TCRAP_Public/151005.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, October 5, 2015, Vol. 18, No. 196


                            Headlines


A U S T R A L I A

BARMINCO HOLDINGS: S&P Affirms B- CCR & Revises Outlook to Stable
CTI HOSPITALITY: First Creditors' Meeting Set For Oct. 13
EMA CONSULTING: First Creditors' Meeting Set For Oct. 12
HALL CORPORATION: First Creditors' Meeting Set For Oct. 9
OPTIMUM FREIGHT: First Creditors' Meeting Set For Oct. 12

YATANGO MOBILE: Enters Into Voluntary Administration

C H I N A

ADVANCE WATCH: Files for Ch. 11 w/ $15M Deal to Sell to Sunshine
KU6 MEDIA: Launches "Model Interactive Community"

I N D I A

AL-AYAAN FOODS: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
ASHUTOSH FOODS: ICRA Upgrades Rating on INR29cr Loan to B+
BABA HI-TECH: CARE Revises Rating on INR10.09cr LT Loan to BB-
BD & P HOTELS: ICRA Suspends 'D' Rating on INR59.35cr Term Loan
BIRD MACHINES: CRISIL Reaffirms B Rating on INR60MM Cash Credit

DURGASHAKTI FOODS: CARE Revises Rating on INR16.39cr Loan to BB-
EMCO ENERGY: Ind-Ra Lowers Rating on 5 Bank Loans to D
FIREPRO SYSTEMS: ICRA Lowers Rating on INR174cr Loan to 'D'
FORTPOINT AUTOMOTIVE (CARS): CRISIL Rates INR757.2MM Loan at B-
FORTPOINT AUTOMOTIVE MUMBAI: CRISIL Rates INR242.8MM Loan at B-

GRAMCO INFRATECH: CARE Revises Rating on INR13.35cr Loan to B
HEADWORD PUBLISHING: CRISIL Assigns B+ Rating to INR53MM Loan
HINDUSTAN JEWELLERS: CRISIL Rates INR50MM Cash Loan at 'B+'
INDIAN CONSTRUCTION: ICRA Ups Rating on INR2.5cr Loan to B+
JAWAHAR EDUCATION: CRISIL Assigns B Rating to INR310MM Term Loan

KAMADANATHJI TEXTILE: ICRA Reaffirms B Rating on INR5.0cr Loan
KRISHNAPATNAM RAILWAY: Ind-Ra Rates INR9.33BB Sr. Bank Loan 'D'
LAKHY CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR27.5MM Loan
MYSORE PAPER: CRISIL Reaffirms 'D' Rating on INR550MM Loan
NAGAI POWER: Ind-Ra Suspends BB+ Rating on Sr. Project Loans

NAVEEN RICEMILLS: CARE Assigns B Rating to INR13.10cr LT Loan
REGENT BEERS: ICRA Reaffirms B+ Rating on INR8.50cr Cash Loan
RUBY MILLS: CRISIL Cuts Rating on INR5.56BB Term Loan to 'D'
SATYAM ROLLER: CRISIL Reaffirms B Rating on INR70MM Cash Loan
SHREE KUMARASAMY: CRISIL Assigns B+ Rating to INR24MM Cash Loan

SHRI KRISHNA: ICRA Reaffirms B+ Rating on INR13cr Cash Loan
SKD RICE: CRISIL Assigns 'B' Rating to INR45MM Term Loan
SOUTHERN HOLDINGS: CRISIL Assigns B Rating to INR75MM LT Loan
SREE GURU: CRISIL Assigns 'B' Rating to INR50MM Term Loan
SUFALAM INFRA: CRISIL Assigns 'B' Rating to INR100MM Cash Loan

SWAYAMPRABHA UDYAM: ICRA Ups Rating on INR2.0cr LT Loan to B+
URC INFOTECH: CRISIL Assigns B- Rating to INR50MM Corp. Loan
VE JAY: CRISIL Assigns B+ Rating to INR44MM Long Term Loan
VIJAYA LAKSHMI: ICRA Assigns 'B' Rating to INR9cr LT Loan
VIKAS CHAIN: CRISIL Assigns B+ Rating to INR117.5MM Cash Loan

VIMAL INDUSTRIES: CRISIL Assigns 'D' Rating to INR40.0MM Loan
ZENITH ROCKPRODUCTS: ICRA Suspends B+ Rating on INR15cr Loan

J A P A N

MANGLOBE: Anime Studio Files for Bankruptcy
TOSHIBA CORP: President Hints Job Cuts at Loss-Making Units

M A C A U

WYNN RESORTS: S&P Assigns 'BB' Rating on Amended Sec. Facilities

N E W  Z E A L A N D

DEBLAN LIMITED: Palmers Planet Franchisee Goes Into Liquidation

P A K I S T A N

PAKISTAN: Moody's Assigns B3 Rating on Global Bond Offering

S O U T H  K O R E A

DAEWOO SHIPBUILDING: Shareholders File Class Action Suit
SOUTH KOREA: Banks' Loan Delinquency Rate Rises in August


                            - - - - -


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A U S T R A L I A
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BARMINCO HOLDINGS: S&P Affirms B- CCR & Revises Outlook to Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook on Australia-based contract miner Barminco Holdings Pty Ltd.
to stable from negative, and affirmed its 'B-' corporate credit rating
on the company.  At the same time, S&P affirmed its 'B+' issue rating
and '1' recovery rating on the company's senior secured revolving
credit facility, and S&P's 'B-' issue rating and '4' recovery rating
on its senior unsecured notes.

"The outlook revision reflects the company's sufficient cash position,
which was reported at AUD105 million at June 30, 2015," Standard &
Poor's credit analyst Minh Hoang said.  "Although we expect Barminco's
earnings to remain pressured amid challenging industry conditions, we
view the earnings contribution from existing contracts will support
Barminco's financial risk profile. In addition, the company's cash
holdings will provide it with some buffer to absorb a moderate level
of stress, even though our base case forecasts the cash balance will
gradually decline."

S&P continues to view Barminco's business risk profile as
"vulnerable", reflecting challenging industry conditions faced by
mining services entities, which are driven by the cyclical downturn in
the mining sector.  Also incorporated into this assessment is the
company's relative small scale and narrow business focus, although
this is partly offset by its leading share of a niche market.  In
S&P's view, a key risk in the short-to-medium term is the maturity
profile of the company's order book, with the majority of contracts
due to expire in 2016 and 2017.  Nonetheless, the company's recent
track record of contract wins and renewals supports S&P's expectation
that expiring contracts will be appropriately managed.

Barminco's highly leveraged capital structure remains a key constraint
on the ratings and renders it vulnerable to any unfavorable business
developments.  For the year ended June 30, 2015, the company reported
total revenues of AUD493 million and EBITDA of AUD97 million, which is
about 13% lower than in the prior year.  Operating performance in 2015
was supported by extension of key contracts including Sunrise Dam,
Flying Fox, and Spotted Quoll.  In addition, regaining the Rosebery
project (in Tasmania) after previously losing this contract in 2013
and the addition of the Nova Bollinger contract are likely to support
a steady level of performance into 2016.

The stable outlook reflects the company's sufficient cash position and
S&P's expectation that Barminco's level of business activity will not
deteriorate significantly from current levels.

Mr. Hoang added: "The ratings could be lowered if the company's
liquidity were to deteriorate, which is likely to be evidenced by an
accelerated reduction in its cash balance.  This scenario could be
precipitated by the termination or suspension of a material contract.
Any tightening covenant pressure would also likely place downward
pressure on the rating."

S&P considers an upgrade to be unlikely in the medium term.  Any
upward rating action would need to be supported by more-conservative
financial policies and a material improvement in business conditions
that led to sustainably stronger metrics.


CTI HOSPITALITY: First Creditors' Meeting Set For Oct. 13
---------------------------------------------------------
Frank Lo Pilato & Mitchell Herrett of RSM Bird Cameron were appointed
as administrators of CTI Hospitality Pty Ltd, trading as The Fat
Goanna Cafe, on Sept. 30, 2015.

A first meeting of the creditors of the Company will be held at
RSM Bird Cameron Partners, Level 1, 103 Northbourne Avenue, in
Turner, on Oct. 13, 2015, at 11:00 a.m.


EMA CONSULTING: First Creditors' Meeting Set For Oct. 12
--------------------------------------------------------
Simon Thorn and Bradley Tonks of PKF were appointed as administrators
of EMA Consulting Engineers Pty Ltd, trading as ATF ECE Unit Trust, on
Sept. 30, 2015.

A first meeting of the creditors of the Company will be held at
PKF, 755 Hunter Street, in Newcastle, on Oct. 12, 2015, at
11:00 a.m.


HALL CORPORATION: First Creditors' Meeting Set For Oct. 9
---------------------------------------------------------
Christopher Michael Williamson and Kimberley Andrew Strickland of WA
Insolvency Solutions were appointed as administrators of Hall
Corporation Pty Ltd on Oct. 1, 2015.

A first meeting of the creditors of the Company will be held at
Level 10, 111 St George's Terrace, in Perth, on Oct. 9, 2015, at 10:30 a.m.


OPTIMUM FREIGHT: First Creditors' Meeting Set For Oct. 12
---------------------------------------------------------
Christopher John Palmer of O'Brien Palmer was appointed as
administrator of Optimum Freight Express Pty Limited on Sept. 30,
2015.

A first meeting of the creditors of the Company will be held at the
offices of O'Brien Palmer, level 14, 9-13 Hunter Street, in Sydney, on
Oct. 12, 2015, at 11:00 a.m.


YATANGO MOBILE: Enters Into Voluntary Administration
----------------------------------------------------
Eloise Keating at SmartCompany reports that the mobile division of
consumer data startup Yatango has entered voluntary administration.

According to records from the Australian Securities and Investments
Commission, Yatango Mobile (Australia) entered voluntary
administration on September 29, SmartCompany discloses.

Hugh Armenis and Katherine Barnet of Bentleys Corporate Recovery have
been appointed to manage the administration, the report notes.

SmartCompany relates that the appointment was made under section 436C
of the Corporations Act, which allows an individual to enforce a
security interest in an entire company or a substantial part of a
company.

The first meeting of the company's creditors is scheduled to take
place in Sydney on October 25.

A spokesperson for Bentleys confirmed the appointment to SmartCompany
on October 2 and said the appointment only relates to Yatango's
"mobile platform".

