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        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, July 28, 2014, Vol. 17, No. 147


                            Headlines


A U S T R A L I A

L P REDFERN: In Administration; First Meeting Set For Aug. 6
POWERHOUSE ENGINE: Hall Chadwick Appointed as Administrators


C H I N A

CHINA SOUTH CITY: S&P Raises CCR to 'BB-' on Steady Growth
LDK SOLAR: Two Directors Resign, Nine Directors Remain
MODERN LAND: Moody's Affirms B2 Corporate Family Rating
REDCO PROPERTIES: S&P Rates Proposed US$-Denom. Sr. Notes 'B'


I N D I A

BARODA AGRO: ICRA Upgrades Rating on INR16cr Loans to 'B+'
CHADHA SUGARS: ICRA Reaffirms 'B' Rating on INR318.59cr Loans
FEROZEPUR FOODS: CRISIL Reaffirms B+ Rating on INR266.4MM Loans
FORTUNE PHARMA: CRISIL Assigns 'B-' Rating to INR110.7MM Loans
FUELCO ISPAT: CRISIL Suspends 'B-' Rating on INR120MM Loans

G.S. ALLOY: CRISIL Reaffirms 'B+' Rating on INR50MM Loan
G.VENKATESHWAR: CRISIL Reaffirms B+ Rating on INR50MM Loans
GANPATI OIL: CRISIL Suspends 'D' Rating on INR282.2MM Loans
GRAPHITE TRADELINK: CRISIL Suspends 'D' Rating on INR60MM Loan
GREENLAND MOTORS: CRISIL Reaffirms B+ Rating on INR140MM Loans

HYPNOTIK CLOTHING: CRISIL Assigns 'B' Rating to INR67.5MM Loan
IND SWIFT: ICRA Cuts Rating on INR1213.57cr Loans to 'D'
JAI PAWANSUT: CRISIL Reaffirms 'B' Rating on INR66.3MM Loans
K.S. GRANITES: CRISIL Assigns 'B' Rating to INR200MM Loan
KMB GRANITE: CRISIL Assigns 'B' Rating to INR200MM Loans

KUDOS CHEMIE: ICRA Downgrades Rating on INR1402.95cr Loans to 'D'
LABDHI INT'L: ICRA Reaffirms 'B+' Rating on INR7.0cr Loan
MAGNUM VENTURES: ICRA Reaffirms 'D' Rating on INR309.81cr Loan
MAULI COTEX: ICRA Suspends 'B' Rating on INR5cr Loan
NACHIKETA COTTON: ICRA Reaffirms 'B+' Rating on INR6.5cr Loan

NORTH INDIA: CRISIL Reaffirms 'B+' Rating on INR120MM Loan
PADMAVATI STEELS: CRISIL Rates INR100MM Cash Credit at 'B-'
QUANTAPLAST POLYMER: CRISIL Suspends D Rating on INR91MM Loans
R.T. EXPORTS: ICRA Lowers Rating on INR25cr Term Loan to 'D'
RADIANT PLASTRUDERS: ICRA Lowers Rating on INR5.44cr Loans to 'B'

RAJASTHAN PULSES: CRISIL Assigns 'B+' Rating to INR125MM Loans
RAM LAL: ICRA Reaffirms 'B' Rating on INR20cr Bank Loan
SAICON STEELS: ICRA Suspends 'D' Rating on INR35.88cr Loans
SANMAN CONSTRUCTIONS: CRISIL Ups Rating on INR49MM Loans to 'B'
SARDAR STEEL: ICRA Assigns 'B+' Ratings to INR4.07cr Loans

SG ENGINEERS: ICRA Suspends 'B+' Rating on INR4.0cr Loan
SOHANLAL SONS: ICRA Assigns 'B' Rating to INR9.0cr Cash Credit
TIRUPATI ALUMINIUM: CRISIL Reaffirms B Rating on INR140MM Loan
VARDHMAN CHEMTECH: ICRA Assigns 'D' Rating on INR100cr Loan


I N D O N E S I A

BERAU ENERGY: S&P Assigns 'BB-' Rating on US$450MM Sr. Notes


J A P A N

MT GOX: Creditors Want Payouts in Bitcoins, FT Reports
RESONA HOLDINGS: To Complete Repayment of Bailout Funds


M A L A Y S I A

MALAYSIA AIRLINES: Government Expected to Rescue Carrier


P H I L I P P I N E S

RURAL BANK OF OROQUIETA: Placed Under PDIC Receivership


                            - - - - -


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


L P REDFERN: In Administration; First Meeting Set For Aug. 6
------------------------------------------------------------
Grahame Peter Hill of Hills Corporate Services was appointed as
administrator of L P Redfern Properties Pty. Limited on July 25,
2014.

A first meeting of the creditors of the Company will be held at
Suite M2 135 in Drummoyne, New South Wales on Aug. 6, 2014, at
11:00 a.m.


POWERHOUSE ENGINE: Hall Chadwick Appointed as Administrators
------------------------------------------------------------
Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of Powerhouse Engine and Service Centre Pty Ltd
on July 23, 2014.

A first meeting of the creditors of the Company will be held at
Karratha International Hotel, Corner Hillview and Millstream
Roads, in Karratha, on Aug. 5, 2014, at 3:00 p.m.



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


CHINA SOUTH CITY: S&P Raises CCR to 'BB-' on Steady Growth
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on China-based real estate company China South City
Holdings Ltd. (CSC) to 'BB-' from 'B+'.  The outlook is stable.
At the same time, S&P raised its issue rating on the company's
outstanding senior unsecured notes to 'B+' from 'B'.  S&P also
raised its long-term Greater China regional scale ratings on the
company to 'cnBB+' from 'cnBB' and on the notes to 'cnBB' from
'cnBB-'.

"We upgraded CSC because we expect the company to maintain good
sales execution for its more diversified portfolio while operating
on a larger scale," said Standard & Poor's credit analyst Bei Fu.
"The company's profitability is likely to remain higher than
peers'.  We also anticipate that CSC will maintain its financial
discipline."

S&P expects CSC's sales execution to remain good for the next 12
months, based on its robust sales pipeline.  The significant
growth in the company's contract sales since fiscal 2012 (ended
March 31, 2012) reflected its strong sales execution in new
markets outside Shenzhen.  CSC's contract sales of Hong Kong
dollar (HK$) 14.1 billion in 2013 were 72% higher than the year
before, and significantly exceeded S&P's base-case expectation.
The company's contract sales in the first quarter of fiscal 2015
rose 20% year over year to HK$2.65 billion, and met 14% of its
full-year target.

CSC's geographical diversification should further improve as more
new projects enter the sales pipeline.  The company's diversity
has significantly improved compared with three years ago, when
only two projects contributed to sales, and 77% of these came from
Shenzhen.  In fiscal 2014, seven malls generated contract sales,
including five malls that had sales of more than HK$1 billion.  At
the same time, the contribution to sales from Shenzhen projects
has decreased to 4%. Given the large scale of each project, the
sales contribution cycle generally lasts four to five years.

S&P anticipates that CSC will maintain above-average profitability
over the next two years compared with most similarly rated peers.
This is mainly because of the company's low land costs, at less
than 5% of its average selling price, and the benefits of low-rise
construction.  CSC can buy land at lower prices because of its
partnerships with local governments and their support for the
company's development of trade centers.  The company's EBITDA
margin decreased slightly to 42.7% in fiscal 2014, from 49.3% in
fiscal 2013, as it recognized more revenue from projects in new
markets outside Shenzhen.

In S&P's view, CSC's project diversity is still weak as it has
fewer projects than most 'BB-'-rated peers.  In addition, the
ramp-up of rental from new projects is still untested.  The much
bigger scale of CSC's projects requires significant capital
outlays for development, and they have long investment horizons.
However, S&P believes CSC has the flexibility to scale back
construction costs to some extent, if needed.  In view of these
factors, S&P continues to assess CSC's business risk profile as
"weak."

S&P expects CSC to manage its leverage with caution while pursuing
debt-funded expansion.  The company's financial performance will
remain largely stable because higher sales and delivery could
offset the increase in debt.  CSC's large capital funding needs
for expansion in the next 12 months continue to underpin S&P's
assessment of a "significant" financial risk profile.

CSC has improved its financial flexibility by effectively
extending its funding channels.  The company issued US$400 million
in senior unsecured notes in January 2014 and Chinese renminbi 1
billion in medium-term notes in May 2014.  CSC used part of the
proceeds to refinance its onshore debt maturities.  As of the end
of 2013, the company has HK$975 million in outstanding convertible
bonds due 2017.

CSC has established a track record of operating on a larger
operating scale and has good sales execution capability.  Its
geographic and project diversity has also improved.  S&P has
therefore revised its assessment of the comparable rating analysis
to "neutral" from "negative."

The issue rating on the notes is one notch lower than the
corporate credit rating because of structural subordination.

"The stable outlook reflects our expectation that the company's
sales performance will be satisfactory over the next 12 months
because of good execution and improving geographic diversity.  We
also anticipate the company will maintain higher profitability
compared with peers'.  At the same time, we expect the company's
financial management to remain consistent.  We still expect debt
to significantly increase to fund CSC's growing construction and
delivery needs," said Ms. Fu

S&P could lower the rating if CSC's sales performance is
materially weaker than it expects (S&P's base case is HK$16.5
billion for fiscal 2015) or the company's expansion is more
aggressive than S&P anticipates, such that its debt-to-EBITDA
ratio is above 4x or EBITDA interest coverage is below 3x on a
sustainable basis.

The rating upside is limited for the next 12 months.  However, S&P
could raise the rating if CSC significantly grows its business
scale, continues to demonstrate strong sales execution, and
materially increases rental income from new markets while
maintaining its disciplined financial management and profit margin
over the next 12 months.


LDK SOLAR: Two Directors Resign, Nine Directors Remain
------------------------------------------------------
LDK Solar Co., Ltd., in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, announced that Dr. Bing Xiang and
Mr. Hongjiang Yao have resigned from LDK Solar's board of
directors.

Mr. Xiaofeng Peng, Chairman of LDK Solar, stated: "We are grateful
to Dr. Xiang and Mr. Yao for their service as members of our board
over the past several years.  We benefitted from their wisdom and
the LDK Solar board wishes to acknowledge, with appreciation,
their efforts and contributions during their tenure.  We wish them
well in their future endeavors."

With these changes, the number of members of LDK Solar's board of
directors is nine.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar Co disclosed a net loss of $1.05 billion on $862.88
million of net sales for the year ended Dec. 31, 2012, as compared
with a net loss of $608.95 million on $2.15 billion of net sales
for the year ended Dec. 31, 2011.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.


