TCRAP_Public/150930.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, September 30, 2015, Vol. 18, No. 193


                            Headlines


A U S T R A L I A

AUSTRALIAN CULTURAL: First Creditors' Meeting Slated For Oct. 9
ENERSUS PTY: First Creditors' Meeting Slated For October 9
LA LA LAND: First Creditors' Meeting Slated For October 8
WET DESIGN: First Creditors' Meeting Slated For October 6

C H I N A

CHINA NATIONAL: Flirts With Default as Broker Calls It Early
CITIC SECURITIES: Involved in Insider Trading, China Probe Finds
* CHINA: Investors Rally to Recoup Losses in Failed Schemes

I N D I A

ADVANCE INFRASTRUCTURES: ICRA Rates INR4.0cr Cash Credit at B+
AJAY KNITWEAR: ICRA Suspends B+/A4 Rating on INR8cr Loan
ANDHRA PRADESH: CRISIL Cuts Rating on INR10.53MM Bond Series to D
BHAGYODAY COTTON: ICRA Assigns B+ Rating to INR22cr Cash Loan
DEEPA JEWELLERS: CRISIL Reaffirms B- Rating on INR80MM Loan

ECOKRIN HYGIENE: Fitch Hikes Long-Term Issuer Rating to 'IND BB'
GK-AUTOPAL LIGHTING: CRISIL Assigns B Rating to INR50MM Loan
GURU NANAK: CRISIL Assigns B+ Rating to INR115MM Cash Credit
HARBANS LAL: ICRA Suspends B Rating on INR6.0cr Bank Loan
HILL STONE: ICRA Suspends B+ Rating on INR3.5cr Cash Credit

HINDUSTAN GUNNY: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
KRISHNA FASHION: ICRA Assigns B+ Rating to INR20.76cr Term Loan
L&T CHENNAI: ICRA Lowers Rating on INR475cr Loan to D
MAHITECHS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
MANOJ MATHEW: CRISIL Reaffirms B+ Rating on INR50MM Loan

MATOSHRI LAXMI: ICRA Reaffirms B+ Rating on INR61.40cr Term Loan
NEXUS ELECTRO: CRISIL Ups Rating on INR250MM Cash Loan to B-
NILESH TIMBERS: CRISIL Assigns B+ Rating to INR80MM Loan
NSL SUGARS: ICRA Suspends B Rating on INR150.8cr Term Loan
OASIS AGRO: ICRA Lowers Rating on INR17.48cr Loan to D

OM POWER: CRISIL Assigns B+ Rating to INR10MM Cash Loan
OVERSEAS TIMBER: Ind-Ra Affirms 'IND B-' Long-Term Issuer Rating
PRISM LAMINATES: ICRA Assigns B- Rating to INR4.65cr LT Loan
R MISRILAL: CRISIL Cuts Rating on INR150MM Cash Loan to B-
ROBOSOFT TECHNOLOGIES: ICRA Ups Rating on INR5cr Loan to 'B'

SACHDEVA METAL: CRISIL Assigns B Rating to INR30MM Cash Loan
SDM PROJECTS: Ind-Ra Assigns 'BB' Issuer Rating; Outlook Stable
SIGNET CONDUCTORS: ICRA Reaffirms B+ Rating on INR15cr Loan
SREE VISHNUPRIYA: ICRA Reaffirms B+ Rating on INR6cr Loan
SRI RAMALINGESWARA: ICRA Reaffirms B+ Rating on INR6cr Loan

SRI SOMESHWARA: ICRA Reaffirms B+ Rating on INR12cr LT Loan
SRI VENKATRAM: ICRA Cuts Rating on INR23cr LT Loan to D
STANDARD CONSULTANTS: ICRA Assigns B+ Rating to INR7.75cr Loan
SUPREME INFRASTRUCTURE: Ind-Ra Lowers Rating to 'D'; Outlook Neg.
SUYOG GURBAXANI: ICRA Suspends B- Rating on INR34.04cr Term Loan

SWASTIKA STEEL: CRISIL Reaffirms B Rating on INR98.5MM Loan
THANGAMAYIL JEWELLERY: ICRA Assigns MB+ Rating to INR25cr Loan
TILAK EXPORTS: ICRA Suspends B/A4 Rating on INR13cr Loan

J A P A N

DAIICHI CHUO: Files for Bankruptcy; Shares to Delist
SHARP CORP: To Sell Head Office Building to Nitori

P H I L I P P I N E S

BANCO CARMONA: Head Accountant to Face Criminal Charges

S O U T H  K O R E A

* KOREA: To Open Corp. Restructuring to Liquidate Zombie Firms


                            - - - - -


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


AUSTRALIAN CULTURAL: First Creditors' Meeting Slated For Oct. 9
---------------------------------------------------------------
Peter James Lanthois and Stephen James Duncan of DuncanPowell were
appointed as administrators of Australian Cultural Heritage Management
Pty Ltd on Sept. 29, 2015.

A first meeting of the creditors of the Company will be held at
the offices of DuncanPowell, Level 4, 70 Pirie Street, in Adelaide,
South Australia, on Oct. 9, 2015, at 10:00 a.m.


ENERSUS PTY: First Creditors' Meeting Slated For October 9
----------------------------------------------------------
Peter Krejci and Robyn Karam of BRI Ferrier were appointed as
administrators of Enersus Pty Ltd on Sept. 28, 2015.

A first meeting of the creditors of the Company will be held at
BRI Ferrier, Level 30, Australia Square, 264 George Street, in
Sydney, on Oct. 9, 2015, at 11:00 a.m.


LA LA LAND: First Creditors' Meeting Slated For October 8
---------------------------------------------------------
Andrew William Poulter of Abbott Welsh was appointed as administrator
of La La Land Byron Bay Pty Ltd on
Sept. 25, 2015.

A first meeting of the creditors of the Company will be held at
Byron Bay Community Centre, 69 Jonson Street, in Byron Bay, New South
Wales, on Oct. 8, 2015, at 10:30 a.m.


WET DESIGN: First Creditors' Meeting Slated For October 6
---------------------------------------------------------
Geoffrey Reidy and Thyge Trafford-Jones of Rodgers Reidy were
appointed as administrators of Wet Design Management Pty Limited on
Sept. 23, 2015.

A first meeting of the creditors of the Company will be held at
Level 2, 230 Clarence Street, in Sydney, on Oct. 6, 2015, at 11:00 a.m.



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


CHINA NATIONAL: Flirts With Default as Broker Calls It Early
------------------------------------------------------------
Bloomberg News reports that a September 25 brokerage report saying the
parent of China National Erzhong Group Co. won't pay bond interest due
September 28 is prompting speculation over whether the smelting
equipment maker will become China's second state-owned company to
default on onshore bonds.

According to the report, analysts from China International Capital
Corp. said the firm's controlling shareholder China National Machinery
Industry Corp. agreed with bondholders not to pay interest on CNY1
billion ($157 million) of 2017 notes and a 2015 debenture from unit
China Erzhong Group Deyang Heavy Industries Co., without saying where
it got the information. While interest on the 2017 notes is due
September 28, not everyone's rushing to make a call.

"It's uncertain if it's time to call it a default because there is no
official statement about whether China National Machinery will pay the
interest," Bloomberg qoutes Zhang Li, a bond analyst at Guotai Junan
Securities Co., as saying.  "If it won't pay the interest, it will be
a default. But even if it's a default, we should focus more on the
fact that investors will get all the principal back."

Bloomberg says the confusion shows the mainland's unfamiliarity with
defaults, with just four Chinese companies reneging on onshore bonds
since the market started in 1981. China National Erzhong and its
subsidiary didn't offer any more clues on
Sept. 22 when they said China National Machinery Industry would "take
over" the bonds after a local court accepted a creditor's
restructuring request. They haven't issued any statements since on the
takeover.

Zhu Kai, an official working in the financial department of China
National Erzhong, declined to comment on the CICC report or if the
parent was paying interest on the notes, Bloomberg says.

"Onshore analysts haven't reached a conclusion on if Erzhong has
defaulted," Bloomberg quotes Shi Lei, head of fixed income research at
Ping An Securities Co. in Beijing, as saying. "Even if Erzhong's
parent doesn't pay interest now, it doesn't mean it won't pay interest
in the future. According to the international market's definition,
Erzhong may have defaulted, but according to the Chinese market
definition, it is not yet."

China National Erzhong sold the CNY1 billion of 5.65% five-year
securities in 2012, according to data compiled by Bloomberg. China
Erzhong Group Deyang Heavy Industries has CNY310 million of seven-year
bonds due on Oct. 14.

Ivan Chung, a senior vice president at Moody's Investors Service in
Hong Kong, said China National Erzhong will default if investors don't
get full payment, including interest, Bloomberg says.

"We would say a company offered a distressed exchange if bondholders
are forced to accept a takeover plan before the due date and didn't
get all the money," Mr. Chung, as cited by Bloomberg, said. "Even
though credit recovery is fast, a distressed exchange would still be
considered a default according to Moody's definition."


CITIC SECURITIES: Involved in Insider Trading, China Probe Finds
----------------------------------------------------------------
Bloomberg News reports that a Chinese probe found evidence that Citic
Securities Co., the nation's biggest brokerage, engaged in insider
trading connected to the government's rescue of the stock market,
people familiar with the matter said.

Investigators suspect that the brokerage used advance knowledge of
government-orchestrated stock purchases to execute trades that
benefited the firm, said the people, who asked not to be identified
because the matter is private, Bloomberg relays.

According to the report, a Citic Securities spokeswoman said the
company hasn't received any formal notification regarding the nature
of the investigation. The China Securities Regulatory Commission
didn't immediately respond to a request for comment.

Citic Securities is one of the brokerages that was drafted in to
government-led rescue efforts which have included CNY1.5 trillion
($235 billion) of stock purchases since June, Bloomberg discloses
citing a Sept. 7 estimate by Goldman Sachs Group Inc.

According to Bloomberg, emergency measures unleashed to counter the
nation's stock bust have also involved a widening enforcement
crackdown, with officials targeting so-called "malicious
short-sellers" and vowing to "purify" the market.

Bloomberg says seven Citic Securities executives, including President
Cheng Boming, are under investigation for offenses including alleged
insider trading, according to state media reports. No comment has been
available from those individuals, the report says.

Citic Securities is part of Citic Group, the nation's first
state-owned investment corporation, which was set up in 1979 as part
of paramount leader Deng Xiaoping's push to modernize the country,
Bloomberg notes.

Bloomberg notes that while the brokerage has said that it's "business
as usual," the government's investigations may be having side effects.
London Stock Exchange Group Plc's plan to sell Russell Investments to
Citic Securities is faltering and may soon collapse, people with
knowledge of the matter said last week, according to Bloomberg.

The plunge in the Chinese stock market since mid-June, as well as
investigations into some Citic Securities executives, have derailed
the discussions, the people said, asking not to be identified as the
information is private, Bloomberg relays. The brokerage had been in
advanced talks to buy the fund-management business for about $1.8
billion, a person with knowledge of the matter said in July, Bloomberg
recalls.


* CHINA: Investors Rally to Recoup Losses in Failed Schemes
-----------------------------------------------------------
Lucy Hornby at the Financial Times reports that local financing
networks are unravelling across China as the economic slowdown bites
into one of the weakest but most enduring links in the financial
system -- pulling hundreds of thousands of investors down with it.

