company has
Cogeneration facilities of 17 MW at DN, 33 MW at DP & 36 MW at DD
unit. Out of the above, Company exports 8 MW from DN, 24 MW from
DP & 24 MW from DD unit to State Grid. The Company at its DN unit
has a distillery of 30000 litres per day, which is capable of
manufacturing Industrial Alcohol & Ethanol.


ENVIROX PROTECTION: CARE Reaffirms 'D' Rating on INR65.41cr Loans
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Envirox Protection Company Private Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   ----------                  -----------   -------
   Long-term Bank Facilities      17.41      CARE D Reaffirmed
   Short-term Bank Facilities     48.00      CARE D Reaffirmed

Rating Rationale

The rating continues to factor in the delays in servicing of
interest and repayments owing to severe liquidity constraints.

Envirox Protection Company Private Ltd., a part of J.V. Gokal
Group, is engaged in Engineering, Procurement and Construction
(EPC) of water treatment, waste water and sewerage projects
including treatment plants on a turnkey basis. The company also
carries out sewer / storm water drain rehabilitation, micro
tunnelling projects, low-cost mass housing and water supply
metering projects. J. V. Gokal Group is well diversified across
businesses as well as geographies.

The group has a presence across sectors such as aviation, capital
markets, infrastructure, textiles, engineering, oil and gas,
mining equipment, etc.

During FY13, (refers to the period April 1 to March 31), EPCL
reported losses of INR17.92 crore on total income of INR28.83
crore as compared to PAT of INR0.82 crore on a total income of
INR94.70 crore in FY12.


HERITAGE PRINCES: ICRA Assigns 'B' Rating to INR20cr Loans
----------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the INR20.0
crore bank facilities of Heritage Princes Real Estate Developers.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans             2.00       [ICRA]B (Assigned)
   Fund Based Limits      0.30       [ICRA]B (Assigned)
   Unallocated Limits    17.70       [ICRA]B (Assigned)



The rating derives support from the execution track record of HPRE
in executing real estate projects in Goa market and its low
approval as well as land related risk for the on-going project
(Heritage Floresta). The rating is, however, constrained on
account nascent stage of development of the said project, thus,
exposing HPRE to project implementation risks. The risk is further
accentuated in the backdrop of modest bookings and pending closure
of debt tie-up for the project. Going forward, timely debt tie-up
and ability to ensure adequate bookings and timely collections
will remain amongst the key rating sensitivity factors.

Heritage Princes Real Estate Developers (HPRE) is a registered
partnership between Mr Manoj Manwani and Mr Paresh Pai. Both the
partners have extensive experience of executing real estate
projects. In the past, the partnership has executed projects
totaling upto saleable area of more than 700000 sq ft. These
projects have been executed between 2008-2013. Post completing
these projects, the partnership is currently starting the
development of a new project - Heritage Floresta. The said project
having a total cost of INR20 crore is located at at Siolim --
Mapusa Goa. The project is a gated community housing project
spread over 1.2acre of land.

Recent Results
In FY13, the partnership reported an OI of INR0.19 crore with a
net profit of INR1.43 crore as compared to an OI of INR29.16 crore
and net profit of INR2.13 crore a year ago.


HIRAMAN DEVELOPERS: ICRA Reaffirms 'B+' Rating on INR7cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' assigned to
the INR7.0 crores Fund Based bank limits of Hiraman Developers
Private Limited.

                    Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loans           7.0        [ICRA]B+ (Reaffirmed)

The reaffirmation of HDPL's rating takes into account the
established track record of HDPL's promoters in the real estate
sector in the Udaipur, Rajasthan Region, low approvals risk for
the project being executed and satisfactory progress of the
project in terms of execution. However, the rating continues to be
constrained on account of slow sales progress in HDPL's on-going
project resulting in increased market risks for the company.
Furthermore, the customer advances have been lower than expected
which increases the funding risks for the project as the balance
project cost is expected to be largely met through customer
advances. Due to the lower customer advances than estimated, the
promoters contribution in the project has increased to meet the
project expenses in the interim. ICRA notes that the region of
HDPL's upcoming project is likely to see high competitive
pressures given that a number of townships are projects are under
construction which can put pressure on company's sales volume.
Going forward, HDPL's ability to improve its sales momentum, meet
its construction schedule, as well as ensure timely infusion of
funds by the promoters would be the key rating sensitivities.

Hiraman Developers Private Limited (HDPL) was incorporated in
January 2008 as Mewar Future Developers Pvt. Ltd. and its name was
subsequently changed to the current name in May 2011. The key
promoter of HDPL is Mr. Hira Lal Jain who has been in Real Estate
Business since 1982 dealing in Sale & Purchase of Land and has
also executed various commercial and residential complexes in Navi
Mumbai and Udaipur regions.

HDPL is currently developing its first project which is a
residential project located in Udaipur for which land has been
acquired and construction activities have commenced. The entire
shareholding of the company rests with the Jain family based out
of Udaipur.

In the project, company plans to sell 140 flats, of which, it has
sold 83 flats by the end of February 2014. The construction work
is in the concluding stages and the project is expected to be
completed by September 2014.


JANAK DEHYDRATION: ICRA Revises Rating on INR6.5cr Loan to 'B+'
---------------------------------------------------------------
ICRA has revised the long term rating from '[ICRA]BB-' to [ICRA]B+
assigned to the INR6.50 crore cash credit facility of Janak
dehydration Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Cash       6.50        [ICRA]B+ revised
   Credit

The revision in rating takes into account the increase in the
financial risk profile of the company as characterized by de-
growth in operating income, along with weakening of profitability
margins and coverage indicators and tight liquidity position. The
rating is also constrained by the exposure of the company's
profitability to adverse fluctuations in onion prices, given that
the company maintains high levels of finished goods inventory. The
rating is further constrained by the company's small size of
operations, high working capital intensity of operations arising
from high inventory holding to mitigate seasonality risk and
intense competitive pressures arising out of a fragmented industry
structure.

The rating, however, favorably, factor in the long experience of
the promoters; favorable location of the company giving it easy
access to raw onion as well as established relationship with
Pepsico India Holdings Limited with an annual sales contract,
mitigating off-take risks to an extent.

Janak Dehydration Private Limited was incorporated in 1992 by Mr.
N L Mehta with 8 other family members as shareholders. It is
engaged in dehydration of onions and garlic under the brand name
'Janak JD'. Apart from dehydration it produces spices and mixing
powder under the brand name 'eatwell'. It has installed 3 stages
of washing and cleaning bin of raw onion, 1 machine for cutting
and 2 stainless steel dryer belts for drying raw material. The
company has the capacity to produce 12 MT of dehydrate products
per day. It also has the capacity to produce onion and garlic
powder with the capacity of 8 MT per day.

