TCRAP_Public/140526.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

             Monday, May 26, 2014, Vol. 17, No. 102


                            Headlines


A U S T R A L I A

AUSTRALIA: Fitch Says Regional Bank Mergers Are Credit Neutral
GLOBAL BIONIC: Jirsch Sutherland Appointed as Administrators
ST. BARBARA LIMITED: Moody's Lowers Corp. Family Rating to Caa1


C H I N A

FOSUN INTERNATIONAL: Moody's Confirms Ba3 Corporate Family Rating
HANLONG GROUP: Ex-Chair Gets Death Penalty for Mafia-Like Crimes


I N D I A

AIR INDIA: Defaults on INR450cr Dues to Mumbai Int'l Airport
ALTRADE MINERALS: CRISIL Assigns 'B' Rating to INR225MM Loans
ASL FORTUNE: ICRA Withdraws 'B' Rating on INR9cr Term Loan
BABYLON AGRO: CRISIL Assigns 'B' Rating to INR321.2MM Bank Loan
CELEBRITY CORPORATE: CRISIL Rates INR60MM Long Term Loan at 'D'

CHARUTAR AROGYA: ICRA Reaffirms 'B+' Rating on INR27.75cr Loans
COCHIN STEEL: CRISIL Reaffirms 'B+' Rating on INR20MM Loan
DERBY PLANTATIONS: CRISIL Reaffirms D Rating on INR52MM Loans
G M COLD: CRISIL Reaffirms 'B+' Rating on INR110MM Loans
G.M.R. SPINTEX: CRISIL Reaffirms 'D' Rating on INR607.5MM Loans

INVENTION INDIA: CRISIL Reaffirms 'B' Rating on INR60MM Loans
ISHWARCHARAN BUILDERS: CRISIL Cuts Rating on INR300M Loans to D
KATHPAL SOLVEX: CRISIL Reaffirms 'B-' Rating on INR145MM Loans
KHR INFRASTRUCTURES: CRISIL Reaffirms 'B' Rating on INR75MM Loans
KN INTERIOR: CRISIL Assigns 'B+' Rating to INR10MM Loan

MAHARASHTRA ENGINEERING: CRISIL Puts B+ Rating on INR115MM Loans
MAHAVISHNU RICE: CRISIL Reaffirms 'B+' Rating on INR100MM Loans
MANIPUR TEA: CRISIL Reaffirms 'D' Rating on INR63.4MM Loans
MEERA AND COMPANY: ICRA Assigns 'D' Rating to INR7cr Loans
MERMER ITALIA: CARE Assigns 'B' Rating to INR4.28cr Bank Loan

MOONLIGHT MARBLES: ICRA Reaffirms 'B-' Rating on INR12.54cr Loan
PACE NON WOVEN: CRISIL Reaffirms 'D' Rating on INR95MM Loans
PAHAL ENGINEERS: CRISIL Reaffirms B+ Rating on INR87.5MM Loans
REGENCY ENTERPRISES: CRISIL Assigns 'B+' Rating to INR135MM Loan
ROTO AUTO: CARE Assigns 'B' Rating to INR6.50cr Bank Loan

SANSKAR BHARTI: ICRA Upgrades Rating on INR8cr Term Loan to B+
SHASHI STRUCTURAL: CRISIL Reaffirms 'B' Rating on INR240MM Loans
SHREE JAYDEEP: ICRA Reaffirms B+ Rating on INR8cr Credit Limits
SHREE MUKT: CRISIL Reaffirms 'B' Rating on INR360MM Loans
SHREE PRABHU: CRISIL Assigns 'B' Rating to INR115MM Loans

SHUBHAM BUILDERS: CARE Assigns 'B-' Rating to INR14cr Bank Loan
SRI KODURI: ICRA Reaffirms 'B+' Rating on INR17.50cr Loans
SRI VELA: CRISIL Cuts Rating on INR499.1MM Loans to 'D'
SVR ELECTRICALS: ICRA Reaffirms 'B' Rating on INR6.85cr Loans
VIJAY TRANSFORMERS: ICRA Upgrades Rating on INR2.5cr Loan to B-


I N D O N E S I A

INDIKA ENERGY: Moody's Affirms B1 CFR; Changes Outlook to Neg.
PERTAMINA (PERSERO): S&P Puts 'BB+' Rating to US$3BB Notes Issue


J A P A N

SONY CORP: Commits to Struggling, Non-Core TV Biz, Fitch Says


N E W  Z E A L A N D

CAPITAL + MERCHANT: Finance Director Property Forfeited
SOUTHERN CROSS: 100 Workers in South Island Set to Lose Jobs


                            - - - - -


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A U S T R A L I A
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AUSTRALIA: Fitch Says Regional Bank Mergers Are Credit Neutral
--------------------------------------------------------------
The recently announced acquisitions in Australian regional banks
are credit neutral, and highlight the ongoing challenges facing
smaller lenders in boosting profitability and expanding loan books
organically, Fitch Ratings says.  "We expect the need for
increased scale to be an important driver of further merger
activity, with the operational environment remaining tough for
regional banks," Fitch Says.

The acquisitions of Rural Finance Corporation's (RFC) assets by
Bendigo & Adelaide (BEN); and Investec Bank (Australia) Limited's
(IBAL) professional finance, asset finance and leasing businesses
by Bank of Queensland (BOQ); are not expected to significantly
alter the risk profiles of the acquirers.

"As we highlighted in April, the acquisition of IBAL's business
will be financed through a fully underwritten AUD400m capital
placement, thereby limiting its impact on BOQ's regulatory capital
ratios.  Furthermore, the purchase - comprising primarily low-risk
professional finance loans - diversifies BOQ's asset base away
from Queensland while adding to assets and earnings. BEN's
acquisition of RFC's assets is financed through a fully
underwritten AUD230m capital placement.  However, it has also been
raising wholesale and deposit funding as BEN has only acquired
RFC's assets.  BEN's capital and liquidity positions are unlikely
to weaken substantially following the merger," Fitch Says.

The acquisitions reflect an increasingly difficult operating
environment for Australia's mid- and small-tier banks, which have
struggled to build loan books organically and improve operating
profitability amid intensifying competitive pressures.  The
Australian banking sector remains dominated by four major players,
which significantly reduces the price-setting power and business
generation capabilities of the regional lenders.  As a result, net
interest margins for smaller banks are lower than for their large
counterparts, and they have had to compete principally on customer
satisfaction and by targeting under-serviced areas such as rural
finance.

The weaker financial position of the regional banks relative to
the Big 4 has been particularly noted amid the wider slowdown in
credit growth over the last two to three years.  "We forecast
Australia's GDP growth as remaining stable, and therefore the
structural constraints to growth faced by the regional lenders
should remain. As such, the pressures for acquisitions between the
smaller and mid-sized banks are likely to continue," Fitch Says.

Greater scale via mergers will help to improve the regional
lenders' franchises, and facilitate faster revenue growth and
better cost efficiency.  However, key risks to be monitored
include how these deals are financed, and any major changes in
funding profile and asset quality.  Regional lenders' wholesale
funding has been stabilising.  However, they remain reliant on
capital markets, and are more susceptible to investor sentiment
and changes in funding costs due to their smaller franchises.
Operational challenges inherent in mergers - such as management
distraction related to integrating processes - could also add to
risks.


GLOBAL BIONIC: Jirsch Sutherland Appointed as Administrators
------------------------------------------------------------
Andrew John Spring -- AndrewS@jirschsutherland.com.au -- and Trent
Andrew Devine -- TrentD@jirschsutherland.com.au -- of Jirsch
Sutherland were appointed as administrators of Global Bionic
Optics Ltd, FM-Assets Pty Ltd, and Infinityoptix Pty Ltd.

A first meeting of the creditors for each of the Companies will be
held at Level 4, 55 Hunter Street, in Sydney, on June 2, 2014, at
10:00 a.m.


ST. BARBARA LIMITED: Moody's Lowers Corp. Family Rating to Caa1
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and senior secured rating of St. Barbara Limited to Caa1
from B3. The outlook on the rating is negative.

Ratings Rationale

"The downgrade of St. Barbara's rating largely reflects Moody's
expectation that the company's liquidity will face significant
pressure until the company begins to generate free cash flow from
its assets in the Pacific region", says Saranga Ranasinghe, a
Moody's Analyst. " Slower than expected ramp up of production,
high unit cash costs and significant amounts of capital
expenditure particularly related to its Pacific region assets,
have eroded the liquidity buffer the company had following its
debt raising in April 2013", adds Ranasinghe.

The company has been undertaking a number of initiatives to
improve production and cashflow generation at its mining
operations in the Pacific. Delays in rectifying these operations
have strained the company's credit and liquidity profiles. The
current initiatives at the Simberi mine in PNG are critical to
increasing gold production and reducing unit cash costs going
forward, which are significantly higher than the current gold
prices. The company announced the suspension of its other Pacific
mining operation at the Gold Ridge mine in the Solomon Islands in
April 2014. Given the high cost nature of the mine at Gold Ridge
the suspension of operations assists in reducing the group's
negative free cash flow generation. Moody's have assumed that Gold
Ridge will not resume operations over Moody's forecast period.

"The downgrade to Caa1 also reflects ongoing execution challenges
at Simberi as well as uncertainty around the company's ability to
achieve required production levels and unit cash cost improvements
within projected timeframes", says Ranasinghe, adding "these
significant challenges are partially offset by the established,
relatively high margin nature of the Australian operations,
particularly the cornerstone Gwalia asset".

St. Barbara's liquidity position is weak. While the company had
around AUD58 million of cash on hand as of March 31, 2014 with
USD22 million in undrawn facilities, given Moody's estimate of
around AUD90 million in capital and exploration expenditures over
the next 12 months and the scheduled "Red Kite" quarterly loan
repayments starting in March 2015, it will be critical for the
company to generate sufficient operating cash flow in order to
meet these obligations. Moody's does note that the company has
indicated that a portion of this capital and exploration
expenditure may be deferred to other periods, if necessary.
However, Moody's estimate that a major proportion of the capital
expenditure (around 80%) is for sustaining operations at the
mines.

The negative outlook reflects Moody's expectation that liquidity
will continue to deteriorate until the company is able to stop the
cash drain from its Pacific operations. and also reflects the risk
of weaker performance should gold prices drop below current
levels. Moody's notes the company has gold hedges in place for
approximately 79% of forecast produciton to the end of September
2014 at a gold price of AUD1,390. The outlook also incorporates
the potential risk of further cost overruns at Simberi and the
company not achieving its anticipated cost improvements by
December 2014. Moody's view the ability to reach cash flow break
even as critical in reversing the deterioration in St Barbara's
credit profile.

Given the expectation for continued pressure on the gold price and
the need to execute on the operating improvements at Simberi,
upward movement in St. Barbara's rating or outlook is unlikely
over the next 12 months. The rating outlook could revert to stable
if St. Barbara can successfully execute on its initiatives to
materially increase gold production and reduce unit cash costs and
demonstrate a sustainable improvement at Simberi, such that the
mine operations are atleast cash flow break even, limiting cash
drain on the group.