The FT relates that these networks flourished as long as sentiment was
high and rapid economic growth persisted. Now, however, investors are
taking to the streets across the country as they seek to recoup their
losses. Money ploughed into financing schemes that went bust in 2014
amounted to more than CNY100 billion ($16 billion), the FT discloses.

According to the FT, grassroots financing schemes operate in a similar
manner to direct sales, with investors drawn in by the promise of high
returns rather than, say, profits from selling cosmetics. Some are
outright Ponzi schemes, while in others funds are funnelled into
high-interest loans in the shadow banking sector or other unregulated
investment projects, the FT notes.

Investors come from every rank in Chinese society, says the FT. On
September 21, hundreds of well-heeled urban professionals who had
purchased high-interest rate products from the Fanya Metal Exchange
united with distribution agents who sold them in an unusual protest --
which continued on September 22 -- in the financial heart of Beijing,
the FT reports. Meanwhile in the neighbouring province of Hebei,
farmers are trying to retrieve their life savings invested with a
rural businessman who promised high returns from better-quality wheat,
the FT relates.

Such "illegal fundraising" is spreading from the wealthier east coast
to central and western regions, FT discloses citing data from the
China Banking Regulatory Commission. FT research shows every province
in China recorded at least one financing scheme collapse in the past
18 months.

"We are teetering at the tipsy-topsy edge of a crisis, so regulators
need to be putting out fires here, fires there," the report quotes
Anne Stevenson-Yang, founding partner of investment researcher J
Capital Research, as saying.

According to the report, the CBRC office that monitors illegal
financing attributes the schemes' proliferation to China's economic
slowdown and tighter credit along the financing chain. Cross-regional
cases doubled in 2014 against the year before, while cases involving
more than CNY100 million tripled and schemes involving more than 1,000
people quadrupled, it said.

"Many factors that can lead to an increase in illegal fundraising will
not change fundamentally in the short term. We estimate that currently
and in the future illegal fundraising will still occur frequently," a
CBRC report stated in May, FT relays. "And in some regions, industries
or areas, they will emerge violently."

One of the largest cases reviewed by the FT involved an estimated CNY8
billion raised from 135,000 wheat farmers in three townships near the
city of Xingtai, Hebei province.

The FT relates that the wheat farmers invested at least CNY10,000 each
-- more than the region's average annual household income -- to buy
into a "rural co-operative".  The FT says members received discounts
on fertiliser, rice and oils, subsidies for college students and the
handicapped, and a gift of 100 packets of flour upon joining. The
scheme's collapse has devastated local families, the FT says.

"There are people who left their children and wives to avoid
creditors, and I even heard that one peasant committed suicide because
he owes tens of million of renminbi," the FT quotes Hao Xiaochun, a
61-year-old farmer who borrowed CNY200,000 to invest in the
co-operative that he cannot pay back, as saying.

Pyramid schemes, multi-layered sales networks known as chuanxiao and
other too-good-to-be-true investments have flourished for years in
China, especially in rust belt regions such as the north-east,
according to the FT. Chinese authorities ban direct sales and dole out
harsh punishments to the organisers of failed schemes to ward off the
kind of pyramid scheme collapses that convulsed Russia and Albania in
the 1990s, the FT reports.



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


ADVANCE INFRASTRUCTURES: ICRA Rates INR4.0cr Cash Credit at B+
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR4.00 crore
cash credit facility of Advance Infrastructures Private Limited. ICRA
has also assigned a short term rating of [ICRA]A4 to the INR6.00 crore
non fund based limits of AIPL.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit              4.00        [ICRA]B+ assigned
   Non Fund Based Limits    6.00        [ICRA]A4 assigned

The assigned ratings are constrained by AIPL's relatively small scale
of current operations, the high competitive intensity in the
construction space resulting in pressure on margins as well as
vulnerability of its profitability to fluctuation in input prices with
absence of price escalation clause in most of the contracts as well as
to the criticality of timely completion of projects and delivery as
per contract terms in order to avoid incidence of LD and other
liabilities. The ratings also take into account the high working
capital intensity of operations leading to stretched liquidity and the
execution risk arising from delay in handing over the right of way by
the client, which may impact revenues and also block the funds. ICRA
notes that in the past the projects have been delayed owing to the
aforementioned reasons, resultantly leading to blockage of funds in
the existing contracts, thereby limiting its ability to bid for other
projects.

The ratings, however, favourably factors in the experience of the
management in the pipeline laying business, the comfortable order book
position of around INR77.25 crore as on April 2015, which provides
adequate revenue visibility in the medium term and the limited
counterparty risk with customers mainly comprising government, semi
government bodies, and renowned private enterprises. The ratings also
incorporate the company's diversified sectoral presence across
segments like oil and gas, power and telecom and civil and
infrastructure reduces exposure to one particular sector; however
majority of the revenue is currently being derived from the oil and
gas sector.

Going forward, the ability of the company to secure contracts and
execute them in a timely and profitable manner while effectively
maintaining its working capital intensity and utilizing its bank
guarantee will be the key rating sensitivities.

Incorporated in 2006 by Mr. Surendra Kumar Sharma in Gujarat, AIPL is
engaged primarily in the business of construction of cross country
pipeline, city gas distribution network, plant piping, equipment
erection, and associated civil, structural, electrical,
instrumentation and telecommunication work. The company is an ISO
9001:2008 certified EPC company.

Recent Results
For the year ended March 31, 2014, the company reported an operating
income of INR20.86 crore and profit after tax of INR0.87 crore as
against an operating income of INR8.69 crore and profit after tax of
INR0.36 crore for the financial year FY2013. For the year ended March
31, 2015 (as per the provisional financials), AIPL has reported an
operating income of INR25.75 crore and a profit before tax of INR1.87
crore.


AJAY KNITWEAR: ICRA Suspends B+/A4 Rating on INR8cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings assigned to the
INR8.00 crore bank limits of Ajay Knitwear and Fabrics Private Limited
(AKFPL). The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Ajay Knitwears and Fabrics Private Limited (AKFPL) is a Ludhiana
(Punjab) based company engaged in trading and manufacturing of knitted
cloth, yarn and garments. The company also does job work for other
textile companies located in Ludhiana. Within garments, the company
sells T-shirts, shirts, trousers, track suits, sweat shirts, jersey
and bottoms. AKFPL sells its garments under own brand name, Auxamis,
as well as under third party brands. AKFPL was started by Mr. Jangi
Lal Jain in 1999. Mr. Jain was later joined by his three sons, Mr.
Vinay Jain, Mr. Vineet Jain and Mr. Ajay Jain. The company has its
manufacturing facility located at Village Bajra, Rahon Road, Ludhiana,
Punjab. The unit has 20 circular knitting machines and 200-225
stitching machines. It has the installed capacity to manufacture
50,000 pieces on a monthly basis.


ANDHRA PRADESH: CRISIL Cuts Rating on INR10.53MM Bond Series to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on bonds issued by Andhra Pradesh
Power Finance Corporation Limited (APPFC) guaranteed by the Government
of Andhra Pradesh to 'CRISIL D' from 'CRISIL A(SO)/Watch Developing'.
The downgrade reflects delays in debt servicing by APPFC.

                              Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Bond Series I/2004          2.44       CRISIL D (Downgraded
                                          from CRISIL A(SO)/
                                          Watch Developing)

   Bond Series I/2005          5.97       CRISIL D (Downgraded
                                          from CRISIL A(SO)/
                                          Watch Developing)

   Bond Series I/2010         10.53       CRISIL D (Downgraded
                                          from CRISIL A(SO)/
                                          Watch Developing)

   Bond Series I & II/2011     8.98       CRISIL D (Downgraded
                                          from CRISIL A(SO)/
                                          Watch Developing)


   Bond Series I/2012          3.14       CRISIL D (Downgraded
                                          from CRISIL A(SO)/
                                          Watch Developing)

   Bond Series II/2012        10.00      CRISIL D (Downgraded
                                          from CRISIL A(SO)/
                                          Watch Developing)

CRISIL had earlier placed the ratings on 'Rating Watch with Developing
Implications' vide Rating Rationale dated June 11, 2014 following the
carving out of a new state, Telangana, from the erstwhile state of
Andhra Pradesh (AP). One of the key aspects being monitored under
'Rating Watch' was how the bifurcation of the assets and liabilities
(specifically for CRISIL-rated bonds) happens between the respective
government entities (including for APPFC) for the states of Telangana
and AP. Now, based on a recent intimation from the trustee, CRISIL
learns that due to some disputes between APPFC and Telangana State
Power Finance Corporation, relating to distribution of assets and
liabilities, the interest payment on some of the rated bonds was not
made in full by APPFC, on the due date.

The ratings on these bonds were primarily based on the unconditional
and irrevocable guarantee from the government of Andhra Pradesh
(GoAP), guaranteeing full repayment of the principal and interest in a
timely manner. The ratings also factored in the strength of a trustee-
administered payment structure.

CRISIL is in the process of engaging with the other Government of
Andhra Pradesh entities, their trustees, and the guarantor to assess
any potential impact of similar disputes on their debt servicing.

APPFC was set up to provide financial assistance to the power sector
in AP. For 2012-13, APPFC had reported nil PAT on a total income of
INR4.55 billion against nil PAT on total income of INR2.50 billion for
2011-12.


BHAGYODAY COTTON: ICRA Assigns B+ Rating to INR22cr Cash Loan
-------------------------------------------------------------
The long-term rating of [ICRA]B+ has been assigned to the INR22.00
crore cash credit facility and the INR1.24 crore term loan facility of
Bhagyoday Cotton Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           22.00       [ICRA]B+; assigned
   Term Loam              1.24       [ICRA]B+; assigned

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

The rating, however, positively considers the long experience of the
partners in the cotton ginning and pressing industry and the advantage
firm enjoys by virtue of its location in cotton producing region
giving it easy access to raw cotton.

Established in 1995, Bhagyoday Cotton Industries is engaged in cotton
ginning and pressing and cotton seed crushing operations. The business
is owned and managed by Mr. Mahesh Patel, Mr. Chiman Patel and Mr.
Mangal Patel, Mr. Govind Patel, Mr. Narendra Patel, Mr. Bhupendra
Patel and Mr. Jayesh Patel. The firm's manufacturing facility is
located at Kapadwanj in Gujarat. The firm is equipped with 48 ginning
machines, one pressing machine and 18 expellers having capacity to
produce 400 bales per day.

Recent Results
For the year ended 31st March, 2015, BCI reported an operating income
of INR73.84 crore and profit after tax of INR0.88 crore.


DEEPA JEWELLERS: CRISIL Reaffirms B- Rating on INR80MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Deepa Jewellers (DJ)
continues to reflect the firm's small scale of operations in the
highly fragmented jewellery industry and its below-average financial
risk profile, marked by weak debt protection metrics and high gearing.
These weaknesses are partially offset by the extensive experience of
the partners in the jewellery-retailing business.