"The business is still trading, it's business as usual, there is no
disruption to services," the spokesperson told Smartcompany, adding it
is too early to comment on if the administrators will pursue a
restructure of the business.

Yatango was founded in 2013 as a consumer-focused data usage startup.
The report says the company quickly became known for his mobile
platform, which allows users to build their own mobile plans to save
money, however it also operates in the travel, banking and shopping
spaces.

In March, the company announced it would be seeking to raise $6
million by listing on the Australian Securities Exchange via a reverse
takeover of listed mining company Latitude Consolidated Limited,
SmartCompany relates.

Yatango Mobile (Australia) Pty Ltd, is a wholly owned subsidiary of
another company called Yatango Mobile Pty Ltd, SmartCompany, discloses
citing the company's prospectus, which was lodged in July.



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ADVANCE WATCH: Files for Ch. 11 w/ $15M Deal to Sell to Sunshine
----------------------------------------------------------------
Advance Watch Company Ltd. and three of its affiliates sought
Chapter 11 bankruptcy protection in New York on Sept. 30, 2015,
with an agreement to sell their assets to Sunshine Time Inc. for
$15 million, subject to higher and better bids.

The Debtors listed total assets of $41.4 million and total
liabilities of $98 million. The liabilities include $13.3 million
owed to Wells Fargo, National Association, under a prepetition loan
agreement; $26.2 million owed to Binda Italy, their ultimate
parent; $30 million of intercompany claim payable to their
non-debtor affiliate Advance Watch Company (Far East) Limited Hong
Kong; and $6.7 million of unsecured trade vendors claims.

Headquartered in New York City, Advance Watch manufactures and
sells timepieces under exclusive global licenses for fashion and
lifestyle brands such as Kenneth Cole, Tommy Bahama, and Ted Baker
London. The Company also maintained extensive sourcing and
manufacturing operations in Hong Kong and China.

According to the documents filed with the Court, from fiscal year
2009 through 2012, subsequent to its acquisition by the predecessor
entity to Binda Italy, the Company experienced steady sales growth,
with gross revenue increasing from approximately $171.6 million in
2009 to $221 million in 2012.

However, in June 2015, the Company suffered declining revenues as
its ultimate Italian parent, Binda Italia Srl (Italy) became the
subject of insolvency proceedings in Italy. The proceedings
prevented the Company from accessing financing from Binda Italy
which, in turn, resulted to its inability to make payments to many of
its vendors causing inventory delays and product shortages.

"Beset by declining cash flow and revenues, the Company's ability
to access financing under the Wells Fargo loan deteriorated,
forcing the Company to explore a restructuring of the business,"
said Jeffrey L. Gregg, chief restructuring officer of Advance
Watch.

The Company's financial struggles were not limited to its domestic
operations. On June 22, 2015, the Company's Hong Kong-based affiliate
AWC Far East formally commenced liquidation proceedings under Hong
Kong law. The Far East Companies had shut down operations over
personal threats related to past due amounts owed to the their
suppliers.

As early as 2010, the Company's revenue started to drop as a result of
the termination of its license to produce and sell timepieces for
Betsey Johnson, which accounted for $8.1 million in annual revenue. In
2013, Binda Italy's license to produce and sell timepieces for luxury
fashion company Dolce & Gabbana expired without being renewed, causing
an additional decrease of $25 to $30 million in annual revenue for the
Company.

According to Mr. Gregg, the Company continued to lose revenue and
incur significant operating losses through calendar years 2014 and
2015 due to operational challenges, weakness in the domestic watch
market, failed new product launches, and the failure to align overhead
costs to regain profitability. Moreover, approximately $7 million of
losses that accumulated during calendar year 2014 were discovered in
late 2014 as a result of financial recordkeeping errors in 2014,
requiring the Company to restate its interim financials for 2014.

Mr. Gregg believes that the Debtors' declining revenues are
insufficient to support the continued operation their business as a whole.

"I concluded that a sale of the Company or substantially all of the
Company's assets would best position the Company to maximize its value
and achieve long-term viability," he maintained.

To support the Debtors through the Chapter 11 process, they have
obtained a commitment from Wells Fargo for up to $18,500,000 in
postpetition financing, subject to Court approval.

The Debtors have engaged Venable LLP as attorneys, Imperial
Capital, LLC as investment banker, Tanner De Witt as special Hong
Kong counsel and Epiq Bankruptcy Solutions, LLC as notice, claims
and administrative agent.

As of the Petition Date, the Company has 113 full-and part-time
employees and three independent contractors in the United States
and internationally.

Contemporaneously with the filing of the petition, the Debtors are
seeking Bankruptcy Court's authority to, among other things, pay
employee compensation, obtain post-petition financing, use cash
collateral, use existing cash management system and pay shipping
charges, warehousing charges and possessory liens.

A copy of the declaration in support of the First Day Motions is
available for free at:

        http://bankrupt.com/misc/18_ADVANCE_Affidavit.pdf


KU6 MEDIA: Launches "Model Interactive Community"
-------------------------------------------------
Ku6 Media Co., Ltd. held a press conference to launch a new business
of video social communication to be known as "Model
Interactive Community".

The press conference successfully attracted approximately 40
well-known media companies, including Sina, NetEase, Xinhuanet and
others. "Model Interactive Community" is an online live video
communication program where models can interact with visitors
directly.

"It's my pleasure to announce that our new business, the 'Model
Interactive Community,' has been successfully launched," Mr. Feng
Gao, chief executive officer of Ku6 Media, commented, "we believe
that the new business will bring more user traffic and
opportunities for revenue growth in the future."

                          About Ku6 Media

Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content. Through its
premier online brand and online video Web site --
http://www.ku6.com/-- Ku6 Media provides online video uploading
and sharing service, video reports, information and entertainment
in China.

Ku6 Media reported a net loss of $10.7 million in 2014 following a net
loss of $34.4 million in 2013.

As of June 30, 2015, the Company had US$8.91 million in total
assets, US$14.3 million in total liabilities, and a total
shareholders' deficit of US$5.42 million.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2014,
citing that the Company's recurring losses, negative working capital,
net cash outflows, and uncertainties associated with significant
changes made, or planned to be made, in respect of the Company's
business model, raise substantial doubt about the Company's ability to
continue as a going concern.



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AL-AYAAN FOODS: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank
facilities of Al-Ayaan Foods Pvt Ltd (AAFPL).

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

The rating reflects AAFPL's nascent stage of operations, low operating
profitability, and exposure to customer concentration risks. These
rating strengths are partially offset by the promoters' extensive
experience in the livestock trading industry.

Outlook: Stable

CRISIL believes AAFPL will continue to benefit over the medium term
from its promoters experience in livestock trading. The outlook may be
revised to 'Positive' if the scale of operations and profitability
increase considerably while the capital structure remains comfortable.
Conversely, the outlook may be revised to 'Negative' if the financial
risk profile weakens on account of decline in revenue and
profitability, or large, debt-funded capital expenditure programmes or
working capital requirements.

Incorporated in 2014 by Mr. Naushad Elahi and Ms. Mumtaz Elahi, AAFPL
trades in livestock (buffalo). The company commenced operations in
December 2014. The company was acquired by Mr. Mohammed Elahi Qureshi
and Mr. Dilshad in 2015.


ASHUTOSH FOODS: ICRA Upgrades Rating on INR29cr Loan to B+
----------------------------------------------------------
ICRA has upgraded its long term rating on the INR29.00 crore fund
based bank facilities of Ashutosh Foods to [ICRA]B+ from [ICRA]B.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund based facilities      29.00      [ICRA]B+; Revised
                                         from [ICRA]B

The rating revision takes into account the strong year-on-year growth
in the company's operating income in FY15, driven by improved domestic
demand. The rating action also takes into account the infusion of
additional capital by the partners in FY15, which has resulted in
improved gearing. The rating also factors in the extensive experience
of the promoters in the rice industry, proximity of the mill to major
rice growing areas, which results in easy availability of paddy and
stable demand outlook, with rice being an important part of the staple
Indian diet. However, the rating is constrained by agro climatic risks
which can affect the availability of paddy in adverse conditions,
which coupled with high intensity of competition in the industry, has
led to pressures on profitability. The firm's thin margins also result
in weak coverage indicators. ICRA also takes note of the partnership
constitution of the firm which exposes it to risks related to
withdrawal of capital, dissolution etc.

Going forward the ability of the firm to maintain a healthy growth in
revenues and profitability while maintaining a prudent capital
structure and optimum working capital intensity, will be the key
rating sensitivities.

Ashutosh Foods was set up as a proprietorship firm, in 2000, by Mr.
Sushil Kumar. The firm is primarily engaged in the milling of rice
with an installed capacity of 12 Tonnes per hour in Nissing, Karnal
District (Haryana). The firm's constitution has been changed to a
partnership, with Mr Sushil Kumar and Mr Ashish Singla as equal profit
sharing partners.

Recent Results
In FY15, the firm reported a profit after tax (PAT) of INR0.57 crore
on an operating income of INR174.45 crore, as against a PAT of INR0.17
crore on an operating income of INR134.70 crore in the previous year.


BABA HI-TECH: CARE Revises Rating on INR10.09cr LT Loan to BB-
--------------------------------------------------------------
CARE revises the lt rating andwithdraws the st rating assigned to the
bank facilities of Baba Hi-Tech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    10.09       CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision in the rating of Baba Hi-Tech Private Limited (BHPL)
takes into cognizance improved scale of operations in FY15 (refers to
the period April 1 to March 31 - provisional) along with profitability
margins & cash accruals, improvement in the capital structure and debt
service coverage indicators. However, the ratings continue to be
constrained by its small scale of operation in the highly fragmented
and competitive iron & steel industry, lack of backward integration
vis-a-vis volatility in prices, high working capital intensity of
operations resulting in leveraged capital structure and cyclicality in
the steel industry.

The ratings, however, continue to draw comfort from longstanding
experience of the promoters in the iron & steel industry and strategic
location of the plant.

Going forward, BHPL's ability to grow its scale of operations with
simultaneous improvement in profitability margins and effective
working capital management would be the key rating consideration.