St Barbara's ratings could come under downward pressure if weaker
than expected gold price prevails and/or underachievement of
operating improvement at Simberi lead to operating performance
that is below Moody's current expectations. Specifically, ratings
could be further downgraded if the company is unable to turn
around the operations at Simberi by no later than December 2014
and thereby further limiting the cash drain on the group.

The principal methodology used in this rating was the Global
Mining Industry Methodology published in May 2009.

St. Barbara Limited is an Australian ASX listed gold producer and
explorer. SBL is headquartered in Melbourne, Australia and the
company's flagship operations are located in Leonora, Western
Australia, 240km north of Kalgoorlie.



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FOSUN INTERNATIONAL: Moody's Confirms Ba3 Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has confirmed the Ba3 corporate family
rating and B1 senior unsecured rating of Fosun International
Limited, and B1 rating on senior unsecured bond issued by Sparkle
Assets Limited.

The ratings outlook is negative.

The rating actions conclude Moody's review of Fosun's ratings for
downgrade, which was initiated on 13 January 2014 after Fosun
announced that it won the bid for Caixa Seguros e Sa£de, SGPS,
S.A.(CSS, unrated), which was the insurance arm of Portugal's
state-owned bank, Caixa Geral de Dep¢sitos, S.A. (Ba3 negative).

Ratings Rationale

Moody's confirmation of Fosun's Ba3 corporate family rating and B1
senior unsecured rating follows the completion of the acquisition
of CSS and Fosun's proposed rights issue; both of which were
executed on terms and conditions largely in line with Moody's
expectations.

The rights issue will add around HKD4.8 billion in new equity for
Fosun.

"The rights issue will fund part of Fosun's EUR1.038 billion
acquisition of CSS and other acquisitions contracted from 2013,"
says Lina Choi, a Moody's Vice President and Senior Analyst.

"Fosun's rights issue and the rights issue of Shanghai Fosun
Pharmaceutical, one of Fosun's core subsidiaries, evidence that
the company plans to lower its financial risk through an improved
capital structure," adds Choi, who is also the International Lead
Analyst for Fosun.

"While CSS improves Fosun's portfolio diversification, Fosun faces
considerable execution risks in integrating CSS' operations with
its own and in managing a bigger insurance portfolio," says Kai
Hu, a Moody's Vice President and Senior Credit Officer.

"Moreover, Fosun's ratings continue to be pressured by the
company's acquisitive strategy, high debt leverage and the
unfavourable industry conditions affecting its core businesses in
steel, property and mining. Consequently, its ratings outlook is
negative," adds Hu who is the Local Market Analyst for Fosun.

Fosun's Ba3 corporate family rating is supported by its: (1)
diversified business profile; (2) proven investment track record;
and (3) multiple funding channels to support its investments.

However, its ratings are constrained by its: (1) ambitious growth
appetite, increased execution and event risks from its fast growth
and foray into new businesses; (2) volatile earnings and cashflow
from its investment portfolio; and (3) weak financial profile for
its ratings levels.

Fosun's B1 senior unsecured bond rating incorporates the risk of
structural subordination, given that debt at its subsidiaries --
including intermediary holding companies -- represented 29% of its
total assets at end-2013.

Fosun's liquidity profile remains manageable. The group holds a
large amount of cash and liquid assets. At the consolidated level,
Fosun's cash totaled RMB16.3 billion at end-2013, and its
marketable securities totaled RMB34 billion. Such amounts are
sufficient to cover its short-term debt maturities of RMB31
billion in 2014.

At the holding company level, its liquid assets -- excluding the
listed stocks of its core subsidiaries -- are enough to cover its
debt maturing over the next 12 months.

However, the company's acquisitive strategy adds volatility to its
liquidity position. Nevertheless, Moody's expects that Fosun can
maintain access to domestic funding and can refinance its short-
term debt maturities.

Given its negative outlook, the ratings are unlikely to be
upgraded, at least over the next 12-18 months.

Nevertheless, the ratings outlook could revert to stable if Fosun:
(1) reduces its reliance on debt to fund its growth and
demonstrates strong discipline in investments and asset recycling;
(2) integrates CSS smoothly and achieves expected dividend
payments from CSS; and (3) maintains adequate liquidity levels at
the holding company level.

In particular, Moody's would consider changing Fosun's negative
ratings outlook to stable if its consolidated adjusted net
debt/EBITDA is below 5.5x-6x and its adjusted EBITDA/interest
expense exceeds 2.5-3x.

On the other hand, Fosun's ratings could be downgraded if: (1) it
continues to embark on aggressive debt funded growth; (2) its
business profile significantly weakens as a result of the poor
performance of its core businesses or unfavorable market
conditions for asset recycling or fund raising; (3) its
acquisition of CSS results in much higher contingent liabilities
for Fosun, or lower dividend payments for the company than Moody's
had expected; or (4) Fosun's liquidity position significantly
deteriorates.

The following credit metrics would indicate downgrade pressure:
consolidated adjusted net debt/EBITDA in excess of 7.0-7.5x and
adjusted EBITDA/interest expense below 1.5-2x for a prolonged
period.

Fosun's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (i) business risk and competitive position compared
with others within the industry; (ii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Fosun's core industry and
believes Fosun's ratings are comparable to those of other issuers
with similar credit risk.

Fosun International Limited was founded in 1992. It focuses on the
core businesses of: (1) steel; (2) property; (3) pharmaceuticals
and healthcare; and (4) mining.

Apart from its core businesses, Fosun has a growing presence in
other areas such as insurance and asset management. It also has a
significant portfolio of Chinese and overseas investments in
listed companies, equity interests in operating businesses and
investment partnerships that are not publicly listed.

Fosun became the holding company of the Fosun group in 2005.
Headquartered in Shanghai, it was listed on the Hong Kong Stock
Exchange in 2007.

The group is 58% indirectly owned by its chairman, Mr. Guangchang
Guo. Mr Guo and three other founders indirectly own a combined
share of 79.03% in the holding company.

The Local Market analyst for this rating is Kai Hu, +86 (10) 6319-
6560.


HANLONG GROUP: Ex-Chair Gets Death Penalty for Mafia-Like Crimes
----------------------------------------------------------------
Aibing Guo at Bloomberg News reports that Liu Han, the former
chairman of Sichuan Hanlong Group, was sentenced to death for
crimes including murder and leading an organized crime group in
China.

Bloomberg News relates that Liu Wei, Liu Han's younger brother,
was also sentenced to death, along with three others, the Xianning
Intermediate People's Court said on its official Weibo account.
Five more people were handed death penalties with two-year
probation, meaning their sentences could be reduced to life in
prison, the report says.

In all, 36 people were sentenced for crimes associated with Liu
Han, who was one of the top 500 richest people in China with a
fortune of $650 million, according to a wealth ranking published
in September by the Shanghai-based Hurun Report, says Bloomberg.
While Liu Han was chairman of Sichuan Hanlong, the company made a
bid for Australian miner Sundance Resources Ltd, Bloomberg says.

According to the report, the case shows the intersection of
gangland tactics with business and the state that President Xi
Jinping has vowed to tackle through an anti-graft campaign.
Bloomberg relates that Mr. Liu also served as a member of the
Sichuan provincial Chinese People's Political Consultative
Conference, a political advisory body. Three government officials
were among those sentenced on May 23.

Bloomberg notes that Hanlong Group will be fined CNY300 million
($48 million) for fabricating financial documents. All the assets
of the five sentenced to death without probation will be
confiscated, the report notes.

The report relates that the three government officials are former
police officers Liu Xuejun and Lv Bing at Sichuan city of Deyang,
and Liu Zhongwei, the former deputy prosecutor general at the city
of Shifang. They were sentenced to 16 years, 11 years and 13 years
in prison for taking bribes and helping hide crimes, Bloomberg
discloses citing the Weibo account statement.

According to Bloomberg, the statement said Liu Han was suspected
of involvement in Mafia-like activities for more than a decade,
which led to the deaths of eight people.  The investigation,
ordered by the Communist Party, began in March 2013.

The prosecution centered around the murder of three people in
January 2009 in Sichuan's Guanghan city, the official Xinhua new
service said, Bloomberg reports. Liu Wei was one of the suspects
in that case and helped his brother go into hiding afterward, it
said.



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AIR INDIA: Defaults on INR450cr Dues to Mumbai Int'l Airport
------------------------------------------------------------
The Times of India reports that Air India Ltd has run into trouble
with airport operators of Mumbai and Delhi.  TOI says the airline
is being hauled up for non-payment of pending dues and now faces a
situation that the erstwhile Kingfisher Airlines had found itself
in a few years ago.

According to the report, the airport operator collects aircraft
landing/ parking charges, terminal rentals and so on from
airlines. In this regard, Air India owes INR450 crore to Mumbai
International Airport Pvt Ltd (MIAL), said a source.

"On May 16, MIAL sent a letter to the AI chairman and the joint
secretary, ministry of civil aviation, where it asked the airline
to clear the dues and set a deadline of June 1 for payment of a
portion of the amount. If INR200 crore is not paid by then, the
airline will be put on 'cash and carry'," the report quotes a
source as saying. With cash and carry, the airline loses the
privilege of getting a credit and would have to pay cash upfront
when it needs to land, park its aircraft or use the services and
facilities of the airport, the report says.

TOI relates that AI sources said there is a dispute over the
outstanding amount with both Mumbai and Delhi airport operators.
In Delhi, the bone of contention is INR150 crore being cited as
delayed payment interest by DIAL. And, in Mumbai, AI said it has
vacated a hangar -- unfreezing land worth INR100 crore -- for
MIAL, relates TOI.

"In FY2013-14, we have paid INR650 crore to DIAL and more than
INR100 crore to MIAL. In the past one week, we have paid INR30
crore to DIAL and INR20 crore to MIAL. The threat to put us on
cash and carry is nothing but pressure tactics. The fact is, we
need to reconcile our accounts to figure out the exact dues," said
an AI official, TOI reports.

TOI relates that DIAL said AI owes more than INR500 crore to both
its Delhi and Hyderabad airports. "We have not initiated any such
action of putting them on cash and carry as of now," TOI quotes a
senior DIAL official as saying. MIAL, meanwhile, has written to
both AI and the aviation ministry earlier last week that unless
the airline clears dues of INR200 crore by June 1, it may be put
on cash and carry, the report relays.

TOI says the state-run AAI also claims to have dues of almost
INR1,000 crore from AI. Being a sister PSU under the aviation
ministry, though, it cannot issue threats of putting the airline
on cash and carry.

A senior aviation ministry official said the government was
hopeful the issue will be resolved amicably between AI and the
airports soon, the report adds.

Air India Ltd -- http://www.airindia.com/-- transports
passengers throughout India and to more than 40 destinations
throughout the world.  Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  Air India had debts of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.