                      Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Cash Credit          80         CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DJ will maintain its business risk profile over
the medium term backed by its established regional presence. The
outlook may be revised to 'Positive' if the firm reports significant
growth in revenue and profitability, leading to increased cash
accruals, strengthening its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if DJ undertakes any aggressive
debt-funded expansion programme, or if its operating margin and debt
protection measures deteriorate, or if its partners withdraw sizeable
capital, weakening its financial risk profile, particularly liquidity.

DJ, set up in 2009, is a retailer of gold jewellery. It has two
showrooms, in Kanhangad and Cheruvathur (both in northern Kerala). Its
day-to-day operations are managed by managing partner Mr. Nagaraj.


ECOKRIN HYGIENE: Fitch Hikes Long-Term Issuer Rating to 'IND BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Ecokrin Hygiene Pvt
Ltd.'s (EHPL) Long-Term Issuer Rating to 'IND BB' from 'IND BB-'. The
Outlook is Stable. Rating actions on EHPL's bank facilities are as
follows:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
Fund-based working        27.50      Upgraded to 'IND BB'/Stable
capital limits                       from 'IND BB-'

Non-fund-based working    30.0       Affirmed at 'IND A4+'
capital limits

KEY RATING DRIVERS

The upgrade reflects EHPL's improved scale of operations with revenue
of INR284m in FY15 (provisional; FY14: INR168m) due to the increased
number of orders received. Credit metrics too improved strongly with
interest coverage of 7.1x in FY15 (FY14: 0.9x) and net financial
leverage of 0.4x (2.1x) on improved operating EBITDA of INR19m
(INR8m).

The liquidity is moderate with the average working capital utilisation
of around 62% during the 12 months ended August 2015.
The ratings are, however, supported by the almost 30 years of
experience of the company's founders in chemical trading.

RATING SENSITIVITIES

Positive: A further improvement in the scale of operations while
maintaining the credit profile will be positive for the ratings.
Negative: Any deterioration in the credit profile will be negative for
the ratings.

COMPANY PROFILE

Incorporated in 2001, EHPL trades various types of chemicals and
additives mainly used in food. The entity belongs to Mumbai-based
Lakdawala family and has its registered office in Mumbai.


GK-AUTOPAL LIGHTING: CRISIL Assigns B Rating to INR50MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank
facility of GK-Autopal Lighting Solutions LLP (GKALS).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B/Stable
   Rupee Term Loan       15        CRISIL B/Stable

The rating reflects GKALS's nascent stage of its operations and its
below-average financial risk profile, marked by a highly leveraged
capital structure. These rating weaknesses are partially offset by the
partners' extensive experience in the lighting luminaries industry.

Outlook: Stable

CRISIL believes that GKALS will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook may
be revised to 'Positive' if there is significant improvement in its
scale of operations and profitability while sustaining its moderate
working capital requirements. Conversely, the outlook could be revised
to 'Negative' if the firm's financial risk profile deteriorates, most
likely because of a decline in cash accruals, or a stretch in its
working capital cycle, or large debt-funded capital expenditure.

GKALS was registered as a partnership firm with limited liability
(LLP) on December 29, 2014. The firm is currently engaged in trading
of compact fluorescent lamps (CFLs) and is in the process of setting
up a plant for manufacturing light-emitting diode (LED) luminaries.


GURU NANAK: CRISIL Assigns B+ Rating to INR115MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Guru Nanak International Pvt Ltd (GNIPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           115        CRISIL B+/Stable
   Long Term Loan         10        CRISIL B+/Stable

The rating reflects GNIPL's large working capital requirements and
average financial risk profile because of high gearing. These rating
weaknesses are partially offset by the company's established brand,
Frontier Bazar, and the extensive experience of the promoters in the
women's apparel industry.
Outlook: Stable

CRISIL believes GNIPL will continue to benefit over the medium term
from its promoters' extensive industry experience and established
brand. The outlook may be revised to 'Positive' if there is an
improvement in the cash accrual and capital structure along with
efficient working capital management. Conversely, the outlook may be
revised to 'Negative' in case of significantly low cash accrual or a
further stretch in the working capital cycle.

GNIPL was incorporated in 2012, promoted by the Delhi-based Batra
family. It sells women's apparel including bridal-wear at its showroom
in Rajouri Garden (Delhi) under the brand, Frontier Bazar.


HARBANS LAL: ICRA Suspends B Rating on INR6.0cr Bank Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B ratings assigned to the INR6.0 crore, bank
lines of Harbans Lal Gurvinder Singh. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company


HILL STONE: ICRA Suspends B+ Rating on INR3.5cr Cash Credit
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 assigned to the INR7.61 crore bank facilities of
Hill Stone Ceramic Private Limited The suspension follows ICRAs
inability to carry out a rating surveillance due to non cooperation
from the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Cash
   Credit Limit          3.50        [ICRA]B+; suspended

   Long Term-Term
   Loan                  3.01        [ICRA]B+; suspended

   Bank Guarantee        1.10        [ICRA]A4; suspended

Hill Stone Ceramic Private Limited (HCPL) was incorporated in 2010 and
is engaged in manufacturing of ceramic wall tiles. The company has an
installed capacity of 24225 MTPA with its plant situated at Morbi,
Gujarat. HCPL is promoted by Mr.Mahendra Mundadiya, Mr.Dinesh Agrawal,
Mr. Mahedev Detroja and Mr. Kalpesh Zalariya.. HCPL commenced
commercial operations in May 2011 and currently manufactures ceramic
wall tiles of size 10'x13' with the current set of machineries and
production facilities.


HINDUSTAN GUNNY: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating continues to reflect Hindustan Gunny Bags and Allied
Suppliers (HGBAS's) large working capital requirements and modest
scale of operations.

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

These rating weaknesses are partially offset by the extensive
experience of the firm's promoters in the packaging industry, its
established customer linkages, and its above-average financial risk
profile, marked by moderate capital structure and debt protection
metrics.
Outlook: Stable

CRISIL believes that HGBAS will continue to benefit over the medium
term from the extensive industry experience of its promoters and its
established clientele. The outlook may be revised to 'Positive' if
sustainable ramp-up in scale of operations, efficient management of
working capital cycle, and stable profitability lead to improvement in
liquidity. Conversely, the outlook may be revised to 'Negative' if the
liquidity declines, most likely due to low cash accruals, stretch in
working capital cycle, or any large debt-funded capex.

Update

Although HGBAS's revenue recovered to INR391.0 million in 2014-15
(refers to financial year, April 1 to March 31) from INR287.1 million
the previous year, it remains considerably lower than the 2012-13
levels of INR450.8 million. The operating margin remained stable at
7.4 per cent in 2014-15. The revenue is expected to grow at a moderate
15-20 per cent annually on the back of increasing presence in the
polypropylene bags market. The debtor levels continue to be high at
164 days as on March 31, 2015, despite improving considerably from 213
days a year ago. Liquidity remains adequate, with nil term debt
maturing over the medium term, and moderate utilisation of bank lines
at 86 per cent in the 12 months through July 2015. The working capital
management will, however, continue to be a key rating sensitivity
factor over the medium term.

The capital structure improved in 2014-15, because of reduction in
total outside liabilities to tangible net worth (TOL/TNW) ratio to
3.13 times as on March 31, 2015, from 3.41 times a year ago. This has
been on account of shortening in working capital cycle, driven by
reduction in debtors and working capital debt. CRISIL believes the
financial profile will improve over the medium term on the back of
improving accretion to reserves and absence of major debt-funded
capital expenditure (capex). The extent of capital withdrawals by
promoters, if any, will remain a key rating sensitivity factor over
the medium term.

HGBAS, established in 1984, is a partnership firm promoted by the
Bafna family. Sale of polypropylene and gunny bags contributes about
95 and 5 per cent, respectively, to the firm's revenue. The bags are
sold mainly to the sugar industry. The operations are managed by the
partners, Mr. Bhushan Bafna and Mr. Sudarshan Bafna.


KRISHNA FASHION: ICRA Assigns B+ Rating to INR20.76cr Term Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR4.60 crore
cash credit limits and INR20.76 crore term loan limits and a short
term rating of [ICRA]A4 to the INR0.75 crore bank guarantee limits of
Krishna Fashion. ICRA has also assigned the [ICRA]B+/[ICRA]A4 ratings
to the INR0.93 crore unallocated limits of KF.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Cash
   Credit (CC) Limits     4.60       [ICRA]B+ assigned

   Fund Based Term
   Loan Limits           20.76       [ICRA]B+ assigned

   Non-Fund Based Bank
   Guarantee Limits       0.75       [ICRA]A4 assigned

   Unallocated Limits     0.93       [ICRA]B+/[ICRA]A4 assigned

The assigned ratings take into account Krishna Fashion's (KF) limited
track record as the firm is yet to commence operations, exposing it to
execution risks pertaining to delays in commencement and stabilisation
of operations. The ratings also factor in the debt-funded nature of
capex (70% of the project is funded through external debt), which is
likely to keep the credit metrics stretched in the medium term. ICRA
also notes that the increasing competition from players in the knitted
fabrics segment could put pressure on margins of KF, which would also
be susceptible to any adverse movement in the prices of nylon and
polyester yarn. ICRA expects the viability of the project to largely
depend on the sanction of Government subsidy incentives in the form of
the Technology Upgradation Fund (TUFS), which could lower the interest
burden and thereby support the margins as well as the coverage
indicators of the firm in the near term.
The ratings, however, consider the experience of the promoter in the
textile business and the group's presence in the industry. The ratings
also take into account the favourable location of the firm's
manufacturing facility in Surat, which provides easy accessibility to
key raw materials and proximity to other downstream processing units.

Krishna Fashion (KF) was established as a partnership firm on 24th
November, 2014 by Mr. Vikash Madanlal Mittal and his wife Mrs. Renu
Vikash Mittal. KF will be engaged in the manufacturing of knitted
fabrics. KF is a group entity of the Mittal Group and the promoters of
the group have been present in the textile business for over 15 years.
The entity has its corporate and registered office and a manufacturing
facility in Surat, Gujarat.


L&T CHENNAI: ICRA Lowers Rating on INR475cr Loan to D
----------------------------------------------------
The outstanding rating of L&T Chennai Tada Tollway Limited (L&T CTTL)
has been downgraded from [ICRA]BBB- to [ICRA]D. While the total amount
rated is INR475.0 crore, which is the sanctioned term loans from the
lenders, the outstanding amount against the facility was INR346.4
crore as of August 2015. Of this, L&T CTTL crore has delayed on an
interest amount of INR3.9 crore since the company served the
termination notice to NHAI.


MAHITECHS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mahitechs a Long-Term
Issuer Rating of 'IND B+'. The Outlook is Stable.  Mahitechs' bank
facilities have also been assigned ratings as follows:

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
Fund-based limits         27.5        'IND B+'/Stable
Non-fund-based limit      70.0        'IND A4'

KEY RATING DRIVERS

The ratings reflect Mahitechs' small scale of operations and moderate
credit profile. According to the unaudited financials for FY15,
revenue was INR86m, EBITDA margins were 10.4%, net financial leverage
(total adjusted net debt/operating EBITDA) was 3.9x and EBITDA gross
interest coverage (operating EBITDA/gross interest expense) was 2.2x.
The company's order book was moderate at INR130m at end-June 2015
(1.5x FY15 revenue).

The ratings benefit from Mahitechs' comfortable liquidity position as
reflected by its average maximum bank limit utilisation of 58% for the
15 months ended August 2015.