Recent Results

For the year ended 31st March, 2013, JDPL reported an operating
income of INR10.06 crore and a profit after tax of INR0.15 crore.


JANAKI COTTON: ICRA Assigns 'B-' Rating to INR13.10cr Loans
-----------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B-' to INR7.10 crore
term loan facilities and INR3.00 crore fund based facilities of
Janaki Cotton Mills Limited. ICRA has also assigned short-term
rating of '[ICRA]A4' to the INR0.90 crore fund based facilities
and INR3.00 crore non-fund based facilities of JCML.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term loan facilities    7.10       [ICRA]B- assigned

   Long-term-Fund based    3.00       [ICRA]B- assigned
   Facilities

   Short-term-Fund         0.90       [ICRA]A4 assigned
   Based facilities

   Short-term Non-fund     3.00       [ICRA]B- assigned
   based facilities

The ratings derive comfort from the experience of promoters in the
textile business for more than two decades and the support for the
Company's operations to an extent by the power generated from
windmills which offsets ~30% of the total power requirement. The
ratings also takes into account healthy growth in revenues and
margins post 2011-12, driven by revival in yarn demand alongside
improvement in realizations. The ratings, however, consider the
weak financial profile of the Company, characterized by a
stretched capital structure primarily due to significant erosion
in net worth on account of losses incurred during 2011-12 and
large debt funded capital expenditure incurred in the past.
Although there are large repayment obligations in the near to
medium term, the financial support extended by the promoters in
the form of regular equity infusion provides some comfort to the
Company's liquidity profile. The ratings also factor in the
exposure of revenues and profitability to volatility in cotton and
yarn prices, and the Company's presence in the coarser count
segment in a highly fragmented spinning industry, where high
competition-coupled with low product differentiation-limits
pricing flexibility. Going forward, the Company's ability to
improve its capital structure and enhance its scale and margins
amidst the competition, and generate sufficient cash flows-as
witnessed in the last fiscal-to fulfill significant repayment
obligations in the ensuing fiscals would remain the key rating
sensitivities.

Janaki Cotton Mills Limited, incorporated in 1991, is engaged in
manufacture of cotton yarn. The Company produces coarser counts of
cotton yarn in the count range of 20s to 40s; and supplies these
primarily to domestic garment manufacturers. The Company operates
with an installed capacity of 20,616 spindles; and its
manufacturing facility is located at Vallioor, Tamil Nadu. The
Company owns two wind mills in Tamil Nadu, with a combined
capacity of 1,100 KW, which helps in saving power costs to a an
extent.

Recent Results
JCML's net sales stood at INR19.5 crore, with a net profit of
INR0.9 crore during the six months ended September 2013. JCML
reported a net profit of INR1.0 crore on an operating income of
INR29.7 crore during 2012-13, as against a net loss of INR4.2
crore on an operating income of INR26.7 crore during 201112.


JAYAVELU SPINNING: ICRA Suspends 'C' Rating on INR38.54cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]C' and short
term rating of [ICRA]A4 assigned to the INR38.54 crore bank
facilities of Jayavelu Spinning Mills 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.


JINDAL FINE: CARE Lowers Rating on INR4cr Long-Term Loan to 'B+'
----------------------------------------------------------------
CARE revises/reaffirms rating assigned to the bank facilities of
Jindal Fine Industries.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4         CARE B+ Revised from
                                            CARE BB-

   Short-term Bank Facilities     9.30      CARE A4 Reaffirmed

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

Rating Rationale

The long term rating of the firm is revised mainly due to
deterioration in the financial risk profile marked by weakened
debt coverage indicators and high exposure to the group concern
with weak financial risk profile. The rating continues to remain
constrained by the declining PBILDT margins with small scale of
operations, high gearing level, and exposure to volatility in the
raw material prices. The ratings also factor in the foreign
exchange fluctuation risk and its constitution as a partnership
firm with inherent risk of withdrawal of capital. The ratings,
however, derive strength from the established track record of the
firm, experience of the promoters, growth in the total operating
income and established presence in the bicycle industry.  The
ability of the firm to profitably scale up its operations while
managing its input cost along with an improvement in the
capital structure are the key rating sensitivities.

Jindal Fine Industries constituted in 1977 as a partnership firm
is engaged in the manufacturing and trading of bicycle & bicycle
parts. The firm majorly manufactures bicycle parts ie freewheels
and chainwheels in its manufacturing plant located at Ludhiana,
Punjab. Apart from this, the firm is also engaged into the
assembling and selling of bicycle in the domestic and
international market under the brand name 'Leader'. In FY10
(refers to the period April 1 to March 31), JFI has also
diversified into the power sector by setting up a Wind Mill of
1.25 MW in Jaisalmer.

During FY13, the firm has achieved the total operating income of
INR81.16 crore with PAT 0.84 crore.


KAAMADHENU SPINNERS: CRISIL Puts 'B-' Rating on INR118.4MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Kaamadhenu Spinners.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         --------       -------
   Term Loan             43.1        CRISIL B-/Stable
   Proposed Long Term

   Bank Loan Facility    60.3        CRISIL B-/Stable

   Bank Guarantee         1.6        CRISIL A4

   Cash Credit           15          CRISIL B-/Stable

The ratings reflect KS's small scale of operations in the
intensely competitive spinning industry, the susceptibility of its
operating margin to volatility in raw material prices, and its
weak financial risk profile marked by small net worth, high
gearing, and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of KS's promoters
in the spinning industry.

Outlook: Stable

CRISIL believes that KS will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if KS significantly increases
its scale of operations and profitability while improving its
capital structure, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the firm's
revenues and profitability decline, or if it undertakes a large
debt-funded capital expenditure programme, or if its working
capital requirements increase substantially, leading to
deterioration in its financial risk profile.

Set up in 2006 and promoted by Mr. T K Subbaraj, KS manufactures
cotton yarn in counts of 8s to 20s.

KS reported a profit after tax (PAT) of INR0.05 million on net
sales of INR48 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR0.04 million on net
sales of INR52 million for 2011-12.