In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.


ALTRADE MINERALS: CRISIL Assigns 'B' Rating to INR225MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Altrade Minerals Pvt Ltd.

                            Amount
   Facilities             (INR Mln)      Ratings
   ----------             ---------      -------
   Cash Credit                25         CRISIL B/Stable
   Export Packing Credit     200         CRISIL B/Stable

The rating reflects AMPL's small scale of operations, along with
its vulnerability to cyclical demand in the end-user steel
industry and to risks related to the Government regulations. These
rating weaknesses are partially offset by the extensive experience
of AMPL's promoter in the iron ore export segment.

Outlook: Stable

CRISIL believes that AMPL will maintain its stable business risk
profile over the medium term, backed by its promoter's
considerable experience in trading in iron ore. The outlook may be
revised to 'Positive' if the company improves its liquidity with
sizeable turnover or cash accruals, or enhances its working
capital management. Conversely, the outlook may be revised to
'Negative' if AMPL's overall business risk profile deteriorates
with weakening in its working capital cycle, or any adverse impact
of the GOI's regulations.

AMPL was incorporated in Odisha in 2006. The company trades in
iron-ore fines. The directors, Mr. Anurag Pattnaik, and Mr.
Anshuman Patnaik, oversee AMPL's day-to-day operations. The
company also has interests in wind energy and has installed wind
energy units, one in Tamil Nadu and two in Rajasthan.


ASL FORTUNE: ICRA Withdraws 'B' Rating on INR9cr Term Loan
----------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]B assigned to the
INR9.00 crore term loan facility of ASL Fortune Private Limited.
As per ICRA's policy on withdrawals, ICRA can withdraw the rating
in case the rating remains suspended for more than three years.


BABYLON AGRO: CRISIL Assigns 'B' Rating to INR321.2MM Bank Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Babylon Agro Products Pvt Ltd.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long Term
   Bank Loan Facility      321.2       CRISIL B/Stable

The rating reflects BAPPL's susceptibility to funding and
implementation risks in relation to its ongoing project, its high
dependence on monsoon, and susceptibility to changes in government
policies. These rating weaknesses are partially offset by the
extensive experience of BAPPL's promoters in the agricultural
commodities industry and its proximity to suppliers and customers
in south-west Bihar.

Outlook: Stable

CRISIL believes that BAPPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if BAPPL executes its project
within the budgeted cost and time, or posts higher-than-expected
profitability resulting in large accruals and improved financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of time or cost overrun in the company's project, which
will adversely impact its financial risk profile, particularly its
debt-servicing ability.

BAPPL was incorporated in 2013 by Mr. Ram Kumar Sarda and Mr. Shiv
Kumar Sarda. The company is setting up a unit for paddy processing
and rice milling, along with a husk-based 1.5-megawatt power plant
in Kaimur (Bihar). The total project cost is estimated at INR372.8
million, to be funded through debt and promoters' funds. Civil
construction for the project started in the first week of May
2014; the project is expected to be completed by July 2015.


CELEBRITY CORPORATE: CRISIL Rates INR60MM Long Term Loan at 'D'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Celebrity Corporate Club. The rating reflects
consistent delays by CCC in servicing its debt; the delays have
been caused by CCC's weak liquidity.

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

CCC is also exposed to risks related to the completion and
stabilisation of its ongoing capital expenditure programme and
below-average financial risk profile marked by high capital
structure. These weaknesses are however partially offset by its
moderate brand recall and healthy relationships with other
resorts.

Chennai-based CCC operates Padappai resort in Chennai; it is
presently setting up a resort in Coimbatore. The day to day
operations are managed by Mr. Kangeyan and Mr. Murugesan.

CCC reported a profit after tax (PAT) of INR1.3 million on
revenues of INR54.5 million during 2012-13 (refers to financial
year, April 1 to March 31) as against PAT of INR0.8 million on
revenues of INR44.8 million during 2011-12.


CHARUTAR AROGYA: ICRA Reaffirms 'B+' Rating on INR27.75cr Loans
---------------------------------------------------------------
The long-term rating of [ICRA]B+ has been reaffirmed for the term
loan and long-term fund-based limits aggregating to INR27.75 crore
of Charutar Arogya Mandal.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term-Term Loan      12.75       [ICRA]B+ reaffirmed
   Long-term-Fund-based
   limits                   15.00       [ICRA]B+ reaffirmed

The rating reaffirmation continues to reflect the weak financial
profile of the Trust, which is characterized by cash losses. The
operational metrics of the healthcare business remain weak, given
the low bed occupancy rates and the partly subsidized nature of
medical treatment. Further, there exists limited flexibility in
the medical education business since fee-fixation is through a
Government-constituted fee committee, and the Trust remains
susceptible to competition from both Government and private
educational institutions. Retention of medical consultants and
faculty alike remains a key challenge for the Trust. Further, ICRA
notes that the quantum of donations to CAM has remained stagnant
during the last 3-4 years, and the ability of CAM to make the
hospital operations self-sustainable remains to be seen.

However, the rating reflects favourably the established reputation
and track record of the trust in the fields of healthcare and
medical education. The rating also reflects the favourable
prospects for the Oncology and Cardiology healthcare segments; the
healthy intake levels for the educational courses offered
supported by the favourable domestic prospects for higher
education, and the improved financial performance for the
Education business supported by the upward revision with effect
from 2012-13.

The Charutar Arogya Mandal, a charitable trust, was set up in 1972
by late Dr. H M Patel, the then Union Home and Finance Minister,
to cater to the health care needs of the rural community of Anand
and Kheda districts of Gujarat. Located at Karamsad in Gujarat,
the Mandal presently runs a 571-bed multi-speciality hospital, the
Shree Krishna Hospital, besides managing several institutions in
the field of medical education including the Pramukhswami Medical
College.

CAM is registered as a Public Trust under Bombay Public Trust Act,
1850 and Society Registration Act 1860. Its properties are vested
in the Board of Trustees and the policies are decided by the
Governing Body headed by the Mandal's Chairperson, Dr. Amrita
Patel.

CAM has reported operating income (OI) of INR75.53 crore and net
loss (deficit) of INR12.18 crore for FY2013. In FY2014
(provisional estimates), CAM has reported OI of INR86.54 crore and
net loss of INR9.77 crore.


COCHIN STEEL: CRISIL Reaffirms 'B+' Rating on INR20MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Cochin Steel Industrial
Complex (Construction) continue to reflect CSIC's modest scale of
operations, susceptibility to intense competition in the civil
construction segment, and large working capital requirements.
These rating weaknesses are partially offset by the extensive
experience of CSIC's promoter in implementing civil construction
projects, and the firm's above-average financial risk profile
marked by comfortable capital structure and debt protection
metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         60        CRISIL A4 (Reaffirmed)
   Cash Credit            20        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CSIC will continue to benefit over the medium
term from its promoter's extensive experience in the civil
construction industry and its comfortable capital structure. The
outlook may be revised to 'Positive' if CSIC records more-than-
expected revenue and profitability, or witnesses significant
equity infusion. Conversely, the outlook may be revised to
'Negative' in case of delays in completion of projects, or
deterioration in receivables management, or large debt-funded
capital expenditure (capex), weakening the firm's financial risk
profile.

Update
CSIC's estimated revenue of INR56.6 million for 2013-14 (refers to
financial year, April 1 to March 31) is below CRISIL's
expectations; the lower revenues are because of delays in
execution and achievement of key milestones, resulting in delay in
billing. CSIC's operating margin, however, exceeded expectation,
at about 14 per cent, primarily on account of high-margin work
executed during 2013-14 (such as preliminary excavation and
piling). CSIC's revenue is, however, expected to post healthy
growth over the medium term, on the back of comfortable order book
of around INR200 million to INR300 million. The firm's operating
profitability is expected to moderate to around 10 per cent over
the medium term.

The firm's operations remain working-capital-intensive because of
large work-in-progress inventory and receivables. The firm's work-
in-progress inventory as on March 31, 2014, was significantly
higher than expectation, as it primarily comprised unbilled
inventory of executed work. The firm's working capital
requirements increased because of substantial increase in
receivables to about 10 months as on March 31, 2014, because of
delays in realisation of bills from primary counterparty, Kerala
Water Authority. CSIC's working capital requirements are, however,
supported substantially by creditors. Over the medium term, the
firm's working capital management is expected to improve, with
receivables expected to moderate to about five months, and billing
expected to pick up so that work-in-progress inventory will reduce
to about four months.

CSIC's financial risk profile remains above average, marked by low
gearing and comfortable debt protection metrics. In the absence of
any debt-funded capex plan, the firm's financial risk profile is
expected to remain above average over the medium term.

CSIC's liquidity remains moderate, marked by low bank limit
utilisation and nil term debt obligations, so that its cash
accruals can be used entirely in business.

Set up in 2000, CSIC is a proprietorship concern undertaking civil
contracts for the Government of Kerala. Its daily operations are
managed by proprietor Mr. M M Varghese.

CSIC reported, on a provisional basis, a profit after tax (PAT) of
INR3.5 million on revenue of INR56.6 million for 2013-14, against
a PAT of INR4.5 million on revenue of INR117.4 million for 2012-
13.


DERBY PLANTATIONS: CRISIL Reaffirms D Rating on INR52MM Loans
--------------------------------------------------------------
CRISIL's rating to the bank facilities of Derby Plantations Pvt
Ltd (DPPL; part of the Mantri group) continues to reflect
instances of overdraws  in its cash credit limit for more than 30
days; the overdraws have been caused by the group's weak liquidity
owing to the working capital intensity of operations.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           39.2        CRISIL D (Reaffirmed)
   Term Loan             12.8        CRISIL D (Reaffirmed)

The Mantri group is exposed to risks related to seasonality in tea
production and high operating leverage. Moreover, the group has
limited bargaining power and its operating margin is susceptible
to volatility in domestic and international tea prices. These
weaknesses are partially offset by the experience of the Mantri
group's promoters in the tea industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DPPL, Mantri Tea Company Pvt Ltd,
Ruttonpore Plantations Pvt Ltd and Manipur Tea Company Pvt Ltd,
together referred to as the Mantri group. This is because the
entities have common management, are in the same line of business
and have cross guarantees with each other.

The Mantri group was formed in 1948 by Mr. Govind Prasad Mantri.
The Manipur Tea Estate, located in Assam, was the group's first
acquisition, in 1954. Subsequently, the group acquired three more
tea gardens in Assam: Ruttonpore Tea Estate in 1986, Derby Tea
Estate in 2005, and Pathini Tea Estate (Mantri) in 2006.
Currently, the second- and third-generation promoters, along with
a professional management team, are actively involved in its day-
to-day operations.

DPPL reported a profit after tax (PAT) of INR5.1 million on net
sales of INR120.7 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a net loss of INR0.5 million on
net sales of INR81.0 million for 2011-12. It is estimated to
report net sales of INR99.6 million in 2013-14.