MODERN LAND: Moody's Affirms B2 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the USD
senior unsecured notes proposed by Modern Land (China) Co., Ltd.

At the same time, Moody's has affirmed the company's B2 corporate
family and senior unsecured debt ratings.

The rating outlook is stable.

The proceeds from the proposed bonds will be used to refinance its
existing debt, fund the company's development of property projects
and general corporate purposes.

Ratings Rationale

"The proposed notes will enhance Modern Land's liquidity position
and improve its debt maturity profile," says Lina Choi, a Moody's
Vice President and Senior Analyst.

The notes will provide additional cash to the company to fund its
operations and projects, thereby supporting sales growth.

After its listing on the Hong Kong Stock Exchange in July 2013,
Modern Land has raised two bonds for the amounts of RMB1.1 billion
and USD150 million to fund growth.

The new proposed notes will enhance the stability of the company's
capital structure after the two previous issuances.

"The affirmation of Modern Land's B2 rating reflects Moody's
expectation that the company is on track to meet the contracted
sales budgeted for 2014, despite the decline in sales in the
residential property market in China," adds Choi.

Modern Land's contracted sales for 1H 2014 reached RMB2.29
billion. Furthermore, its revenue, cash collection performance, as
well as pace of land acquisitions in 1H 2014 were within Moody's
expectations.

As such, Moody's expects Modern Land's EBITDA/interest will be
maintained at 2x-2.5x, and revenue to gross debt at 0.6x-0.8x in
the next 12 months after the issuance of the proposed notes. These
credit metrics remain appropriate for its B2 rating.

Modern Land's B2 corporate family rating continues to reflect its
track record of generating stable sales in its niche market of
comfortable and eco-friendly homes. It also reflects the high
profitability of its niche products.

On the other hand, the rating considers Modern Land's small scale
and exposure to market volatility, against the backdrop of its
need to access capital to fund its rapid growth.

Modern Land has a strong liquidity position. Moody's estimates
that its cash holding and its projected operating cash flow can
fully support its committed land payments, repayments of maturing
debt, and dividend payments of around RMB2-RMB3 billion in the
next 12 months.

The stable outlook reflects Moody's expectation that the company
will maintain adequate liquidity and will grow sales as planned,
and that it will adjust its speed of expansion -- in accordance
with market conditions -- to avoid a material deterioration in its
credit profile.

Upward rating pressure could emerge over the medium term if Modern
Land establishes a track record of: (1) growing its scale and
establishing its brand in new locations outside Beijing over the
next 1-2 years; (2) maintaining a reasonable cash balance of
around 10%-12% of total assets; and (3) demonstrating strong
financial discipline in land acquisitions.

On the other hand, downward rating pressure could emerge if: (1)
Modern Land's liquidity position and ability to generate operating
cash flows prove to be weaker than Moody's has anticipated, and
which is due in turn to declining contracted sales, aggressive
land acquisitions, or the emergence of more severe regulatory
controls on China's property sector; (2) prices decline, and
revenue recognition is slower-than-expected, or if profit margins
fall, negatively affecting interest coverage and financial
flexibility; or (3) the company engages in material debt-funded
acquisitions.

In such a situation, its balance sheet cash (including restricted
and unrestricted cash) could fall below 10% of total assets or 50%
of short-term debt, and/or its EBITDA/interest coverage weakens to
below 1.5x on a sustained basis.

The principal methodology used in this rating was the Global
Homebuilding Industry published in March 2009.

Listed on the Hong Kong Stock Exchange in July 2013, Modern Land
(China) Co., Limited was founded in 2000 in Beijing by the
company's chairman, Mr. Zhang Lei. It specializes in developing
"comfort living" housing units and is one of the few early
pioneers of green and eco-friendly projects in China. As of
February 2014, the company had a total land bank of 4.1 million
square meters in gross floor area (GFA) in China (excluding
investment properties and properties held for own use), located in
Beijing, Jiujiang, Nanchang, Taiyuan, Changsha, Xiantao, and
Wuhan.


REDCO PROPERTIES: S&P Rates Proposed US$-Denom. Sr. Notes 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
issue rating and 'cnBB-' long-term Greater China regional scale
rating to a proposed issue of U.S.-dollar-denominated senior
unsecured notes by Redco Properties Group Ltd. (B/Stable/--; cnBB-
/--).  The notes have a tenor of five years.  The ratings are
subject to S&P's review of the final issuance documentation.  The
Chinese real estate developer will use the proceeds from the
proposed issuance to refinance certain existing debt, finance
existing and new property development projects, and for other
general corporate purposes.

S&P rates the proposed notes at the same level as the corporate
credit rating on Redco.  This is because S&P believes the company
will actively manage its proportion of onshore debt to a
satisfactory level, thereby reducing the structural subordination
risk for the proposed notes.

The ratings on Redco reflect S&P's view of the company's high
project concentration, small operating scale, and exposure to the
cyclical Chinese property development industry.  Redco's
accelerated growth strategy following its IPO and other financing
plans will increase its execution risk, in S&P's view.  The
company's good operating efficiency, low-cost land bank, and track
record in completing projects in various regions temper such
risks.  Also, S&P believes Redco has stronger development
experience than similarly rated peers'.  S&P assess Redco's
business risk profile as "vulnerable" and the company's financial
risk profile as "aggressive," as S&P's criteria define those
terms.

The stable outlook on Redco reflects S&P's expectation that the
company will expand its operating scale and continue to grow its
contracted sales.  However, S&P expects that Redco's debt will
increase to fund its expansion, weakening its leverage position in
the next 12 months, but will remain within the "aggressive"
financial risk profile category.



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


BARODA AGRO: ICRA Upgrades Rating on INR16cr Loans to 'B+'
----------------------------------------------------------
ICRA has upgraded the rating assigned to the INR16.00 crore
(enhanced from INR7.94 crore) long term fund based facilities of
Baroda Agro Chemicals Limited to [ICRA]B+ from [ICRA]B.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           8.50       Upgraded to [ICRA]B+
   Term Loan             7.50       Upgraded to [ICRA]B+

The upgrade in the rating takes into account the improvement in
profitability & return indicators on account of increased focus on
job work orders. ICRA also favorably factors in the company's
established track record in the pesticide manufacturing business,
diversified product portfolio and established relationship with
large and reputed agro chemical companies. The rating is however
constrained by the small scale of operations in a business segment
involving manufacture of generic pesticide formulations which is
highly fragmented due to the presence of large number of players;
vulnerability to the agro climatic risk caused due to the
cyclicality inherent in the agricultural sector and regulatory
controls that govern the pesticide and agro chemical industry. The
ratings also factors in the high customer concentration risk which
has partly been mitigated by the addition of new customers from
FY2012 onwards as well as diversification of customers in job work
orders.

Baroda Agro Chemicals Limited was incorporated in 1996 by Mr K.V
Rao. BACL is engaged in the manufacture of insecticide and
fungicide formulations. The company operates from its
manufacturing facility located at Halol near Vadodara city with an
installed capacity of ~100 KL/per day. BACL enters into contract
manufacturing as well as job work with respect to generic
pesticide formulation and can produce formulations in varying
forms like Emulsifiable Concentrates (EC), Dusting Powders (DP),
Granules (G), Wettable Powders (WP), Soluble Powders (SP),
Suspension Concentrates (SC), Flowables Slurries (FS), Water
Disbursable Granules (WDG), Dry Flowables (DF) and Soluble
Granules (SG).

Recent Results
In FY 2014, BACL reported an operating income of INR25.49 crore
(as against INR31.55 crore in FY 2013) and profit after tax of
INR1.90 crore (as against INR1.17 crore in FY 2013).


CHADHA SUGARS: ICRA Reaffirms 'B' Rating on INR318.59cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR192.26 crores term loans and INR126.33 crores fund based limits
of Chadha Sugars and Industries Limited. ICRA has also reaffirmed
the short-term rating of [ICRA]A4 to the INR6.00 crores non-fund
based limits of CSIL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans           192.26      [ICRA]B reaffirmed
   Fund based limits    126.33      [ICRA]B reaffirmed
   Non fund based
   Limits                 6.00      [ICRA]A4 reaffirmed

The ratings are tempered by the leveraged financial profile of the
company coupled with weak debt protection metrics and significant
loan repayment obligations on account of debt funded nature of
capital expenditure undertaken by the company in the past. The
weak financial profile is further exacerbated by the losses
incurred by the company in FY2014 due to rise in cane costs and
fall in sugar realizations during the period. Finally, the ratings
also reflect the modest scale of operations of the company,
exposure to agro-climatic risks, cyclical trends in the sugar
business and regulatory risks faced by the mill in terms of cane
pricing.

The ratings are supported by the company's forward integration in
co-generation of power and molasses & grain bases distilleries
which would partially offset the effect of sugar cyclicality on
the profitability of the company. The ratings also draw comfort
from the significant experience of the promoters in the sugar
business and demonstrated financial support from the promoters in
the form of equity infusion and unsecured loans.

Chadha Sugars & Industries Ltd was incorporated in 2004. The
company is part of Late Mr. Hardeep Chadha Group which has
business interests in diverse areas such as real estate, sugar,
liquor, paper etc. CSIL has set up a 4500 TCD sugar plant
(expandable up to 7500 TCD), 26 MW co-generation unit, 30 KLPD
grain based distillery and 30 KLPD molasses based distillery. The
plant is located at village Teri Afghana in Gurdaspur district of
Punjab.

CSIL reported a net loss of INR19.86 crore on an operating income
(adjusted for internal transfers) of INR236.84 crore in FY 2014 as
compared to a loss of INR0.14 Crores on an operating income of
INR166.84 Crores in FY2013.


FEROZEPUR FOODS: CRISIL Reaffirms B+ Rating on INR266.4MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ferozepur Foods Pvt Ltd
continue to reflect FFPL's average financial risk profile marked
by high gearing, its large working capital requirements, and its
modest scale of operations in the highly fragmented rice industry.
These weaknesses are partially offset by the extensive industry
experience of the company's promoters.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            260     CRISIL B+/Stable (Reaffirmed)
   Term Loan                6.4   CRISIL B+/Stable (Reaffirmed)
   Export Packing Credit   60     CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that FFPL's financial risk profile will remain
weak over the medium term owing to its working-capital-intensive
operations. The outlook may be revised to 'Positive' in case of
substantial improvement in the company's financial risk profile,
driven most likely by a shorter working capital cycle or a
substantial increase in its scale of operations. Conversely, the
outlook may be revised to 'Negative' if FFPL's operating margin is
lower-than-expected, or if it undertakes a large debt-funded
capital expenditure programme.