Baba Hi-Tech Private Limited (BHPL), incorporated in March 2007, by
two brothers Mr Kapil Prasad Jaiswal and Mr Ramdhani Jaiswal, is
engaged in manufacturing of steel TMT bars. In November 2014 Mr
Ramdhani Jaiswal was replaced by Mr Satyendra Singh as a member on the
Company's Board. The manufacturing facility of the company is located
at Chirkunda in Dhanbad, Jharkhand. The unit commenced commercial
production in September, 2010 with an initial installed capacity of
24,000 MTPA.

In February 2013, subsequent to stabilization of operation, the
company expanded its installed capacity to 48,000 MTPA. The company
sells the steel bars under the brand name "Hindsteel500".

In FY15 (Provisional), the company has reported a total operating
income of INR36.96 crore (INR32.74 crore in FY14) and PAT INR0.23
crore (INR0.15 crore in FY14).Till M5FY16, the management has
maintained to have achieved a turnover of INR15.59 crore.


BD & P HOTELS: ICRA Suspends 'D' Rating on INR59.35cr Term Loan
---------------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR59.35
crore term loan facility, INR5.00 crore fund based limits and INR4.00
crore non-fund based limits of BD & P Hotels (India) Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

BD & P Hotels (India) Private Limited was incorporated on 25th April
1997, as a joint venture between the Dynamix Balwas Group and the D.
Naresh Group. BDPHPL is a subsidiary of DB Hospitality Private
Limited, the hospitality arm of DBG, which holds 75% of the shares
with the rest owned by promoters of the D. Naresh Group.

BDPHPL owns the 171 room hotel 'Hilton', near the international
airport in Mumbai managed by the international hotel chain company
Hilton Hotels & Resorts. The hotel started in 2000 and was then under
a management contract with the international hotel chain Starwood
Hotels & Resorts Worldwide Inc. under the brand 'Le Meridien' till the
end of 2010.


BIRD MACHINES: CRISIL Reaffirms B Rating on INR60MM Cash Credit
---------------------------------------------------------------
CRISIL ratings on the bank loan facilities of Bird Machines Pvt Ltd
(BMPL) continue to reflect BMPL's modest scale of operations,
susceptibility to economic cycles and to revenue concentration risk,
and average financial risk profile marked by high gearing.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        10        CRISIL A4 (Reaffirmed)
   Cash Credit           60        CRISIL B/Stable (Reaffirmed)
   Letter of Credit      10        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    15        CRISIL B/Stable (Reaffirmed)
   Term Loan             25        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by its promoters'
extensive experience in the fabrication industry and their funding
support.

Outlook: Stable

CRISIL believes BMPL will continue to benefit over the medium term
from its promoters' extensive industry experience and their funding
support. The outlook may be revised to 'Positive' if BMTPL improves
its capital structure either by equity infusion or
higher-than-expected cash accruals, backed by improvement in scale of
operations or improvement in its working capital management.
Conversely, the outlook may be revised to 'Negative' if BMPL's
financial risk profile deteriorates on account of further decline in
its revenues and profitability or in case of a larger-than-expected,
debt-funded capital expenditure, or if its liquidity weakens
significantly on account of increase in its working capital
requirements.

Update

BMPL, on a provisional basis, reported net sales of around INR243.1
million for 2014-15 (refers to financial year, April 1 to March 31),
which has increased from INR207.1 million for 2013-14. The sales
however has remained stagnant over the past five years because of
slowdown in the automotive and infrastructure industries. BMPL's sales
are expected to increase due to increase in orders from JCB India and
Escorts Group along with addition of new customers. BMPL's operating
margin was higher than CRISIL's expectation, estimated at 9.5 per cent
in 2014-15 against 8.6 per cent in 2013-14, due to sale of large and
value-added parts to JCB and Escorts. CRISIL believes operating
profitability will remain stable over the medium term, driven by large
orders from JCB and Escorts. BMPL's working capital requirement
increased in 2014-15, reflected from gross current assets estimated at
181 days (driven by inventory estimated at over 150 days) as on March
31, 2015, against 176 days as on March 31, 2014.

Financial risk profile remains average, with high gearing estimated at
around 2.24 times as on March 31, 2015, against 1.79 times a year
earlier. Interest coverage ratio was estimated at around 1.70 times in
2014-15. Utilisation of fund-based bank limits has remained high,
averaging 89 per cent over the 12 months through August 31, 2015.
BMPL's net cash accrual is expected at over INR11.3 million against
term debt obligation of INR11.8 million in 2015-16 however the
shortfall is expected to be timely met through the funding support
from the promotes. BMPL has received funding support in the form of
unsecured loans estimated at over INR8.3 million as on March 31, 2015.
These loans are subordinated to bank debt and hence has been treated
as neither-debt-nor-equity. CRISIL expects pressure on BMPL's
liquidity over the medium term, because of high bank limit utilisation
and tight net cash accrual vis-a-vis term debt obligation, though
promoters will extend funding support.

BMPL was established in 1987 as a sole proprietorship firm and was
reconstituted as a private limited company in 2008. Headquartered in
Faridabad (Haryana), the company manufactures fabricated items
primarily used in construction equipment such as excavators and
loaders. It is promoted by Mr. Iqbal Singh Bhagat and his family
members.


DURGASHAKTI FOODS: CARE Revises Rating on INR16.39cr Loan to BB-
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Durgashakti Foods Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     16.39      CARE BB- Revised from
                                            CARE B

   Short term Bank Facilities     0.21      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating of Durgashakti Foods Private
Limited (DSPL) primarily takes into consideration improvement in
capital structure and growth in the scale of operations.

The ratings assigned continue to derive strength from experience of
management in the industry and established track record of operation.

The ratings, however, continue to be tempered by relatively modest
scale of operations, declining profitability margins and moderate debt
coverage indicators. The ratings further continue to be constrained by
working capital intensive nature of operations and presence in highly
competitive and fragmented industry.

The ability of the company to continue to improve its overall scale of
operation and increase profitability margins amidst
intense competition along with efficient management of the working
capital cycle would be the key rating sensitivities.

Incorporated in 2008, DSPL is engaged in the extraction of soya oil
and subsequent manufacturing of de-oiled (DOC) cake.

DSPL procures raw material (mainly soya bean) from the local suppliers
and sells the end products, ie, soya oil and DOC to
the wholesalers and retailers through the network of around 10 agents
in Maharashtra, Odisha and South Indian regions.

The company has installed capacity of 500 metric tons per annum and
average capacity utilization of around 70% during FY15 (refers to the
period April 1 to March 31)].

During FY15, the total operating income of DSPL stood at INR181.21
crore (compared with INR169.03 crore in FY14), while net profit of the
company stood at INR0.87 crore in FY15 (compared with INR1.02 crore
FY14). Furthermore, the company posted revenue of around INR30 crore
during Q1FY16 (provisional).


EMCO ENERGY: Ind-Ra Lowers Rating on 5 Bank Loans to D
------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Emco Energy
Limited's (EEL) bank loans to Long-term 'IND D' from
'IND BBB'/Stable.  The agency has taken these rating actions on the
company's bank loans:

   -- INR26,100 mil. senior project term loan: downgraded
      to Long-term 'IND D' from 'IND BBB'/Stable

   -- INR6,200 mil. working capital facility: downgraded to Long-
      term 'IND D' from 'IND BBB'/ Stable

   -- INR2,600 mil. bank term loan: downgraded to Long-term
      'IND D' from 'IND BBB'/Stable

   -- INR920 mil. senior project term loan: assigned final Long-
       term 'IND D'

   -- INR750 mil. NCD: assigned final Long-term 'IND D'

KEY RATING DRIVERS

The downgrade reflects EEL's delay in debt servicing based on publicly
available information.  The management reports that the loans are
being refinanced.  Ind-Ra would monitor and take an appropriate rating
action, once the documents are made available by the company.

RATING SENSITIVITIES

Timely debt servicing for three consecutive months will be positive
for the ratings.

PROJECT PROFILE

EEL is an SPV, incorporated to build, maintain and operate a 600MW
(two units of 300 MW each) coal-fired subcritical technology-based
thermal power plant in Warora, Maharashtra.  GMR Energy Limited is the
primary sponsor of the project with 100% equity investment. GMR Energy
is an operating-cum-holding company for all the power and coal mining
assets in India and abroad of GMR Infrastructure.


FIREPRO SYSTEMS: ICRA Lowers Rating on INR174cr Loan to 'D'
-----------------------------------------------------------
ICRA has revised the long term rating assigned to 36.00 crore term
loan and INR174 crore fund based limits of Firepro Systems Private
Limited from [ICRA]B+ to [ICRA]D and then revised to [ICRA]B+. ICRA
has also revised the short term rating assigned to 80.00 crore
non-fund based facilities of FSPL from [ICRA]A4 to [ICRA]D and then
revised to [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             36.00       Downgraded to [ICRA]D
                                     from [ICRA]B+ and then
                                     revised to [ICRA]B+

   Fund based limits    174.00       Downgraded to [ICRA]D
                                     from [ICRA]B+ and then
                                     revised to [ICRA]B+

   Non-fund based        80.00       Downgraded to [ICRA]D
   limits                            from [ICRA]A4 and then
                                     revised to [ICRA]A4

The rating action factors in the delays in debt servicing by the
company towards working capital borrowings during FY2015 on account of
losses at operating level and stretched liquidity position. However,
ICRA takes note that the working capital debt has been completely
repaid by FSPL through equity proceeds received from FSPL's holding
company- Panasonic Corporation (through its subsidiary Anchor
Electricals Private Limited).

The ratings remain constrained by the losses recorded at operating
level in the last five years due to delays in projects (predominantly
residential) with absence of adequate escalation clauses in the
contracts; and considerable losses at net level in the last two years
due to write off of bad debts and contract work in progress along with
write-off of investments in subsidiaries which has resulted in erosion
of networth of the company.

Nevertheless, ICRA notes that the company has reduced exposure to the
real estate segment and has also improved its internal control systems
to track progress of projects and level of receivables. Further, the
rating remains constrained due to high intensity of competition in
fire safety system integration industry, which exerts pressure on the
margins of FSPL; exposure of the company to residential and commercial
real estate projects; relatively long working capital cycles and
geographical concentration risk with operations largely focused in
Bangalore.