G M COLD: CRISIL Reaffirms 'B+' Rating on INR110MM Loans
--------------------------------------------------------
CRISIL's rating on the long-term bank facilities of G M Cold
Storage Pvt Ltd continues to reflect GMCSPL's exposure to the
highly regulated and intensely competitive cold storage industry
in West Bengal, and weak financial risk profile marked by a small
net worth and low profitability. These rating weaknesses are
partly offset by the extensive experience of GMCSPL's promoters in
the cold storage business.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             69.5     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      40.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GMCSPL will continue to benefit over the
medium term from its promoters' extensive experience in the cold
storage and potato trading businesses. The outlook may be revised
to 'Positive' in case of better-than-expected cash accruals or
infusion of capital by promoters, leading to improvement in the
financial risk profile and the risk absorption capacity of the
company. Conversely, the outlook may be revised to 'Negative' if
GMCSPL registers deterioration in its liquidity on account of
stretch or non-recovery of produce market loan extended to
farmers, or lengthening of its working capital cycle, or if it
undertakes a large, debt-funded capital expenditure programme.

GMCSPL, incorporated in 1986, provides cold storage facilities to
potato farmers and traders. It also trades in potato. The company
is owned by the West Bengal-based Gorai family, which has been in
the same line of business for 25 years. GMCSPL's cold storage is
located in the Bankura district of West Bengal.


G.M.R. SPINTEX: CRISIL Reaffirms 'D' Rating on INR607.5MM Loans
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of G.M.R. Spintex
Pvt Ltd (GSPL) continues to reflect instances of delay by GSPL in
servicing its debt; the delays have been caused by the company's
weak liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             150        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      266.6      CRISIL D (Reaffirmed)

   Term Loan               190.9      CRISIL D (Reaffirmed)

GSPL has working-capital-intensive nature of operations, and its
profitability margins are susceptible to volatility in raw
material prices. The company is also exposed to intense
competitive pressures in the cotton yarn industry. However, the
company benefits from the extensive experience of its promoters in
the textile industry.

GSPL, established by Mr. G Vinod Kumar in 2006, manufactures
cotton yarn. The company's plant is based in Adilabad district in
Andhra Pradesh. The company commenced operations in March 2008.


INVENTION INDIA: CRISIL Reaffirms 'B' Rating on INR60MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Invention India
(Exports) Pvt Ltd continue to reflect IIL's small scale of
operations, limited revenue diversity, and susceptibility to
volatility in raw material prices.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         1         CRISIL A4 (Reaffirmed)

   Foreign Bill
   Discounting           50         CRISIL B/Stable (Reaffirmed)

   Letter of Credit       5         CRISIL A4 (Reaffirmed)

   Packing Credit        42.5       CRISIL A4 (Reaffirmed)

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

The ratings also reflect IIL's average financial risk profile
constrained by working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of
IIL's promoters in the textile industry and its established
relationship with customers.

Outlook: Stable

CRISIL believes that IIL's liquidity will remain constrained over
the near term, because of its large inventory. The outlook may be
revised to 'Positive' if decline in inventory or significantly
large cash accruals, most likely on account of higher-than-
expected revenue or profitability, lead to improvement in the
company's liquidity. Conversely, the outlook may be revised to
'Negative' if the company's liquidity deteriorates or if the
company is not able to liquidate inventory or if its revenue
declines significantly or if it undertakes a large debt-funded
capital expenditure programme, weakening its financial risk
profile.

Update
IIL is likely to report 20 per cent year-on-year growth in revenue
to INR228.3 million in 2013-14 (refers to financial year, April 1
to March 31), driven by repeat orders from customers. The company
is likely to report operating margin of 12.2 per cent for 2013-14.
CRISIL believes that IIL will report operating revenue of around
INR250 million per annum over the medium term, driven by
improvement in demand in Europe. The company's operating margin is
expected to remain around 12 per cent over the medium term;
however, volatility in raw material prices can impact the margin.

IIL's financial risk profile remains average, marked by small net
worth and high gearing of INR85.6 million and 1.96 times,
respectively, as on March 31, 2014. The company is likely to
report net cash accruals to total debt and interest coverage
ratios of 0.06 times and 1.73 times, respectively, for 2013-14.
IIL's debt includes working capital debt and interest-free
unsecured loans of around INR68 million as on March 31, 2014. The
company's financial risk profile is expected to remain average
over the medium term, driven by steady cash accruals and absence
of term debt-funded capital expenditure plans.

IIL's bank lines were utilised extensively, at an average of 95
per cent over the nine months through December 2013.

Set up in 1978 by Mr. Harbhajan Singh and Mr. Kulbir Singh, IIL
manufactures ready-made garments at its plant in Sonipat
(Haryana). IIL has manufacturing capacity of 1.8 million pieces
per annum. The company derives most of its revenue from exports to
Europe.


ISHWARCHARAN BUILDERS: CRISIL Cuts Rating on INR300M Loans to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ishwarcharan Builders Pvt Ltd to 'CRISIL D' from 'CRISIL
BB+/Stable'.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long Term       140        CRISIL D (Downgraded from
   Bank Loan Facility                  'CRISIL BB+/Stable')

   Term Loan                160        CRISIL D (Downgraded from
                                       'CRISIL BB+/Stable')

The rating downgrade reflects instances of delay by IBPL in
servicing its debt; the delays were caused by the company's weak
liquidity. It had lower customer advances against the booked area
of its project, ICB Flora, mainly on account of the general
slowdown in the real estate market. Hence, its liquidity has come
under stress, with a mismatch between its cash flows and maturing
debt obligations.

IBPL also has a below-average financial risk profile, marked by
weak debt protection metrics, and is susceptible to risks related
to low offtake of its ICB Flora project and geographic
concentration of its real estate projects. However, the company
benefits from its promoters' experience in the real estate market
in Ahmedabad (Gujarat).

IBPL, incorporated in 2007, is engaged in real estate development
in Ahmedabad. The company is promoted by Mr. Suresh Thakkar, Mr.
Dhirajlal Thakkar, and Mr. Kalpesh Thakkar.

IBPL reported a profit after tax (PAT) of INR0.3 million on net
sales of INR292.6 million for 2012-13 (refers to financial year,
April 1 to March 31), vis-a-vis a PAT of INR17.1 million on net
sales of INR298.2 million for 2011-12.


KATHPAL SOLVEX: CRISIL Reaffirms 'B-' Rating on INR145MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Kathpal Solvex Pvt Ltd
continues to reflect the company's weak financial risk profile
marked by high gearing, small net worth, and weak debt protection
metrics.

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

   Proposed Long Term
   Bank Loan Facility      12.1     CRISIL B-/Stable (Reaffirmed)

   Term Loan                4.9     CRISIL B-/Stable (Reaffirmed)

   Standby Line of Credit   8       CRISIL B-/Stable (Reaffirmed)

The rating also reflects the company's large working capital
requirements because of large inventory, susceptibility to
regulatory changes and vagaries of monsoon, and the customer
concentration in its revenue. These rating weaknesses are
partially offset by the experience of KSPL's promoters in the rice
industry and the healthy growth prospects for the basmati rice
industry.

Outlook: Stable

CRISIL believes that KSPL will continue to benefit over the medium
term from its promoters' significant industry experience. The
outlook may be revised to 'Positive' if KSPL's financial risk
profile improves, driven most likely by substantial increase in
cash accruals or equity infusion by promoters or significant
reduction in inventory leading to improvement in liquidity.
Conversely, the outlook may be revised to 'Negative' if the
company's liquidity weakens, most likely because of significantly
large inventory or low cash accruals.

KSPL was incorporated in 2000, promoted by Mr. Krishan Lal and Mr.
Rai Kumar. The company is engaged in milling of basmati and non-
basmati rice; it also trades in rice. The company has a rice
milling unit in Jalalabad (Punjab) with sorting capacity of 2
tonnes per hour (tph) and milling capacity of 3 tph.


KHR INFRASTRUCTURES: CRISIL Reaffirms 'B' Rating on INR75MM Loans
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of KHR
Infrastructures Pvt Ltd continue to reflect, KHR's modest scale of
operations, coupled with seasonality in its revenues. These rating
weaknesses are partially offset by the extensive experience of
KHR's promoters in the seed processing industry, and its long-term
agreement with Monsanto India Pvt Ltd.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           --------     -------
   Proposed Long Term
   Bank Loan Facility     32.1       CRISIL B/Stable (Reaffirmed)

   Term Loan              42.9       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KHR will continue to benefit over the medium
term from its promoters' extensive industry experience and the
assured offtake from its customer, MIL. The outlook may be revised
to 'Positive' in case of substantial improvement in KHR's scale of
operations while maintaining its profitability, or improvement in
its capital structure, thereby alleviating pressure on its
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of deterioration of its financial risk profile, driven by
decline in profitability, or elongation in the working capital
cycle, or larger-than-expected debt-funded capital expenditure
(capex) plans.

KHR, set up in 2010 was promoted by Ms. K Karthika and her father,
Mr. K Prasad; it commenced operations in April 2011. The company
is engaged in processing and conditioning of corn seeds
exclusively for MIL.


KN INTERIOR: CRISIL Assigns 'B+' Rating to INR10MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of KN Interior Designs & Engineering Pvt Ltd.
The ratings reflect KNPL's modest scale of operations and below-
average financial risk profile. These rating weaknesses are
partially offset by the extensive experience of KNPL's promoters
in the interior design industry.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             10          CRISIL B+/Stable
   Overdraft Facility       3.5        CRISIL A4

Outlook: Stable

CRISIL believes that KNPL will continue to benefit over the medium
term from its promoters' extensive experience in the interior
design industry. The outlook may be revised to 'Positive' in case
of significant improvement in the company's scale of operations
and profitability, or substantial equity infusion, leading to a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if KNPL records lower than expected cash
accruals, or its working capital management deteriorates,
resulting in weak liquidity, or it undertakes any large debt-
funded capital expenditure programme, constraining its financial
risk profile.

Incorporated in 2009 and based in Chennai (Tamil Nadu), KNPL
provides end-to-end interior design solutions. The company is
promoted by Mr. N Kannan, Mr. Kannan Narayanan and Mr. Srinivasan.

KNPL reported a profit after tax (PAT) of INR0.3 million on total
revenue of INR10.4 million for 2012-13, as against a PAT of INR0.2
million on total revenue of INR7.4 million for 2011-12.


MAHARASHTRA ENGINEERING: CRISIL Puts B+ Rating on INR115MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Maharashtra Engineering (ME; part of the RK
group).

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

   Term Loan              31.4       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      8.6       CRISIL B+/Stable

   Cash Credit            45         CRISIL B+/Stable

   Letter of Credit       15         CRISIL A4

The ratings reflect the RK group's large working capital
requirements leading to weak liquidity, and fluctuations in
operating profitability owing to volatility in raw material
prices. These rating weakness are partially offset by its
promoters' extensive experience in the industry, and its
established relationship with customers and suppliers.