FFPL, set up in 1994, produces a variety of basmati and non-
basmati rice and its by-products. The company undertakes milling
and sorting at its facility in Ferozpur (Punjab). Its day-to-day
operations are managed by Mr. Brij Bhushan Mittal and Mr. Hemant
Mittal.


FORTUNE PHARMA: CRISIL Assigns 'B-' Rating to INR110.7MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Fortune Pharma Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Working Capital         45.6      CRISIL B-/Stable
   Term Loan

   Term Loan                29.1     CRISIL B-/Stable

   Cash Credit              30       CRISIL B-/Stable

   Funded Interest           6       CRISIL B-/Stable
   Term Loan

The rating reflects FPPL's weak financial risk profile marked by
eroded net worth, weak debt protection metrics, and stretched
liquidity because of losses incurred in the past and scheduled
debt repayments, although partly supported by sizable funding
support by promoters. The rating also factors in the pressure on
the company's business risk profile due to significant decline in
its revenue. These rating weaknesses are partially offset by
FPPL's long-standing presence in the pharmaceutical industry and
funding support from its promoters.

Outlook: Stable

CRISIL believes that FPPL will benefit over the medium term from
its long-standing presence in the pharmaceutical industry and
funding support it receives from its promoters; however, its
credit risk profile will remain constrained on account of its
declining revenue and loss-making operations. The outlook may be
revised to 'Positive' in case FPPL significantly scales up its
operations along with improvement in profitability, leading to
higher-than-expected cash accruals or significantly higher
infusion of funds by the promoters, thereby alleviating liquidity
concerns. Conversely, the outlook may be revised to 'Negative' if
FPPL incurs further losses because of subdued revenue and lower-
than-expected fund infusion by promoters, leading to further
pressure on the company's liquidity and debt repayments.

FPPL was incorporated in July 2005, promoted by Mr. Sudhakar Mulay
and his family members. The company manufactures active
pharmaceutical ingredients and intermediates, which find
application in human and veterinary healthcare segments. FPPL
operates through its manufacturing facility located in Shendra
MIDC, Aurangabad (Maharashtra).

For 2013-14 (refers to financial year, April 1 to March 31), FPPL
reported, on a provisional basis, a net loss of INR7 million on
net sales of INR34 million; the company reported a net loss of
INR55 million on net sales of INR52 million for 2012-13.


FUELCO ISPAT: CRISIL Suspends 'B-' Rating on INR120MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Fuelco
Ispat (India) Ltd.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            50      CRISIL B-/Stable Suspended
   Long Term Loan         70      CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by FIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, FIL is yet to
provide adequate information to enable CRISIL to assess FIL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

FIL, incorporated in 2004, and promoted by Mr. Navalkishore
Agarwal, commenced operations in May 2011. The company
manufactures cast iron pipes at its plant in Borgaon (Madhya
Pradesh).


G.S. ALLOY: CRISIL Reaffirms 'B+' Rating on INR50MM Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of G.S. Alloy Castings Ltd
continue to reflect the company's exposure to risks relating to
intense competition in the castings industry, susceptibility of
its profitability to volatility in raw material prices, and its
working-capital-intensive operations. These rating weaknesses are
partially offset by its promoters' extensive industry experience
and its moderate financial risk profile, marked by moderate
gearing and robust debt protection metrics.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            50      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        5      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that GSAC will continue to benefit over the medium
term from the promoters extensive experience in the casting
industry and its established relationship with the customers. The
outlook may be revised to 'Positive' in case GSAC reports higher-
than-expected cash accruals, driven by scale-up of operations,
leading to improvement in the financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in the financial risk profile, particularly its liquidity, most-
likely because of decline in its profitability, or elongation of
its working capital cycle, or any larger-than-expected debt-funded
capital expenditure (capex) programme.

Update
For 2013-14 (refers to financial year, April 1 to March 31), GSAC
on a provisional basis, reported sales of INR622 million, around
30 per cent lower than the preceding year and CRISIL's
expectations. The decline in revenues is attributable to muted
demand in the heavy engineering industry, leading to slowdown in
the orders. With present order book of around INR300 million,
GSAC's scale of operations is expected to improve and is estimated
to register a moderate growth over the medium term. Despite
decline in the revenues, GSAC's operating profitability is
estimated to remain stable at around 11.7 per cent for 2013-14,
driven by decline in the material costs due to subdued prices of
key raw materials including mild steel scrap, high alloy stainless
steel and others. CRISIL expects GSAC's operating profitability to
remain in the range of 11 to 12 per cent over the medium term.

GSAC's operations have remained working-capital-intensive
primarily driven by its high receivables as reflected in its
debtors estimated at 127 days as on March 31, 2014. The gross
current assets are estimated at 160 days as on March 31, 2014 and
these working capital intensive operations are funded through
extended credit from suppliers and bank limits of INR50 million
which have been highly utilized at an average of 91 per cent for
the twelve months through May 2014. GSAC's financial risk profile
has remained moderate with moderate gearing estimated at 1.5 times
as on March 31, 2014. Debt-protection metrics continue to remain
robust with interest coverage and net cash accruals to total debt
ratio's estimated at 2.5 times and 23 per cent, respectively, for
2013-14. GSAC's liquidity is supported by its adequate cash
accruals estimated at over INR40 million for 2013-14, and healthy
net cash accruals expected to be generated over the near to medium
term against its debt obligations of INR25 million for 2014-15.
The liquidity is further supported by absence of any debt-funded
capex plans over the medium term.

GSAC, established in 1987, by Mr. Prasada Rao, manufactures alloy
and steel castings, which have application in heavy engineering
industries. Its plant is located at Vijayawada (Andhra Pradesh).

For 2013-14, on a provisional basis, GSAC reported a profit after
tax (PAT) of INR4.1 million on net sales of INR621.8 million,
against a PAT of INR17.6 million on net sales of INR904 million
for 2012-13.


G.VENKATESHWAR: CRISIL Reaffirms B+ Rating on INR50MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank loan facilities of G.Venkateshwar
Reddy continues to reflect the firm's modest scale of operations
in the intensely competitive civil construction industry and large
working capital requirements. These rating weaknesses are
partially offset by the benefits that GVR derives from its
promoter's extensive experience in the civil construction
industry.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         70       CRISIL A4 (Reaffirmed)
   Cash Credit            50       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GVR will continue to benefit over the medium
term from its proprietor's extensive industry experience and its
established relationship with its customers. The outlook may be
revised to 'Positive' if the firm extends its geographical reach
and diversifies its customer base and if its revenue and
profitability increase significantly or better working capital
management, leading to improvement in its liquidity. Conversely,
the outlook may be revised to 'Negative' if its revenue and
profitability decline significantly, there are considerable delays
in realisation of receivables, or if the firm undertakes a larger-
than-expected debt-funded capital expenditure programme, thereby
weakening its financial risk profile, particularly its liquidity.

GVR, set up as a proprietorship firm in 2002, undertakes
earthworks, canal lining, and civil construction works. The firm,
located in Warangal (Andhra Pradesh), mainly executes orders for
Andhra Pradesh Irrigation Department and is registered as a
special-class contractor with Andhra Pradesh Irrigation & CAD
Department.


GANPATI OIL: CRISIL Suspends 'D' Rating on INR282.2MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ganpati
Oil & Foods Ltd (GOFL; part of the Ganpati group).

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            5       CRISIL D Suspended
   Cash Credit             240       CRISIL D Suspended
   Long Term Loan           37.2     CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by GOFL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GOFL is yet to
provide adequate information to enable CRISIL to assess GOFL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

CRISIL has combined the business and financial risk profiles of
GOFL, Eminence India Ltd (Eminence), and Spectrum Retailnet Pvt
Ltd (Spectrum). This is because these companies, together referred
to as the Ganpati group, operate under a common management and
have operational linkages among them.

GOFL was promoted as a private limited company by Mr. Manoj
Agrawal, Mr. Mayank Agrawal, Mr. Manish Agrawal, and Mr. Hemant
Jain in 1997. The company was reconstituted as a public limited
company in 2005. GOFL is engaged in extraction of mustard oil and
oil cake. Spectrum retails mustard and soya oil, and Eminence
processes wheat and sesame seeds.


GRAPHITE TRADELINK: CRISIL Suspends 'D' Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Graphite Tradelink Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             60       CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by GTPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GTPL is yet to
provide adequate information to enable CRISIL to assess GTPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

GTPL was originally set up as a proprietorship concern, Skyline
Garments, in 2006. The firm was reconstituted as a closely held
company with the current name in June 2010 by its promoters, Mr.
Arnab Ghosh and Mr. Debdulal Sarkar. GTPL manufactures garments
for men under the Skyline brand.


GREENLAND MOTORS: CRISIL Reaffirms B+ Rating on INR140MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Greenland Motors (GM)
continue to reflect GM's below-average financial risk profile
marked by small net worth, high gearing, and weak debt protection
metrics.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            20       CRISIL B+/Stable (Reaffirmed)
   Inventory Funding     120       CRISIL B+/Stable (Reaffirmed)
   Facility

The ratings also factor in the firm's small scale of operations in
the intensely competitive automotive dealership business and its
large working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of GM's
promoters and the firm's established relationship with Maruti
Suzuki India Ltd (MSIL; rated 'CRISIL AAA/Stable/CRISIL A1+').

For arriving at its ratings, CRISIL has treated unsecured loans of
from GM's promoters as neither debt nor equity. These are from the
promoters and carry low interest, but are not subordinated to bank
debt.

Outlook: Stable

CRISIL believes that GM will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationship with its principal, MSIL. The outlook may
be revised to 'Positive' if the firm significantly increases its
scale of operations while strengthening its capital structure.
Conversely, the outlook may be revised to 'Negative' if GM's
financial risk profile deteriorates because of large working
capital borrowings or decline in profitability.

GM, a dealer of MSIL's cars, commenced operations in 2005. GM has
three showrooms-cum-workshops in Allahabad, Pratapgarh, and
Kaushambi (all in Uttar Pradesh). Currently, GM is the sole dealer
for MSIL in Pratapgarh and Kaushambi, and one of two dealers for
MSIL in Allahabad.

GM's profit after tax (PAT) is estimated at INR5.69 million on net
sales of INR1021.8 million for 2013-14 (refers to financial year,
April 1 to March 31); the firm reported a PAT of INR3.19 million
on net sales of INR799.3 million for 2012-13.