The ratings, however, favourably factor in the strong parentage of the
company with Panasonic Corporation (rated at Moody's Baa1 in February
2015) being the majority stake holder through its subsidiary Anchor
Electricals Private Limited, which has resulted in equity infusion of
INR300 crore in FY 2015 (in addition to INR320 crore equity received
in 2012). Further, the rating positively factors in long track record
of FSPL in executing fire safety projects for a number of prestigious
projects in residential, commercial and infrastructure segments and
the outstanding order book of INR203 crore (as on March 2015 end)
which gives revenue visibility to the company going forward.

Effectively managing increasing working capital requirements by
limiting exposure to segments which have lengthy working capital
cycles while maintaining adequate growth in revenues and profitability
remain the key rating sensitivities for FSPL.

Firepro Systems Private Limited was incorporated in the year 1992 and
is into the business of system integration and turnkey contract
projects mainly in fire safety industry as well as security automation
and surveillance systems. In 2012, majority stake in FSPL was acquired
by Panasonic Corporation and its Indian subsidiary Anchor Electricals
Private Limited.


FORTPOINT AUTOMOTIVE (CARS): CRISIL Rates INR757.2MM Loan at B-
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank loan facilities of Fortpoint Automotive (Cars) Private Limited
(FACPL).

                         Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Proposed Long Term
   Bank Loan Facility     757.2        CRISIL B-/Stable

The ratings reflect the company's weak financial risk profile,
primarily marked by a leveraged capital structure, subdued interest
coverage, and stretched liquidity on account of barely sufficient cash
accrual for the scheduled debt repayments and exposure to risks
related to competition in the automobile dealership business. These
rating weaknesses are mitigated by the promoters' extensive industry
experience and established association with Maruti Suzuki India Ltd
(MSIL; rated, 'CRISIL AAA/Stable/CRISIL A1+'), a market leader in
passenger car industry.

Outlook: Stable

CRISIL believes that FACPL will continue to benefit from its promoters
extensive industry experience and established association with MSIL.
The outlook may be revised to 'Positive' if the financial risk profile
and liquidity improves due to higher-than-expected cash accrual, fresh
sizable fund infusion by promoters along with efficient working
capital management. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly its liquidity
is constrained due to lower-than-expected cash accrual or large
working capital requirements or any large, debt-funded capital
expenditure programme.

Incorporated in 2001, FACPL is an authorised dealer for MSIL for sale
of its passenger cars in Mumbai. FCAPL operates through two showrooms
and three service centres across Mumbai. The company is promoted and
managed by Mr. Sundeep Bafna and family.


FORTPOINT AUTOMOTIVE MUMBAI: CRISIL Rates INR242.8MM Loan at B-
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank loan facility of Fortpoint Automotive Mumbai Pvt Ltd (FAMPL).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Inventory Funding
   Facility              100         CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility    242.8       CRISIL B-/Stable

The rating reflects the weak financial risk profile, primarily because
of a leveraged capital structure, subdued interest coverage, and
stretched liquidity on account of barely sufficient cash accrual with
scheduled debt obligation and its exposure to intense competition in
auto dealership business and cyclicality in commercial vehicles
segment. These rating weaknesses are mitigated by the promoter's
extensive industry experience and established relationship with
principal.

Outlook: Stable

CRISIL believes that FAMPL will continue to benefit from the
promoter's extensive experience and established association with
principal. The outlook may be revised to 'Positive' if the financial
risk profile improves substantially due to higher-than-expected cash
accrual, fresh infusion of funds by promoters along with efficient
working capital management. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly its liquidity
is constrained due to lower-than-expected cash accrual or large
working capital requirements or any large debt-funded capital
expenditure programme.

FAMPL, incorporated in 2006 by Mr. Sandeep Bafna, is an authorised
dealer of Eicher in Mumbai. FAMPL operates through its showroom and
workshop in Mumbai.


GRAMCO INFRATECH: CARE Revises Rating on INR13.35cr Loan to B
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Gramco Infratech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.35      CARE B Revised from
                                            CARE B-

Rating Rationale

The revision in rating assigned to Gramco Infratech Private Limited
(GIPL) takes into account improvement in its capital
structure and liquidity position due to infusion of funds by SIDBI
Venture Capital Fund in the form of compulsory convertible cumulative
preference shares.

The rating, however, continues to remain constrained on account of its
modest scale of operations and weak financial risk profile marked by
continuous cash losses, moderately leveraged capital structure and
moderate liquidity position. The rating is, further, constrained on
account of the risk associated with the ongoing capex and presence in
the highly regulated industry.

The rating, however, derives strength from the experienced management
with long track record of operations in the agro
commodity industry and accreditation withWDRA and NCDEX for its all warehouses.

The ability of the company to increase its scale of operations with
improvement in profitability and liquidity position with
efficient management of working capital requirement are the key rating
sensitivities.

Indore-based (Madhya Pradesh) GIPL was incorporated in 2009 by Mr
Ramnik Singh Saluja along with his family members. GIPL is mainly
engaged in the business of warehousing, grading and trading of agro
commodities, soil testing, seeds multiplication program and financing
activities against warehouse receipts. The company has six operational
warehouses located at Pivday, Tinonia, Binjal, Piplyanath, Nanded and
Attotkhas in Madhya Pradesh. Furthermore, it has tied up with Bank of
India for financing services to farmers against warehouse receipts. It
has grading process at all locations for agro commodities like wheat,
chana, soyabeans etc. with installed capacity of 2,500 Metric Tons Per
Month (MTPM) at each location and total storage capacity of 25,500 MT
at its six locations which are currently operational.

During FY15 (refers to the period April 1 to March 31), GIPL reported
a total operating income of INR9.41 crore as against
INR7.36 crore in FY14 with a net loss of INR1.22 crore as against net
loss of INR0.75 crore in FY14.


HEADWORD PUBLISHING: CRISIL Assigns B+ Rating to INR53MM Loan
-------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the long-term bank
facilities of Headword Publishing Company Pvt Ltd (Headword).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      12         CRISIL B+/Stable

   Cash Credit             53         CRISIL B+/Stable

   Long Term Loan           5         CRISIL B+/Stable

The rating reflects Headword's working-capital-intensive operations,
small scale of operations, and geographical concentration in the
revenue profile. These weaknesses are partially offset by the
promoters' extensive experience in the publishing industry and the
company's average financial risk profile.

Outlook: Stable

CRISIL believes that Headword will continue to benefit over the medium
term from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if there is a substantial and sustained
increase in the company's revenue while maintaining operating margin
or there is improvement in the working capital management. Conversely,
the outlook may be revised to 'Negative' if Headword's capital
structure weakens on account lower-than-expected margins or
considerable increase in its working capital requirements.

Incorporated in 2013, Headword publishes books for the Central Board
of Secondary Education (CBSE), Indian Certificate of Secondary
Education (ICSE), and the Nagaland Board of School Education (NBSE).
The company is promoted by Mr. Manzar Sayeed Khan and Mr. Kapil Gupta
and its corporate office is located at Noida, Uttar Pradesh.

The company recorded, on a provisional basis, profit after tax of
INR5.3 million on revenue of INR78.8 million in financial year
2014-15.


HINDUSTAN JEWELLERS: CRISIL Rates INR50MM Cash Loan at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facilities of Hindustan Jewellers (HJ).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Cash Credit           50          CRISIL B+/Stable

The rating reflects HJ's small scale of operations in the intensely
competitive jewellery business and its large working capital
requirement. These rating weaknesses are partially offset by
promoter's extensive experience in the jewellery industry.
Outlook: Stable

CRISIL believes that HJ will maintain a stable business profile over
the medium term backed by the promoters' extensive experience. The
outlook may be revised to 'Positive' in case of more than expected
increase in scale of operations and profitability or better working
capital management, resulting in improvement in its credit risk
profile. Conversely, the outlook may be revised to 'Negative' in case
of any aggressive debt funded expansion, lengthening of working
capital management or lower profitability, leading to weakening in its
financial risk profile, particularly liquidity.

HJ is into retailing of gold based jewellery in Odisha. The firm has
its showroom in Bhubneshwar and Dhenkanal. The day to day operations
of the firm is being managed by Mr. Basant Lal Verma and his son Mr.
Surya Verma.


INDIAN CONSTRUCTION: ICRA Ups Rating on INR2.5cr Loan to B+
-----------------------------------------------------------
ICRA has upgraded the long term rating of [ICRA]B to [ICRA]B+ assigned
to the INR2.50 crore1 cash credit facility of Indian Construction Co.
ICRA has also reaffirmed the short term rating of [ICRA]A4 to the
INR3.25 crore non fund based bank guarantee facility of ICC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limit     2.50        Upgraded to [ICRA]B+
                                     from [ICRA]B

   Bank Guarantee        3.25        [ICRA]A4; reaffirmed

The rating upgrade takes into account improved operating profitability
resulted from increased portion of subcontracted work in the absence
of escalation clause in regards to raw material price variation as
well as healthy growth of 53% in operating income in FY 15 on higher
orders secured and executed during year. The ratings also consider the
long experience of the promoters in government tendered civil
construction sector; established track record of ICC's operations with
status of "AA" class contractor from government of Gujarat; and
relatively lower counter party credit risk given its exposure only to
state government bodies.

Further, the assigned ratings continue to be constrained by firm's
relatively small size of operations and weak financial risk profile as
evident from low margins along with high dependence on working capital
borrowings leading to stressed debt protection indicators. The ratings
are further constrained by the highly competitive industry structure
resulting in pressure on margins. Moreover, the margins remain
vulnerable to adverse fluctuation in raw material prices; though the
risk is majorly mitigated by subletting of contracts to third parties.
While assigning the ratings, ICRA has also noted the risks of capital
withdrawals inherent in partnership firms.

Indian Construction Co. (ICC) was established in 1968 to undertake the
construction of business dams, canals roads, and other construction
works in the state of Gujarat. ICC is registered as "AA" class
contractor in construction segment with the Government of Gujarat.

Recent Results
For the year ended 31st March 2015, firm has reported an operating
income of INR20.27 crore with a profit after tax (PAT) of INR0.47
crore.