For arriving at the rating, CRISIL has combined the business and
financial risk profile of ME, Armaax Auto Pvt Ltd (AAPL), and
Axleo Industries (AI), together referred to as the RK group. This
is because all the three entities are managed by the same
promoters and have common suppliers and customers. All the
entities are expected to support each other financially, if
necessary.

Outlook: Stable

CRISIL believes the RK group will continue to benefit over the
medium term from its promoters' extensive experience and its
established relationship with customers and suppliers. The outlook
may be revised to 'Positive' if the firm improves its operating
profitability leading to higher cash accruals and improvement in
liquidity profile or there is a substantial infusion of funds to
support the large working capital requirements. Conversely, the
outlook may be revised to 'Negative', if the group's liquidity or
financial risk profile deteriorates, mostly likely caused by
higher than expected debt-funded capital expenditure or elongation
in working capital cycle leading to further weakening of liquidity
profile.

The RK group manufactures tractor components, primary for Mahindra
& Mahindra Ltd (M&M; rated CRISIL AA+/Stable/CRISIL A1+). The
group was established in 1974 by Mr. R S Kamble in Mumbai
(Maharashtra).

For 2012-13 (refers to financial year, April 1 to March 31), the
RK group reported a profit after tax (PAT) of INR7.8 million on
net sales of INR697.9 million, against a PAT of INR8.4 million on
net sales of INR625.9 million for 2011-12.


MAHAVISHNU RICE: CRISIL Reaffirms 'B+' Rating on INR100MM Loans
---------------------------------------------------------------
CRISIL's rating on the bank facilities of M/s. Mahavishnu Rice
Industries (MVRI) continue to reflect MVRI's below-average
financial risk profile, marked by high gearing and moderate debt
protection metrics, and susceptibility of its operating
profitability to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive industry
experience of MVRI's promoter in the rice milling industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            65        CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         35        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MVRI will benefit over the medium term from
the extensive industry experience of its promoter in the rice
milling industry. The outlook may be revised to 'Positive' in case
of a significant and sustained increase in the firm's revenues and
profitability, or a substantial infusion of capital by its
partner, resulting in an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
MVRI's revenues and profitability decline substantially, or it
undertakes a larger-than-expected, debt-funded capital expenditure
programme, or its promoter withdraws capital from the firm,
leading to weakening in its financial risk profile.

Set up in 2010, MVRI is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. The firm is promoted
by Mr.G.Krishnaiah and his family.

For 2012-13 (refers to financial year, April 1 to March 31), MVRI
reported a profit after tax (PAT) of INR0.7 million on net sales
of INR240 million, as against a PAT of  INR1.2 million on net
sales of INR222.5 million for 2011-12.


MANIPUR TEA: CRISIL Reaffirms 'D' Rating on INR63.4MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Manipur Tea Co. Pvt Ltd
(Manipur Tea; part of the Mantri group) continues to reflect
instances of overdraws  in its cash credit limit for more than 30
days; the overdraws have been caused by the group's weak liquidity
owing to the working capital intensity of operations.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            48        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     14.1      CRISIL D (Reaffirmed)

   Term Loan               1.3      CRISIL D (Reaffirmed)

The Mantri group is exposed to risks related to seasonality in tea
Production and high operating leverage. Moreover, the group has
limited bargaining power and its operating margin is susceptible
to volatility in domestic and international tea prices. These
weaknesses are partially offset by the experience of the Mantri
group's promoters in the tea industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Manipur Tea, Mantri Tea Company Pvt Ltd
(MTCPL), Ruttonpore Plantations Pvt Ltd (RPPL) and Derby
Plantations Pvt Ltd (DPPL), together referred to as the Mantri
group. This is because the entities have common management, are in
the same line of business and have cross guarantees with each
other.

The Mantri group was formed in 1948 by Mr. Govind Prasad Mantri.
The Manipur Tea Estate, located in Assam, was the group's first
acquisition, in 1954. Subsequently, the group acquired three more
tea gardens in Assam: Ruttonpore Tea Estate in 1986, Derby Tea
Estate in 2005, and Pathini Tea Estate (Mantri) in 2006.
Currently, the second- and third-generation promoters, along with
a professional management team, are actively involved in its day-
to-day operations.

Manipur Tea reported a net loss of INR0.4 million on net sales of
INR91.2 million for 2012-13 (refers to financial year, April 1 to
March 31), as against a net loss of INR16.3 million on net sales
of INR63.8 million for 2011-12. It is estimated to report net
sales of INR65.4 million in 2013-14.


MEERA AND COMPANY: ICRA Assigns 'D' Rating to INR7cr Loans
----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]D to the INR5.50
crore fund based limits of Meera and Company Limited. ICRA has
also assigned short term rating of [ICRA]D to the INR1.50 crore
non fund based limits of Meera and Company Limited.

                                Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Fund based facilities         5.50       [ICRA]D assigned
   Non-fund based facilities     1.50       [ICRA]D assigned

The assigned rating is constrained by stretched liquidity position
as evidenced by overutilization and high working capital
intensity. The rating is also constrained by strong competition
from other reputed players which has resulted in declining sales
in the past. However the rating derives comfort from promoters
long experience in running business and wide range of DG sets
catering to different segments.

Recent Results

During the financial year 2012-13, the company reported a profit
after tax (PAT) of INR0.02 crore on an operating income of
INR22.08 crore as against PAT of INR-0.31 crore on an operating
income of INR22.24 crore in 2011-12.

Meera and Company is an engineering company specialized in
manufacturing of Diesel Generating Sets for various applications.
Till 2010 the company was operating as a OEM of DG sets for
Mahindra and Leyland. However in 2010 the company has set up its
own engine manufacturing unit and is selling the DG sets in the
brand name of Meeraco. The company is fully owned by Mr Rajen
Gupta and his family members and has a presence mainly in Punjab.
The company has two manufacturing unit located each at Jammu and
Ludhiana.


MERMER ITALIA: CARE Assigns 'B' Rating to INR4.28cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Mermer Italia Building Products Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     4.28       CARE B Assigned
   Short-term Bank Facilities    3.75       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Mermer Italia
Building Products Private Limited are constrained by the small
sizeof operations of the company, revenues exposed to cyclicality
associated with the end-user industry and the relatively thin,
fluctuating profitability associated with the trading business.
The ratings are further constrained by the elongated operating
cycle owing to high inventory levels and the company's stretched
debt protection metrics.

The ratings factor in the long experience of the promoter in the
same line of business, established association with the customers
and suppliers and the continuous growth in income and
profitability over the last three-year period.

Going forward, the ability of the company to improve its
profitability and prudently manage its working-capital
requirements would be the key rating sensitivities

MIBPL was incorporated in 2007 by Mr K V Zakir Hussain and his
wife Mrs Niza Zakir. Originally the business was established in
2002 as a partnership firm, in the name of Swadesi Imports and
Exports by Mr Zakir Hussain and his wife, sharing profits and
losses equally. The firm was engaged in the trading of granite
slabs and tiles. In 2007, the partnership firm was converted into
a private limited company. The company is engaged in the trading
of imported marbles, granites, shahabad stones, slate stones etc.
MIBPL has a showroom (owned), covering an area of about 1 acre in
Calicut along with a warehousing yard. The company has a brand
name of 'Swadeshi' for granites and 'Mermer' for imported marbles.
The promoters have been involved in this business for over two
decades through other companies.

MIBPL has registered a PAT of INR0.09 crore on a total operating
income of INR6.34 crore during FY13 (refers to the period April 1
to March 31) as against a PAT of INR0.01 crore on a total
operating income of INR4.86 crore during FY12.


MOONLIGHT MARBLES: ICRA Reaffirms 'B-' Rating on INR12.54cr Loan
----------------------------------------------------------------
ICRA has reaffirmed [ICRA]B- rating assigned to the INR12.54
crores long term fund based limits of Moonlight Marbles Private
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Fund        12.54       [ICRA]B- reaffirmed
   based limits

The reaffirmation of rating takes into account the intensely
competitive nature and low value additive nature of the marble
processing industry which coupled with MMPL's modest scale of
operations have resulted in modest profitability indicators and
given the fundamental industry dynamics, ICRA does not expect any
significant improvement in the same. The rating also factors in
the company's modest financial risk profile as reflected by low
cash accruals, high gearing level, moderate coverage indicators
and high working capital intensity of operations. Nevertheless,
the rating derives comfort from the long experience of the
promoters in the marble processing business, their established
relationship with customers and satisfactory demand outlook for
marble products in India. Going forward, ability of the firm to
increase its scale of operations in a profitable manner while
maintaining working capital intensity will be key rating
sensitivities.

Moonlight Marbles Private Limited (MMPL) was established in the
year 1990 by Mr Ashok Kumar Jain and Mr Kailash Singhvi. The
company is engaged in processing of marbles. The manufacturing
facility of the company is located at Rajasamand in Rajasthan. The
company sells its products in India and also exports to countries
in Europe and Middle East.

The company reported a net profit of INR0.40 crores on an
operating income of INR27.12 crores in FY14 (provisional results)
as against net profit of INR0.45 crores on an operating income of
INR25.30 crores in FY13.


PACE NON WOVEN: CRISIL Reaffirms 'D' Rating on INR95MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of Pace Non Woven Fabric
Products (PNW) continues to reflect instances of delay by the firm
in servicing its term debt; the delays have been caused by PNW's
weak liquidity, driven by operational losses as the firm is unable
to adequately scale up its operations.

                          Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Cash Credit               35         CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        28.2       CRISIL D (Reaffirmed)

   Standby Line of Credit     3.5       CRISIL D (Reaffirmed)

   Term Loan                 28.3       CRISIL D (Reaffirmed)

PNW also has a small scale of operations. Moreover, the firm's
operating margin is vulnerable to volatility in raw material
prices. Additionally, PNW has a weak financial risk profile
commensurate with its debt protection metrics and net worth, and a
high gearing. However, the firm benefits from the extensive
industry experience of its promoters.

PNW was founded as a partnership firm by Mr. M P Gupta; his son,
Mr. Vikas Gupta; Mr. Rohit Gupta; and Mr. S C Goyal. The firm
manufactures Polypropylene spun-bond and non-woven fabric with an
installed capacity of 4000 tonnes per annum (tpa) and 100 tpa,
respectively, at its manufacturing facility in Kathua (Jammu &
Kashmir).


PAHAL ENGINEERS: CRISIL Reaffirms B+ Rating on INR87.5MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Pahal Engineers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan               1.7      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     43.3      CRISIL B+/Stable (Reaffirmed)
   Bank Guarantee         42.5      CRISIL A4 (Reaffirmed)
   Cash Credit            42.5      CRISIL B+/Stable (Reaffirmed)

The ratings reflect Pahal's modest scale of operations in a highly
fragmented industry, large working capital and leveraged capital
structure. These rating weaknesses are partially offset by the
promoters' extensive industry experience and the firm's near-term
revenue visibility, supported by confirmed orders.