RATING SENSITIVITIES

Positive: A positive rating action could result from a substantial
increase in the revenue and a strong order book position, providing
visibility of improved credit metrics.

Negative: A negative rating action could result from lower visibility
of revenue growth underpinned by a weak order book position or a
decline in the operating profitability resulting in sustained
deterioration in credit metrics.

COMPANY PROFILE

Established in 2010, Mahitechs is a Mumbai-based proprietorship firm,
engaged in the execution of civil construction work for semi
government authorities and non-government authorities. The firm also
takes job work as a sub-contractor.


MANOJ MATHEW: CRISIL Reaffirms B+ Rating on INR50MM Loan
--------------------------------------------------------
CRISIL's rating on the long-term bank facility of Manoj Mathew (MM;
part of the Palathra group) continues to reflect the Palathra group's
large working capital requirements and modest scale of operations in
the fragmented civil construction industry.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           20       CRISIL A4 (Reaffirmed)
   Overdraft Facility       50       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the group's below-average financial risk
profile, marked by high gearing. These rating weaknesses are partially
offset by the extensive experience of the group's promoters in the
civil construction industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PC and Manoj Mathew (MM). This is because
the two entities, together referred to as the Palathra group, are in
the same line of business and under a common management, and have
significant financial and operational linkages.

Outlook: Stable

CRISIL believes that the Palathra group will continue to benefit over
the medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the group scales up operations
significantly while maintaining profitability, leading to substantial
cash accruals and improved liquidity. Conversely, the outlook may be
revised to 'Negative' in case of low revenue or profitability, or
deterioration in working capital management resulting in weak
liquidity, or large debt-funded capital expenditure (capex), weakening
financial risk profile.

Update

The Palathra group reported revenue of INR174 million for 2014-15
(refers to financial year, April 1 to March 31) as compared to INR160
million for 2013-14. The group's operating profitability declined to
22.9 per cent in 2014-15 from 29.8 per cent in 2013-14 due to
execution of certain low-margin projects. The group generated revenue
of INR105 million in the first quarter of 2015-16 and is expected to
grow at a healthy rate over the medium term. CRISIL believes that the
Palathra group's revenue will remain at INR250 million to INR270
million over the medium term because of its current order book of
INR400 million.

The group's financial risk profile is marked by modest net worth, high
gearing, and below-average debt protection metrics. Net worth and
gearing were INR45 million and 4.09 times, respectively, as on March
31, 2015. With no debt-funded capex, gearing will decline, but remain
high, over the medium term. High gearing led to below-average debt
protection metrics as reflected in interest coverage of 1.7 times for
2014-15. CRISIL believes that the Palathra group's financial risk
profile will remain below average over the medium term marked by high
gearing.

The group has stretched liquidity marked by high bank limit
utilisation, though supported by adequate cash accruals for meeting
debt obligations. The group's bank limits have been utilised at around
96 per cent for the six months through April 2015 with several
instances of overdrawn limits. However, cash accruals of INR14 million
will be sufficient to meet debt obligation of INR2.8 million in
2015-16.

Set up in 2007, PC undertakes civil construction work for the
Government of Kerala. The firm also constructs transmission towers for
telecom operators.

MM, undertakes civil construction work for Government of Kerala. The
group's day-to-day operations are managed by Mr. Manoj Mathew and Mr.
Shaji Mathew.


MATOSHRI LAXMI: ICRA Reaffirms B+ Rating on INR61.40cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the term loans
of Matoshri Laxmi Sugar Co-Generation Industries Limited (MLSCIL)
aggregating to INR61.40 crore. The rating was earlier suspended in
July 2015, and the suspension has been revoked.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            61.40        [ICRA]B+; reaffirmed

The reaffirmation of rating continues to take into account promoters
proven experience in the sugar production business, benefits arising
from forward integration with co-generation unit which negates the
sugar cyclicality to some extent and the long crushing periods
expected given the healthy sugarcane availability in the company's
command area as well as limited competition from surrounding sugar
mills and the relatively flexible FRP (Fair & Remunerative Price)
based cane pricing regime in Maharashtra which offers some hedging
during times of supply induced pressures on sugar prices. The rating
is however constrained by exposure of operations to agro-climatic
risks and cyclical trends in sugar business along with vulnerability
to regulatory policies. Further, the rating remains constrained by the
subdued sugar price scenario at present which would lead to muted
profits from sugar for the company for the present year albeit
profitability will be supported by revenues from sale of by-products.
The rating also takes into account the highly leveraged capital
structure of the company owing to the debt-funded nature of the
project and the high working capital intensity of operations inherent
in the business.

Matoshri Laxmi Sugar Co-Generation Industries Limited (MLSCIL),
incorporated in May 2008, operates a 3500 TCD (Tonnes Crushed Per Day)
sugar plant, which is forward integrated with co-generation unit of 10
MW. The plant has been setup at village Rudhewadi in Solapur district
of Maharashtra. The company incurred a project cost of about INR110
crore. The project has been funded through term loans of INR61.4 crore
and the rest through equity contribution and redeemable preference
shares issued to the local farmers. The sugar plant was commissioned
in April 2012 though commercial operations began from October 2012,
i.e. with commencement of SY 2013. The setup of the co-generation unit
witnessed delays and has been commissioned in January 2014. The
company sells power from its co-generation unit to MSEDCL (Maharashtra
State Electricity Distribution Company Ltd) pursuant to its Power
Purchase Agreement (PPA) for a period of 13 years from the date of
commissioning.

Recent Results
For FY 2015, MLSCIL reported Profit after Tax (PAT) of INR0.16 crore
on an operating income(OI) of INR182.57 crore as against PAT of
INR0.10 crores on OI of INR150.71 crores in FY 2014.


NEXUS ELECTRO: CRISIL Ups Rating on INR250MM Cash Loan to B-
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Nexus Electro Steel Ltd (NESL) to 'CRISIL B-/Stable' from 'CRISIL C',
while reaffirming its rating on the short-term facility at 'CRISIL
A4'.
                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         15       CRISIL A4 (Reaffirmed)

   Buyer Credit Limit    100       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL C')

   Cash Credit           250       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL C')

   Letter of Credit      180       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL C')

   Proposed Short Term
   Bank Loan Facility    205       CRISIL A4 (Reaffirmed)

   Working Capital       250       CRISIL B-/Stable (Upgraded
   Term Loan                       from 'CRISIL C')

The rating upgrade reflects CRISIL's belief that company's liquidity
will improve over the medium term due to improvement in operating
performance. The company's revenues are expected to grow at a healthy
rate of more than 40 percent in 2015-16. Improved operating
performance would lead to significant improvement in cash accruals and
the same would be sufficient for meeting repayment obligations.

The ratings reflect NESL's weak financial risk profile, marked by high
gearing and below-average debt protection metrics, and working
capital-intensive operations. These rating weaknesses are partially
offset by the company's moderate business risk profile, supported by
the promoter's experience in the electrical lamination industry.
Outlook: Stable

CRISIL believes that NESL will continue to benefit over the medium
term from the experience of its promoter in the electrical laminations
industry. The outlook may be revised to 'Positive' if NESL improves
its financial risk profile, most likely driven by larger-than-expected
net cash accruals, resulting from higher-than-expected profitability
and improvement in working capital management. Conversely, the outlook
may be revised to 'Negative' if NESL liquidity deteriorates further
due to lower-than-expected cash accruals or in the event of
larger-than-expected working capital requirements.

Incorporated in 1998, NESL manufactures cut, winding, core and coil
assembly laminations that are used in distribution and power
transformers, and generators. Its facility are located in Pondicherry
and Mumbai.


NILESH TIMBERS: CRISIL Assigns B+ Rating to INR80MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Nilesh Timbers (NT).

                            Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Cash Credit                  20      CRISIL B+/Stable
   Foreign Letter of Credit     80      CRISIL B+/Stable

The rating reflects its modest scale of operations in highly
fragmented timber industry and working capital intensive operations.
These weaknesses are partially offset by extensive experience of
promoters in timber trading industry.
Outlook: Stable

CRISIL believes that NT will maintain its stable business risk profile
over the medium term, backed by its partners' extensive experience in
the timber trading industry. The outlook may be revised to 'Positive'
if there is an improvement in scale of operations along with
improvement in profitability leading to higher than expected accruals
Conversely, the outlook may be revised to 'Negative', if the firm's
financial risk profile deteriorates due to increased working capital
borrowings or if the firm does any large debt funded capex.

Nilesh Timbers, located in Shecottah, Tamil Nadu, is involved in the
trading of timber majorly in Tamil Nadu and Karnataka. NT is promoted
and managed by Mr.Nilesh Patel and his family members.


NSL SUGARS: ICRA Suspends B Rating on INR150.8cr Term Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
INR150.80 crore term loans, INR65.60 crore cash credit limits,
INR44.00 crore non fund based limits and INR39.60 crore unallocated
limits of NSL Sugars (Tungabhadra) Limited. ICRA has also suspended
the short term rating of [ICRA]A4 assigned to INR40.00 crore non fund
based facilities of NSLT. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

NSL Sugars (Tungabhadra) Ltd. was formerly known as M/s Siruguppa
Sugars & Chemicals Ltd (SSCL) which was incorporated in 1983. SSCL
took over the sugar factory in the name of M/s Kothari Sugars &
Chemicals Ltd. It was started with 1,500 tonnes crushed per day (TCD)
crushing capacity at Desanur Village, Siruguppa Taluk, of Bellary
District in Karnataka during 1973-74. SSCL operated this plant till
the year 2001-02. The plant was closed till 2005-06 crushing season
due to financial problems. Continuing losses incurred by the plant led
to an erosion of net worth and subsequently SSCL became a sick company
and was referred to BIFR. NSL Sugars Ltd. (NSLSL), a group company of
the NSL group (Nuziveedu Seeds Limited) from Andhra Pradesh, in
association with the management of SSCL, resumed the operations of the
company in 2006-07. NSLSL infused the funds required to make the net
worth positive and SSCL was subsequently deregistered as sick unit in
May 2010. NSLSL acquired the company in June 2010 and it became the
wholly owned subsidiary of NSLSL.

NSLT has upgraded the existing sugar plant with a cane crushing
capacity of 1500 TCD to 3500 TCD plant along with 28 Mega Watt (MW)
power cogeneration plant at Bellary District of Karnataka. The cogen
plant has commenced the operations in October 2011 and the sugar plant
in November 2011.


OASIS AGRO: ICRA Lowers Rating on INR17.48cr Loan to D
------------------------------------------------------
ICRA has revised its rating on the INR17.48 crore fund based bank
facilities of Oasis Agro Infra Limited (OAIL) to [ICRA]D from [ICRA]B.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based limits     17.48      [ICRA]D; (revised from
                                    [ICRA]B)

The rating revision is driven by instances of delays in debt servicing
by OAIL due to the company's stretched liquidity position. ICRA notes
the company's small scale of operations with dependence of revenues on
intercropping sales during the interim years, with the company
reporting an operating income of INR4.67 crore in 2014-15, which was
lower than the company's operating expenses and lease rentals. ICRA
also takes cognizance of the agro climatic risks to which the company
is exposed, specially the high dependence of plant growth on rainfall.
ICRA also takes note of the positive demand outlook for Poplar and the
strategic location of the sites which are conducive in terms of
climate and quality of soil required.