MAHALAXMI SEAMLESS: ICRA Reaffirms 'B-' Rating on INR4cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B-' rating to the INR4.0 crore
fund-based bank facilities of Mahalaxmi Seamless Limited. ICRA has
also reaffirmed the [ICRA]A4 rating to the INR12.0 crore non-fund
based bank facilities of MSL. ICRA has reaffirmed the long term
and/or short term rating to the INR3.35 crore proposed bank
facilities of MSL at [ICRA]B- and/or [ICRA]A4. ICRA has also
withdrawn the long-term rating of [ICRA]B- assigned to the term
loan programme of MSL, at the request of the company, as there is
no amount outstanding against the rated instrument.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------           -----------   -------
   Term loan                nil       [ICRA]B- withdrawn
   Fund-based limits        4.00      [ICRA]B- reaffirmed
   Non-fund based limits   12.00      [ICRA]A4 reaffirmed
   Proposed limits          3.35      [ICRA]B-/[ICRA]A4
                                      reaffirmed

The rating reaffirmations take into account the continued loss
making operations of MSL in last four years and during the Apr-Dec
2013 period, due to increased competitive pressures and slowdown
in demand conditions which have led to a significant erosion in
the company's net worth. However, ICRA notes that the capital
structure of the company remained moderate in 2012-13 with a
gearing of 0.88 time as on March 31, 2013 due to reduced debt
levels. The ratings are constrained by a sharp drop in operating
income in the current year due to continued weakness in demand
from the end-user industries; a weak MIS of the company as
reflected by several qualifications made by the auditor on issues
pertaining to maintenance of records; the company's exposure to
volatility in steel prices, given its high inventory levels and
its sensitivity to forex risks in the absence of a formal hedging
mechanism. Nevertheless, the ratings favourably factor in the long
experience of the promoters in the pipe manufacture business and
reputed clientele of the company, which indicates good product
quality.

Established in 1991, MSL is engaged in the manufacture of cold-
drawn seamless pipes. The manufacturing facility of the company is
located at Sukeli in the Raigad district of Maharashtra with an
installed capacity of 6520 metric tonnes per annum (MTPA) of alloy
and carbon steel seamless pipes and 900 MTPA of stainless steel
seamless pipes. Seamless pipes manufactured by MSL find
application in oil & gas, petrochemicals, engineering and power
sectors.

Recent Results
In 2012-13, MSL reported a net loss of INR3.5 crore on the back of
net sales of INR25.7 crore. As per the unaudited financials for
the period from April 2013 to December 2013, MSL reported a net
loss of INR2.8 crore on the back of net sales of INR10.2 crore.


MAHI GRANITES: CRISIL Ups Rating on INR415MM Loans to 'B+'
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Mahi Granites Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', while reaffirming its rating on the company's short-
term facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Foreign Bill          350        CRISIL B+/Stable (Upgraded
   Discounting                      from 'CRISIL B/Stable')

   Standby Line of        65        CRISIL B+/Stable (Upgraded
   Credit                           from 'CRISIL B/Stable')

   Foreign Letter of
   Credit                125        CRISIL A4 (Reaffirmed)

The rating upgrade reflects the improvement in MGPL's business
risk profile driven by a substantial and sustained increase in its
scale of operations, while maintaining its profitability margins.
The upgrade also factors in the improvement in the company's net
worth, thereby enhancing its financial flexibility, and the
subsequent improvement in its capital structure. CRISIL believes
that MGPL will sustain the improvement in its financial risk
profile over the medium term supported by continued growth in net
worth and absence of any large debt-funded capital expenditure
(capex) plan.

MGPL is expected to register a compound annual growth rate of 25
per cent in revenues from 2010-11 (refers to financial year, April
1 to March 31) and 2013-14; the company's operating profit margin
is expected to remain stable at 16.0 to 19.0 per cent over this
period. CRISIL believes that MGPL's revenues will register an
annual growth of around 20 per cent over the medium term on the
back of continued addition of new customers and increase in
business from existing customers.

MGPL's net worth is expected to increase to about INR290 million
as on March 31, 2014 from INR205 million as on March 31, 2012 on
the back of healthy accretion to reserves. Consequently, the
company's gearing is expected to improve to 1.7 times as on
March 31, 2014 from 2.6 times as on March 31, 2012. The gearing is
expected to further decline to 1.5 times over the medium term,
supported by continued growth in its net worth and absence of any
large debt-funded capital expenditure (capex) programme.

The ratings reflect MGPL's large working capital requirements, and
the susceptibility of its profitability margins to volatility in
raw material prices and foreign exchange rate. These rating
weaknesses are partially offset by the benefits that MGPL derives
from its promoters' extensive experience in the granite industry,
and its average financial risk profile marked by moderate net
worth, modest gearing and average debt protection metrics.

Outlook: Stable

CRISIL believes that MGPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationship with customers. The outlook may be
revised to 'Positive' if the company registers a sustained
improvement in its working capital management, or there is a
substantial increase in its net worth on the back of equity
infusion by the promoters. Conversely, the outlook may be revised
to 'Negative' if there is a steep decline in the company's
profitability margins, or a significant deterioration in its
capital structure on account of larger-than-expected working
capital requirements or large debt-funded capex.

MGPL was set up in 2004 by Mr. G Krishna Rao. It processes and
polishes rough granite blocks into granite slabs. The company is a
100 per cent export oriented unit and is based in Hyderabad
(Andhra Pradesh).


MISHKA FIBBERS: CRISIL Reaffirms 'B+' Rating on INR190MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Mishka Fibbers Pvt
Ltd continues to reflect MFPL's average financial risk profile,
marked by average gearing, modest net worth, and weak debt
protection metrics, and its large working capital requirements.
These rating weaknesses are partially offset by the experience of
MFPL's promoter in the polyester yarn and fabric trading business,
and the company's established relationship with suppliers.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit           180       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     10       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MFPL will maintain its business risk profile
over the medium term supported by its promoter's industry
experience; however, its financial risk profile will remain
constrained by its weak debt protection metrics. The outlook may
be revised to 'Positive' if the company's financial risk profile,
particularly its liquidity, improves significantly, most likely
driven by infusion of substantial equity capital or sustained
improvement in profitability. Conversely, the outlook may be
revised to 'Negative' if MFPL's profitability is below expectation
or if the company contracts more-than-expected debt to fund its
working capital requirements, weakening its debt protection
metrics.

MFPL , promoted by Mr. Vinay Tibrewal, was incorporated in 2007
and is based in Mumbai (Maharashtra). The company primarily trades
in polyester yarn and fabric required for manufacturing garments.

For 2012-13 (refers to financial year, April 1 to March 31), MFPL
reported a profit after tax (PAT) of INR3.1 million on net sales
of INR1015.6 million, against a PAT of INR2.7 million on net sales
of INR903.3 million for 2011-12.


NATION EXIM: CRISIL Reaffirms 'B' Rating on INR60MM Loans
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Nation Exim
continues to reflect NE's modest scale and working-capital-
intensive nature of operations.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           --------    -------
   Cash Credit              35      CRISIL B/Stable (Reaffirmed)
   Warehouse Financing      25      CRISIL B/Stable (Reaffirmed)

The rating also factors in the firm's weak financial risk
profile, marked by a modest net worth, high total outside
liabilities to tangible net worth ratio, and inadequate debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of NE's proprietor in the agricultural
commodity, particularly dry fruits and spices, trading business.