JAWAHAR EDUCATION: CRISIL Assigns B Rating to INR310MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank
facility of Jawahar Education Society (JES).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Rupee Term Loan      310          CRISIL B/Stable

The rating reflects JES's modest scale of operations and exposure to
risks related to intense competition in the education industry and to
changes in regulatory framework governing the sector. These rating
weaknesses are partially offset by the trust's established market
position in the education sector and the wide range of courses it
offers, and above-average financial risk profile because of moderate
net worth and low gearing.
Outlook: Stable

CRISIL believes JES will continue to benefit over the medium term from
its established position in the educational sector. The outlook may be
revised to 'Positive' if the trust reports significantly
higher-than-expected student intake leading to higher revenues and
margins, while it maintains its capital structure.. Conversely, the
outlook may be revised to 'Negative' if JES undertakes any large,
debt-funded capital expenditure, or in case of a significant decline
in cash accruals, thereby weakening its financial risk profile.

JES was founded in 1991 by Mr. Annasaheb Patil. It runs two colleges
and one school in Maharashtra, which are A C Patil College of
Engineering and Technology, Jawahar Institute of Technology,
Management and Research and North Point School. The trust is managed
by Mr. Vinay Patil and Mr. Kamal Patil.


KAMADANATHJI TEXTILE: ICRA Reaffirms B Rating on INR5.0cr Loan
--------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR3.38
crore term loan and INR5.00 crore cash credit facilities of
Kamadanathji Textile Private Limited. Ratings enhanced for an amount
of INR8.38 crore from INR5.53 crore.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             3.38        [ICRA]B; reaffirmed
   Cash Credit           5.00        [ICRA]B; reaffirmed

ICRA's rating continues to be constrained by KTPL's limited pricing
power due to the high competitive intensity on account of the
fragmented nature of the synthetic fabrics industry. The rating also
factors in the company's high working capital intensity due to high
receivables and inventory levels, which has been funded through high
reliance on bank borrowings. Owing to a low net worth base and
relatively high debt, along with moderate margins, the company's debt
coverage indicators remain modest. Further, the company plans to
increase its production capacity through capital expenditure of INR5
crore, which is being financed in a debt-equity ratio of 5:1. The
rating however draws comfort from the satisfactory utilisation of the
existing capacities and the extensive experience (of more than a
decade) of the promoters in the textile industry; the promoters have
been involved in the weaving business through group entity, Kamadgiri
Fabrics (rated [ICRA]B-).

Going forward, the ability of the company to complete the planned
capex within the budgeted time and cost, and subsequently scale up its
operations and efficiently manage its working capital intensity will
remain the key rating sensitivities.

KTPL was incorporated in April 2012 and is a part of the Gorakhpur
based Kamadgiri group which is involved in the manufacturing of grey
fabric and trading of yarn. KTPL's facility is based in Bhilwara,
Rajasthan and the company's entire sales are to group company,
Kamadgiri Fabrics, which is also engaged in manufacturing of grey
fabric. Kamadgiri Fabrics markets and sells the fabric to readymade
garment players.

Recent Results
KTPL, on a provisional basis, reported an operating income of INR18.15
crore and a profit after tax of INR0.03 crore in FY15, as against an
operating income of INR17.28 crore and a profit after tax of INR0.09
crore in FY14.


KRISHNAPATNAM RAILWAY: Ind-Ra Rates INR9.33BB Sr. Bank Loan 'D'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Krishnapatnam Railway
Company Limited's (KRCL) INR9,330 mil. long-term senior project bank
loan an 'IND D' rating.

PROJECT PROFILE

Incorporated under National Rail Vikas Yojana scheme, KRCL is a JV
company set up to implement a new rail line for connecting the
Krishnapatnam port with Indian Railways.  It is a JV of Rail Vikas
Nigam Limited (30%), a government of India Enterprise, Krishnapatnam
Port Company Limited (30%), National Mineral Development Corporation
Limited (14.82%), the government of Andhra Pradesh (12.96%) and
Brahmani Industries Limited (12.22%).  The concession period is 30
years and the project, which is being implemented in three phases, is
partly operational.

KEY RATING DRIVERS

The rating reflects many instances of delays by KRCL in meeting its
interest obligations during the 12 months ended August 2015 due to
consistent delays in receivables from South Central Railway (SCR).
SCR is the entity responsible for collection from customers as well as
for the operations of the rail line.  There has been a lag of 1.5-2
months in the receipt of the apportioned revenue from SCR.  The actual
revenue has historically been significantly lower than the
management's expectations.

RATING SENSITIVITIES

A positive rating action could result from ramping up of revenue
according to management's estimates and the timely receipt of
apportioned revenue from SCR, resulting in consistent timely debt
servicing.


LAKHY CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR27.5MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Lakhy Constructions (LC).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Overdraft Facility     32.5        CRISIL A4

   Proposed Long Term
   Bank Loan Facility     27.5        CRISIL B+/Stable

The ratings reflect LC's modest scale of and working-capital-intensive
operations in the fragmented civil construction industry. These rating
weaknesses are mitigated by the benefits derived from the promoter's
extensive industry experience.
Outlook: Stable

CRISIL believes that LC will continue to benefit over the medium term
from the promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the company ramps up its scale of operations
substantially, while maintaining stable profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, weakens, because of
decline in cash accrual, or large working capital requirements or
debt-funded capital expenditure programme.

Established as a partnership firm in 2005, LC undertakes civil
construction projects, primarily road construction, for local and
state government. Based in Karimanagar (Telangana), LC is promoted by
its managing partner - Mr. Sri Sardar Balbeer Singh.


MYSORE PAPER: CRISIL Reaffirms 'D' Rating on INR550MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of The Mysore Paper Mills Ltd
(MPML) continue to reflect instances of overdrawing in the cash credit
account exceeding 30 consecutive days. The overdrawing has been on
account of the company's stretched liquidity driven by large operating
losses.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        10        CRISIL D (Reaffirmed)
   Cash Credit          450        CRISIL D (Reaffirmed)
   Letter of Credit     550        CRISIL D (Reaffirmed)

MPML also has a weak financial risk profile because of stretched
liquidity and inadequate debt protection metrics. Furthermore, it has
poor operating efficiency and is exposed to risks arising from the
highly competitive and commoditised nature of the paper industry. The
company, however, benefits from the financial support it receives from
the Government of Karnataka (GoK).

MPML was founded in May 1936 by the then maharaja of Mysore
(Karnataka). In November 1977, GoK acquired a controlling interest in
the company. As on June 30, 2015, GoK owned 64.7 per cent of MPML's
equity shares; the remainder was held by financial institutions and
the general public.

MPML is an ISO-14001-certified company, producing news print, writing
and printing paper, and sugar at its plant at Bhadravati in the
Shimoga district of Karnataka.


NAGAI POWER: Ind-Ra Suspends BB+ Rating on Sr. Project Loans
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the 'IND BB+'
Long-Term rating on Nagai Power Private Limited's (NPPL)
INR1,700 mil. senior project term loans (Phase I) to the suspended
category.  The rating will now appear as 'IND BB+(suspended)' on the
agency's website.  The Outlook was Stable.

The rating has been suspended due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage of NPPL.

The rating will remain suspended for a period of six months and be
withdrawn at the end of that period.  However, in the event the issuer
starts furnishing information during this six-month period, the rating
could be reinstated and will be communicated through a rating action
commentary.


NAVEEN RICEMILLS: CARE Assigns B Rating to INR13.10cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Naveen Ricemills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     13.10      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Naveen Rice Mills (NRM)
is primarily constrained by the small scale of operations with low net
worth base, working capital intensive nature of operations, weak
financial risk profile marked by thin profitability margins, leveraged
capital structure and weak coverage indicators. The rating is further
constrained by partnership nature of constitution, presence in the
highly fragmented and competitive industry, regulatory policy risk and
dependence on vagaries of nature.

The rating constraints are partially offset by support from the
experienced partner, long track record of operations and favorable
manufacturing location.

Going forward, the ability of NRM to increase its scale of operations,
improvement in profitability margins and capital structure along with
effective working capital management shall be the key rating
sensitivities.

Haryana based Naveen Rice Mills (NRM) was established in 1986 as a
partnership firm and is currently having Mr Charanji Lal,Mr Deep
Chand, Mr Manoj Kumar and Mrs Shanti Devi as its partners sharing
profit and loss in the ratio of 30:30:20:20. NRM is engaged in
milling, processing and trading of Basmati and Non- Basmati rice with
an installed capacity of processing 3 tonne/per day of paddy at its
manufacturing facility located at Karnal, Haryana. The raw material
i.e. paddy is procured from local grain markets and commission agents.
It sells both Basmati and Non- Basmati rice through brokers and agents
domestically.

NRM reported a PAT of INR0.05 crore and PBILDT of INR1.37 crore on a
total operating income of INR19.53 crore in FY15 (refers to the period
April 1 to March 31) (based on unaudited results) as against PAT of
INR0.05 crore and PBILDT of INR1.08 crore on a total operating income
of INR17.57 crore in FY14.


REGENT BEERS: ICRA Reaffirms B+ Rating on INR8.50cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the INR8.50
crore fund based limits; INR8.12 crore term loan and INR0.15 crore
unallocated facilities of Regent Beers and Wines Limited. ICRA has
also reaffirmed its short-term rating of [ICRA]A4 on the INR0.23 crore
short term facilities of the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit
   (LT scale)            8.50        [ICRA]B+; reaffirmed

   Term Loan
   (LT Scale)            8.12        [ICRA]B+; reaffirmed

   Unallocated
   (LT scale)            0.15        [ICRA]B+; reaffirmed

   Non fund based
   limit (ST scale)      0.23        [ICRA]A4; reaffirmed

ICRA's ratings continue to take into account the modest scale of
RBWL's operations and the regulated nature of the sector it operates
in, which limits its profitability. ICRA takes note of the capital
expenditure recently incurred by the company for setting up a canning
line, which commenced operations from July 2015. The capital
expenditure was funded through bank borrowings, resulting in an
increased gearing of 0.97x as on March 31, 2015, as against 0.64x an
year ago. The rating also takes into account the limited ability of
the company to pass on increase in costs, as the selling price is
fixed by the state government in advance. The ratings however derive
comfort from the extensive experience of the management, spanning
close to two decades and support from the promoters as evidenced by
infusion of unsecured loans. ICRA also takes note of the company's
recently enhanced capacity and the expected contract manufacturing
agreement with SABMiller in FY16.

Going forward the ability of the company to ramp up its scale of
operations while optimally managing the canning line and attain a
sustained improvement in its capital structure, will be the key rating
sensitivities.

RBWL is engaged in the manufacturing of beer in its brewery located at
Maksi, Madhya Pradesh. The company's current production capacity is 3
lakh hectoliters (300 lakh liters .i.e. 38.46 lakh cases) per annum
(increased from 1.50 lakh hectoliters in FY14).