Going forward, a track record of timely debt servicing driven by a
sustained improvement in the liquidity position will be the key rating
sensitivity.

Incorporated in October 2010, the company is engaged in growing Poplar
plants along with inter crop farming and also grows crops such as
cereals (paddy and wheat); sugarcane, mustard, vegetables (potato,
garlic, onion, cauliflower, tomato, etc.), fruit crops (mangoes,
guava, litchi, banana, papaya), turmeric etc. As on date the area
under cultivation is 1164 Acres, all under lease agreements of 5
years, from different farmers.

Recent Results
OAIL, reported a Profit After Tax (PAT) of INR0.76 crore on an
operating income of INR4.67 crore in FY15, as against a PAT of INR1.45
crore on an operating income of INR4.76 crore in the previous year.


OM POWER: CRISIL Assigns B+ Rating to INR10MM Cash Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank loan facilities of Om Power Transmission Private Limited (OPTPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee       65.5        CRISIL A4
   Cash Credit          10.0        CRISIL B+/Stable

The ratings reflect experience of promoters' in the industry and the
company's stable revenue profile. These rating strengths are partially
offset by OPTPL's working capital intensive nature of operations,
modest scale of operations and average financial risk profile.

Outlook: Stable

CRISIL expects that OPTPL will maintain its stable business risk
profile over the medium term backed by the promoters' experience in
the industry and stable order inflows ensuring revenue visibility in
medium term. The outlook may be revised to 'Positive' if the company
continues to grow at healthy rate while maintaining its financial risk
profile. Conversely, the outlook may be revised to 'Negative', if the
company incurs any major costs or time over runs in projects being
executed or if it undertakes large debt-funded CAPEX leading to
deterioration in its financial risk profile.

OPTPL, formerly known as OM Enterprise is Ahmedabad based Electrical
Contracting Company which was formerly into marketing of LT electrical
products & contracting of lighting & maintenance work. Over the years,
it has emerged as EPC and Operations & Maintenance Contracting Company
in the area of Transmission lines & Sub stations up to 400 KV
including Industrial Power Distribution.


OVERSEAS TIMBER: Ind-Ra Affirms 'IND B-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Overseas Timber
Corporation's (OTC) Long-Term Issuer Rating at 'IND B-'. The Outlook
is Stable. Ind-Ra has also affirmed OTC's bank facilities as follows:

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
Fund-based working      20         'IND B-'/Stable
capital limits

Non-fund-based          50         'IND A4'
working capital
limits

KEY RATING DRIVERS

The ratings continue to reflect OTC's small scale of operations and
weak credit metrics. According to the provisional financials for FY15,
revenue was INR82m (FY14:INR91m), interest coverage was 0.7x (1x) and
net financial leverage was 9.9x (10.7x).

The ratings, however, benefit from the company's moderate liquidity
profile with its average utilisation of the working capital limits
being around 62% during the 12 months ended August 2015. The ratings
also benefit from the almost 30 years of experience of OTC's founders
in the timber trading business.

RATING SENSITIVITIES

Positive: A positive rating action could result from a sustained
improvement in the EBITDA interest coverage ratio.
Negative: A negative rating action could result from further
deterioration in the liquidity position of the company.

COMPANY PROFILE

OTC is engaged in timber trading. It is a partnership firm formed in
2002 between Kirti Manilal Lakdawala, Akhilesh Kantilal Parekh, Deepak
Visanji Patel, Skyline Holdings Pvt Ltd and Jignesh M Lakdawala. The
firm is managed by Kirti Manilal Lakdawala. OTC imports timber logs
from African countries and sells it to sawmill owners all over India.


PRISM LAMINATES: ICRA Assigns B- Rating to INR4.65cr LT Loan
------------------------------------------------------------

ICRA has assigned a rating of [ICRA]B- to the INR8.15 crore long term
bank facilities of Prism Laminates Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term, Fund
   Based Cash Credit     3.50       [ICRA]B-/ assigned

   Long Term, Non-
   Fund Based            4.65       [ICRA]B-/assigned

The assigned rating takes into account the nascent stage of operations
which commenced only in January 2015 and the adverse financial profile
characterised by operational losses and negative net worth at present.
The risk is further accentuated by the small scale of operations,
exposure to intense competition from larger sized peers and the
exposure to cyclicality due to linkage to investment activity in the
real estate sector. The liquidity profile of the company continues to
remain tight and tie-up of additional working capital borrowings would
be critical to meet its funding requirements.

ICRA however favourably factors in the locational advantage due to
proximity to major end user market of Mumbai and the low penetration
for MDF/ particle boards relative to plywood products in the Indian
panel industry and the subsequent growth potential going forward.

Set up in June, 2012, Prism Laminates Private Limited is engaged in
manufacturing of plain and pre-laminated medium density fibre (MDF)
boards and particle boards. The company products are used for
manufacturing of furniture, doors, frames, cupboards, ceilings, etc.
The company has 50,000 square feet manufacturing facility located at
Wada, Thane. PLPL largely caters to the domestic market, with most of
its customers located in and around Mumbai. Wood is the major raw
material for the manufacturing of boards, which is primarily procured
from international suppliers across Malaysia, China and Vietnam.

Recent Results
For the financial year ending March 2014, Prism Laminates Private
Limited reported operating income of INR0.25 crore and net loss of
INR0.36 crore.


R MISRILAL: CRISIL Cuts Rating on INR150MM Cash Loan to B-
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of R
Misrilal Jewellers Pvt Ltd (RMJPL) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

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

The downgrade reflects CRISIL's belief that RMJPL's financial risk
profile will remain weak over the medium term marked by a weak capital
structure and inadequate cash accruals against maturing term debt
obligations. Moreover, the company's business risk profile is expected
to remain constrained over this period by the start-up nature of
operations. The company has reported cash losses for 2014-15 (refers
to financial year, April 1 to March 31) due to low profitability given
its initial scale of operations; continued pressure on profitability
will constrain RMJPL's cash accruals and limit its ability to meet its
debt obligations over the medium term.  CRISIL, however, believes that
RMJPL will meet its debt obligations in time aided by funding support
from the promoters through unsecured loans; the balance of such loans
was estimated at around INR151 million as on
March 31, 2015.

The rating reflects RMJPL's weak financial risk profile because of a
weak capital structure. The rating also factors in the company's
modest scale of operations in the highly fragmented and competitive
gold jewellery industry. These rating weaknesses are partially offset
by the promoters' extensive industry experience.
Outlook: Stable

CRISIL believes that RMJPL 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 scale of operations and profitability, leading to a
better financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case of large debt-funded capital expenditure, or a
substantial decline in revenue and profitability or delay in extending
timely financial support by the promoters leading to weakening of the
financial risk profile.

Established by Mr. Bhikan Chand and his family members in 2013, RMJPL
retails gold jewellery at its showroom in Chennai.


ROBOSOFT TECHNOLOGIES: ICRA Ups Rating on INR5cr Loan to 'B'
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR4.0 crore
(revised from INR5.0 crore) term loan of Robosoft Technologies Private
Limited from [ICRA]B to [ICRA]D and has simultaneously upgraded the
rating to [ICRA]B. ICRA has also revised the short term rating
assigned to the INR4.0 crore (revised from INR7.5 crore) fund based
facilities of the company from [ICRA]A4 to [ICRA]D and has
simultaneously upgraded the rating to [ICRA]A4. ICRA has also revised
the long term and short term ratings assigned to the INR5.0 crore
(enhanced from NIL) proposed facilities of the company from [ICRA]B
and [ICRA]A4 to [ICRA]D and has simultaneously upgraded the rating to
[ICRA]B and [ICRA]A4.


                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loan              4.0         Revised from [ICRA]B
                                      to [ICRA]D and
                                      simultaneously upgraded
                                      to [ICRA]B

   Fund based limits      4.0         Revised from [ICRA]A4
   short term                         to [ICRA]D and
                                      simultaneously upgraded
                                      to [ICRA]A4

   Proposed facilities    5.0         Revised from [ICRA]B and
                                      [ICRA]A4 to [ICRA]D and
                                      simultaneously upgraded
                                      to [ICRA]B and [ICRA]A4


The revision in ratings takes into account the delay in payment of
principal and interest on term loans during 2013-14. However, the
ratings reassigned factor in no delays in meeting debt obligations in
the recent past. The ratings also take into account the weak financial
profile marked by low profit margins, inadequate coverage indicators
and high working capital intensity owing to delayed payments from the
customers and high advances extended towards the group companies that
has, in turn, resulted in the over utilisation of the overdraft
facility during the months from July 2014 till February 2015.

The ratings are, however, supported by the long standing presence of
the promoters in the information technology business and private
equity to the tune of US $ 12.0 million (total of INR75.0 crore)
infused into RTPL and two other group companies 99Games Online Private
Limited and Global Delight Technologies Private Limited in April 2015
that has supported the capital structure of the company. The ratings
also take into account the healthy growth in revenues during 2013-14
and 2014-15 on account of higher contribution from the mobile
application development segment and favourable demand in both domestic
and international markets that supports growth prospects.

Robosoft Technologies Private Limited (RTPL), promoted as a
proprietorship firm in 1996 by the managing director Mr. Rohith Bhat,
was incorporated as a private limited company in July 2005. The
company is engaged in the development of mobile applications, games
software, software for Windows and Macintosh platforms and enterprise
applications among others. The company is based out of Udupi,
Karnataka and has a team of close to 450 software professionals
working for the company. The company also has branch offices in
Bangalore and Mumbai.


SACHDEVA METAL: CRISIL Assigns B Rating to INR30MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
long-term bank facilities of Sachdeva Metal Works (SMW; part of the
Sachdeva group).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      20        CRISIL B/Stable
   Bank Guarantee          10        CRISIL A4
   Cash Credit             30        CRISIL B/Stable

The ratings reflect the Sachdeva group's small scale of operations in
an intensely competitive industry, and large working capital
requirement leading to high gearing. These rating weaknesses are
partially offset by the extensive experience of promoters in
manufacturing iron fittings and valves.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RG Industries (RGI), SMW and Water Wealth
Infra Tech India Pvt Ltd (WWIPL). This is because these entities,
together referred to as the Sachdeva group, have operational linkages,
and a common management and marketing network.

Outlook: Stable

CRISIL believes the Sachdeva group will benefit from the promoters'
extensive experience in manufacturing pipelines and valves, and their
established relationships with customers and suppliers. The outlook
may be revised to 'Positive' in case of a substantial increase in the
scale of operations, while maintaining profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' if
profitability declines or the capital structure weakens because of any
large, debt-funded capital expenditure or the liquidity deteriorates
due to any stretch in the working capital cycle.

The Sachdeva Group is owned and managed by Mr. Arvinder Pal Singh, his
brothers Mr. Daljit Singh and Mr. Varpreet Singh. The group is based
in Jalandhar (Punjab).

SMW manufactures valves under the Sachdeva brand.

WWIPL undertakes turnkey projects for laying of pipes, for municipalities.