Outlook: Stable

CRISIL believes that NE will continue to benefit over the medium
term from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' if the firm significantly
scales up its operations while maintaining its profitability, or
if there is a sustained improvement in its financial risk profile,
led by capital infusion by the proprietor. Conversely, the outlook
may be revised to 'Negative' if NE's financial risk profile
deteriorates, most likely because of lower-than-expected
profitability, large working capital requirements, or substantial
debt-funded capital expenditure.

NE was established as a proprietorship firm in 2005 by Mr. Sunil
Chhabria. The firm trades in various commodities, such as almonds,
cloves, pistachios, and a few exotic spices. It primarily imports
these commodities from the US, Australia, Sri Lanka, Madagascar,
and Tanzania.

NE reported a profit after tax (PAT) of INR0.6 million on net
sales of INR137 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR0.3 million on net sales
of INR115 million for 2011-12.


PACK MATES: CRISIL Assigns 'B' Rating to INR100MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/ Stable' rating to the long-term
bank facilities of Pack Mates Packaging India Pvt Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           --------     -------
   Proposed Long Term
   Bank Loan Facility       1        CRISIL B/Stable (Assigned)

   Cash Credit             34        CRISIL B/Stable (Assigned)

   Long Term Loan          65        CRISIL B/Stable (Assigned)

The rating reflects PMPIPL's deterioration in financial risk
profile due to recent large debt funded capital expenditure,
modest scale of operations, exposure to intense market completion
because of industry fragmentation, and working-capital-intensive
operations. These rating weaknesses are partially offset by the
benefits that PMPIPL derives from its promoters' extensive
experience in the packaging industry and its established
relationship with customers.

Outlook: Stable

CRISIL believes that PMPIPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
established customer relationship. The outlook may be revised to
'Positive' in case of significant increase in company's scale of
operation driven by better-than-expected ramp-up from increased
capacity, leading to better-than-expected cash accruals and
improved liquidity. Conversely, the outlook may be revised to
'Negative' in case of delay in ramp-up of operations from
increased capacity or lower profitability, leading to lower cash
accruals and significant pressure on PMPIPL's financial risk
profile, particularly its liquidity.

PMPIPL was incorporated in 2010 and manufactures flexible
packaging and customised pouches, and undertakes print inject
coding. The company has a plant in Hyderabad (Andhra Pradesh).

For 2012-13 (refers to financial year, April 1 to March 31),
PMPIPL reported a profit after tax of INR2.2 million on net sales
of INR85.7million, against a net loss of INR0.1 million on net
sales of INR55.7 million for 2012-13.


REDSON ENGINEERS: CRISIL Reaffirms 'D' Rating on INR60MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Redson Engineers Pvt
Ltd continue to reflect instances of delay by Redson in servicing
its debt; the delays have been caused by the company's weak
liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         3         CRISIL D (Reaffirmed)
   Cash Credit           30         CRISIL D (Reaffirmed)
   Letter of Credit       1.5       CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    18         CRISIL D (Reaffirmed)
   SME Credit             2.5       CRISIL D (Reaffirmed)
   Term Loan              5         CRISIL D (Reaffirmed)

Redson also has a small scale of operations, large working capital
requirements, and limited pricing flexibility. The company's
profitability margins are susceptible to volatility in raw
material prices. It also has an average financial risk profile,
marked by small net worth, moderate gearing, and average debt
protection metrics. The company, however, benefits from its
promoters' extensive experience in the cylinder manufacturing
industry.

For arriving at the ratings, CRISIL has assessed the business and
financial risk profiles of Redson on a standalone basis. For the
previous rating exercise for Redsons' bank facilities, CRISIL had
combined the business and financial risk profiles of Redson and
Redson Industries Pvt Ltd (RIPL). The change in analytical
approach is on account of the management's decision to operate
Redson and RIPL independently; transactions between these
companies will be undertaken at arm's length.

Redson was set up in 1983 by Mr. P Gangadhar Reddy, Mrs. Karuna
Reddy, Mr. PS Rao, Mr. Murli Mohan Reddy, and Mr. Krishna Mohan
Reddy, who are the promoter-directors. The company designs,
fabricates, and manufactures capital machinery used by various
cylinder-manufacturing plants. The company also undertakes turnkey
projects for cylinder manufacturing plants.


SAHANU SPONGE: CARE Reaffirms 'B+' Rating on INR14.33cr Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sahanu Sponge & Power Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.33      CARE B+ Reaffirmed
   Short-term Bank Facilities     0.30      CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained due to the limited
track record of operations of Sahanu Sponge & Power Limited and it
being a new player in the highly competitive and fragmented steel
bars segment. The ratings further continue to remain constrained
on account of its stressed financial profile characterized by
leveraged capital structure and low profitability margins, ,
cyclical nature of the steel sector and its exposure to volatile
raw material prices.

The ratings, however, continue to take into account the long
experience of the promoters in the steel sector, moderate capacity
utilization and its proximity to sources of raw material.

Ability of the company to stabilize its operations, utilize the
installed capacity optimally and manage volatility in the raw
material prices remains the key rating sensitivity.

Goa-based, SSPL was incorporated in 2003 for the manufacturing of
sponge iron and generation of electricity. The company remained
dormant up to May 2012 and later in 2012 acquired the production
facilities of Srithik Rolling Private Limited. SSPL restarted
commercial production of steel Thermo Mechanically Treated (TMT)
bars, under the new management team comprising of Mr Sunil Garg,
Mr Pawan Bansal, Mr Rajendra Singhal and Mr Tushar Garg. SSPL
manufactures Steel TMT bars of various specifications and markets
the same as "GOA GOLD TMT". SSPL's facilities, which commenced
operations from July 2012, are ISO certified and have an annual
capacity of 22,500 Metric Tonnes Per Annum (MTPA).

During FY13 (refers to the period April 1 to March 31), SSPL
earned PAT of INR0.21 crore on a total operating income of
INR48.76 crore during the nine months of its operations.


SAMEEP FABRICS: ICRA Reaffirms 'B' Rating on INR10.48cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' B) rating to the INR10.48 crore
(enhanced from INR9.28 crore) long term fund based facilities of
Sameep Fabrics Private Limited. ICRA has also reaffirmed the
[ICRA]A4 rating to the INR2.30 crore of non fund based facilities
of SFPL.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit        10.00       [ICRA]B reaffirmed
   Term Loans          0.48       [ICRA]B reaffirmed
   Letter of Credit    2.00       [ICRA]A4 reaffirmed
   Forward Contract    0.30       [ICRA]A4 reaffirmed

Rating Rationale

The reaffirmation of the ratings takes into account SFPL's weak
financial profile as reflected by low profitability levels,
leveraged capital structure and high working capital intensity in
the operations. The ratings are further constrained by the
vulnerability of the company's profitability to fluctuations in
prices of key raw materials (cotton yarns) which may not be passed
onto the customers adequately, and to foreign currency exchange
rate fluctuations although the latter risk is mitigated to the
extent of forward contracts booked by the company. Further, the
ratings continue to factor the exposure to intense competitive
pressures from numerous small as well as large manufacturers as a
result of fragmented nature of the garment industry.