Outlook: Stable

CRISIL believes that Pahal will benefit from the extensive
experience of its promoters over the medium term. The outlook may
be revised to 'Positive' if the firm improves its financial risk
profile by significant scaling up its operations and maintaining
its profitability. Conversely, the outlook may be revised to
'Negative' if Pahal's liquidity is constrained by delays in debtor
realization, or lesser-than-expected revenue or a decline in its
profitability.

Pahal was founded as a proprietorship firm in 2008. The firm is
owned and managed by Mr. Pritesh Shah. Pahal executes turnkey
projects related to water distribution systems in Gujarat.

Pahal reported a net profit of INR7.4 million on revenue of INR130
million for 2012-13 (refers to financial year, April 1 to
March 31), as against a net profit of INR5.8 million on revenue of
INR70.2 million for 2011-12.


REGENCY ENTERPRISES: CRISIL Assigns 'B+' Rating to INR135MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Regency Enterprises (RE).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            135        CRISIL B+/Stable

The rating reflects RE's start-up nature of, and working-capital-
intensive operations. The rating also factors in the firm's
exposure to regulatory risk. These rating strengths are partially
offset by the extensive experience of promoters in the liquor
trading business.

Outlook: Stable

CRISIL believes that RE will benefit over the medium term from the
extensive experience of its promoter in the liquor trading
industry. The outlook may be revised to 'Positive' in case the
firm diversifies its revenue profile through the addition of new
territories, and if it successfully ramps up its operations
leading to higher-than-expected growth and profitability.
Conversely, the outlook may be revised to 'Negative' in case of an
adverse impact of regulatory changes on RE's profitability and
revenue growth, or deterioration in the firm's working capital
cycle.

Regency Enterprises (RE) is a partnership firm incorporated in
April 1, 2013 and is involved in the retailing of country made
liquor and foreign liquor. The firm has 6 retail outlets located
in Chhattisgarh. The business operations are managed by Regency
Vinimay Pvt Ltd, which is also the partner with the majority
capital contribution in the firm.


ROTO AUTO: CARE Assigns 'B' Rating to INR6.50cr Bank Loan
---------------------------------------------------------
CARE assigns 'CARE B/ CARE A4' rating to bank facilities of Roto
Auto Engineering Solutions Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.50       CARE B Assigned
   Short term Bank Facilities    3.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Roto Auto
Engineering Solutions Private Limited (RESPL) are constrained by
the company's moderate scale of operations with working capital
intensive nature of operations, decline in the total operating
income and profitability margins during FY11-FY13 (refers to the
period April 1 to March 31), vulnerability of profitability
margins to fluctuations in the raw material prices, competitive
pressures from other equipment manufacturers and vulnerability of
the company's revenues to cyclical trends in the end-user
industries.

The ratings however derive strength from the qualified and
experienced promoters of the company, established relations with
reputed clientele and suppliers and moderate order book position.
The ability of the company to increase its scale of operations
with an improvement in the financial risk profile would be
the key rating sensitivities.

Incorporated in the year 2008 by Mr Giri Raghavan, Roto Auto
Engineering Solutions Private Limited (RESPL) is engaged in
the business of manufacturing of heavy machinery equipment and
provides related turnkey services. Its product portfolio
comprises of penetrating discs (7.5 metre dia discs), process
fans, compellers, and also executes reconditioning job works
like replacement of the products and related services. The company
generates around 60% of its total income from project based sales
and around 40% of its total income from reconditioning jobs. The
company procures its major raw material; steel, from domestic
suppliers and even imports few specialized steel, few disc parts,
etc from Thyssenkrupp, Germany.

During FY13, RESPL reported a PAT of INR0.11 crore on a total
operating income of INR9.08 crore as against a total operating
income and a PAT of INR10.17 crore and INR0.40 crore respectively
in FY12. Furthermore, the company has achieved sales of INR7.50
crore during the period April, 2013 to January 24, 2014.


SANSKAR BHARTI: ICRA Upgrades Rating on INR8cr Term Loan to B+
--------------------------------------------------------------
ICRA has upgraded the rating earlier assigned to the INR8.0 crore
bank facilities of Sanskar Bharti Foundation to [ICRA]B+ to from
[ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loans             8.0         [ICRA]B+ (upgraded)

The rating upgrade favourably factors in the growth in admissions
for the academic session 2014-15 (net admissions of 114 till April
2014 as compared to 68 in previous academic year) which alongwith
revision in fee structure is expected to lead to improvement in
SBF's turnover and absolute profits for FY 2015. Further, upfront
receipt of majority of fees from current academic session onwards
has led to better liquidity profile for the society. The
improvement in revenues and lower interest cost owing to ongoing
repayment of high cost term loan is expected to lead to
improvement in interest and debt service coverage ratio. The
rating continues to draw comfort from the experience of SBF's
management in the education sector, competitive advantage arising
out of affiliation of its school with Delhi Public School society
and adequate infrastructure facilities.

The rating is however continued to be constrained by SBF's modest
scale of operations with revenues generated from one school, low
net profitability, negative networth and its weak debt protection
indicators such as Debt/OPBDITA of 5.2 times as on Mar 31st 2014.
Going forward, SBF's ability to improve its profitability and debt
coverage metrics considering any capital expenditure plans will be
amongst the key rating sensitivity factors.

Sanskar Bharti Foundation operates the Delhi Public School (DPS)
in Ambala which started operations in 2008. SBF has been
incorporated by Mr. K K Gupta, Mr. A K Gupta and Mr. Vijay Goel
who have experience in operating a reputed playschool franchisee
in New Delhi.

Recent results
As per the provisional results provided by SBF, in FY14 it
reported an operating income of INR4.17 crore with an OPBDIT of
INR2.24 crore and net profit of INR0.11crore. As of Mar 31st 2014,
the society had a total debt of INR11.8 crore mainly comprising of
term loans and interest bearing unsecured loans. The networth
stood at negative INR1.7 crore.


SHASHI STRUCTURAL: CRISIL Reaffirms 'B' Rating on INR240MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shashi Structural
Engineers Pvt Ltd continue to reflect SSE's below-average
financial risk profile, marked by a small net worth, moderate
gearing, and weak liquidity, albeit supported by healthy debt
protection metrics. The ratings also factor in the company's
modest scale of operations and large working capital requirements.
These rating weaknesses are partially offset by its promoters'
extensive experience in the civil construction industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          60       CRISIL A4 (Reaffirmed)
   Cash Credit            110       CRISIL B/Stable (Reaffirmed)
   Long Term Loan           7.5     CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     122.5     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSE will continue to benefit over the medium
term from its promoters' extensive experience in the civil
construction industry. The outlook may be revised to 'Positive' in
case the company significantly enhances its cash accruals on a
sustainable basis while it improves its working capital cycle, or
receives a sizeable equity infusion leading to improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative' in
case SSE's working capital cycle stretches further or its revenues
and profitability decline, resulting in weak liquidity.

SSE, promoted by Mr. Amresh K. Tiwari, supplies aggregates and
earthwork material to large civil construction players. SSE also
undertakes works involving road construction on lower layers up to
granular sub base.

SSE registered a profit after tax (PAT) of INR      17.7 million
on an operating income of INR201.7 million in 2012-13 (refers to
financial year, April 1 to March 31), against a PAT of INR15.2
million on an operating income of INR279.5 million in 2011-12.


SHREE JAYDEEP: ICRA Reaffirms B+ Rating on INR8cr Credit Limits
---------------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed to the INR8.00 crore
fund-based facility of Shree Jaydeep Ginning Factory.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limits      8.00        [ICRA]B+ reaffirmed

The rating continues to be constrained by the relatively modest
scale of the firm's operations and its weak financial profile as
reflected by thin profitability, stretched capital structure and
weak debt coverage indicators. The rating is further constrained
on account of the regulatory risks associated with cotton exports
as well as the fragmented nature of the cotton ginning industry
resulting in high competitive intensity. Further, the firm is
exposed to adverse movements in raw material (cotton) prices which
coupled with low value addition nature of the work, keeps the
profitability metrics and cash accruals at modest levels. ICRA
also notes that SJGF is a partnership firm and any significant
withdrawals from the capital account would affect its net worth
and thereby its capital structure.

The rating, however, favorably considers the long experience of
the partners in cotton industry, favourable location of the plant
giving it easy access to high quality raw cotton and strong demand
for cotton seed oil in Gujarat.

Established in 1992, Shree Jaydeep Ginning Factory is engaged in
cotton ginning, pressing and crushing operations. The business is
owned and managed by Mr. Dipak Patel and other family members. The
firm's manufacturing facility is located in Dhrangadhra, District-
Surendranagar. The firm has forty five ginning machines and one
pressing machine with the processing capacity of 200 TPD of raw
cotton. The firm also has seven expellers having capacity to
produce 6000-7000 kgs of crude cotton seed oil per day.

Recent Results

For the year ended 31st March, 2012, the firm reported an
operating income of INR42.70 crore with profit after tax (PAT) of
INR0.62 crore. Further, for FY 2013, the firm reported an
operating income of INR44.93 crore with a PAT of INR0.57 crore.


SHREE MUKT: CRISIL Reaffirms 'B' Rating on INR360MM Loans
---------------------------------------------------------
CRISIL's rating on the bank facilities of Shree Mukt Jeweller
Baroda Pvt Ltd continue to reflect the working capital intensive
operations and inventory-related risks because of volatility in
gold prices. These rating weaknesses are partially offset by the
benefits that SMJBPL derives from its established market position
in the retail jewellery industry and a moderate financial risk
profile.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B/Stable (Reaffirmed)
   Term Loan             310        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SMJBPL will continue to benefit over the
medium term from its promoters' extensive experience and its
established market position in the retail jewellery industry. The
outlook may be revised to 'Positive' if the company manages its
working capital prudently leading to improvement in liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in profitability of the company leading to
deterioration in the debt protection metrics or there is stretch
in working capital cycle leading to weakening of capital
structure.

SMJBPL was set up as a partnership firm in 1994 and converted into
private limited company in 2013. The company has a jewellery
showroom at Alkapuri in Baroda (Gujarat). The company is being
managed by Mr. Harsh Soni. SMJBPL is also starting another
showroom (referred as jewellery mall in Vadodara) in May 2014.

For 2012-13, SMJBPL reported a profit after tax (PAT) of INR43.9
million on net sales of INR1.6 billion against a PAT of INR36.0
million on net sales of INR 1.2 billion for 2011-12.


SHREE PRABHU: CRISIL Assigns 'B' Rating to INR115MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Shree Prabhu Petrochemicals Private Limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              65         CRISIL B/Stable
   Cash Credit            50         CRISIL B/Stable
   Letter of Credit       20         CRISIL A4

The ratings reflect SPPPL's exposure to intense competition in the
fragmented plastic industry and below-average financial risk
profile marked by high gearing. These rating weaknesses are
partially offset by extensive experience of SPPPL's promoters in
the plastic industry.