Recent Results
For 2013-14, the company reported an Operating Income (OI) of INR39.64
crore and a net profit of INR6.77 crore (due to reversal of deferred
tax liabilities), as against an OI of INR34.71 crore and a net profit
of INR0.09 crore in the previous year. RBWL, on a provisional basis,
reported an OI of INR54.50 crore for 2014-15.


RUBY MILLS: CRISIL Cuts Rating on INR5.56BB Term Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of The Ruby
Mills Ltd (Ruby Mills) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           230        CRISIL D (Downgraded
                                    from 'CRISIL B/Stable')

   Letter of credit      128        CRISIL D (Downgraded
   & Bank Guarantee                 from 'CRISIL A4')

   Term Loan            5564.7      CRISIL D (Downgraded
                                    from 'CRISIL B/Stable')

In the absence of adequate information from Ruby Mills, the downgrade
is based solely on publicly available information.

The rating downgrade reflects instances of delay by Ruby Mills in
servicing its debt. The delays were caused by the company's weak
liquidity because of lower than expected sales in the real estate
business, resulting in lower-than-expected cashflows.

The ratings also factor in Ruby Mills' limited pricing power in the
textile business due to average scale of operations, and
susceptibility to intense competition in the low-end fabric market in
India as well as risks inherent in the commercial real estate
construction segment. However, the company benefits from favourable
location of its real estate property.

Ruby Mills, founded in 1917, is one of the oldest running textile
mills in Mumbai. It is a composite mill that manufactures cotton and
blended yarn/fabric and interlining fabric at its plants in Dadar,
Khursundi, and Dhamni (both in Raigad [Maharashtra]). After the
transfer of Ruby Mills' spinning and weaving facility to Dhamni, a
large part of the company's land in Dadar became vacant, of which the
company has leased out 80,500 square feet (sq ft). It has also
developed 1.25 million sq ft of commercial space in Dadar.

For 2014-15 (refers to financial year, April 1-March 31), Ruby Mills
reported a net profit of INR540 million on an operating income of
INR2.39 billion, against a net profit of INR450 million on an
operating income of INR1.90 billion for 2013-14.


SATYAM ROLLER: CRISIL Reaffirms B Rating on INR70MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Satyam Roller
Flour Mills Pvt Ltd (SRFM) continues to reflect SRFM's below-average
financial risk profile, marked by high gearing, a small net worth, and
weak debt protection metrics, and its small scale of operations in the
highly fragmented flour mill industry. These rating weaknesses are
partially offset by the extensive industry experience of SRFM's
promoters.

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

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

Outlook: Stable

CRISIL believes that SRFM will continue to benefit over the medium
term from its established clientele and its promoters' extensive
industry experience. The outlook may be revised to 'Positive' in case
of improvement in the company's financial risk profile, most likely
due to substantial capital infusion or higher-than-expected accretion
to reserves. Conversely, the outlook may be revised to 'Negative' if
SRFM's cash accruals are low, or it undertakes a large debt-funded
capital expenditure programme, or its working capital requirements
increase substantially, resulting in further deterioration of its
financial risk profile.

SRFM set up in 1995 and promoted by Mr. Vijay Shankar Gupta,
manufactures ground wheat products, such as atta, maida, suji, and
wheat bran. The company has a manufacturing plant in Navi Mumbai
(Maharashtra).


SHREE KUMARASAMY: CRISIL Assigns B+ Rating to INR24MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Shree Kumarasamy Poly Chem (SKPM).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Term Loan      22.8        CRISIL B+/Stable
   Packing Credit          16.0        CRISIL A4
   Cash Credit             24.0        CRISIL B+/Stable
   Long Term Loan          17.2        CRISIL B+/Stable

The ratings reflect the firm's modest scale of operations and its
below-average financial risk profile because of modest net worth.
These weaknesses are partially offset by the extensive experience of
SKPM's partners in the cashew nut extracts industry.
Outlook: Stable

CRISIL believes SKPM will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may be
revised to 'Positive' in case of significant improvement in the firm's
scale of operations and profitability, or substantial capital infusion
by the partners, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SKPM's accrual
declines, or if it undertakes a large debt-funded capital expenditure
programme, or if its working capital cycle stretches, resulting in
weakening of its financial risk profile.

Set up in 1995 as a proprietary concern and reconstituted as a
partnership firm in 2011, Cuddalore (Tamil Nadu)-based SKPM
manufactures cashew nut extracts, such as cashew nut shell liquid,
cardanol, and cashew friction dust. The firm is promoted by Mr. TKA
Karthik and his family members.

For 2014-15 (refers to financial year, April 1 to March 31), SKPM
reported net profit of INR2.98 million on sales of INR127.66 million
against net profit of INR0.51 million on sales of INR39.01 million for
2013-14.


SHRI KRISHNA: ICRA Reaffirms B+ Rating on INR13cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR13.00 crore
(enhanced from INR10.67 crore) fund based facilities of Shri Krishna
Steelage (P) Ltd. at [ICRA]B+. ICRA has also reaffirmed its rating on
the INR4.00 crore non-fund based limits of SKSPL at [ICRA]A4.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits
   Cash Credit           13.00      [ICRA]B+ Reaffirmed

   Non-fund based
   Limits- LC             4.00      [ICRA]A4 Reaffirmed

The ratings reaffirmation takes into account the muted year-on-year
growth in SKSPL's Operating Income (OI) in FY15, which was also
accompanied by slight erosion in its operating profit margins.

ICRA's ratings continue to remain constrained by the highly
competitive nature of the steel industry, which coupled with the low
value additive nature of SKSPL's business, has led to low and
declining operating margins over the past few years. Moreover, the
company's turnover and profitability remain exposed to the cyclicality
in the steel industry, given the company's inability to fully pass on
the price escalations in the input costs to the customers. The ratings
also factor in the weak capital structure of the company as reflected
in elevated gearing due to high reliance on external debt, which
coupled with the company's modest profitability has resulted in weak
coverage indicators with thin interest coverage, weak NCA/TD and high
Total debt/OPBDITA. However, the ratings derive comfort from the
extensive experience of the promoters in the steel industry and
favourable demand outlook for the company's products.

Going forward, the company's ability to bring about a sustained
improvement in its profitability and optimally manage its working
capital cycle, will be the key rating sensitivities.

SKSPL was incorporated in 2004 by Mr. Vinod Gautam and manufactures
heavy gauge Stainless Steel (SS) cold patti products derived from SS
flats. The company procures SS flats from local players, which then
undergo hot rolling and subsequent cold rolling, resulting in
thickness reduction to the desired level. These find application
across various end products such as door knobs, bolts, cutlery, gas
stoves, metro rail tracks etc.

Recent Results
The company, on a provisional basis, reported a Profit After Tax (PAT)
of INR0.32 crore on an Operating income (OI) of INR86.47 crore in
FY15, as against a PAT of INR0.28 crore on an OI of INR82.28 crore in
the previous year.


SKD RICE: CRISIL Assigns 'B' Rating to INR45MM Term Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of SKD Rice Industries Pvt Ltd (SKD).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            45         CRISIL B/Stable
   Bank Guarantee        5         CRISIL A4
   Cash Credit          15         CRISIL B/Stable

The ratings reflect its exposure to project implementation and
stabilisation risks along with exposure to intense competition in the
rice milling business. These rating weaknesses are partially offset by
the extensive experience of promoters in rice business.
Outlook: Stable

CRISIL believes SKD will benefit over the medium term from the
promoters' extensive experience in the rice business. The outlook may
be revised to 'Positive' in case of timely implementation of
production capacity and higher-than-expected revenue and
profitability. Conversely, the outlook may be revised to 'Negative' in
case of significant time and cost overrun in project completion,
lower-than-expected capacity utilisation, or a considerable stretch in
working capital cycle weakens the overall financial risk profile.

Incorporated in 2014, SKD is setting up a non-basmati rice mill at
Cuttack, Odisha. SKD's day to day operations are being managed by Mr.
Sandeep Singh.


SOUTHERN HOLDINGS: CRISIL Assigns B Rating to INR75MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank
facility of Southern Holdings & Investments (Chennai) Pvt Ltd (SHI).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Long Term Loan        75          CRISIL B/Stable

The rating reflects SHI's exposure to risk related to implementation
of its hotel project, and below-average financial risk profile because
of start-up phase of operations. These weaknesses are partially offset
by the extensive experience of SHI's promoters in the hospitality
industry.
Outlook: Stable

CRISIL believes SHI will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be revised
to 'Positive' if the company completes its project on time and ramps
up operations faster than expected. Conversely, the outlook may be
revised to 'Negative' in case of cost or time overrun in the project,
or if ramp-up of operations is not as expected.

Incorporated in 2013, SHI is setting up a 48-room three-star hotel in
Port Blair (Andaman and Nicobar Islands). The hotel will be
operational in August 2016. The company is promoted by Mr. V.A. Kurien
and his family members.


SREE GURU: CRISIL Assigns 'B' Rating to INR50MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank
facility of Sree Guru Raghavendra Farm (SGRF).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Term Loan             50          CRISIL B/Stable

The rating reflects SGRF's weak financial risk profile because of
leveraged capital structure and weak debt protection metrics, small
scale of operations, and exposure to inherent risks and intense
competition in the poultry industry. These rating weaknesses are
partially offset by the extensive industry experience of SGRF's
partners.

Outlook: Stable

CRISIL believes SGRF will benefit over the medium term from its
partners' extensive industry experience. The outlook may be revised to
'Positive' if the firm achieves significant and sustainable growth in
scale of operations while improving profitability and capital
structure, resulting in sizeable net cash accrual. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
liquidity most likely due to stretch in working capital cycle, or
lower-than-expected cash accrual, or any debt-funded capital
expenditure.

SGRF, set up as a partnership firm, operates a poultry farm in
Davangere (Karnataka) with capacity of 180,000 layer birds. Its
operations are managed by Mr. M Ramesh. The promoter family has been
in the poultry farming business for over two decades.


SUFALAM INFRA: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank
facilities of Sufalam Infra Projects Ltd (SIPL).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Cash Credit          100          CRISIL B/Stable
   Proposed Cash
   Credit Limit          50          CRISIL B/Stable

The rating reflects SIPL's average net worth, exposure to risks
related to revenue concentration in a single project, and
working-capital-intensive operations. The rating also factors in its
modest, though improving scale of operations. These rating weaknesses
are partially offset by the company's moderate profitability and debt
protection metrics.