The ratings, however favourably factor the extensive experience of
promoters in the textile industry, favourable location of the
company in Ahmedabad in proximity to raw material suppliers and
downstream processing units, and a diversified clientele base of
the company.

Sameep Fabrics Private Limited (SFPL) was incorporated in November
2005 by the name of Aman Fabrics Private Limited which was later
changed to the present name in the year 2008-09. SFPL is engaged
in the manufacturing of cotton based textile products such as
bedsheets, pillow covers, suiting & shirting fabrics and operates
from Ahmedabad.

Recent Results
For the year ended March 31, 2013 the company reported an
operating income of INR69.06 crore and profit after tax of INR0.14
crore as against operating income of INR56.70 crore and profit
after tax of INR0.06 crore for the financial year 2011-12. For the
8 month period ended January 31, 2014 of the current financial
year, the company has reported operating income of INR42.42 crore
and profit before depreciation and tax of INR0.29 crore (as per
provisional financials).


SAMRAT FORGINGS: CRISIL Reaffirms B+ Rating on INR212.6MM Loans
---------------------------------------------------------------
CRISIL ratings on the bank loan facilities of Samrat Forgings
Limited continue to reflect its small scale of operations and
large working capital requirements.  These rating weaknesses are
partially offset by the company's moderate operating efficiencies
owing to increasing contribution of high-value-added products, and
adequate business risk profile, supported by its established
position in the automotive components market and established
customer relationships.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         --------    -------
   Cash Credit           135       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     32       CRISIL B+/Stable (Reaffirmed)
   Term Loan              45.6     CRISIL B+/Stable (Reaffirmed)
   Bank Guarantee          7       CRISIL A4 (Reaffirmed)
   Letter of Credit       20       CRISIL A4 (Reaffirmed)
   Proposed Short Term
   Bank Loan Facility     14       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SFL will continue to benefit over the medium
term from its healthy clientele comprising of leading original
equipment manufacturers in the automotive, gears, tractor,
construction equipment, and other industries. The outlook may be
revised to 'Positive' if there is more-than-expected growth in the
company's operating revenues coupled with improvement in its
profitability, while it maintains its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if SFL's cash
accruals are lower than expected, most likely because of low
profitability and revenues, or if its working capital requirements
are substantial, resulting in further weakening of its liquidity.

SFL was incorporated in 1981. The company undertakes closed die
forging/machining for components, such as spindles, crank shafts,
connecting rods, bull gears, and crown wheels for clients in the
automobile, tractor, construction equipment, gears, and other
industries. Its managing director is Mr. Rakesh Mohan Kumar.

SFL reported a profit after tax (PAT) of INR7 million on net sales
of INR667 million for 2012-13 (refers to financial year, April 1
to March 31), as against a PAT of INR11 million on net sales of
INR646 million for 2011-12.


SIDDHARTH PROPERTIES: CRISIL Reaffirms C Rating on INR290MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Siddharth
Properties continues to reflect instances of delay by SP in
servicing its debt (not rated by CRISIL) availed for setting up
windmills. The delays have been caused due to delays in
realisation of receivables from sale of power generated from these
windmills and absence of fund support from other projects in the
firm.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           290        CRISIL C (Reaffirmed)

The rating also reflects SP's exposure to risks related to
implementation of its ongoing projects, cyclicality inherent in
the Indian real estate industry, and geographical concentration in
its revenue profile. These rating weaknesses are partially offset
by the extensive industry experience of the firm's promoters in
the real estate development industry.

SP was incorporated in 1999 and is part of the Pune (Maharashtra)-
based Saarrathi group. The group was started by Mr. Abhijeet
Shende, Mr. Nilesh Shende, Mr. Swapnil Shende, and Mr. Yogesh
Shende. SP is presently executing four residential projects
(Sovereign, Shimmer N Shine, Souvenir, and Swadesh Phase-I), with
around 908 flats, in Pune. It has two windmills, one each in
Satara (Maharashtra) and Jodhpur (Rajasthan), with a capacity of
1.25 megawatts each.


SIDHESHWAR MOTORS: ICRA Assigns 'B-' Rating to INR1.50cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B-' to the
INR21.50 crore(enhanced from INR12.50 crore) long term fund based
facilities of Sidheshwar Motors Private Limited. The rating was
earlier suspended in October 2013.

                    Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         20.00       [ICRA]B- reaffirmed/assigned
   Term Loan            1.50       [ICRA]B- assigned

The rating reaffirmation takes into account potential demand
upside for SMPL given the current limited penetration of Nissan
Motors India Private Limited (NMIPL) in the domestic passenger
vehicle market, the expected growth from recent launches such as
Datsun Go and Datsun Go Plus. However, the ratings remain
constrained by the nascent stage of operations of the Company;
thin margins and weak bargaining power with the principal. The
Company's financial profile is stretched with high debt levels and
net losses and the stiff competition it faces from other passenger
car dealers given the highly competitive environment in the Indian
passenger car segment with aggressive model launches and expansion
of service network. The company remains exposed to the inherent
cyclicality of the automobile industry. Going forward, the
Company's ability to scale up, improve its capital structure and
debt protection metrics would remain key rating sensitivities.

Sidheshwar Motors Private Limited was incorporated in November
2011 and started operations in March 2012 from its showroom in
Gurgaon. The company is an authorized dealer for vehicles of
Nissan Motors India Private Limited. The company deals in sale of
new cars, repair and servicing of cars. Currently the company
operates one 3S facility in Gurgaon and a 3S facility in Hisar
which started operations in June 2012.

SMPL is promoted by the MDLR Group headed by Mr. Gopal Kanda which
has business interests in commercial and residential real estate
development, farm land development, Facility Management, Shopping
Malls, Resorts, Hotel, Multiplexes and Restaurants. Some of the
notable investments in recent years include the Park Plaza Hotel
(with the Carlson group) in Gurgaon, Hong Kong Bazar in Sector-57
Gurgaon, Arni University in Himachal Pradesh and MDK International
School, Sirsa among others.

Recent Results
As per the audited financials for the year 2012-13, SMPL recorded
an Operating Income (OI) of INR55.8 Crore and net loss of INR8.1
Crore. As per provisional financials for the nine months ended
December 31, 2013 SMPL has recorded an operating income of INR24.9
crore with a net loss of INR1.8 crore.