Outlook: Stable

CRISIL believes that SPPPL will continue to benefit over the
medium term from its promoter's extensive experience in the
plastic industry. The outlook may be revised to 'Positive' if the
company achieves higher than expected growth in revenues and
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in case the company registers significant
decline in its accruals, or in case of elongation of its working
capital cycle or in case it undertakes any major debt funded capex
further impacting its financial risk profile.

SPPPL, incorporated in June, 2012, is promoted by Mr. Somnath
Sakre and Mr. Kachrulal Karva. It is engaged in manufacturing of
three layer water tankers of various sizes ranging from 100 litres
to 5000 litres. Mr. Sakre looks after the day to day business
operations of the company. The promoters have an experience of
over two decades in the industry by virtue of their association
with group entities which have a presence in the plastic industry.
The registered office of the company is located in Aurangabad,
Maharashtra.

SPPPL reported, on a provisional basis, a profit after tax (PAT)
of INR8.5 million on net sales of INR164.7 million for 2013-14
(refers to financial year, April 1 to March 31).


SHUBHAM BUILDERS: CARE Assigns 'B-' Rating to INR14cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B-/CARE A4' ratings to the bank facilities of
Shubham Builders.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      14        CARE B- Assigned
   Short term Bank Facilities      1        CARE A4 Assigned

Rating Rationale

The ratings are primarily constrained by the limited experience of
the promoters in the real estate sector, geographical
concentration risk with a single project located in Mohali,
moderate booking status of the project and delays in the
payment received from the customers. The ratings also take into
account the residual project execution & marketability
risks associated with the project and inherent cyclical nature of
the industry. The ratings, however, derive strength from the
resourceful promoter group and low reliance on customer advances
to fund the project cost. Going forward, the ability of the firm
to timely execute project within the estimated costs and achieve
envisaged sales at projected prices shall be the key rating
sensitivities.

M/s Shubham Builders is a partnership concern held equally by Mr
Manish Singla and Mr Anil Verma. The firm is developing a
residential project by the name 'Gold Homes' in Mohali, Punjab, on
2.3 acres of land with a total saleable area of about 2 lakh
square feet (lsf). This is the first project of the entity and is
being executed in two phases at a total estimated project cost of
INR37.1 crore.  Phase-I consists of five blocks containing 40
three-BHK units and 6 Booths; whereas Phase-II consists of 79
flats with an option of 2,3 and 4 BHK and also 14 Economically
Weaker Section (EWS) units. Though the project supervision is
being done by the promoters directly, the firm has appointed
professional teams for the architect, civil construction and
engineering related work.

The project is expected to be completed by March 2016 at a total
project cost of approximately INR37 crore, proposed to be funded
through the promoters' contribution, external debt and customer
advances as 54%:38%:8%.


SRI KODURI: ICRA Reaffirms 'B+' Rating on INR17.50cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' assigned to
INR17.00 crore fund based (enhanced from INR14.00 crore) limits
and INR0.50 crore non-fund based limits of Sri Koduri Enterprises
Private Limited. ICRA has also assigned [ICRA]B+ rating to INR2.50
crore unallocated limits of SKEPL.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund based facilities       17.00       [ICRA]B+ reaffirmed
   Non-Fund based facilities    0.50       [ICRA]B+ reaffirmed
   Unallocated                  2.50       [ICRA]B+ assigned

The reaffirmation of rating continues to be constrained by high
working capital intensity of the auto dealership business owing to
high inventory levels and stretched financial profile
characterized by high gearing & weak coverage indicators on
account of high working capital borrowings and inherently low
profitability in the auto dealership business. The rating is also
constrained by high geographic concentration risk for SKEPL with
major proportion of sales being generated from East Godavari
district of Andhra Pradesh and dip in revenues in the past 2 years
owing to increased competition levels in its catchment area
despite healthy sales growth for its principal, Honda Motorcycles
& Scooters India Private Limited. However, the reaffirmation
continues to derive comfort from the long track record of the
promoters in auto dealership business and the established position
of SKEPL as an authorized dealer for HMSIPL, Piaggio Vehicles
Private Limited and Case New Holland Construction Equipment
(India) Private Limited.

Sri Koduri Enterprises Private Limited is an authorized dealer of
HMSIPL for sale of two wheelers in East Godavari region of Andhra
Pradesh. It is also an authorized auto dealer of three wheelers
and four wheelers manufactured by Piaggio Vehicles Private Limited
(subsidiary of Piaggio S.P.A, an Italy-based manufacturer), Case
New Holland Construction Equipment (India) Pvt. Ltd and MRF Tyres.
The Company is also engaged in servicing of vehicles, along with
sale of spare parts. The Company has 14 showrooms in East Godavari
district for its various dealerships.

Recent Results

During the financial year ending March 2014, the company has
recorded a turnover of INR46.19 crore (based on provisional
financials) as against a turnover of INR54.48 crore during FY2013.
In FY2013, the company recorded a net profit of INR0.14 crore.


SRI VELA: CRISIL Cuts Rating on INR499.1MM Loans to 'D'
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sri Vela Smelters Pvt Ltd to 'CRISIL D' from 'CRISIL BB-/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           270         CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Long Term Loan         70         CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Working
   Capital Facility      159.1       CRISIL D(Downgraded from
                                     'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by SVSPL in
servicing its term debt; the delays have been caused by the
company's weak liquidity, with a decline in its cash accruals,
which were inadequate to meet its term loan obligation. SVSPL's
weak cash accruals resulted from a decline in its scale of
operations.

SVSPL also has working-capital-intensive operations and its
profitability is susceptible to volatility in input prices and to
intense industry competition. However, the company benefits from
the extensive experience of the promoter in the steel industry.

SVSPL, incorporated in 2003, is promoted by Mr. T M Murugasen. The
company manufactures thermo-mechanically treated (TMT) steel bars
and angles.


SVR ELECTRICALS: ICRA Reaffirms 'B' Rating on INR6.85cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR6.85 crore
fund based limits of SVR Electricals Private Limited at [ICRA] B.
ICRA has also reaffirmed the short-term rating assigned to INR6.00
crore non-fund based limits of SVREPL at [ICRA] A4.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash credit           4.75         [ICRA]B reaffirmed
   Term loan             2.10         [ICRA]B reaffirmed
   Letter of Credit      2.00         [ICRA]A4 reaffirmed
   Bank Guarantee        4.00         [ICRA]A4 reaffirmed

The reaffirmation of ratings continue to be constrained by
moderate financial profile of the company characterised by its
thin profitability and weak coverage indicators; and high customer
& geographical concentration risks with the company deriving
majority of its income from Andhra Pradesh state power
distribution companies. The ratings are also constrained by high
competition from other players in the transformer manufacturing
industry where the orders are primarily obtained through tenders
from power distribution companies.

The reaffirmation of ratings, however, derives comfort from long
experience of the promoters in the transformer manufacturing
industry and established presence of the company in Guntur.
The ability of the company to continue to improve its working
capital management coupled with ability to increase its scale of
operations and profitability will be the key rating sensitivities
going forward.

SVR Electricals Private Limited was established in 1978 by Mr
Venkateshwara Rao. The company is involved in manufacturing of
various ranges of distribution transformers. SVR has a sister
concern called Vijay Transformers which is also involved in the
manufacturing of distribution transformers.

Recent Results
For FY2014, the company reported a turnover of INR37.13 crore
(provisional) as against a turnover of INR36.38 crore in FY2013.
For FY2013, the company reported a net profit of INR0.27 crore.


VIJAY TRANSFORMERS: ICRA Upgrades Rating on INR2.5cr Loan to B-
---------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to INR2.50 crore
fund based limits of Vijay Transformers from [ICRA]D to [ICRA]B-.
ICRA has also upgraded the short-term rating assigned to INR4.00
crore non-fund based limits of VT from [ICRA]D to [ICRA]A4.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash credit           2.50       [ICRA]B- revised
   Letter of credit      1.00       [ICRA]A4 revised
   Bank guarantee        3.00       [ICRA]A4 revised

The revision of ratings primarily factors in regularity in meeting
its debt repayment obligations owing to improved management of
working capital requirements. The ratings derive comfort from long
experience of the promoters in distribution transformer
manufacturing business and established presence of the firm in
Guntur region.

The ratings, however, are constrained by modest scale of
operations of the firm; weak financial profile characterised by
thin profitability and weak coverage indicators; and high customer
& geographical concentration risks with the firm deriving majority
of its income from Andhra Pradesh state power distribution
companies. The ratings are also constrained by risks associated
with the partnership nature of the firm and high competition from
other players in the transformer manufacturing industry where the
orders are primarily obtained through tenders from power
distribution companies.

The ability of the company to continue to improve its working
capital management coupled with ability to increase its scale of
operations and profitability will be the key rating sensitivities
going forward.

Vijay Transformers was established in 1992 by Mr Venkateshwara
Rao. The firm is involved in the manufacturing of various ranges
of distribution transformers from . Vijay Transformers has a
sister concern called SVR Electricals Private Limited which is
also involved in the manufacturing of distribution transformers.

Recent Results
For FY2014, Vijay Transformers reported a turnover of INR17.51
crore (provisional) as against a turnover of INR18.01 crore in
FY2013. In FY2013, the company reported a net profit of INR0.17
crore.



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


INDIKA ENERGY: Moody's Affirms B1 CFR; Changes Outlook to Neg.
--------------------------------------------------------------
Moody's Investors Service has changed the rating outlook for
Indika Energy Tbk (P.T.) (Indika) to negative from stable.

Concurrently, Moody's affirmed Indika's B1 corporate family rating
(CFR) and the B1 ratings on the USD300 million notes due 2018 and
USD500 million notes due 2023, issued by Indo Energy Finance B.V.
and Indo Energy Finance II B.V., respectively. The entities are
wholly owned subsidiaries of by Indika. The notes are
unconditionally guaranteed by Indika.

Ratings Rationale

"The change in outlook to negative reflects the increasing
pressure on Indika's operations as a result of the persistent
weakness in thermal coal prices coupled with Moody's expectation
that coal prices will remain under pressure during the next 12
months," says Brian Grieser, a Moody's Vice President and Senior
Analyst.

"We estimate that lower coal prices will drive Indika's financial
leverage towards 5.0x over the next twelve months from 4.2x in
March 2014," adds Grieser.

The Newcastle thermal coal price index, a benchmark for Asia, has
fallen to $73 per ton in 2014 from an average of $84 per ton in
2013. Moody's expect Newcastle coal prices to average between $75-
80 per ton this year, down from Moody's original expectation of
$80-85 per ton back in December 2013.

Indika generates a substantial portion of its cash flow through
dividends from its 46% stake in PT Kideco Jaya Agung (Kideco,
unrated), Indonesia's third largest coal producer. Kideco has seen
the average selling price (ASP) of its coal drop to $55 per ton in
the first quarter of 2014 from $60 per ton in the prior year.
Moody's expect the ASP to continue to fall towards $50 in 2014
resulting in a meaningful reduction in earnings at Kideco this
year.