RGI, set up in 1999, manufactures high-quality ductile iron (of sizes
80 millimetres [mm] to 1000 mm) and cast iron (80 mm to
600 mm) fittings under the RG brand. Both SMW and RGI have
manufacturing facilities in Jalandhar, and cater to both government
departments, including municipalities, and private contractors.


SDM PROJECTS: Ind-Ra Assigns 'BB' Issuer Rating; Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned SDM Projects Private
Limited (SDMPPL) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.  The agency has also assigned the company's INR50.0 mil. Non
fund-based limit a Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The rating reflects SDMPPL's small scale of operations and highly
volatile profitability.  EBITDA margin fluctuated between 3.3% (FY11)
and 12.4% (FY14) due to volatile raw material prices.  FY15 unaudited
financial statements indicate revenue of INR260 mil. and EBITDA
margins of 9.7%.

The ratings also reflect the company's comfortable credit profile with
EBITDA interest coverage of 29.79x (FY14: 2.78x) and net leverage of
0.01x (0.47x) in FY15.  The improvement was due to a decline in the
year-end debt and fall in the interest expense as the company availed
unsecured loans from promoters to meet its fund-based working capital
requirement during FY15.

The ratings benefit from the company's revenue visibility for around
two years, reflected in its order book of INR1,400 mil. (5.4x of FY15
revenue) outstanding at end-August 2015 and over 30 years of
experience of its founders in civil construction.

RATING SENSITIVITIES

Negative: A decline in the profitability leading to deterioration in
the overall credit metrics could result in a negative rating action.

Positive: A substantial increase in the revenue while maintaining the
profitability resulting in an improvement in the overall credit
metrics could result in a positive rating action.

COMPANY PROFILE

Incorporated in 2007, SDMPPL is Bengaluru-based civil contractor
engaged in the construction of roads, buildings etc.

Total debt outstanding on 31 March 2015 comprised only of an INR0.99
mil. term loan, which was fully repaid on August 2015.


SIGNET CONDUCTORS: ICRA Reaffirms B+ Rating on INR15cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the INR16.63
crore fund based bank limits of Signet Conductors Private Limited.
ICRA has also reaffirmed its short term rating of [ICRA]A4 on the
INR3.10 crore non fund based bank limits of SCPL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits       15.00       [ICRA]B+; Reaffirmed
   Term Loan                1.63       [ICRA]B+; Reaffirmed
   Non Fund Based Limits    3.10       [ICRA]A4; Reaffirmed

ICRA's ratings reaffirmation takes into account the year-on-year
decline in SCPL's Operating Income (OI) in FY15, although this has
been accompanied by an improvement in the company's profit margins, on
account of increased proportion of job work income in the company's
overall OI.

ICRA's ratings continue to take into account SCPL's limited scale of
operations in the highly competitive and fragmented conductor
manufacturing industry, resulting in modest economies of scale and
moderate profitability indicators, with the company's margins being
vulnerable to raw material price fluctuations. The ratings continue to
factor in the high gearing of the company due to funding of working
capital requirements, primarily through bank borrowings. The ratings
continue to derive comfort from the extensive experience of the
promoters in the industry and the company's established client base.
The expected addition of new clients is also expected to improve the
operating income in the near term.

Going forward, the ability of the company to increase its scale of
operations, achieve improved profit margins and efficiently manage its
working capital cycle will be the key rating sensitivities.

SCPL was set up in 1991 as a private limited company by Mr. D.S.
Sahni. The company manufactures bare and paper insulated aluminium and
copper conductors which find application in electric motors, power
generators and attenuators for transmission and distribution of power.
The company's manufacturing facility is located in Rewa, Madhya
Pradesh and has a licensed capacity of 1,500 metric tonnes per annum.

Recent Results
SCPL, on a provisional basis, reported a Profit After Tax (PAT) of
INR0.22 crore on an operating income of INR14.34 crore in FY 2015 as
against a PAT of INR0.07 crore on an operating income of INR31.17
crore in the previous year.


SREE VISHNUPRIYA: ICRA Reaffirms B+ Rating on INR6cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR6.00 crore
(revised from INR6.80 crore) fund based bank facilities of Sree
Vishnupriya Motors at [ICRA]B+. ICRA has also assigned the long term
rating of [ICRA]B+ to INR0.80 crore unallocated limits.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits      6.00       [ICRA]B+; Reaffirmed
   Unallocated            0.80       [ICRA]B+; Assigned

The rating is constrained by SVM's small scale of operations and high
geographical concentration wherein the operations are confined to
Vishakhapatnam region. The rating also factors in financial profile of
the firm characterized by low profitability, inherent to the
dealership business, stretched capital structure and weak coverage
indicators. ICRA notes that SVM's revenues are directly dependent upon
the prevailing macroeconomic variables which could affect the demand
for two wheeler vehicles in India.
The ratings, however, take comfort from the longstanding experience of
the promoters in the dealership business and established position of
SVM as an authorized dealer for HMSI in Vizag market. The assigned
rating also factors in the established presence of Honda Motorcycles
and Scooters India (HMSI) especially in 125 cc motorcycle segment.

Going forward, SVM's ability to sustain its market share in Vizag city
coupled, maintain healthy margins, and manage its working capital
requirements will be key rating sensitivities.

SVM is an authorized dealer of HMSI- a 100% subsidiary of Honda Motor
Company, Japan. Having commenced operations in 2007, the firm operates
3 showrooms in Vishakhapatnam district of Andhra Pradesh; one each at
Narsipatnam, Madhurwada and Chodavaram. The firm is managed by Mr.
Ranga who had a prior experience in auto dealership business having
run the dealership of Massey Ferguson Tractors (TAFE) for nearly 4
years.

Recent Result
As provisional statements for FY15, SVM registered PAT levels of
INR0.22 crore on an Operating Income (OI) of INR39. 24 crore as
against PAT levels of INR0.17 crore on an Operating Income (OI) of
INR29.26 crore in FY14.


SRI RAMALINGESWARA: ICRA Reaffirms B+ Rating on INR6cr Loan
-----------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ assigned to the
INR6.00 crore fund based limits of Sri Ramalingeswara Aqua Feeds.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            6.00        [ICRA]B+ Re-affirmed

The re-affirmation of ratings continues to be constrained by the
firm's weak profitability indicators with operating margins at 1.56%
and net margins at 0.35% for FY 2015 inherent in the trading nature of
the fragmented aqua feed industry; and low entry barriers and intense
competition from unorganized players in the aqua feed industry. The
ratings are further constrained by risks arising from the partnership
nature of the business, wherein any significant withdrawal of
partner's funds will adversely affect the firm's net worth and capital
structure. Moreover, the demand for shrimp feed is exposed to inherent
risks in the seafood industry, including susceptibility to diseases,
government policies, and climate change risks.

The rating, however, favorably factors in the longstanding experience
of the promoters in the aqua feed industry, along with logistic
advantages of the firm's facilities being located in proximity to the
major aquaculture belt of Andhra Pradesh.
Going forward, the firm's ability to improve its operating margins,
while managing its working capital requirements, will be the key
credit rating sensitivities.

Founded in 1999 as a partnership firm, Sri Ramalingeswara Aqua Feeds
(SRAF) is engaged in trading shrimp feed. This is primarily acquired
from Charoen Pokphand (India) Private Limited (CPPL), Avanti Feeds
Limited (AFL), and Godrej Agrovet Limited (GAL), within Andhra
Pradesh. SRAF's registered office is located at Penuguduru village of
East Godavari district in Andhra Pradesh. The firm's operations are
overseen by the managing partner, Mr. S. Krishna Reddy, who has been
involved in the aqua feed industry for more than fifteen years. The
firm operates several branches within the East Godavari district of
Andhra Pradesh.

Recent Results
For FY 2015 (unaudited and provisional results), the firm reported a
profit after tax (PAT) of INR0.11 crore on an operating income (OI) of
INR32.33 crore, as against a PAT of INR0.12 crore on an OI of INR34.26
crore in FY 2014 (audited).


SRI SOMESHWARA: ICRA Reaffirms B+ Rating on INR12cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for the INR12.00
crore (earlier INR8.00 crore) fund based bank facilities and short
term rating of [ICRA]A4 for the INR10.07 crore (earlier INR1.65 crore)
non fund based facilities of Sri Someshwara fertilizers and Chemicals
(SFC).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-Term Fund
   Based Limits          12.00       [ICRA]B+ reaffirmed

   Short-Term Non
   Fund Based Limits     10.07       [ICRA]A4 reaffirmed

ICRA's rating reaffirmation takes into account the regulatory risk in
the fertilizer business, which is exacerbated due to subsidy delays by
the Government of India on account of pressure on the country's fiscal
deficit. Also ICRA notes the vulnerability of business to agro
climatic conditions given that demand for fertilizers in India is
linked to a large extent to monsoon conditions. The rating is also
tempered by the moderate profitability of the firm, given the trading
nature of operations and SFC's stretched liquidity position on account
of high working capital requirement.

However, the ratings draw comfort from the experience of the
proprietor in the fertilizer industry. ICRA also makes note of the
established presence of the entity in Karnataka market, given that SFC
conducts business with reputed players such as Fertilisers and
Chemicals Travancore , Gujarat State Fertilizer Company , Gujarat
Narmada Valley Fertilizer Company , TATA Chemicals etc. The ratings
also favourably factors in the low customer concentration risk,
coupled with the repeat orders from reputed entities such as
Department of Agriculture, Karnataka, Mysore Agro Supplies, Bhavani
Agro Agencies etc.

Sri Someshwara Fertilizers & Chemicals (SFC) was incorporated as a
sole proprietorship in 1990 and is engaged in the wholesale and retail
trading of chemicals and chemical fertilizers such as
Nitrogen-Phosphorous-Potassium (NPK), Single Super Phosphate (SSP),
Urea, Monoammonium Phosphate (MAP), Borax, Zinc Sulphate and Gypsum.
Based in Mandya district of Karnataka, the entity commenced commercial
operation in 1991. The proprietor of the firm is also associated with
the entities namely Sri Someshwara Transport and Someshwara
Fertilizers Private Limited. Sri Someshwara Transport is a part of SFC
and provides facilities for the transport of fertilizers.

Recent Results
As per the provisional results for FY2015, the firm reported profit
before tax of INR2.38 crore on turnover of INR79.37 crore as against
profit before tax of INR2.10 crore on turnover of INR80.36 crore
during FY2014.