TATA STEEL: Fitch Affirms 'B+' Long-Term Foreign Currency IDR
-------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign Currency Issuer
Default Rating (IDR) on India-based Tata Steel Limited (TSL) at
'BB+'.  The agency has also affirmed the 'B+' Long-Term Foreign
Currency IDR on TSL's wholly owned subsidiary Tata Steel UK
Holdings Limited.  The Outlooks have been revised to Stable from
Negative.

The Outlook revision reflects Fitch's expectations of improvement
in TSL's financial profile in the near to medium term.

Key Rating Drivers

TSL's Financial Profile to Moderate: Fitch expects TSL's financial
profile to moderate with net leverage (measured as net adjusted
debt/ operating EBITDAR) improving to below 4x by the year ending
March 31, 2015 (FY15) (FY13:4.9x and FY14 forecast at below 4.5x).
Fitch expects TSL's strong cash generation to support the
deleveraging over the medium term.  This is even though debt
levels are likely to peak in FY15 as the company expands its
capacity in India.

TSL's EBITDA improved to INR114 billion (USD1.9 billion) in 9MFY14
from INR82.9 billion a year earlier, driven by growth in its
Indian sales volumes and improved profitability in the European
business. Fitch expects both sales volume growth and stronger
profitability to be sustainable.  The commissioning of the first
phase of its new plant at Odisha in 4QFY15 will also support
stronger earnings.  The first phase of the new plant is expected
to add 3 million tonnes per annum (mtpa) of capacity.

Improvement in European operations: The performance of TSUKH has
improved over the last four quarters with the company consistently
generating positive EBITDA.  For the nine months to December 2013,
EBITDA was GBP233m, a strong improvement from GBP18m a year
earlier. Fitch's expectation of a sustained improvement in TSUKH's
profitability is underpinned by the modest improvement in market
conditions for western European steel producers and TSUKH's on-
going cost rationalisation measures and improving product mix.

TSUKH's Weakness Offset by TSL Support: In line with Fitch's
Parent and Subsidiary Rating Linkage methodology, the agency has
raised TSUKH's IDR by two notches above its standalone credit
profile as a result of moderately strong operational and strategic
ties between TSUKH and its parent TSL.  TSUKH's standalone credit
profile is weak, evidenced by high leverage and weak
profitability. In addition, its business has been challenged by
difficult, though improving, market conditions in western Europe.

Assets Sales Support Capex: TSL has undertaken measures to control
its rising debt levels.  In March 2014, the company sold a land
parcel in Mumbai for INR11.55 billion. Fitch believes that the
company is likely to divest additional assets, which will help
fund its capex and constrain TSL's debt levels.  The company is
also expected to delay work on the second phase, which has
capacity of 3mtpa, at its Odisha plant in India.  The company now
plans to start the second phase after commissioning and ramping up
the first phase.

Weaknesses in Indian Market: Fitch expects demand growth for steel
in India to remain muted in the near term and improve modestly
from the second half of FY15.  The agency does not expect the
profitability of Indian steel companies to improve significantly
given the likely overcapacity in the industry over the medium
term.  While TSL's Indian operations continue to remain highly
profitable, supported by its high level of raw material
integration, any significant and sustained drop in steel prices
may have a negative impact on the performance of the consolidated
entity.

Tata Group Support: TSL's ratings continue to benefit from a one-
notch uplift because of the potential support from the Tata group
due to the former's strategic importance to the group.

Rating Sensitivities

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

TSL
- Net financial leverage of more than 4x on a sustained basis
- Any weakening of linkages of between TSL and the Tata group

TSUKH
- Any significant weakening in TSUKH's liquidity
- Any weakening of linkages between TSL and TSUKH

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

TSL
- Significant improvement in net financial leverage to below 2.5x
on a sustained basis, coupled with sustained profitable operations
at TSUKH would be positive for the Foreign-Currency IDR.

TSUKH
- Net leverage of 5x or less and EBITDA interest cover of 2x or
above on a sustained basis
- Any strengthening of linkages between TSL and TSUKH

The full list of rating actions follows:

TSL
Long-Term Foreign Currency IDR affirmed at 'BB+'; Outlook revised
to Stable from Negative
Senior unsecured rating: affirmed 'BB+'

TSUKH:
Long-Term Foreign Currency IDR affirmed at 'B+'; Outlook revised
to Stable from Negative
Secured bank facilities aggregating around GBP3.6bn affirmed at
'BB-' with Recovery Rating of 'RR3'.


TECHNOLINE ENGINEERING: CRISIL Rates INR10MM Loan at 'B'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Technoline Engineering.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         60        CRISIL A4
   Cash Credit            10        CRISIL B/Stable

The ratings reflect TE's small scale of operations in the
fragmented civil construction industry and its large working
capital requirements. These rating weaknesses are partially offset
by the extensive industry experience of the firm's promoters and
its above-average financial risk profile, marked by healthy
gearing.

Outlook: Stable

CRISIL believes that TE will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the firm scales up its operations
significantly while maintaining its profitability, leading to
better-than-expected cash accruals and improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative' if
TE reports lower-than-expected revenue or profitability, its
working capital management deteriorates, or it undertakes a large
debt-funded capital expenditure programme, leading to weakening of
its financial risk profile, particularly its liquidity.

Set up in 2007 and based in Kochi (Kerala), TE executes various
civil construction projects for government undertakings. The
firm's day-to-day operations are managed by its managing partner,
Mr. K V Abraham.

TE reported a profit after tax (PAT) of INR2.2 million on revenue
of INR50.4 million for 2012-13 (refers to financial year, April 1
to March 31), against a PAT of INR1.7 million on revenue of
INR42.6 million for 2011-12.


TEHRI PULP: CARE Reaffirms 'D' Rating on INR97.19cr Loans
---------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Tehri Pulp & Paper Limited.

                                  Amount
   Facilities                  (INR crore)    Ratings
   ----------                  -----------    -------
   Long-term Bank Facilities     81.44        CARE D Reaffirmed
   Short-term Bank Facilities    15.75        CARE D Reaffirmed

Rating Rationale

The rating of the bank facilities of Tehri Pulp & Papers Limited
(TPPL) continues to be constrained by the ongoing delays in
servicing of the company's debt obligations due to weak financial
risk profile and stressed liquidity.

Tehri Pulp & Paper Limited, incorporated in year 1993, is engaged
in the manufacturing of kraft paper and kraft liner in
Muzaffarnagar, Uttar Pradesh. TPPL has waste paper and agro-based
kraft paper manufacturing facilities located at its units in
Muzaffarnagar, Uttar Pradesh, with a total installed capacity of
78,000 metric tonne per annum (MTPA) as on March 31, 2013. Kraft
paper is used for manufacturing of corrugated boxes, cartons and
other packaging purpose.

TPPL is a part of the Bindal group of companies, which includes
other companies like Neeraj Paper Marketing Ltd (CARE BB/ CARE
A4), Agarwal Duplex Board Mills Ltd (CARE BB+/ CARE A4+)
and Bindals Papers Mills Ltd (CARE C/A4).