Outlook: Stable

CRISIL believes that SIPL's credit risk profile will, over the medium
term, remain vulnerable to timely progress of real estate project in
hand. The outlook may be revised to 'Positive' in case of substantial
and sustained growth in revenue and profitability with a diversified
order book, while maintaining profitability. Conversely, the outlook
may be revised to 'Negative' if there is a delay in execution of the
project, resulting in low cash accrual, or if the working capital
cycle is stretched, or in case of large debt-funded capital
expenditure, resulting in weakening of the financial risk profile,
particularly liquidity.

Incorporated in May 2011, SIPL undertakes the construction of
commercial and residential buildings in Nagpur (Maharashtra). The
company, promoted by Mr. Rajesh Agarwal, Mr. Sanjay Agarwal, and
others, is headquartered in Nagpur. Currently, it has a large order
from its associate concern, Radha Madhav Developers (rated 'CRISIL
B+/Stable') for construction of a residential township, Vrindavan, in
Nagpur.


SWAYAMPRABHA UDYAM: ICRA Ups Rating on INR2.0cr LT Loan to B+
-------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR2.00 crore
(enhanced from INR1.50 crore) long-term fund based limits of
Swayamprabha Udyam & Co from [ICRA]B to [ICRA]B+. ICRA has also
reaffirmed the short term rating assigned to the INR6.75 crore
(enhanced from INR4.25 crore) fund based limits of the firm at
[ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term: Fund       2.00        [ICRA]B+; upgraded from
   based facility                    [ICRA]B

   Short term: Fund
   based facility        6.75        [ICRA]A4 reaffirmed

The revision in the rating takes into account the improvement in the
capital structure as indicated by a gearing of 1.79x as on 31st March,
2015, as against 3.20x as on 31st March, 2014, with the infusion of
capital and the positive cash accruals, the robust revenue growth of
~70% in FY2014-15 and the improvement in the modest coverage
indicators. The rating continues to take comfort from the firm's
long-track record of over 15 years in the cashew processing industry.

The rating is, however, constrained due to the small scale of
operations and the low operating margins and cash accruals which
restricts operational and financial flexibility to an extent. ICRA
notes the firm is exposed to volatility in the raw cashew nut prices
on account of the timing difference between the procurement and actual
execution of the order as the procurement is seasonal and not backed
by confirmed orders. The ratings also factor in the minimal pricing
flexibility in a highly competitive industry, susceptibility to the
agro-climatic risks and the risks inherent in partnership firms
including the risk of capital withdrawal, among others.

Swayamprabha Udyam & Co was established in 2000 with Mr. Ajith Kamath
and Mrs. Shobha Kamath (mother of Mr. Ajit Kamath) as partners, to
manufacture and process cashew kernels from raw cashew nuts. The firm
was reconstituted in July 2011, with Mrs. Anasooya Kamath (wife of Mr.
Ajith Kamath) joining as a partner replacing Mrs. Shobha Kamath. The
firm imports the raw cashew nuts (RCNs) primarily from African
countries like Guinea Bissau, Tanzania and Ivory Coast. The RCNs are
further processed, graded, packed and sold in domestic market.

Recent Results
For 2014-15, the Firm reported a net profit of INR0.21 crore on an
operating income of INR32.47 crore (as per provisional results) as
against a net profit of INR0.07 crore on an operating income of
INR18.68 in 2013-14


URC INFOTECH: CRISIL Assigns B- Rating to INR50MM Corp. Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of URC Infotech Pvt Ltd (URCI).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      5          CRISIL B-/Stable

   Cash Credit            20          CRISIL B-/Stable

   Corporate Loan         50          CRISIL B-/Stable

The rating reflects URCI's modest scale of operations and the
susceptibility of its revenue profile to cyclicality and intense
competition in the information technology (IT) sector. The rating also
factors in its below-average financial risk profile marked by high
gearing, weak debt protection metrics, and modest net worth. These
weaknesses are partially offset by the benefits derived from the
management's extensive experience in the IT sector.

Outlook: Stable

CRISIL believes URCI will maintain its business risk profile over the
medium term on the back of its management's extensive industry
experience and its established relationship with customers. The
outlook may be revised to 'Positive' in case of significant and
sustained improvement in the company's revenue and profitability
leading to large cash accrual, coupled with improvement in its working
capital cycle. Conversely, the outlook may be revised to 'Negative' if
URCI reports lower-than-expected revenue and profitability or if it
undertakes a large, debt-funded capital expenditure programme, or if
its working capital cycle lengthens, resulting in deterioration in its
financial risk profile and liquidity.

Established in March 2008 and based in Erode (Tamil Nadu), URCI
develops and maintains Enterprise resource planning (ERP) software
particularly for the construction, healthcare, Small and medium
business (SMB), entertainment, and pharmaceutical sectors. The company
is promoted by Mr. C Devarajan. The day to day operations are managed
by Mr. G Gunasekaran, Director.


VE JAY: CRISIL Assigns B+ Rating to INR44MM Long Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Ve Jay Textile Mills (VTM).

                         Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Proposed Long Term
   Bank Loan Facility      26          CRISIL B+/Stable

   Cash Credit             30          CRISIL B+/Stable

   Long Term Loan          44          CRISIL B+/Stable

The rating reflects VTM's modest scale of operations in an intensely
competitive and highly fragmented textile industry, and below-average
financial risk profile because of a modest net worth and high gearing.
These rating weaknesses are partially offset by the promoter's
extensive industry experience.
Outlook: Stable

CRISIL believes VTM will continue to benefit over the medium term from
its promoter's extensive industry experience. The outlook may be
revised to 'Positive' in case of a sustainable increase in revenue and
profitability, thereby strengthening the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if cash accrual
is lower than expected or there is any large debt-funded capital
expenditure, resulting in deterioration in the financial risk profile.

Established in 2005 as a proprietorship firm, VTM manufactures cotton
yarn. The firm is based in Coimbatore (Tamil Nadu) and is promoted by
Mr. G Devaraj.

VTM, on a provisional basis, reported a profit after tax (PAT) of
INR3.6 million on net sales of INR240.8 million for 2014-15 (refers to
financial year, April 1 to March 31); it had reported a PAT of INR1.1
million on net sales of INR182.8 million for 2013-14.


VIJAYA LAKSHMI: ICRA Assigns 'B' Rating to INR9cr LT Loan
---------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to INR9.00 crore
long term fund based limits and INR1.00 crore unallocated limits of
Vijaya Lakshmi R & B Rice Trading Company.

The ratings are constrained by the weak financial profile of the firm
characterised by low profitability, high gearing and weak coverage
indicators. The ratings are further constrained by susceptibility of
profitability and revenues to agro-climatic factors which can impact
the availability of the paddy in adverse weather conditions and
regulatory risks with regard to government policies on Minimum support
price (MSP) for paddy, export quota and open market sales restrictions
for rice. ICRA notes that the intense competition in the industry,
especially in Chennai & Kerala markets, limits the pricing
flexibility. The rating also takes into account the risks inherent to
the partnership nature of the firm.

The rating however takes comfort from the long track record of the
promoters in the rice mill business and the easy availability of paddy
with proximity of the plant to the major paddy cultivating region of
Andhra Pradesh. Further, favourable demand prospects for the industry,
with India being the second largest consumer and producer of rice
internationally, augurs well for the firm.

Going forward, the firm's ability to improve its scale of operations,
profitability and effectively manage its working capital would be the
key rating sensitivity from the credit perspective.

Established in the year 2010 as a partnership firm, Vijaya Lakshmi R &
B Rice Trading Company (VLRBRTC) is engaged in the milling of paddy
and produces raw & boiled rice. The rice mill is located in Nellore
district, Andhra Pradesh. The firm produces 100% sortex rice with ~97%
being boiled variety and ~3% being raw variety. The installed
production capacity of the rice mill is 12 tons per hour.

Recent Results

According to estimates, the firm reported profit after tax of INR0.10
crore on an operating income of INR44.29 crore for FY2015, as against
a reported profit after tax of INR0.09 crore on an operating income of
INR47.92 crore during FY2014.


VIKAS CHAIN: CRISIL Assigns B+ Rating to INR117.5MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Vikas Chain and Jewellery Pvt Ltd (VCJL).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Cash Credit          117.5        CRISIL B+/Stable

The rating reflects VCJL's working-capital-intensive and small scale
of operations, and its exposure to intense competition in the gems and
jewellery industry. The rating also factors in the company's weak
financial risk profile, marked by weak debt protection metrics and a
highly leverage capital structure. These rating weaknesses are
partially offset by the extensive industry experience of VCJL's
promoters and its established relationships with customers and
suppliers.

Outlook: Stable

CRISIL believes that VCJL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's financial risk profile, most likely
driven by equity infusion by the promoters, or a significant
improvement in its operating income and margin resulting in a
substantial increase in its cash accruals. Conversely, the outlook may
be revised to 'Negative' if VCJL's profitability declines due to
volatility in gold prices, or if it undertakes a large debt-funded
capital expenditure programme, leading to deterioration in its
financial risk profile.

VCJL, incorporated in 1994, is promoted by Mr. Dinesh Mehra, Mr. Ram
Avtar Verma, and Mrs. Savita Devi. Mr. Dinesh Mehra, son of Mr. Ram
Avtar Verma, looks after the day-to-day operations of the company
along with his two brothers Mr. Vinod Mehra and Mr. Sulish Verma. The
company is a wholesaler of gold and diamond-studded jewellery to
shops/showrooms based in Delhi and the National Capital Region.

VCJL reported a profit after tax (PAT) of INR3.1 million on net sales
of INR533.29 million for 2013-14 (refers to financial year, April 1 to
March 31), as against a PAT of INR3.1 million on net sales of
INR591.16 million for 2012-13.


VIMAL INDUSTRIES: CRISIL Assigns 'D' Rating to INR40.0MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Vimal Industries (VI).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan               27.3        CRISIL D
   Cash Credit             40.0        CRISIL D
   Proposed Long Term
   Bank Loan Facility      12.7        CRISIL D

The ratings reflect instances of delay by VI in servicing its term
debt; the delays were because of the firm's weak liquidity.