"Accordingly, Moody's estimate Indika's share of dividends from
its key cash-generating investment Kideco, to be paid in 2015,
could fall 35-45% from the $88 million to be paid in 2014 and
compared to the $154 million in 2013," says Grieser.

Further, Moody's expect a reduction in overburden removal volumes
at Indika's contract mining business, Petrosea, and increasing
pricing pressure at both Petrosea and its coal transport
operations, MBSS, to weigh on profitability and cash flow, further
pressuring Indika's consolidated operations. While these
businesses offer some diversification to Indika's operations, they
are still tied to the coal sector which means they will remain
under pressure as long as coal prices stay at depressed levels.

Despite these challenges, Moody's have affirmed Indika's B1
ratings since it has been successful in maintaining its high cash
balances ($391 million at March 2014), extending its debt maturity
profile and lowering its financing costs in 2013. Moody's expect
the company to remain committed to its prudent financial policies
which will help it weather what Moody's expect will be a prolonged
cyclical trough for the Indonesian coal sector. Moody's expect
Indika to generate minimal free cash flows from its diversified
business portfolio in 2014-2015 and to carefully manage growth
capital spending to maintain its sizeable liquidity cushion.

A ratings downgrade could occur if 1) Coal prices fail to
stabilize and thus fall short of Moody's $75-80 per ton target in
the next twelve months ; 2) Tripatra, Petrosea, and MBSS fail to
win tenders and contracts to maintain existing earnings levels in
2015; 3) the relationship between Samtan and Indika deteriorates;
4) Indika undertakes any large debt-funded acquisitions; or 5) its
liquidity profile deteriorates such that cash balances fall below
$200 million.

Specific indicators Moody's would look for include total
debt/EBITDA (including dividends from associates) reach 5.0x and
its net debt/EBITDA reaches 4.0x and EBIT/interest falls below
2.0x.

Upward ratings pressure is limited in the near-to medium-term
given the negative outlook and Moody's view that deleveraging will
be challenging in the current environment for coal prices.
However, the rating outlook could stabilize if Indika improves its
financial leverage, such that its total debt/EBITDA (including
dividends from associates) falls below 4.0x and EBIT/interest
improves to over 2.5x. Any positive action would require Indika to
maintain the current strength of its liquidity profile in concert
with an improvement in realizable coal prices for Kideco.

Indika, Indo Energy Finance B.V. and Indo Energy Finance II B.V.'s
ratings were assigned by evaluating factors that Moody's considers
relevant to the credit profile of the issuer, such as the
company's (i) business risk and competitive position compared with
others within the industry; (ii) capital structure and financial
risk; (iii) projected performance over the near to intermediate
term; and (iv) management's track record and tolerance for risk.
Moody's compared these attributes against other issuers both
within and outside Indika, Indo Energy Finance B.V. and Indo
Energy Finance II B.V.'s core industry and believes Indika, Indo
Energy Finance B.V. and Indo Energy Finance II B.V.'s ratings are
comparable to those of other issuers with similar credit risk.

Indika is an Indonesian integrated energy group listed on
Indonesia's Stock Exchange. Through a number of acquisitions,
Indika has positioned itself as an integrated energy group with a
focus on energy resources (primarily trhough 46% interest in
Kedeco), energy services (primarily through wholly owned Tripatra
and 69.8% stake in Petrosea) and energy infrastructure (primarily
through its 51% stake in MBSS).


PERTAMINA (PERSERO): S&P Puts 'BB+' Rating to US$3BB Notes Issue
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issue rating to a proposed issue of up to US$3.0 billion by PT
Pertamina (Persero) (Pertamina) under the company's US$10 billion
global medium-term notes program.

The issue rating reflects the long-term corporate credit rating on
Pertamina (BB+/Stable/--; axBBB+/--).  S&P's long-term corporate
credit rating is derived from:

  -- S&P's anchor of 'bb+', based on our "satisfactory" business
     risk profile and "significant" financial risk profile
     assessments for Pertamina.

  -- Pertamina's stand-alone credit profile of 'bb+' and S&P's
     view of an "almost certain" likelihood that the Indonesian
     government would extend extraordinary support to the company
     in the event of financial distress.

The rating on the proposed notes is subject to S&P's review of the
final issuance documentation.  Pertamina expects to use the
proceeds from the proposed notes for general corporate purposes
and to fund its capital expenditure.



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


SONY CORP: Commits to Struggling, Non-Core TV Biz, Fitch Says
-------------------------------------------------------------
Fitch Ratings said that although Sony Corporation (Sony, BB-
/Negative) is currently planning to retain full ownership of its
struggling TV business, the company has not ruled out bringing in
an equity partner in the future.  Sony's TV business has made a
loss for ten straight years.  In its corporate strategy
presentation on 22 May 2014, Sony again excluded TVs from its
definition of core electronics businesses which are games and
network services, mobile and imaging operations.

Fitch believes that the initiatives that Sony is taking in the TV
business are positive and that cost-cutting and increased
accountability should improve financial performance. Sales
forecast of 16 million units is an aggressive target, given the
strength of competition from Samsung Electronics Co Ltd
(A+/Stable), LG Electronics Inc (BBB-/Stable) and Chinese
manufacturers.

Fitch anticipates the chance of Sony meeting its break-even target
for TVs in the year ending March 2015 (FYE15) is no greater than
50:50. The company appears committed to turning around its
business and plans to hive down all TV operations into a separate
subsidiary called Sony Visual Products Inc, by 1 July 2014. Sony
hopes cost-cutting and a shift to high-value added models will
enable it to avoid an operating loss this year.

Fitch believes that it will be a challenge for the company to meet
its operating profit forecast of JPY400bn for FYE16. Should this
be achieved, its credit rating would probably stabilise in the
'BB' category. To return to an investment grade rating, Fitch
expects that, excluding Sony Financial Holdings (SFH), operating
margins would have to be greater than 3.5% (FYE14: loss) and FFO
adjusted leverage would have to be less than 3.0-3.5x (FYE13:
5.0x).

Sony's strategy presentation played up the growth prospects of
game and network services and imaging businesses. These are the
two remaining operations where the company has market-leading
electronics products. Fitch expects that the company will need to
successfully develop further growth products as cost-cutting alone
is unlikely to lead to a return to investment grade.

Fitch may downgrade the rating if Sony's EBIT loss continues and
funds flow from operations (FFO)-adjusted leverage rises above
5.0x (both excluding SFH) on a sustained basis.  Fitch may revise
the Outlook to Stable if positive EBIT margins are sustained and
FFO-adjusted leverage falls below 5.0x (both excluding SFH).



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


CAPITAL + MERCHANT: Finance Director Property Forfeited
-------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that a High
Court judge has ordered property connected to a failed finance
company director is to be forfeited.

The Herald recalls that police took unprecedented action last year
to restrain assets they said were associated with two jailed
Capital + Merchant Finance directors, Neal Nicholls and Wayne
Douglas.

When these assets were frozen, the High Court Auckland heard that
the police were also targeting two properties allegedly associated
with Mr. Douglas, the Herald says.

After an application brought by police in mid-May, Justice Susan
Thomas has made a profit forfeiture order in connection with one
of these properties, which Mr. Douglas bought in 2008 and had a
capital value of NZ$560,000 as of 2011.

The address of this property is suppressed, the Herald notes.

A minute from Justice Thomas on this order, which was made earlier
last week, did not go into detail on its terms, the Herald adds.

According to the Herald, the High Court must make a profit
forfeiture order if it is satisfied on the balance of
probabilities that the respondent in question has "unlawfully
benefited from significant criminal activity" and has interests in
property.

During the hearing, the Herald relates, it was revealed that a
settlement had been reached which involved the second property
that was allegedly associated with Douglas and was originally in
the police's sights.

The address of this property -- a lifestyle block north of
Auckland which has a capital value of NZ$1.5 million -- is also
suppressed, the report says.

A lawyer representing the police told the High Court that a bank
account with close to NZ$1 million which was restrained last year
is still frozen and at this time not facing an application for
forfeiture. The police have alleged these funds are associated
with Mr. Nicholls, the Herald reports.

                     About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance,
was one of the bigger finance companies in New Zealand.

Capital + Merchant Finance, along with subsidiary Capital +
Merchant Investments Ltd., went into receivership on Nov. 23,
2007, due to breaches in respect of general security
agreements issued by the companies in favor of creditor Fortress
Credit Corporation (Australia) 11 Pty Ltd.  Fortress appointed Tim
Downes and Richard Simpson of Grant Thornton, chartered
accountants, while trustee Perpetual Trust have called in
KordaMentha.

Capital + Merchant owed NZ$167.1 million to about 7,500
investors. Fortress reportedly has a prior charge over assets and
was owed around NZ$70 million in total.


SOUTHERN CROSS: 100 Workers in South Island Set to Lose Jobs
------------------------------------------------------------
Radio New Zealand News reports that receivers have confirmed 100
staff are set to lose their jobs at a South Otago timber company,
bringing the total number of job losses to 179.

Southern Cross Forest Products has been in receivership since
March this year and receivers KordaMentha have been unable to find
a new buyer for its South Island operations.

KordaMentha on May 20 announced the closure of the Mosgiel
Remanufacturing Plant and Millstream Lumber Division in Milton,
Radio NZ recalls.

One hundred staff were told the company's South Island operations
will cease within eight weeks. Seventy-nine jobs were axed in
April, the report notes.

Radio NZ relates that Brendon Gibson -- BGibson@kordamentha.com
-- from KordaMentha said the operation does not justify continued
trading in its current form.

"We've got parties interested in individual parts of that business
that we're able to continue with. We haven't been able to find any
interest at a level that we can pursue as a going concern for the
whole business," the report quotes Mr. Gibson as saying.

Radio NZ relates that Mr. Gibson said none of the South Island
operations' assets have been sold so far. He said staff are yet to
be given notice and are being supported, the report relays.

"It's tough, no doubt about that. We'll work with them as they
work with us in concluding what we need to do. We're speaking to
the likes of WINZ to try and give them support to see if there is
other opportunities in the area for them," Mr. Gibson, as cited by
Radio NZ, said.

Meanwhile, Radio NZ reports that KordaMentha said there is strong
interest from buyers in the company's Thames sawmill and
remanufacturing businesses in the North Island, which is not
affected by closure.

                       About Southern Cross

Southern Cross Forest Products is a Dunedin-based sawmill company.
It employed about 400 staff and has about NZ$100 million in annual
sales.

Brendon James Gibson and Michael Peter Stiassny were appointed
Joint and Several Receivers and Managers of the assets and
undertaking of Southern Cross Forest Products Limited, Rosebank
Forest Products Limited, Kauri Timber Products Limited And Pine
Resources (NZ) Limited on March 3, 2014.



                             *********

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
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                 *** End of Transmission ***