In FY13 (refers to the period April 1 to March 31), TPPL had
reported total income of INR111.61 crore and PAT of INR1.63 crore
as compared with INR136.80 crore of total income and INR4.58 crore
of PAT in FY12.


THEMIS MEDICARE: CARE Reaffirms 'D' Rating on INR112.49cr Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Themis Medicare Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities     13.10      CARE D Reaffirmed
   Long-term Rupee Term Loans    36.14      CARE D Reaffirmed
   Short-term Bank Facilities    63.25      CARE D Reaffirmed

Rating Rationale

The rating continues to factor in delays in realisation of bills,
multiple instances of LC devolvement in the recent past coupled
with a delay in interest servicing on its debt obligations owing
to liquidity constraints.

Incorporated in 1969, Themis Medicare Ltd. was promoted by Mr
Shantibhai D. Patel under the name of Themis Chemicals -- a joint
venture pharmaceutical company with Gedeon Richter Ltd., Hungary.
Later, in 1995, it was converted in to a Public Limited Company
and listed on the Bombay Stock Exchange. Furthermore, in 2001, the
name of the company was changed to TML.

The company is engaged in manufacturing and marketing of Active
Pharmaceutical Ingredients (API) and formulations in various
therapeutic segments like anti-malarials, pain management,
antiinfectives, anesthesia, health and nutrition. The company is
also engaged in co-marketing its research-based formulations with
other pharmaceutical companies in India and abroad. During
FY13 (refers to the period April 1 to March 31), in the domestic
market, the company has tied up with international pharma major
Novartis India Ltd for manufacturing and supply of a transdermal
drug delivery system. Furthermore, the company has tied up with
Beta Healthcare International Ltd. (an Aspen group company) for
marketing of research based pharmaceutical formulations. The
products covered are from the therapeutic segments such as anti-
malarial, pain management etc.

The company is headquartered in Mumbai with three state-of-the-art
manufacturing facilities in Vapi (Gujarat), Hyderabad (Andhra
Pradesh), and Haridwar (Uttaranchal).

During FY13, TML reported losses of INR8.13 crore on total income
of INR149.44 crore as compared to losses of s.34.67 crore on a
total income of INR138.89 crore in FY12. Furthermore, during
9MFY14 (un-audited), the company posted PAT of INR1.47 crore on a
total income of INR140.44 crore as compared to losses of INR3.82
crore on a total operating income of INR122.93 crore during 9MFY13
(un-audited).


UB VENTURES: CRISIL Reaffirms 'B-' Rating on INR133.7MM Loans
-------------------------------------------------------------
CRISIL's rating on the bank facilities of UB Ventures Pvt Ltd
continues to reflect its small scale of operations in the
fragmented steel industry.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         --------    -------
   Cash Credit            70      CRISIL B-/Stable (Reaffirmed)
   Term Loan              63.7    CRISIL B-/Stable (Reaffirmed)

The rating also factors in the company's weak financial risk
profile, marked by its high gearing and weak debt protection
metrics. These rating weaknesses are partially offset by the
promoters' extensive experience in the iron and steel industry,
and their financial support.

Outlook: Stable

CRISIL believes that UVPL will maintain its business risk profile
over the medium term, backed by the promoters' experience in the
steel industry. The outlook may be revised to 'Positive' if the
company reports a sizeable top line and net cash accruals, thus
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the UVPL's financial risk profile
weakens because of substantially low net cash accruals, or
significantly large, debt-funded capital expenditure (capex).

UVPL was incorporated in Sarguja District (Chhattisgarh) in 2008.
The company is promoted by the Malik and Panwar families. The
company manufactures thermo-mechanically-treated bars, and started
commercial operations in October 2012.


UNITED STEEL: CRISIL Lowers Rating on INR250MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of United
Steel and Structurals Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B-/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         30        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit            60        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Letter of Credit       30        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Proposed Cash          20        CRISIL D (Downgraded from
   Credit Limit                     'CRISIL B-/Stable')

   Proposed Term Loan     13        CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Term Loan              97        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by USSPL in
servicing its debt; the delays were caused by the company's weak
liquidity, driven by its working-capital-intensive operations.

USSPL also has a below-average financial risk profile, marked by a
weak capital structure and weak debt protection metrics. However,
the company benefits from the extensive industry experience of its
promoter.

Set up in 2008-09 (refers to financial year, April 1 to
March 31), Chennai (Tamil Nadu)-based USSPL is primarily engaged
in the design and supply of PEB. The company is promoted by Mr.
Jagannath Bhalaji.


VACHNAMRUT RESIDENCY: ICRA Suspends 'B' Rating on INR10cr Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to the
term loan facility of INR10.00 crore of Vachnamrut Residency.  The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

M/s Vachnamrut Residency was incorporated in March 2011 as a
partnership firm based in Surat (Gujarat). It is promoted jointly
by Mr. Hiteshbhai Sakhiya and 19 other partners. The firm has been
engaged in the construction of a residential complex 'Vachnamrut
Residency' at Bharuch, Gujarat.


VRAJBHUMI COTTON: ICRA Reaffirms 'B+' Rating on INR4.8cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR4.00 crore
cash credit facility and INR0.80 crore book debts (sublimit of
cash credit limit) of Vrajbhumi Cotton Industries. ICRA has
withdrawn the long term rating of [ICRA]B+ rating and re-assigned
short term rating of [ICRA]A4 to INR2.00 commodity backed
warehouse facility of VCI.

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

   Fund Based-Book        (0.80)     [ICRA]B+ reaffirmed
   Debts

   Fund Based-Commodity    2.00      [ICRA]A4 assigned
   Backed Warehouse

The reaffirmation of ratings takes note of Vrajbhumi Cotton
Industries' (VCI) modest scale of operations and weak financial
profile as reflected by low profitability, weak debt protection
indicators and high gearing. ICRA also takes note of the highly
competitive and fragmented industry structure with the limited
value additive nature of operations, which leads to pressure on
profitability. The ratings, further incorporate the vulnerability
to adverse movement in raw material prices, which in turn is
linked to the seasonal nature of the cotton industry and
government regulations on MSP and export. Also, being a
partnership firm, any substantial withdrawal by the partners may
have an adverse impact on the capital structure of the firm.
The ratings, however, favorably consider the long experience of
the partners in the cotton industry as well as the favorable
location of the firm, giving it easy access to high quality raw
cotton. The ratings also consider the favorable demand outlook
backed by the scrapping of excise duty on cotton and spun yarn in
the last budget.