HYPNOTIK CLOTHING: CRISIL Assigns 'B' Rating to INR67.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Hypnotik Clothing Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Packing Credit           67.5     CRISIL B/Stable

The rating reflects HCPL's weak financial risk profile marked by
below-average capital structure and weak debt protection metrics.
The rating also factors in the company's small scale and working-
capital-intensive operations and high customer concentration.
These rating weaknesses are partially offset by the extensive
experience of HCPL's promoters in the ready-made garment industry
and their funding support.

Outlook: Stable

CRISIL believes that HCPL will benefit over the medium term from
the extensive experience of its promoters in the ready-made
garment industry. The outlook may be revised to 'Positive' if HCPL
reports a significant and sustainable improvement in its scale of
operations and manages its working capital requirements well,
leading to higher-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile, particularly liquidity, deteriorates most likely due
to continued pressure on its revenue and profitability, stretch in
working capital cycle, or larger-than-expected debt-funded capital
expenditure.

HCPL was set up in December 2010 by Mr. Vijay Golani and Ms.
Resham Chellaram. HCPL exports ready-made garments primarily to
the USA. It gets the garments manufactured on jobwork basis from
various manufacturers in Karnataka, Maharashtra, and Gujarat.

For 2013-14 (refers to financial year, April 1 to March 31), HCPL
reported a profit after tax (PAT) of INR0.53 million on net
operating income of INR87.5 million, against a PAT of INR2.1
million on net operating income of INR152.1 million for 2012-13.


IND SWIFT: ICRA Cuts Rating on INR1213.57cr Loans to 'D'
--------------------------------------------------------
ICRA has downgraded the rating for INR1213.57 crore of bank
facilities of Ind Swift Laboratories Limited to [ICRA]D/[ICRA]D
from [ICRA]C/[ICRA]A4.

                            Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Term Loan Facilities     610.89     Downgraded from [ICRA]C
                                       to [ICRA]D

   Cash Credit Facilities   303.41     Downgraded from [ICRA]C
                                       to [ICRA]D

   Bank Guarantee            25.00     Downgraded from [ICRA]A4
                                       to [ICRA]D

   Letter of Credit         240.00     Downgraded from [ICRA]A4
                                       to [ICRA]D

   Unallocated               34.27     Downgraded from [ICRA]C/A4
                                       to [ICRA]D/D

The assigned rating reflects recent delays in debt servicing by
ISLL. The ratings remain constrained by the company's weak
performance in 2013-14 with decline in sales and a large reported
loss with continued high debt levels. The company's liquidity
position also remains weak as it was enjoying a moratorium period
under CDR mechanism till 2013-14 and subsequently delayed.
Additionally, the company is also subject to various restrictions
related to the implementation of the Corporate Debt Restructuring
(CDR) mechanism in 2012-13, limiting its revenue growth to a
certain extent. ICRA also notes that the company's sales remain
concentrated towards the top five products. Further, ICRA also
observed that the margins of the key molecules remain under
pressure with markets moving towards commoditized pricing and
profitability being vulnerable to the volatility in the raw
material prices.

On the positive note, ISLL has a balanced geographic mix with
nearly two third of the revenues generated from exports to clients
spread across the globe, especially in the semi-regulated markets.
Also, the company enjoys strong position in manufacturing of
Clarithromycin, where it remains the second largest producer in
the world after the innovator Abbott (U.S). ICRA, also notes, the
company's plans to focus on regulated market where the company
would see better realizations than in currently serviced markets.
Further, the presence of ISLL in Japanese generic market, where
the company is a chosen API supplier to Japanese generic
pharmaceutical company augurs well for the company. Going forward,
ISLL's ability to timely service its interest and principal
payments would be the key rating sensitivity.

Recent Results
In 2013-14, ISLL reported Operating Income of INR949.4 Crore,
Profit before Depreciation, Interest and Tax (PBDIT) of INR67.3
Crore and net loss of INR122.7 Crore.

ISLL, part of the Ind-Swift Group based at Chandigarh, was
promoted in 1995 by Ind-Swift Limited in joint venture with the
Punjab State Industrial Development Corporation Limited (PSIDC).
ISLL went public in 1997 and subsequently in 2002-03, PSIDC exited
from ISLL. Ind Swift Laboratories is a medium sized manufacturer
of Active Pharmaceuticals Ingredients (APIs) and Advanced
Intermediates with presence mostly in domestic markets and certain
semi-regulated markets. The company develops, manufactures and
supplies bulk drugs to various domestic formulations companies and
leading generic players across semi-regulated markets (with
predominant presence in East European Markets). The company
supplies Bulk-Actives in more than 45 countries. ISLL's portfolio
includes drugs like Clarithromycin (Macrolide Anti-biotic),
Atorvastatin (Anti-cholestrol), Fexofenadine (Anti-histamine),
Clopidogrel (Anti-cholestrol), Nitazoxanide (Anti-diarrheal),
Pioglitazone (Anti-diabetic), Letrozole & Anastrozole (Anti
cancer), Venlafaxine (Anti-depressants), Quetipine & Aripirazole
(Anti-pshychotic). It is the second largest manufacturer of
Clarithromycin API (after the innovator -- Abbott) and enjoys
strong position in certain other molecules. ISLL also manufactures
a range of menthol products.


JAI PAWANSUT: CRISIL Reaffirms 'B' Rating on INR66.3MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jai Pawansut Polytex
Pvt Ltd continue to reflect JPPPL's below-average financial risk
profile marked by weak capital structure, and its modest scale of
operations. These rating weaknesses are partially offset by the
benefits that JPPPL derives from its promoters' extensive
experience in the textile industry through group entities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            1.2     CRISIL A4 (Reaffirmed)
   Cash Credit              30       CRISIL B/Stable (Reaffirmed)
   Term Loan                36.3     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JPPPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers
significant improvement in profitability and scale of operations,
resulting in better-than-expected cash accruals thereby
strengthening the networth and significantly improving its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of pressure on JPPPL's liquidity because of low cash accruals
or large working capital requirements or any large debt- funded
capital expenditure (capex).

Update
For 2013-14 (refers to financial year, April 1 to March 31),
JPPPL's turnover grew by 26 per cent year-on-year to around
INR265 million with ramp-up in operations post initial set-up. For
the current financial year of 2014-15 CRISIL expects the company's
turnover to be in the range of INR290 to 300 million and expects
the turnover growth at around 20 per cent on the back of new
capacities additions and improvement in product mix over the
medium term. JPPPL's operating profitability is estimated to be
marginally better-than- expected, at 8.0 per cent, for 2013-14
because of improved average realization with its product mix. In
2014-15, the company's profitability is expected at around 8 per
cent. Over the medium term, CRISIL expects JPPPL's operating cycle
to remain stable in the range of 80 to 85 days, and its working
capital requirements to increase with its scale of operations.
However its financial risk profile continues to be constrained by
small net worth, high gearing, average debt protection metrics,
and stretched liquidity over the medium term. As on March 31,
2014, JPPPL's gearing is estimated to around 3.6 times vs. modest
net worth of around INR16.7 million. In year 2015-16, the company
plans another debt funded capex to the tune of INR30 million for
further capacity expansion. With debt-funded capex planned and
moderate working capital requirements, the gearing is expected to
remain high in the range of 2.5 to 2.7 times over the medium term.
The company's liquidity is constrained by moderate cushion between
its accruals vs. its term debt repayments of INR7.4 million,
limited financial flexibility due to levered capital structure,
moderately working capital intensive operations, low current ratio
but it continues to have its promoters funding support.

JPPPL's profit after tax (PAT) and sales are estimated at INR4.2
million and INR265 million, respectively, for 2013-14; the company
reported loss of INR0.4 million on sales of INR209.5 million for
2012-13.

JPPPL was set up in 2010 in Surat (Gujarat) by the Khanna family.
The company manufactures, and trades in yarn, mainly bright
polyester yarn. Its manufacturing facility is in Surat.


K.S. GRANITES: CRISIL Assigns 'B' Rating to INR200MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of K.S. Granites (KS).

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

The rating reflects KS's start-up nature of operations in the
highly fragmented and competitive granite quarrying industry. This
rating weakness is partially offset by the extensive industry
experience of the firm's promoters.

Outlook: Stable

CRISIL believes that KS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained improvement in the firm's scale of operations and
profitability, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if KS
undertakes a larger-than-expected debt-funded capital expenditure
programme, or if its revenue and profitability decline
substantially, weakening its financial risk profile.

KS was established as a partnership firm by Mr. Mohammed Ali and
Mr. Mohammed Ismail in 2009. The firm is involved in quarrying and
sale of rough granite. It started commercial operations from
December 2013.


KMB GRANITE: CRISIL Assigns 'B' Rating to INR200MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of KMB Granite Quarriers (KMB). The rating reflects
KMB's start-up nature of operations in the highly fragmented and
competitive granite quarrying industry. This rating weakness is
partially offset by the extensive industry experience of the
firm's promoters.

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

Outlook: Stable

CRISIL believes that KMB will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained improvement in the firm's scale of operations and
profitability, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if KMB
undertakes a larger-than-expected debt-funded capital expenditure
programme, or if its revenue and profitability decline
substantially, weakening its financial risk profile.

KMB was established as a partnership firm by Mr. Mohammed Yaseen,
Mr. Mohammed Ismail, and Mr. Abdulla in 2012. The firm is involved
in quarrying and sale of rough granite. It started commercial
operations from January 2014.


KUDOS CHEMIE: ICRA Downgrades Rating on INR1402.95cr Loans to 'D'
-----------------------------------------------------------------
ICRA has downgraded the ratings assigned to INR1402.95 crore bank
facilities of Kudos Chemie Limited to [ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term: Fund     1,084.95     [ICRA]D/downgraded
   Based Limits

   Short Term: Fund       30.00     [ICRA]D/downgraded
   Based Limits

   Short Term: Non-      288.00     [ICRA]D/downgraded
   Fund Based Limits

The rating downgrade is on account of delays in the debt servicing
by the company due to its stretched liquidity position. The
liquidity of the company has remained stretched on account of high
working capital intensity of operations and strong revenue growth
driven by new product additions, however the same also required
regular debt-funded capacity expansions leading to highly
leveraged capital structure. During FY14, the company incurred
inventory loss on part- write-down of inventory of a new product
as it would not meet the desired quality specifications and will
require further processing, for which the company is setting up
additional facilities. Inventory loss and sharp increase in the
interest cost during the year adversely impacted the profitability
and aggravated the liquidity position, which had historically
remained stretched, resulting in delays in the debt servicing.