SRI VENKATRAM: ICRA Cuts Rating on INR23cr LT Loan to D
-------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR2.14 term
loan facilities, INR23.00 crore fund based facilities, the INR0.75
crore non-fund based facilities and the INR7.78 crore proposed
facilities of Sri Venkatram Spinners Private Limited from [ICRA]C+ to
[ICRA]D. ICRA has revised the short-term rating outstanding on the
INR7.00 crore non-fund based facilities of SVSPL from [ICRA]A4 to
[ICRA]D. ICRA has also revised the ratings assigned to INR3.50 crore
long-term/short-term interchangeable non-fund based facilities
(sub-limit) of SVSPL from [ICRA]C+/ [ICRA]A4 to [ICRA]D/[ICRA]D.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term- Term
   loan facilities           2.14       [ICRA]D; downgraded

   Long Term- Fund
   based facilities         23.00       [ICRA]D; downgraded

   Long Term- Non fund
   based facilities          0.75       [ICRA]D; downgraded

   Long Term- Proposed
   facilities                7.78       [ICRA]D; downgraded

   Short Term- Non fund
   based facilities          7.00       [ICRA]D ; downgraded

   Long-term/short-term     (3.50)      [ICRA]D/[ICRA]D;
   interchangeable limits               downgraded
   (Sub Limit)

The rating revision factors in the delays in the repayment of
principal on the term loans availed to fund the past capex on account
of tight liquidity position. The same is attributable to the increase
in working capital intensity and slowdown in order flows on account of
a sluggish demand scenario. The ratings continue to remain constrained
by the stretched capital structure of the company characterized by
high gearing and weak coverage indicators on the back of lower
accruals from the business in the past. The ratings also take
cognizance of the Company's moderate scale of operations and the
intense competition in the business which limits pricing flexibility
thereby exposing earnings to fluctuations in raw material prices.
ICRA, however, favourably factors in the long-standing experience of
the promoters in the textile business.

Sri Venkatram Spinners Private Limited (SVSPL), promoted by
Mr.S.Srinivasan and his family, was started with a spindle capacity of
2,160 in 1992. Currently SVSPL has a capacity of 41,944 spindles, of
which 22,368 spindles were added in 2007. Further, SVSPL has installed
360 rotors in 2007. The Company manufactures and sells cotton yarn in
the coarser and medium counts, with 20s to 60s contributing to major
portion of revenues. SVSPL has windmill with a capacity of 1.65 MW
installed in Surandai village near Tenkasi in Tamil Nadu.

Recent Results
SVSPL has reported a net profit of INR0.2 crore on an operating income
of INR89.3 crore during 2014-15 as against a net profit of INR0.7
crore on an operating income of INR110.0 crore for 2013-14.


STANDARD CONSULTANTS: ICRA Assigns B+ Rating to INR7.75cr Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR4.25
crore fund based facilities and the INR7.75 crore unallocated
facilities of Standard Consultants Limited. ICRA has also assigned a
short-term rating of [ICRA]A4 to the INR10.0 crore non-fund based
facilities of the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term- Fund
   based                  4.25       [ICRA]B+/Assigned

   Long-term-
   Unallocated            7.75       [ICRA]B+/Assigned

   Short-term Non-
   fund based            10.00       [ICRA]A4/Assigned

The assigned ratings consider the small scale of operations of the
company, limiting its economies of scale. SCL's high customer and
geographic concentration risks have also been considered, with its
entire order book comprising orders from the Telangana State (TS)
TRANSCO. The company faces project concentration risks as well, with
three of its projects accounting for 100% of its unexecuted order book
as on August 31, 2015. The ratings also remain constrained by the
financial profile of the company, characterized by thin net margins,
high TOL/TNW, weak coverage indicators and a stretched liquidity
position.

The ratings, nevertheless, favourably factor in the experience of the
company's directors in the electrification of transmission lines
business; and financial support from the promoters in the form of
unsecured loans. Going forward, the timely execution of the current
order book, and the ability to secure more orders to improve the scale
of operations, while managing its working capital requirements
effectively, would be SCL's key rating sensitivities.

Standard Consultants Limited (SCL), incorporated in May 1992, had been
involved in importing and trading in Compressed Natural gas (CNG) and
Liquefied Petroleum gas (LPG) kits till 2012, following which it
ventured into the execution of electrical turnkey projects, supplying
erection testing commissioning and construction of sub-stations and
transmission lines from 33/11KV to 300KV. SCL has executed projects
for the state governments of Assam and Andhra Pradesh in the past.
Currently the company is executing projects for TS TRANSCO.

Recent Results
SCL reported an operating income of INR20.0 crore with a net profit of
INR0.6 crore in FY15 as against an operating income of INR17.9 crore
with a net profit of INR0.5 crore in FY14.


SUPREME INFRASTRUCTURE: Ind-Ra Lowers Rating to 'D'; Outlook Neg.
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Supreme
Infrastructure India Ltd's (SIIL) Long-Term Issuer Rating to
'IND D' from 'IND BB'.  The Outlook was Negative.  The agency has also
taken these rating actions on SIIL's bank loans:

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term loan           4,689        Downgraded to
                                    Long-term 'IND D' from
                                    'IND BB'

   Cash credit         6,250        Downgraded to Long-term
   facility                         'IND D' from 'IND BB' and to
                                    Short-term 'IND D' from
                                    'IND A4+'

   Non-fund-based      8,000        Downgraded to Long-term
   limits                           'IND D' from 'IND BB' and to
                                    Short-term 'IND D' from
                                    'IND A4+'

KEY RATING DRIVERS

The ratings reflect SIIL's delays in debt servicing as reported in the
latest available annual report for FY15.

RATING SENSITIVITIES

Timely debt servicing for three consecutive months could result in a
positive rating action.

COMPANY PROFILE

Incorporated in 1983, SIIL is involved in the construction of roads,
building, bridges & flyovers, railway platforms, sewerage systems and
pipelines.  During FY15, it reported standalone revenue of INR15.2
bil. (FY14: INR21.7bn), EBITDA of INR2.5 bil. (INR3.1 bil.) and gross
debt of INR17.1 bil. (INR16.7 bil.).


SUYOG GURBAXANI: ICRA Suspends B- Rating on INR34.04cr Term Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR34.04 crore,
term loan facilities of Suyog Gurbaxani Funicular Ropeways Private
Limited. The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SWASTIKA STEEL: CRISIL Reaffirms B Rating on INR98.5MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Swastika Steel and Allied
Products Pvt Ltd (SSAPPL) continue to reflect SSAPPL's weak financial
risk profile because of a modest capital structure and below-average
debt protection metrics, and working capital-intensive operations.
These rating weaknesses are partially offset by the extensive
experience of promoters in the structured steel products industry.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        10         CRISIL A4 (Reaffirmed)
   Bill Discounting      53.5       CRISIL A4 (Reaffirmed)
   Cash Credit           85         CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    98.5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SSAPPL will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may be
revised to 'Positive' if a considerable improvement in profitability
leads to substantial cash accrual and improved liquidity. Conversely,
the outlook may be revised to 'Negative' in case of low revenue or
profitability, or deterioration in working capital management
resulting in weak liquidity or any large, debt-funded capital
expenditure (capex), leading to deterioration in the financial risk
profile.

Update
On a provisional basis, SSAPPL's sales rose 39 per cent year-on-year
to INR687.8 million in 2014-15 (refers to financial year, April 1 to
March 31) from INR492.3 million in 2013-14; however, the operating
margin declined significantly to 2.5 from 3.9 per cent on account of
lower realisation, given an increase in trading activities. The
manufacturing activity was stopped from October 2013 to March 2015,
leading to an increase in trading and outsourcing activities.

The net worth and gearing were at INR80 million and 1.06 times,
respectively, as on March 31, 2015. With no debt-funded capex, gearing
will decline, but remain high, over the medium term. High gearing led
to below-average debt protection metrics as reflected in an interest
coverage ratio of 1.3 times for 2014-15. CRISIL believes SSAPPL's
financial risk profile will remain weak over the medium term on
account of high gearing.

As on March 31, 2015, the liquidity was supported by unsecured loans
of INR47.2 million from promoters, shareholders, and relatives.

SSAPPL was originally established as a partnership firm in 1959 by the
Mota and Sharda families, with manufacturing facilities in Liluah
(West Bengal). Since 1992, Mr. Shiv Kumar Sharda and Mr. Sushil Kumar
Sharda have been managing the business. The entity was reconstituted
as a private limited company with the current name on April 1, 2011.
SSAPPL manufactures, and trades in, structured steel products such as
mild steel angles, channels, and flats.


THANGAMAYIL JEWELLERY: ICRA Assigns MB+ Rating to INR25cr Loan
--------------------------------------------------------------
ICRA has assigned a rating of MB+ for Thangamayil Jewellery Limited's
INR25.00 crore fixed deposit programme. This is the
inadequate-credit-quality rating assigned by ICRA. The rated
instrument carries high credit risk. ICRA also has [ICRA]BB+ and
[ICRA]A4+ outstanding on the Company's INR121.00 crore bank lines.
Further, ICRA has MB+ rating outstanding on the Company's existing
INR20.00 crore Fixed Deposit Programme.

                             Amount
   Facilities              (INR crore)     Ratings
   ----------              -----------     -------
   Fixed Deposit Programme     25.00       MB+; assigned

The rating action takes into account TMJL's established brand presence
in South Tamil Nadu, the rich experience of promoters and the
favorable long term demand prospects for the organized gold jewellery
retail industry which is expected to benefit the Company. In assigning
the ratings, ICRA has also taken cognizance of the turnaround in
TMJL's operations during Q1 FY2016 following six quarters of losses,
on the back of renewed availability of metal loans, easing of gold
supplies, better liquidity position with the availment of a INR30.00
crore corporate loan and improved demand in the regions where the
Company operates. Further, the Company continues to take conscious
efforts to rationalize operating costs and inventory levels to sustain
the current recovery. However, in light of the recent sharp volatility
in gold prices and rising competitive pressures, ICRA believes that
these efforts are expected to yield results gradually.

The Company's financial profile also continues to be modest,
characterized by moderate capital structure and weak coverage metrics
on account of sharp drop in operating profits and large net losses
recorded in the previous year owing to drop in gold prices and pricing
pressure. The ratings also factor in the inherent high working capital
requirements of the business exposing the company to refinancing risks
as seen in the previous year when restrictions on metal loans and drop
in drawing power owing to falling gold prices constrained funding
avenues. The ratings also take note of the increased regulatory risks
in the industry, especially in recent years, which exposes the
operations to risk of disruption in gold bullion supplies /
refinancing risks.

Therefore, ability of the Company to sustain the current turnaround
amidst volatile gold prices and intensifying competition and diversify
its sourcing and funding mix, would be key sensitivities for the
rating.

Thangamayil Jewellery Limited is a jewellery retailer based out of
Madurai, TN. The business commenced as a proprietorship firm, in
Madurai (TN), floated by Mr. Baluswamy Chettiar in 1947. Following
successive re-constitutions in 2000 and 2007, the Company was
converted into a public limited entity and post an Initial Public
Offer (IPO) in January 2010, is currently listed in the Bombay Stock
Exchange and National Stock Exchange. The Company is presently managed
by Mr. Balarama Govinda Das, Mr. Ba Ramesh, and Mr. N B Kumar, who are
the sons of the promoter. TMJL has 30 jewellery outlets spread across
TN.


TILAK EXPORTS: ICRA Suspends B/A4 Rating on INR13cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B/[ICRA]A4 ratings assigned to the
INR13.00 crore bank limits of Tilak Exports (TE). The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Formed in 1988, Tilak Exports is managed by Ms. Manju Farsaiya. TE is
engaged in the manufacturing and export of garments for ladies to
Sweden, Germany and France. TE has a manufacturing facility in Noida
which is equipped with 500 sewing machines with annual production
capacity to manufacture around 1 lakh pieces per month.



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


DAIICHI CHUO: Files for Bankruptcy; Shares to Delist
----------------------------------------------------
Chris Cooper and Kiyotaka Matsuda Bloomberg News report that
Daiichi Chuo KK filed for bankruptcy protection in Tokyo with
JPY120 billion ($1 billion) in liabilities, as over-expansion amid
plunging freight rates pushed the Japanese shipping line to four
straight years of losses.