Established in 1999, Vrajbhumi Cotton Industries is engaged in the
cotton ginning and pressing business. The management of the firm
is handled by six partners, namely Mr. Ashokkumar Gandhi, Mr.
Arvindbhai Gandhi, Mr. Prataprai Gandhi, Mr. Bhavesh Mehta, Mr.
Dharmesbhai Mehta and Mr. Bharatkumar Chudasama. The firm's
manufacturing facility is located at Mahuva in Bhavnagar, Gujarat.
The facility is equipped with 24 ginning machines and one pressing
machine with installed capacity to produce 160 cotton bales per
day (24 hours operation).

Recent Results
During FY13, VCI reported an operating income of INR26.99 crore
and profit after tax (PAT) of INR0.18 crore as against an
operating income of INR28.20 crore and PAT of INR0.17 crore during
FY12.



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


JAPFA COMFEED: Fitch Affirms LT Issuer Default Rating at 'BB-'
--------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based PT Japfa Comfeed
Indonesia Tbk's (Japfa) Long-Term Issuer Default Rating at 'BB-'
with a Stable Outlook.  At the same time, the agency has affirmed
Japfa's senior unsecured rating and its senior unsecured US dollar
notes due in 2018 issued by Comfeed Finance B.V. at 'BB-'.  Fitch
has also affirmed Japfa's National Long-Term Rating at 'A+(idn)'
with a Stable Outlook, and its IDR1.5trn bonds due in 2017 at
'A+(idn)'.

Japfa's ratings reflect its strong cost pass-through ability,
robust growth prospects and flexibility with its expansionary
spending. The ratings remain constrained due to the inherent risk
of disease outbreaks of the poultry industry.

'A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may
affect the capacity for timely repayment to a greater degree than
is the case for financial commitments denoted by a higher rated
category.

Key Rating Drivers

Strong Market Position: Japfa and its closest competitor, PT
Charoen PokPhan Indonesia, control over 50% of Indonesia's poultry
feed and day-old chick (DOC) market, allowing these two companies
to generally lead with price increases.  Japfa is Indonesia's
second-largest operator in the poultry feed and DOC market with a
market share of about 20%.  Fitch expects the company to maintain
its market position over the foreseeable future, with expansion
underway to capture growing demand.

Stable Profit Margins: Fitch believes that Japfa would be able to
broadly maintain its annual EBITDA margins at about 10% in the
medium term, owing to its strong cost pass-through ability.  Fitch
notes that on a quarterly basis, Japfa's EBITDA margins have the
potential to be volatile, as evidenced by the decline in 4Q13 to
4% compared with 10% in the full year 2013.  In this instance,
this was due to a steep increase in input costs driven by a
weakening Indonesian rupiah.  Fitch believes that the pass-through
of such unusually large cost increases would be spread out over
time, allowing the company to broadly maintain its longer term
profitability.

Robust Industry Prospects: Poultry producers in Indonesia benefit
from good long-term industry prospects, due to rising but low
average incomes and a predominantly Muslim population.  Chicken
accounts for the bulk of meat consumed in Indonesia due to its
cost effectiveness and limited choices of alternative meats due to
religious considerations.

Inherent Industry Risk: The rating is constrained by the inherent
risks of disease outbreaks in the poultry industry, which could
impact Japfa mainly by weakening consumer sentiment and hence
demand. We are of the opinion that Japfa's ratings could be higher
if it were able to maintain a meaningful liquidity buffer, which
would help to offset the potential impact of an exogenous shock.

Manageable Leverage: Japfa's leverage as measured by Net
debt/EBITDA could exceed 2.5x - the threshold when negative rating
action may be considered - in both 2014 and 2015 owing to
relatively high expansionary spending. Japfa aims to have capex of
over IDR3.8 trillion (USD335 million) between 2014 and 2015, over
80% of which would be on expansion.  However, Japfa's capex is
granular in nature, which should allow a deferral in a stressed
environment.  Fitch also does not rule out the possibility of
lower leverage than expected because capex could be delayed due to
difficulties with land acquisition for expansion.

Adequate Liquidity: Fitch believes Japfa's liquidity is adequate
for its ratings. About 34% of Japfa's consolidated debt as at end-
December 2013 were short-term working capital facilities. Fitch
expects Japfa to continue rolling over and increasing these
facilities without much difficulty, given its established funding
flexibility. Its long-term debt maturities are well laddered with
the IDR1.5trn bond due in 2017 and its USD225 million notes due in
2018.

Rating Sensitivities
Negative developments that may, individually or collectively, lead
to negative rating action include:
- Increase in leverage to above 2.5x on a sustained basis
- Decrease in EBITDA margin to below 8% on a sustained basis
- Inability to pre-fund capex plans

Positive rating action is not expected in the next 12 to 18 months
owing to a heavy capex budget. Fitch may, however, consider
positive rating action if Japfa is able to improve its liquidity
profile materially, either by maintaining committed undrawn
banking facilities and/or continuously maintaining cash balances
of over USD200 million to counter any potential exogenous shocks
to earnings, while maintaining its leverage below 2x.



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


STX GROUP: Former Chairman Under Arrest For Alleged Graft
---------------------------------------------------------
Yonhap News Agency reports that the former head of the financially
troubled shipping and shipbuilding conglomerate STX Group was
formally detained on April 15 pending trial over alleged
embezzlement and business malpractice.

Kang Duk-soo, who headed the group from 2003 to February 2014, is
accused of funneling the funds of STX Heavy Industries Co., a
troubled shipbuilder unit, to illegally support other ailing
affiliates, including STX Construction Co. and STX Dalian Co., and
misappropriating company money to bribe politicians, the report
notes.

According to the news agency, the Seoul Central District Court
approved the prosecutors' request for an arrest warrant for the
64-year-old former chairman after holding a hearing.

"There is legal ground for his criminal charges, and this case is
very grave," Judge Yoon Gang-yeol said in issuing the warrant,
Yonhap relates.

The judge also cited the possibility of the suspect fleeing and
destroying evidence, the report adds.

Three former STX Group executives, including a 61-year-old suspect
surnamed Byun, were also put under arrest on charges of colluding
with Kang, Yonhap notes.

Yonhap states that prosecutors launched a probe into the case in
February when the company filed a complaint against five former
executives, including Kang.

                        About STX Group

STX Group, once South Korea's 13th-biggest conglomerate, is
struggling to deal with a liquidity shortage and mounting debts of
its major affiliates from a downturn in the shipbuilding and
shipping sectors.

STX Offshore and two other units of the STX Group had voluntarily
sought debt rescheduling with their creditors, Bloomberg News
reported.

STX Pan Ocean sought court receivership after Korea Development
Bank, the main creditor and Pan Ocean's second-biggest
shareholder, decided against buying the company from STX Group,
Bloomberg News reported.

STX Group has 10 affiliates, including STX Pan Ocean and STX
Offshore & Shipbuilding, under its wing.



                             *********

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
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                 *** End of Transmission ***