Going forward, improvement in the liquidity profile through
reduction in the working capital cycle and infusion of long term
funds would be critical for improvement in the credit profile and
hence would be the key rating sensitivities.

KCL was incorporated in September 1988 and is engaged in
manufacturing of speciality chemicals under the purines group. It
commenced manufacturing operations in FY 1994 with an installed
capacity of 120 TPA (tons per annum) of synthetic caffeine,
theophylline and its derivatives. Over the years, the caffeine
capacity has been increased and KCL is now a leading supplier of
caffeine globally. Though KCL remained focussed on caffeine till
FY 2008-09, it has been introducing new products since FY 2009-10
to diversify the customer and product profile. In addition to
caffeine, KCL now also manufactures theobromine, Cyano Acetic
Acid, Cyclohexenyl Ethylamine, adenie and theophylline.

Recent Results
In FY 2013-14, as per the provisional results, KCL reported an
operating income of INR1,088.06 crore and net loss of INR58.51
crore as against an operating income of INR1014.79 crore and net
profit of INR80.61 crore in previous year.


LABDHI INT'L: ICRA Reaffirms 'B+' Rating on INR7.0cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR7.00 crore
cash credit facility and [ICRA]A4 rating assigned to the INR12.00
crore Letter of Credit facility & INR2.50 crore Bank Guarantee
facility of Labdhi International Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Cash Credit Facility     7.00      [ICRA]B+ reaffirmed
   Inland/Import LC        12.00      [ICRA]A4 reaffirmed
   Inland Bank Guarantee    2.50      [ICRA]A4 reaffirmed

Labdhi International Private Limited was established in 1991 as a
partnership firm by Mr. Umesh Doshi and his family members and was
reconstituted as a private limited company in February 2011. LIPL
is one of the two del credere agents (DCAs) of HPL in Gujarat
region. LIPL also operates as a consignment stockiest for HPL. The
products sold by the company, on behalf of HPL, include HDPE,
LLDPE and PP. LIPL's monthly sales from these products range
between 2000 and 3000 MT. In addition to this, the company imports
other polymer products including LDPE resins, LDPE granules and
PVC resins.


MAGNUM VENTURES: ICRA Reaffirms 'D' Rating on INR309.81cr Loan
--------------------------------------------------------------
ICRA has reaffirmed [ICRA]D rating to the INR309.81 crore fund
based facilities of Magnum Ventures Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits    309.81        [ICRA]D reaffirmed

The reaffirmation of rating continues to reflect the low operating
performance of MVL's hotel unit which coupled with high
depreciation and interest costs has resulted in continued loss,
stretched liquidity position and delay in servicing of interest
payments and repayments of term loans by the company. While
reaffirming the rating, ICRA has taken note of the long track
record of promoters in the business and approval of rework package
by consortium of banks which is expected to reduce the repayment
installment and interest burden. As per the CDR package, the
company's repayment period has been extended to 2026 and interest
rates have reduced by approximately 4% per annum. Going forward,
the Company's ability to generate adequate profits and service its
debt obligations in a timely manner will remain the key rating
sensitivities.

Incorporated in the year 1980 Magnum Ventures Limited is engaged
in the business of trading and manufacturing of paper for more
than 25 years. The company manufactures newsprints and duplex
boards and has an installed capacity of 85,000 MT per annum. The
Company also operates a five star hotel in Sahibabad under the
brand name of Country Inn & Suites which became operational in
April 2009.

The company posted a net loss of INR18.86 Crore on operating
income of INR213.66 Crores in FY 14 as against a net loss of 0.30
Crore on operating income of INR190.49 Crores in FY13.


MAULI COTEX: ICRA Suspends 'B' Rating on INR5cr Loan
----------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR5 crore long term loans & working capital facilities & of Mauli
Cotex Private Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


NACHIKETA COTTON: ICRA Reaffirms 'B+' Rating on INR6.5cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR6.50 crore cash credit facility of Nachiketa Cotton Private
Limited.

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

The reaffirmation of rating factors in Nachiketa Cotton Private
Limited's modest scale of operation and financial profile
characterized by weak profitability, modest debt coverage
indicators and high gearing levels given the reliance on external
borrowings. ICRA also takes note of the highly competitive and
fragmented industry structure with the limited value additive
nature of operations, which leads to pressure on profitability.
The rating further incorporates the vulnerability of margins to
adverse movement in raw material prices, which in turn are linked
to the seasonal nature of the cotton industry and government
regulations on MSP and export.

The rating, however, considers the experience of the key
managerial personnel in the cotton industry as well as the
favourable location of the company giving it easy access to high
quality raw cotton. The rating also considers the forward
integration in crushing facilities providing additional revenues
and diversification. It also factors in the favourable demand
outlook for cotton and cottonseed in domestic and overseas
markets.

The company was incorporated on 9th July 1998 as a private limited
company under name Patel Shah Cotton Private Limited and was
subsequently renamed as Nachiketa Cotton Private Limited in 2003.
The company is engaged in the ginning and pressing of raw cotton
and crushing of cottonseed. The company is managed by a director
Mr. Bipin Thakkar and other managerial personnel. The
manufacturing unit is located in Halvad, Gujarat. It has 27
ginning machines, one pressing machine (semi automatic) and four
expellers with an installed capacity of producing of 250 cotton
bales, 3MT cottonseed oil and 24MT cottonseed oil cake per day (24
hours operation). The company is also engaged in trading of cotton
products including raw cotton, arenda and raydo.

Recent Results
During FY14 (unaudited provisional financials), the company
reported an operating income of INR23.61 crore and a net loss of
INR0.10 crore against an operating income of INR31.86 crore and
net loss of INR0.16 crore in FY13.


NORTH INDIA: CRISIL Reaffirms 'B+' Rating on INR120MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of North India Coating Pvt
Ltd continue to reflect NICPL's below average financial risk
profile, marked by stretched liquidity owing to large working
capital requirements, its small net worth, average gearing and
weak debt protection metrics. The ratings also factor in the
company's low operating margins which are vulnerable to volatility
in raw material prices. These rating weaknesses are partially
offset by the extensive experience of NICPL's promoter in
manufacturing resin and the funding support it receives from him,
and its healthy revenue growth.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           120      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       30      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that NICPL will continue to benefit over the
medium term from its promoter's extensive industry experience.
However, the company's liquidity remains constrained by large
working capital requirements against low accruals. The outlook may
be revised to 'Positive' in case NICPL's liquidity improves on the
back of better working capital management or fresh equity infusion
along with increase in funding support from the bank. Conversely,
the outlook may be revised to 'Negative' if the company's
profitability declines or its working capital management weakens,
leading to deterioration in its financial risk profile.

Incorporated in 1996, NICPL manufactures resin that is used as a
raw material in the paint industry. The company's plant in Sonepat
(Haryana) has a capacity of 40 tonnes per day (tpd). It also
manufacturers paint, for which it has a capacity of 25 tpd.


PADMAVATI STEELS: CRISIL Rates INR100MM Cash Credit at 'B-'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Padmavati Steels Ltd (PSL; part of the HM group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               100     CRISIL B-/Stable

The rating reflects the HM group's weak financial risk profile
and its highly utilised working capital bank limits. The rating
also factors in the group's declining scale of operations and low
operating profitability. These rating weaknesses are partially
offset by the extensive experience of the HM group's promoters in
the steel industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PSL and HM Steels Ltd (HMSL). This is
because the two companies, together referred to as the HM group,
are in the same line of business and have a common management.
Moreover, there are operational and financial linkages between
them, and HMSL has an equity stake in PSL.

Outlook: Stable

CRISIL believes that the HM group will continue to benefit over
the medium term from its promoters' extensive industry experience.
Its financial risk profile will, however, remain weak over this
period on account of low accruals and large working capital
requirements. The outlook may be revised to 'Positive' if the
group ramps up its revenue and profitability, leading to more-
than-expected cash accruals, or in case of fresh equity infusion
by the promoters, resulting in an improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' if the HM
group generates lower-than-expected cash accruals, thus further
weakening its liquidity, or if it has substantial debt-fund
capital expenditure, leading to deterioration in its capital
structure.

Incorporated in 1999, PSL manufactures mild-steel (MS) bars and
electric resistance welding (ERW) pipes at its facility in Sangrur
(Punjab). It currently has four directors: Mrs. Sushma Rani, Mr.
Sushil Kumar Singla, Mr. Kailash Chand Bansal, and Mrs. Sunita
Garg.

HMSL, incorporated in 1999, manufactures ingots, ERW pipes, MS
bars, and galvanised iron pipes at its plant in Sirmour (Himachal
Pradesh); it sells in the domestic market. It is managed by Mr.
Megh Raj Garg, Mr. Rajnish Bansal, Mr. Pankaj Bansal, and Mr.
Ashok Kumar Singla.

PSL, on a standalone basis, reported a profit after tax (PAT) of
INR11.1 million on net sales of INR886.6 million for 2012-13
(refers to financial year, April 1 to March 31), against a PAT of
INR16.5 million on net sales of INR877 million for 2011-12. The
company is estimated to report sales of around INR786.6 million
for 2013-14.


QUANTAPLAST POLYMER: CRISIL Suspends D Rating on INR91MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Quantaplast Polymer Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            2       CRISIL D Suspended
   Cash Credit              25       CRISIL D Suspended
   Letter of Credit         12.5     CRISIL D Suspended
   Rupee Term Loan          51.5     CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by QPPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, QPPL is yet to
provide adequate information to enable CRISIL to assess QPPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in 2007, QPPL manufactures polymer granules from
nylon, polyester, and polycarbonate. The company is promoted by
the Jaipur (Rajasthan)-based Golcha group (owners of Associated
Soapstone Distributing Co Pvt Ltd [rated 'CRISIL A-/Stable/CRISIL
A2+']).


R.T. EXPORTS: ICRA Lowers Rating on INR25cr Term Loan to 'D'
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR25.0
crores fund based limits of R.T. Exports Limited to [ICRA]D from
[ICRA]C.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits-    25.00      [ICRA]D; downgraded
   Term Loan                        from [ICRA]C

The rating revision takes into account the significant decline in
operating and net profits of the company in FY14 which couple with
commencement of loan repayment wef. Mar 2014 put pressure on the
cash flows of the company resulting in delays in servicing of
principal and interest payments on the term loan. The rating
continues to be constrained by the highly competitive and
fragmented nature of the agricultural products trading industry
and exposure of the company's business to agro-climatic risks and
foreign currency fluctuations. The rating also factors in the
company's modest scale of operations, low cash accruals in
relation to its debt repayment obligations and high working
capital intensity due to high long-term loans and advances.
However, the rating derives comfort from long experience of
promoters and partial completion of the Bundi Project in Rajasthan
which will result in incremental revenue for the company in
FY2015.