Its wholly owned Star Bulk Carrier Co. unit also filed for bankruptcy
with JPY57 billion in liabilities, Daiichi Chuo said in a statement on
September 29, Bloomberg relates.

Daiichi Chuo added more ships to its fleet even as rates plummeted
after the collapse of Lehman Brothers Holdings Inc. in 2008, President
Masakazu Yakushiji said at a briefing in Tokyo, Bloomberg relays. The
company was counting on a rebound in Chinese demand that failed to
materialize, he said.

"We reduced the fleet pretty much as planned after I became
president," Bloomberg quotes Mr. Yakushiji, who took over in 2012, as
saying. "However, the market turned a lot worse than we expected. We
didn't expect the market to be bad for four years."

Bloomberg notes that Daiichi Chuo joins Sanko Steamship Co., a closely
held Japanese ship operator that filed for bankruptcy protection three
years ago after it was slow to cut expensive charters as rates fell.
Shares of Daiichi Chuo, which mainly carries bulk cargoes such as iron
ore, coal and grains, will be delisted Oct. 30, the Tokyo Stock
Exchange said, Bloomberg relays.

Daiichi Chuo fell 3.4 percent to JPY28 in Tokyo trading on September
28, giving the company a market value of
JPY11.7 billion, according to Bloomberg. The shares, which have
declined 44% this year, were suspended from trading on
September 29, says Bloomberg.

Daiichi Chuo's struggles won't affect the larger Japanese shipping
market, the head of an industry body said, Bloomberg relays.  Nippon
Yusen K.K., Mitsui O.S.K. Lines Ltd. and Kawasaki Kisen Kaisha Ltd.
are the nation's top three shipping companies.

"Other Japanese shipping companies are operating soundly," Yasumi
Kudo, chairman of The Japanese Shipowners' Association, told reporters
on September 18 in Tokyo, Bloomberg relays. "With the yen around 120
to the dollar, they're doing OK. Conversely, overseas dry-bulk
shipping lines are in a tougher situation."

Daiichi Chuo KK has about 170 vessels and employs about 400 staff.


SHARP CORP: To Sell Head Office Building to Nitori
--------------------------------------------------
The Japan Times reports that Sharp Corp. said on September 28 it will
sell its head office building in Osaka and a nearby building, as well
as the land they stand on, for JPY18.8 billion.

A profit of ¥14.8 billion from the coming sales will be booked as a
special gain in the company's accounting for the period of January to
March 2016, the report says.

The Japan Times relates that Sharp will sell the head office building,
which has a total floor space of 27,386 square meters, and its
7,370-square-meter site, to major furniture retailer Nitori Co. of
Sapporo, Hokkaido.

According to the report, Tanabe Building, with a floor space of 36,403
square meters, together with 10,812 square meters of land, will be
sold to NTT Urban Development Corp., a Tokyo-based unit of Nippon
Telegraph and Telephone Corp. Tanabe Building houses Sharp
subsidiaries, including one that sells solar panels.

Sharp will continue using the two buildings until around March 2018 by
leasing them back from Nitori and NTT Urban Development, while looking
for new offices, the report notes.

The building and land sales are part of Sharp's turnaround program for
fiscal 2015 to 2017, which was announced in May,the report relays.

The Japan Times meanwhile reports that a senior official of Nitori
Holdings Co., the parent of Nitori, told reporters that the Nitori
group is considering setting up a large furniture shop at the Sharp
head office building site in or after spring 2018.

The report adds that the official also said Nitori is in negotiations
on launching outlets in urban areas, such as Tokyo's Shinjuku, Shibuya
and Ikebukuro districts, and Osaka's Umeda and Nanba districts.

                        About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in Troubled Company Reporter-Asia Pacific on
July 3, 2015, Standard & Poor's Ratings Services said that it has
raised its long-term corporate credit rating on Sharp Corp. to 'B- '
and its short-term corporate credit rating on the company to 'B', both
from 'SD' (selective default). The outlook on the long-term corporate
credit rating is negative. On June 30, 2015, S&P lowered the long- and
short-term corporate credit ratings to 'SD' because Sharp carried out
a de facto debt-for-equity swap.  S&P revised the ratings following
completion of the transaction, which resolved the situation that it
defines as 'SD'.

S&P raised its long-term debt rating on Sharp to 'B-' from 'CCC+'
and S&P's commercial paper (CP) program rating to 'B' from 'C',
one notch for each, and removed the ratings from CreditWatch.  S&P
raised the long-term corporate credit rating on overseas
subsidiary Sharp International Finance (U.K.) PLC three notches to
'B-' and S&P's short-term corporate credit rating and its CP
program rating one notch to 'B' and also removed the ratings from
CreditWatch.



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


BANCO CARMONA: Head Accountant to Face Criminal Charges
-------------------------------------------------------
The Office of the City Prosecutor of Makati City found probable cause
and recommended the filing of criminal charges against Rowena C.
Rodis, the former head accountant of the closed Banco Carmona (A Rural
Bank) for refusal to turn over bank records. The complaint was filed
by the Philippine Deposit Insurance Corporation (PDIC), the liquidator
of the closed bank.

Under Republic Act 3591, as amended or the PDIC Charter, refusal to
turn over bank records is punishable with prision mayor (imprisonment
of 6 to 12 years) or a fine of not less than PHP50,000 but not more
than PHP2 million, or both.

In resolving to indict Rodis, the Prosecutor pointed out that as head
accountant, Rodis was the accountable officer who has control over
bank records and documents including the missing bank records. As
accountable officer, she certified to the completeness of the bank's
records and documents, some of which were later discovered by PDIC to
be missing.

Under PDIC Regulatory Issuance 2006-01 on Record Keeping of Bank
Deposits, banks are required to maintain an operations manual that
contains procedures and guidelines covering the recording of deposits
and depositor information as well as safekeeping of deposit-related
documents. Banco Carmona's operations and internal control manual
indicated that such records and documents are to be kept intact inside
the bank premises.

Bank records are critical to PDIC's settlement of deposit insurance
claims of depositors. Under the law, PDIC only pays depositors on
record. The claims settlement operations for the closed Banco Carmona
were considerably delayed due to missing bank records.

Banco Carmona is a two-unit rural bank ordered closed by the Monetary
Board and placed under PDIC receivership on August 1, 2014. Its Head
Office is at J.M. Loyola St., Carmona, Cavite and its lone branch is
located in PTC, Carmona, Cavite. Based on the General Information
Sheet submitted by Banco Carmona to the Securities and Exchange
Commission on May 12, 2014, the bank is headed by Perseveranda Isla
(President and Director) with the following as officers: Rosalinda
Gatdula (Secretary and Director), Norma Mendoza (Compliance Officer),
Irene Zarraga (Officer-in-Charge), Gilbert de Silva (Loan Officer) and
Rowena Rodis (Finance Officer and Treasurer). The bank is owned by
Arturo Poblete (14.96%), Rowena Rodis (10.66%), Perseveranda Isla
(10.08%), Ma. Cristina Creencia (9.16%), Rosalinda Gatdula (8.04%),
Salome Landas (7.22%), Olivia Asia (6.47%), Cristobal Umale (5.85%),
Elena Levardo (5.70%), Irene Zarraga (4.89%), Maria Alona Poblete
(4.39%), Evelyn Encarnacion (2.92%), Vilma Encarnacion (2.92%),
Ressureccion Teano (2.48%), Gloria/Cesar Casal (1.85%), Arnell Ilas
(1.13%), Roel Naupal (0.96%) and Rosalie Lourdes Gaco (0.32%).

The filing of charges against the respondents is in line with PDIC's
efforts to bring to justice parties that engage in acts that will put
depositors and the Deposit Insurance Fund (DIF) at risk. PDIC
vigorously pursues legal action against erring bank owners, officers
and personnel for the benefit of depositors/creditors and to protect
the DIF, PDIC's funding source for payment of insured deposits.


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


* KOREA: To Open Corp. Restructuring to Liquidate Zombie Firms
--------------------------------------------------------------
Xinhua News Agency reports that South Korea plans to open a
government-led corporate restructuring market to speed up the
liquidation of "zombie" companies and resuscitate marginal firms
suffering a "temporary" financial stress.

"Corporate restructuring led only by creditor banks faced limitations.
It needs to encourage various market players to join it, and
market-centered restructuring is preferred," Lee Myung Soon, director
general of Financial Services Commission's financial and corporate
restructuring policy bureau, told foreign correspondents in Seoul on
September 18.

To achieve that goal, the financial regulator will expand the task of
Uamco Ltd., the country's largest buyer of bad debts, into the
purchaser of marginal, or "zombie," companies, the news agency says.

Xinhua notes that the bad debt buyer was launched in 2009 by six major
South Korean banks to acquire non-performing loan (NPL) that increased
following the 2008 global financial crisis.

Helped by the Uamco, many of bad debts were liquidated in the NPL
market, but those debts were undervalued at about half of the original
amount, Xinhua discloses citing FSC estimates.

If a certain market player acquires the whole, or a larger, part of
bad debts and inserts fresh loans or funds into a marginal company
having a temporary financial crunch, possibility would rise for the
marginal firm to survive and for its bad debts to be traded at a
higher price, Xinhua states.

Zombie firms in South Korea surged for the past six years, the report
discloses. Marginal companies, which cannot repay even interests with
operating profit for more than three years, increased from 2,698 in
2009 to 3,295 in 2014, Xinhua reports citing data by the Bank of Korea
(BOK).

Xinhua relates that as the BOK lowered the benchmark interest rate by
a percentage point over a year to a record low of 1.5 %, some of the
zombie firms failed to be liquidated thanks to lower debt- servicing
burden.

In addition to massive household debts topping KRW1,100 trillion (1
trillion U.S. dollars), corporate debts loomed as a detonator that
could cause an economic collapse as the amount surpassed KRW1,500
trillion amid the rising number of zombie firms, according to the
report.

The country's corporate restructuring market is estimated at 30
trillion won, more than half of them coming from insolvent
shipbuilders, Ryu Jae-hun, director of the FSC's corporate
restructuring promotion division, said, Xinhua relays.

According to Xinhua, the Uamco will serve as a parent company that has
affiliated private equity funds purchasing marginal enterprises.
State-run Korea Development Bank and Export-Import Bank of Korea plan
to participate in the Uamco, Mr. Ryu said.

Xinhua says the financial regulator will encourage various players,
including securities firms, private equity funds and insurers, to
participate in the Uamco's affiliate funds by issuing senior and
subordinate tranche bonds as well as equities.

General partner (GP) from the private sector will join the
restructuring process to drive the marginal companies to be reborn as
a profit-making company by streamlining businesses and personnel,
which creditor banks had failed to do, the report states.

If such Uamco transactions rise, it would create a corporate
restructuring market, in which private players buy and sell marginal
companies voluntarily based on the prices that the Uamco transactions
set, the report relates.

It would ultimately speed up the liquidation of zombie companies and
resuscitate marginal firms suffering from a temporary financial
stress, the FSC, as cited by Xihnua, said.



                             *********

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, Psyche A. Castillon, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2015.  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 202-362-8552.



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