R.T. Exports Limited is part of the R.T. Group promoted by Mr.
Bhavik Bhimjyani and Mr. Rashmi Bhimjyani. The company was
converted into a public limited company in the year 1992 and is
engaged in trading of agro products (mainly Basmati Rice) for the
past 30 years in both local and overseas markets. The company is
also involved in the business of handling, storage and
transportation of agro commodities and has its own warehouses of
10,000 MT of capacity at Bundi, Rajasthan.

In April 14, the Company has partly completed the Bundi warehouse
project by setting up three dry warehouses with the combined
capacity of 55000MT. The approximate cost incurred for the project
is INR20.00 crores which has been funded by term loan of INR14.95
crores and internal accruals/funding from promoters of INR5.05
crores.

Recent Results
RTEL reported a profit after tax (PAT) of INR0.01 crore on an
operating income of INR4.97 crore in FY 2013-14 as compared to PAT
of INR0.42 crore on an operating income of INR4.30 crore in FY
2012-13.


RADIANT PLASTRUDERS: ICRA Lowers Rating on INR5.44cr Loans to 'B'
-----------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the fund
based limits aggregating to INR5.44 crore (enhanced from INR5.00
crore) of Radiant Plastruders (I) Private Limited from [ICRA]B+ to
[ICRA]B. ICRA has also assigned short term rating of [ICRA]A4 to
the fund based facilities aggregating to INR1.00 crore of RPIPL.

                         Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Fund Based Limits      1.44      [ICRA]B; downgraded
   (Term Loan)                      from [ICRA]B+

   Fund Based Limits      4.00      [ICRA]B; downgraded
   (Cash Credit)                    from [ICRA]B+

   Fund Based Limits      1.00      [ICRA]A4 assigned
   (Bill Discounting)

The revision in ratings takes into account the deterioration in
company's financial risk profile owing to loss making operations
on account of low plant utilization levels, given that the company
has not been able to scale up the operations, post commissioning,
in the flexible packaging segment.

The ratings are further constrained by the company's small size of
operations, highly leveraged capital structure, weak liquidity
position and intense competitive pressures from both organised and
unorganized players. The rating further takes into account the
company's low bargaining power with suppliers, high customer
concentration risks and vulnerability of profitability margins to
adverse fluctuations in raw material costs. The rating, however,
favorably takes into account the long experience of the company's
promoters in manufacturing of plastic carry bags and favorable
demand indicators for flexible packaging material in the domestic
markets.

Radiant Plastruders (I) Private Limited was incorporated in the
year 1994 by Mr. Hasmukh Anandpara and is engaged in the
manufacturing of plastic carry bags and flexible packaging
material. The company is a subsidiary of Radiant Organics Private
Limited, which is engaged in the trading of chemicals, inks and
adhesives. RPIL has a manufacturing facility based in Daman for
production of flexible packaging material.

Recent Results
For FY 2013, the company reported loss of INR0.72 crore on an
operating income of INR19.96 crore. For FY 2014, RPIPL reported
loss of INR1.31 crore on an operating income of INR25.66 crore.
(provisional).


RAJASTHAN PULSES: CRISIL Assigns 'B+' Rating to INR125MM Loans
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Rajasthan Pulses and has assigned its 'CRISIL
B+/Stable' rating to these facilities.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           75       CRISIL B+/Stable (Assigned;
                                  Suspension revoked)

   Proposed Cash         25       CRISIL B+/Stable (Assigned;
   Credit Limit                   Suspension revoked)

   Warehouse Receipts    25       CRISIL B+/Stable (Assigned;
                                  Suspension revoked)

The ratings had been suspended by CRISIL on November 19, 2013, as
RP had not provided the necessary information for taking a rating
view. The company has now shared the requisite information,
enabling CRISIL to assign ratings to the bank facilities.

The rating reflects average financial risk profile marked by weak
debt protection indicators and vulnerability reflected in the low
operating margin due to fluctuations in prices of traded goods.
These weaknesses are partially offset by RP's efficient working
capital management, and funding support from the partners.

Outlook: Stable

CRISIL believes that RP's business risk profile will remain stable
over the medium term on account of extensive experience of
promoters in agro commodity industry. The outlook may be revised
to 'Positive' if RP's scale of operations and profitability
improve significantly, thereby resulting in an improvement in its
capital structure and consequently, its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the firm's
capital structure deteriorates owing to large withdrawals of
capital by partners, due to any large debt-funded capital
expenditure plan, or if RP's operating income and profitability
decline.

RP is a partnership firm based in Kanpur (Uttar Pradesh) that
processes and trades in various pulses such as masoor dal, matar
dal, chana dal, arhar dal and urad dal. The firm was incorporated
in 2001 by Mr. Manoj Agarwal and three other partners. The firm
procures raw pulses and processes them into split pulses or dal
and sells them directly.


RAM LAL: ICRA Reaffirms 'B' Rating on INR20cr Bank Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B for INR20
crore (enhanced from INR17 crore) fund based limits of Ram Lal
Aneja Foods Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits    20.00         [ICRA]B Reaffirmed

The rating reaffirmation factors in moderate scale of operations
of the company in rice processing business which coupled with high
competition in the industry has led to low profitability and weak
debt coverage indicators. Funding of working capital requirements
through bank borrowings has led to high gearing for the company.
The rating also takes into account the working capital intensive
nature of rice milling business arising out of the need to
maintain substantial inventories (paddy which is procured
seasonally and rice stocked for aging purposes) in line with the
industry trends. The rating also factors in limited track record
of the company in rice processing business and agro climatic
risks, which can affect the availability of paddy in adverse
conditions. ICRA however draws comfort from long experience of
promoters in rice industry, healthy growth in company's revenues
in FY2014, proximity of the mill to major rice growing area which
results in easy availability of paddy and stable demand outlook of
rice being an important part of Indian staple diet.

Going forward, the ability of the company to achieve adequate
growth in revenues, while maintaining moderate profitability and a
prudent capital structure will remain the key rating drivers.

Incorporated in the 2010, Ram Lal Aneja Foods Private Limited is a
closely held company engaged in processing and trading of rice.
The company doesn't have any milling plant. It procures paddy from
the open market and get it milled from rice miller on job work
basis. The company has entered into an agreement with M/s. Kathpal
Industry for milling of 20,000 to 30, 000MT of rice. RMAF sells
its products under its registered brand name "Pearl Treat".

Recent Results
The company has reported a net profit after tax of INR1.01 crore
on an operating income of INR75.03 crore in FY2014 (as per
provisional numbers) as against net profit of INR0.45 crore on an
operating income of INR37.96 crore in FY2013.


SAICON STEELS: ICRA Suspends 'D' Rating on INR35.88cr Loans
-----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR27.50 crore
long term loans & working capital facilities & [ICRA]D rating to
the INR8.38 crore short term, non fund based letter of credit and
bank guarantee facilities of Saicon Steels Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SANMAN CONSTRUCTIONS: CRISIL Ups Rating on INR49MM Loans to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sanman Constructions to 'CRISIL B/Stable' from 'CRISIL B-/Stable'
and reaffirmed its rating on the firm's short-term bank facilities
at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         11        CRISIL A4 (Reaffirmed)

   Cash Credit            45        CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Proposed Cash           4        CRISIL B/Stable (Upgraded
   Credit Limit                     from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that SC will maintain
its improved liquidity, backed by moderate cash accruals driven by
moderate profitability. SC's cash accruals are estimated at around
INR19 million during 2013-14 (refers to financial year, April 1 to
March 31), up from INR13 million the previous year; the firm has
no term debt obligation.

The ratings reflect SC's modest scale of operations, its working-
capital-intensive operations, and the geographical concentration
in its revenue. These rating weaknesses are partially offset by
the firm's moderate financial risk profile marked by comfortable
capital structure and debt protection metrics, and its promoters'
extensive experience in the civil construction industry.

Outlook: Stable

CRISIL believes that SC will continue to benefit over the medium
term from its promoters' extensive industry experience and its
moderate order book. The outlook may be revised to 'Positive' if
the firm reports substantial cash accruals driven by scale-up in
operations, or if its working capital cycle improves. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in SC's financial risk profile, particularly liquidity, driven by
decline in profitability or lengthening of working capital cycle
or any unanticipated capital withdrawal by promoters.

SC, set up as a partnership firm in 1998 by Mr. Satish Maheshwari
and Mr. Nitin Maheshwari, undertakes civil construction
activities, such as construction of buildings and allied works,
and roads. Around 90 per cent of SC's projects are for government
bodies, such as the Public Works Department, Government of
Maharashtra, and Nanded Municipal Corporation; the government
projects are tender-based.


SARDAR STEEL: ICRA Assigns 'B+' Ratings to INR4.07cr Loans
----------------------------------------------------------
The long-term rating of [ICRA]B+ has been assigned to the INR4.07
crore long-term fund based facility of Sardar Steel Industries.
The rating of [ICRA]A4 has also been assigned to the INR3.00 crore
short-term fund based and INR1.50 crore short term non-fund based
facilities of SSI.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit facility     4.00       [ICRA]B+ assigned
   Term Loans               0.07       [ICRA]B+ assigned
   Bill Discounting/Bill
   Purchase                 3.00       [ICRA]A4 assigned
   Bank Guarantee           1.50       [ICRA]A4 assigned

The ratings are constrained by SSI's small scale of operations and
weak financial risk profile as reflected in its low profit margins
due to limited value additive nature of operations coupled with
intense competitive pressures in the business. The ratings are
further constrained by the high working capital intensity and
exposure to the cyclical nature of the steel industry as well as
vulnerability of profitability to adverse fluctuations in the raw
material prices which may not be passed on to the customers
adequately. Further, the ratings factor in the risks inherent in
partnership form of business. The ratings, however, favourably
consider the long experience of the partners in the secondary
steel industry.

Sardar Steel Industries was established in the year 2001 as a
partnership firm and is involved in manufacturing Mild Steel
products like TMT bars, MS flats, MS rounds and MS squares. The
manufacturing facility (steel rolling mill) of the firm is located
at Bhavnagar, Gujarat, with an installed capacity of 18,000 MTPA.
The partners have been associated with secondary steel industry
for close to two decades through trading as well manufacturing
activities.

Recent Results

In FY13 SSI reported an operating income of INR23.40 crore and
profit after tax of INR0.05 crore. For FY14 (provisional un-
audited), SSI reported an operating income of INR12.23 crore and a
profit after tax of INR0.17 crore.


SG ENGINEERS: ICRA Suspends 'B+' Rating on INR4.0cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR4.00crore
long term fund based limits of SG Engineers and also [ICRA]A4
rating assigned to the INR4.00 crore short term non fund based
limits of SG Engineers.  The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.


SOHANLAL SONS: ICRA Assigns 'B' Rating to INR9.0cr Cash Credit
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR9.00
crore fund-based bank facilities of M/s. Sohanlal Sons.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           9.00         [ICRA]B assigned

The assigned rating takes into consideration the weak capital
structure of the firm; depressed coverage indicators owing to weak
profitability and low accruals. ICRA has also taken into
consideration the intensely competitive nature of the steel
industry coupled with limited value addition in the trading
business, both of which result in thin profitability; inherent
cyclicality in the steel industry which is currently passing
through a period of weakness and risks inherent in a
proprietorship firm including risk of capital withdrawals while
assigning the rating. The assigned rating, nevertheless, draws
comfort from the established relationships of the proprietor with
the customers and suppliers and low working capital intensity of
the firm's operation on account of low inventory, which mitigates
price risk.

Sohanlal Sons was incorporated in May 2013 as a proprietorship
firm of Mr. Kapil Agrawal. The firm is based in Nagpur and is
mainly engaged in trading of steel products such as TMT bars, MS
Ingots, MS Billets. The firm also trades in readymade garments;
however, the share of revenue from textile business remains low.
The firm is an authorized dealer of Topsworth Urja & Metals
Limited since 2013-14.

Recent Results
As per the provisional results for 2013-14, SS registered profit
before tax of INR1.55 crore on an operating income of INR121.27
crore.


TIRUPATI ALUMINIUM: CRISIL Reaffirms B Rating on INR140MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tirupati Aluminium Ltd
continue to reflect its weak financial risk profile and low
operating profitability, which is susceptible to volatility in
aluminium prices. These rating strengths are partially offset by
the promoters' extensive experience in the aluminium and piping
industries.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        45       CRISIL A4 (Reaffirmed)
   Cash Credit          140       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TAL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' upon substantial improvement in the
financial risk profile owing to reduction in debt levels and
higher-than-expected profitability levels. Conversely, the outlook
may be revised to 'Negative' if its financial risk profile,
particularly liquidity, deteriorates further most likely caused by
larger-than-expected working capital requirements or if the
company undertakes any larger-than-expected debt-funded capital
expenditure (capex) programme.

Update
Performance of the company has remained in line with CRISIL's
expectations with TAL achieving a sale of around INR4404.5 million
in 2013-14 (refers to financial year, April 1 to March 31) against
INR4049.1 million for 2012-13. The company is expected to maintain
its sales growth of around 10 per cent supported with the
diversified product profile of the company and established
customer base. TAL's operating margin continues to remain low and
remained around 0.80 per cent in 2012-13 and is expected around 1
per cent for 2013-14. The working capital requirements of the
company have remained moderate as reflected in the gross current
assets of around 37 days. The working capital requirements are
partially funded by the minimal credit from suppliers (10 to 12
days) and are mainly met through bank limits, which have been
highly utilised at an average rate of more than 95 per cent over
the 12 months ended February 2014.

Furthermore, the financial risk profile continues to remain weak
with an interest coverage ratio of 1.22 times and an NCATD ratio
at 0.03 for the nine months ended December 31, 2013, on account of
high gearing at around 3 times. TAL does not have any term debt
and does not have any debt funded capex plan over the medium term.
Hence, the company's cash accruals of around INR8.3 million in
2014-15 will be entirely used to support its working capital
requirements thus partly easing its liquidity pressure. CRISIL
believes that TAL's liquidity will remain weak considering high
incremental working capital requirements of the company and low
cash accruals.

TAL was incorporated in 1994 as Keffel Finance Ltd and was engaged
in the business of retail financing. It was renamed in 2004 with
Mr. Ramesh Kumar, Mr. Mohan Lal Gupta, and Mr. Amit Gupta as
directors. Currently, the company manufactures aluminium wire rods
and PVC and HDPE pipes.


VARDHMAN CHEMTECH: ICRA Assigns 'D' Rating on INR100cr Loan
-----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]D and short-term
rating of [ICRA]D for the INR100.0 Crore Lines of Credit (LOC)
facilities of Vardhman Chemtech Limited.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Unallocated          100.00      Rating assigned at
                                    [ICRA]D/[ICRA]D

The assigned ratings take into account currently stretched
liquidity profile of the company leading to delays in debt
servicing, especially in relation to its non-fund-based
facilities. While assigning the ratings, ICRA also takes into
consideration the financial and operational constraints that VCL
would have to face post the implementation of debt restructuring
package in 2014-15. Additionally, the ratings also factor in the
weakness of the cost structure characterized by lower operating
margins as compared to other manufacturers in API industry due to
(a) significant dependence of revenues on sales of intermediates
(b) lack of non-fund based facilities that restricts the company's
direct presence in some of higher profitable export markets and
economical sourcing of input material from global suppliers. The
impact is, however, likely to be mitigated to an extent by the
increased focus of the management towards the relatively more
profitable sterile API segment. The ratings were also impacted by
the weakness of the financial profile of VCL characterized by high
working capital intensity ensuing from protraction of receivable
period, weak liquidity profile indicated by consistently high
working capital utilization, and significant financial support to
wholly-owned subsidiary Vardhman Life Sciences Private Limited
(VLSPL) where commercial operations are yet to commence. However,
while arriving at the rating ICRA has factored in the operational
strength of the company arising from the vast experience of the
promoters and key operating personnel in the pharmaceutical
industry, and the favourable shareholding pattern with India
Venture Advisors Limited (Venture Capital fund of Piramal
Enterprises) holding 35.0% stake in VCL. Going forward, the
ratings of VCL would remain contingent to track record of timely
of debt servicing and commencement of commercial operations at
VLSPL. This coupled with the ability of VCL to increase its scale
of operations while improving profitability and efficiently
managing its working capital requirements would be the key rating
sensitivities.

Incorporated in 1996, Vardhman Chemtech Limited started its
commercial operations for recovery of solvents/chemicals and by-
products in year 1999 with a single reactor in Derabassi. The
company gradually expanded its product portfolio and is currently
into manufacturing Bulk Drugs, Intermediates and Fine Chemicals in
the oral and sterile Isoxazoles segment of Penicillin (Cloxacillin
Sodium, Dicloxacillin Sodium, Flucloxacillin Sodium, Oxacillin
Sodium). Later during 2010-11, VCL commissioned its sterile API
(injectible) facility to become India's second largest sterile
penicillin facility. During 2011-12, VCL purchased the bulk drug
facility from JK Pharmachem Limited through its wholly-owned
subsidiary Vardhman Life Sciences Private Limited to commercially
manufacture Potassium Clavulanate. However, with cyclone Thane
hitting the coast of Tamil Nadu the manufacturing facility of
VLSPL was impacted stalling the commercial operations. The plant
that was planned to commence commercial operations from January
2012 is yet to become operational.

Recent Results
VCL recorded an operating income of INR376.1 Crore with an OPBIDTA
of INR39.1 Crore and net loss of INR9.3 Crore during 2012-13 as
compared to operating income of INR355.1 Crore, OPBIDTA of INR49.1
Crore and PAT of INR11.7 Crore in 2011-12.



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


BERAU ENERGY: S&P Assigns 'BB-' Rating on US$450MM Sr. Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating to a proposed U.S.-dollar issue of up to US$450
million in senior secured notes by Berau Capital Resources II Pte.
Ltd., a special purpose vehicle of PT Berau Coal Energy Tbk.
(Berau Energy: BB-/Watch Neg/--; axBB/Watch Neg).  Berau Energy
and its main operating subsidiaries, including its main cash-
generating subsidiary PT Berau Coal Indonesia, unconditionally and
irrevocably guarantee the notes.  The rating on the notes is on
CreditWatch with negative implications to reflect the rating on
Berau Energy.

The rating on the proposed notes is subject to S&P's review of the
final issuance documentation, and confirmation of the amount,
tenor, use of proceeds, and terms of the notes.  The notes are
secured by first-priority liens on Berau Energy's debt and
interest reserve accounts and the shares of the subsidiary
guarantors, including PT Berau Coal. Berau Energy expects to use
the proceeds from the proposed notes to repay US$450 million of
senior secured notes maturing in July 2015.

The notes will rank pari passu with US$500 million in senior
secured notes due 2017 that Berau Energy issued in 2012.  The cash
and accounts management agreement dated July 20, 2010, governs the
bank accounts of Berau Energy and PT Berau Coal, and will remain
in place following the issue of the proposed notes.  The agreement
acts as a cash waterfall that allocates proceeds from coal sales
to different reserve accounts, including tax reserve, operating
expense, operating reserve, debt service, and distribution
accounts.  S&P notes that an increase in Mr. Samin Tan's stake in
Asia Resources Minerals PLC (ARMS, which owns 84.74% of Berau
Energy) above 50% would not trigger a change of control clause
under the notes.  Mr. Tan currently owns about 47.5% in ARMS.

The 'BB-' corporate credit rating on Berau Energy reflects the
Indonesian coal producer's mineral, customer and single-mine
concentration risks, regulatory uncertainty, its aggressive
capital structure, and thin cash flows.  Berau Energy's good
record of production growth, fair cost profile, strong liquidity,
and currently manageable capital spending profile partially offset
these weaknesses.

On June 24, 2014, S&P placed its ratings on Berau Energy on
CreditWatch with negative implications because of a lack of
clarity on the financial policies of ARMS after Mr. Tan's holding
in the company increased to 47.5%, compared with 23.8% at the end
of Feb. 2014.  S&P intends to resolve the CreditWatch placement
within three months after getting more clarity on the financial
policies and intentions of ARMS and assessing the progress in
refinancing the US$450 million in notes maturing in July 2015.

S&P may downgrade Berau Energy by up to two notches, even if the
company can refinance the notes and maintain ample liquidity, if:
(1) S&P believes that the future financial policies of the company
or its parent could weaken its liquidity or its credit profile
because of higher capital spending or other related party
transactions; or (2) S&P assess the group credit profile has
deteriorated.  S&P may also lower the rating on Berau Energy if
the refinancing is materially delayed.



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


MT GOX: Creditors Want Payouts in Bitcoins, FT Reports
------------------------------------------------------
Ben McLannahan at The Financial Times reports that a group of
creditors of Mt Gox, the collapsed Bitcoin exchange, is
threatening a shake-up of bankruptcy proceedings in Tokyo unless
the administrator settles its claims in the virtual currency.

FT notes that once the world's largest trading venue for trading
and storing Bitcoin, Mt Gox went offline in February saying it had
lost track of about 750,000 bitcoins belonging to customers and
another 100,000 of its own. It later said it had found 200,000
bitcoins in an old digital file -- a disclosure which prompted the
court to launch formal bankruptcy proceedings, rather than try to
rehabilitate.

At the first gathering of creditors at a Tokyo District Court on
Wednesday, Daniel Kelman, a New York-qualified lawyer now resident
in Taiwan, notified trustee Nobuaki Kobayashi of his plans to form
a rebel group, according to the FT.

Under Japanese law, FT says, a committee representing more than
half of creditors has the power to "participate" in proceedings,
so long as it satisfies certain conditions and is recognised by
the court as representing the interests of creditors as a whole.

A sale of bitcoins for cash could depress market prices, said
Mr. Kelman, while incurring transaction charges. But more
fundamentally, he said, cash was not what creditors wanted, the FT
relays.

"As pretty much every creditor was an early adopter, we'd all like
to see Bitcoin distributed as Bitcoin. As a form of payment it is
overwhelmingly superior to cash," the FT quotes Mr. Kelman as
saying.

Any settlement in a virtual currency would be a landmark, said
lawyers, as bankruptcy proceedings in Japan have always ended with
creditors paid in cash, says the FT.

Moreover, Japan's "paternalistic" system has always relied on
creditors forming informal committees to put across their
interests to trustees, said Shinnosuke Fukuoka, a partner at
Nishimura & Asahi in Tokyo, the FT reports. "There is no precedent
for setting up a creditors' committee; nobody has done it," he
said.

But the fact that Gox's 127,000 creditors are almost entirely non-
Japanese has added an unusual complexion to the case, the report
notes.

According to the FT, Mr. Kelman said Mr. Kobayashi's response on
July 23 that he would "consider" paying claims in Bitcoin drew a
spontaneous round of applause from dozens of creditors in the
meeting, which was closed to the press.

The FT says the creditors' committee could include big Bitcoin
holders such as Josh Jones, Los Angeles-based founder of Bitcoin
Builder, a trading arbitrage firm, and Tibanne, the parent company
of Mt Gox, said Jason "J" Maurice, chief hacking officer at Tokyo-
based Wiz Technologies, who is part of Mr. Kelman's group.

FT adds that Mr. Kelman has a personal interest in settlement of
claims in virtual currency, as he is soon to launch a new Tokyo-
based exchange in partnership with Chinese ATM producer BitOcean
and Atlas ATS, a New York-based exchange technology provider.
Under a proposal submitted to the court, his venture -- BitOcean
Japan -- would distribute the 200,000 Gox coins on a pro-rata
basis to creditors, while giving them a 49 per cent equity stake
in the new exchange, the FT notes.

The FT relates that Mr. Kobayashi is still weighing a competing
proposal to revive Mt Gox from Sunlot Holdings, a US-based group.

Sunlot chief John Betts, a Wall Street veteran, told the Financial
Times from San Francisco on July 23 that he was still in
discussions with the Tokyo court about a bid. Sunlot has "stayed
the course as the longest standing serious offer," he said.

Mr. Kelman said he aimed to assemble his committee by the next
creditors' meeting in November, adding that he was "very close" to
50 per cent representation, the FT adds.

                           About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange that halted trading in February
2014. It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.


RESONA HOLDINGS: To Complete Repayment of Bailout Funds
-------------------------------------------------------
The Japan Times reports that Resona Holdings Inc. said its mega-
bank will finally finish repaying the JPY196 billion in public
funds received when Resona Bank was nationalized in 2003 next
week, but will still be in debt from its predecessors' bailouts.

According to the report, the company said the final repayment, set
for July 30, will be made by repurchasing preferred shares the
group issued to Deposit Insurance Corp., the state-backed safety
net, as collateral for the fund injection into Resona.

But Resona Holdings will still have to repay JPY128 billion in
state funds injected into its predecessors, including Asahi Bank,
before it was effectively nationalized. This payment would reduce
the group's public debt to zero, says The Japan Times.

An analyst said Resona holdings plans to return the injected funds
by the end of March 2018 but can do so earlier, the report adds.

Japan-based Resona Holdings Inc. -- http://www.resona-gr.co.jp/
-- is a holding company.  Through its subsidiaries and associated
companies, the company is engaged in general banking, trust
operation, credit card and financial services.  The company is
comprised of 15 domestic subsidiaries and 21 overseas
subsidiaries, as well as two associated companies.  It has
operations in Japan, the United Kingdom, Indonesia, Thailand and
the Cayman Islands.

Bloomberg News said Resona Holdings in 2010 planned to repay as
much as JPY900 billion of government bailout funds using proceeds
from a share sale and internal reserves.  The Tokyo-based bank on
Nov. 5, 2010, registered to sell as much as JPY600 billion of
common stock.  It planned to use money from the sale, plus
JPY300 billion of reserves, to buy back preferred stock from the
government and retire the shares to avoid potential dilution,
Bloomberg noted.  The bank was under pressure to repay a 2003
bailout to regain independence and compete with its bigger rivals,
according to Bloomberg.



===============
M A L A Y S I A
===============


MALAYSIA AIRLINES: Government Expected to Rescue Carrier
--------------------------------------------------------
David Yong and Elffie Chew at Bloomberg News report that Malaysia
is expected to rescue its flagship carrier with a fourth capital
infusion since bailing out the airline after two tragedies and
record cash burn, analysts at two of the nation's biggest lenders
said.

Parent company Khazanah Nasional Bhd. needs to spend at least
MYR2 billion ($629 million) to take Malaysian Airline System Bhd.
private and replenish its working capital within the next 12
months, according to estimates by Hong Leong Investment Bank Bhd.
and RHB Capital Bhd, Bloomberg relates.  The sovereign wealth fund
has spent almost MYR5 billion in three cash calls since its unit
Penerbangan Malaysia Bhd. first rescued the carrier in November
2002, the report relays.

Penerbangan Malaysia's $1 billion of 5.625 percent notes due March
2016 have fallen 1.96 percent since March 8, when flight MH370
crashed into the Indian Ocean, paring returns to 0.57 percent.
Benchmark three-year government notes in the Southeast Asian
nation have risen 7.28 percent, Bloomberg-compiled prices show,
while dollar-denominated debt of Asian air carriers has gained 5.9
percent, according to Bank of America Merrill Lynch indexes.

"For any airline which gets into difficulties due to unforeseen
reasons, a restructuring is likely to be in the interest of all
stakeholders," the report quotes Mark Hyde --
mark.hyde@cliffordchance.com -- the Hong Kong-based global head of
restructuring and insolvency practice at law firm Clifford Chance
LLP, as saying. "It must be a massive plus to have a shareholder
like Khazanah, given the substantial investment in political and
economic terms."

Bloomberg says Malaysian Air is seeking to halt three consecutive
years of losses as its outlook dimmed after flight MH17 was shot
down in Ukraine on July 17 and MH370, the remains of which still
haven't been found. Saving the airline has already exceeded the
amount Malaysia spent bailing out its biggest tollroad company in
2001, following the Asian financial crisis in the mid 1990s, the
report notes.

According to Bloomberg, Mr. Khazanah on July 24 reiterated a
July 3 statement, saying a "comprehensive review of all
restructuring options is being undertaken and evaluated." Reports
about a possible merger with AirAsia X Bhd. are "unfounded and
speculative," it added.

The fund has nothing more to add over and above the statements
it's already made, spokesman Asuki Abas said by phone on July 23,
Bloomberg relays.

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.



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


RURAL BANK OF OROQUIETA: Placed Under PDIC Receivership
-------------------------------------------------------
The Monetary Board (MB) placed the Rural Bank of Oroquieta
(Misamis Occidental), Inc. under the receivership of the
Philippine Deposit Insurance Corporation (PDIC) by virtue of MB
Resolution No. 1143 dated July 21, 2014. As Receiver, PDIC took
over the bank on July 22, 2014.

Rural Bank of Oroquieta is a two-unit rural bank with Head Office
located at Barrientos corner Revil Streets, Oroquieta City,
Misamis Occidental. Its lone branch is located in Calamba, Misamis
Occidental. Latest available records show that as of March 31,
2014, Rural Bank of Oroquieta had 6,622 accounts with total
deposit liabilities of P206.9 million. A total of 6,542 deposit
accounts or 98.8% of the accounts have balances of PHP500,000 or
less and are fully covered by deposit insurance. Estimated total
insured deposits amounted to PHP152.0 million or 73.5% of the
total deposits.

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

The PDIC also announced that it will conduct Depositors-Borrowers
Forums on July 29, 2014 to inform depositors of the requirements
and procedures for filing deposit insurance claims. Claim forms
will be distributed during the Forum. The schedules and venues of
the Forums will be posted on the bank premises and in the PDIC
website, www.pdic.gov.ph. The claim forms and the requirements and
procedures for filing are likewise available for downloading from
the PDIC website.

Depositors may update their addresses with the PDIC
representatives at the bank premises using the Mailing Address
Update Forms to be furnished by PDIC representatives. Duly
accomplished Mailing Address Update Forms should be submitted to
PDIC representatives accompanied by a photo-bearing ID with
signature of the depositor. Depositors may update their addresses
until July 29, 2014.

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

For depositors that do not need to file deposit insurance claims,
PDIC will start sending payments by mail to their addresses based
on bank records by the first week of August.

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

According to the latest Bank Information Sheet (BIS) as of
December 31, 2013 filed by the Rural Bank of Oroquieta with the
PDIC, the bank is owned by Mila G. Montesa (24.23%), the heirs of
Francisco German, Jr. (17.27%), the heirs of Trudon German
(16.58%), Rosario G. Leopoldo (6.97%), Philip O. Casing (5.61%),
Segundino A. Caliao (5.16%), Maximo W. Bigol (3.3%), Julito W.
Bigol (3.3%), Julita B. Prasnik (3.3%), the heirs of Emeterio
Ocaya (3.1%), Angelina L. German (2.73%) and Victor W. Bigol
(2.03%). Its Chairman and President is Mila G. Montesa.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***