VI also has a modest scale of operations in an intensely competitive
steel fabrication industry and a below-average financial risk profile
because of small net worth and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive experience of
the promoters in the steel fabrication industry.

VI is a proprietary concern established by Mr. R Manilachelvan in
1994. The firm manufactures sheet metal and pressed components and
undertakes fabrication works for the electrical and automotive
industries.


ZENITH ROCKPRODUCTS: ICRA Suspends B+ Rating on INR15cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR15.00 Crore
fund based bank facilities of Zenith Rockproducts Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Established in 1993, Rock Products (RP) is proprietorship firm of Mr.
Vijay Jadhav and is involved in the cement trading and real estate
business. In May 2013, the company has been converted into a private
limited company under the name, Zenith Rockproducts Pvt. Ltd. The
company has its registered office in Deonar, Mumbai.



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


MANGLOBE: Anime Studio Files for Bankruptcy
-------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Manglobe, an anime
studio, has applied for bankruptcy.  The business has been insolvent
for a while, the report relates.

Dissolve.com.au says Manglobe was investigating means to pay its
debts; however, felt it could no longer continue its present business.

The company was established in 2002 by Takashi Kochiyama and
Shinichiro Kobayashi. Work on the present projects of the company had
continued until Manglobe filed for bankruptcy, the report states.

Manglobe is behind Samurai Champloo, The World God Only Knows series,
and GANGSTA.


TOSHIBA CORP: President Hints Job Cuts at Loss-Making Units
-----------------------------------------------------------
Kyodo News reports that Toshiba Corp. may cut jobs as part of its
restructuring of loss-making businesses such as semiconductors and
home appliances, President Masashi Muromachi indicated on October 1,
as the electronics-maker continues to reel from an accounting scandal.

"When it comes to employment, we need to talk with our labor union
members. I have been discussing with those in charge of (the
struggling) businesses how far we should go," Muromachi said in an
interview with Kyodo News and other media outlets.

He is expected to announce restructuring plans as early as next month,
Kyodo News says.

According to the report, Mr. Muromachi, who took over after Hisao
Tanaka's resignation in July, also suggested he has a rough picture of
how to reform Toshiba's semiconductor unit that includes discrete
semiconductors and System LSI (large-scale integration).

But he declined to go into details, saying, "I cannot give answers at
this time," Kyodo News relays.

Kyodo News notes that Toshiba reported a group net loss of JPY12.27
billion for the April-June quarter due to poor sales of home
appliances and other products.  But Mr. Muromachi denied that Toshiba
will pull out of its home appliance business.

The report says the president made the remarks a day after
shareholders approved a new management lineup aimed at enhancing
corporate governance.

Kyodo News relates that the company increased the number of outside
directors after revelations that it had overstated profits for nearly
seven years in a "systematic" way.

Mr. Muromachi reiterated that he intended to step down as president
once he put Toshiba on course for rehabilitation, the report adds. "I
can't say it would be in either two years' or one year's time. But I'd
say three years would not be an option," the report quotes Mr.
Muromachi as saying.

                        About Toshiba Corp.

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report on July 21 that Toshiba Corp. overstated its operating
profit by JPY151.8 billion ($1.22 billion) over several years in
accounting irregularities involving top management.

The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.

The TCR-AP, citing Bloomberg News, reported on July 22, 2015, that
Toshiba Corp. President Hisao Tanaka and two other executives quit to
take responsibility for a $1.2 billion accounting scandal that caused
the maker of nuclear reactors and household appliances to restate
earnings for more than six years.

According to Bloomberg, Norio Sasaki, the vice chairman, and Atsutoshi
Nishida, a former president who was serving as adviser, also resigned,
the Tokyo-based company said July 21, more than two months after
announcing it was investigating possible accounting irregularities.

On Sept. 11, 2015, the TCR-AP reported that Moody's Japan K.K.
affirmed Toshiba Corporation's Baa2 issuer and senior unsecured
debt ratings as well as its Ba1 subordinated debt rating and P-2
commercial paper rating.  The ratings outlook is stable.

The ratings affirmation follows Toshiba's announcement of its
results for the fiscal year ended March 31, 2015 (FYE3/2015) and
the restatement on September 7 of its results for FYE3/2009
through 3Q FYE3/2015.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems, water
and sewer systems, transportation systems and station automation
systems, among others.  The Home Appliance segment offers
refrigerators, drying machines, washing machines, cooking utensils,
cleaners and lighting equipment.  The Others segment leases and sells
real estate.



=========
M A C A U
=========


WYNN RESORTS: S&P Assigns 'BB' Rating on Amended Sec. Facilities
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue-level
rating to Wynn Resorts (Macau) S.A.'s amended senior secured credit
facilities.  The $3.05 billion credit facility consists of a $750
million revolving credit facility due September 2020 and a $2.3
billion term loan due September 2021.  The rating is at the same level
as the corporate credit rating on the parent company, Wynn Macau Ltd.

At the same time, S&P lowered its issue-level rating on Wynn Macau's
$1.35 billion senior notes due 2021 one notch to 'B+' from 'BB-'.
Wynn Macau is a subsidiary of Wynn Resorts Ltd.

Wynn Macau will use the proceeds from the amended credit facilities to
refinance its existing debt, to fund the construction and development
of Wynn Palace in the Cotai area of Macau, and for general corporate
purposes.  The amended credit facilities will extend the company's
debt maturities, reduce pricing, and loosen financial maintenance
covenants, improving its overall liquidity and financial flexibility.

The notes downgrade reflects S&P's expectation that Wynn Macau's
priority liabilities as a percentage of total assets will exceed 30%
over the next few years.  S&P's assessment incorporates the $550
million increase in the total size of Wynn Macau's senior secured
credit facilities and a shift in the credit facility to a greater
percentage of funded term loan debt with no amortization until
December 2018.  This is partly offset by S&P's expectation that Wynn
Macau's asset base will increase as the company completes development
of its $4.1 billion Wynn Palace resort.  The senior notes are
structurally subordinated to Wynn Macau's senior secured credit
facilities because the borrower under the credit facilities is closer
to the company's casino assets.  S&P aligns priority liabilities that
exceed 30% of total assets with an issue-level rating that is two
notches below the company's corporate credit rating, based on S&P's
notching criteria.

"We have applied our general notching criteria to rate Wynn Macau's
credit facilities and notes in lieu of assigning recovery ratings to
them because we do not assign recovery ratings to debt issued in
Macau.  Macau is a jurisdiction for which we have not published an
insolvency report and have not ranked because, to date, there is
limited historical precedent for a large-scale bankruptcy filing of a
foreign-owned entity in Macau.  The jurisdiction is a special
administrative region of the People's Republic of China.  Furthermore,
even if lenders have a good claim with a registerable interest in the
real estate, we believe there is significant uncertainty surrounding
the application of the insolvency process and the lenders' ability to
realize asset value in this jurisdiction," S&P said.

RATINGS LIST

Wynn Resorts Ltd.
Wynn Macau Ltd.
Corporate Credit Rating              BB/Stable/--

New Ratings
Wynn Resorts (Macau) S.A.
Senior Secured
  $750 mil. revolver due 2020         BB
  $2.3 bil. term loan due 2021        BB

Downgraded
                                      To       From
Wynn Macau Ltd.
Senior Unsecured                     B+       BB-



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


DEBLAN LIMITED: Palmers Planet Franchisee Goes Into Liquidation
---------------------------------------------------------------
Bruce Mercer at Stuff.co.nz reports that the franchisee behind Palmers
Planet St James has gone into liquidation.

A second Palmers Planet franchisee has gone into liquidation this
year, and between them the two owe NZ$3 million to almost 300
creditors, Stuff.co.nz relays.

According to the report, Deblan Limited Partnership, which traded as
Palmers Planet St James in Hamilton, was placed into liquidation this
month owing NZ$1 million to almost 100 creditors. Its partner company,
Deblan Management, has also been placed into liquidation, the report
says.

It follows the liquidation of R and K Hackett and Sons in February,
which saw the original Albany Palmers Planet franchisee head into
liquidation owing over NZ$2 million to just under 200 creditors,
Stuff.co.nz says.

The Auckland store opened in 2012 to much fanfare, including support
from National MP Maggie Barry, and was the first garden store to open
in New Zealand in six years. It has also featured as a supplier on the
TV One show Our First Home this year.

In both cases the franchisor bought out the business or assets and the
stores have continued to operate. New owners have now bought the
Albany franchise.

According to Stuff.co.nz, Kim S Thompson has been appointed as
liquidator of Deblan Limited Partnership, and said in his first report
that "significant funds were injected in order to get the business
operational" after a delay in opening meant it missed trading during
lucrative summer months.

"Significant losses were incurred from the start, which meant that the
business was never viable," Mr. Thompson said. The business shut down
17 months after opening, the report notes.

Stuff.co.nz discloses that the liquidator's report lists seven secured
creditors, owed NZ$1.2 million between them, and states NZ$380,000
worth of assets are available to pay towards the debts.

Unsecured and preferential creditors are owed NZ$206,000, leaving a
total debt of just over NZ$1 million, Stuff.co.nz adds.

Deborah Anne Johnson is listed as the director of Deblan Management
Ltd, with four shareholdings split between her, Alan Bruce Craig and
the Brian Braatvedt Trustee Company No 23 Ltd, directed by Brian
Charles Braatvedt, the report says.

Palmers Planet stores offer both gardening and lifestyle products.



===============
P A K I S T A N
===============


PAKISTAN: Moody's Assigns B3 Rating on Global Bond Offering
-----------------------------------------------------------
Moody's Investors Service has assigned a definitive rating of B3 to
the Government of Pakistan's announced global bond offering. The
outlook is stable.

RATINGS RATIONALE

Moody's definitive ratings for these debt obligations confirm the
provisional ratings assigned on Sept. 18, 2015.  Moody's rating
rationale was set out in a press release published on the same day.

Pakistan's B3 issuer rating reflects moderate economic strength with a
supply-constrained economy that has been resistant to structural
change.  Although the scale of the economy is relatively large,
globally, Pakistan's per-capita income level is relatively very low.
Implementation of the China-Pakistan Economic Corridor, will over
time, bolster growth through investment in transportation and power
generation infrastructure.

Institutional effectiveness has been hampered by factious relations
between the executive, military and judicial branches of government.
These drawbacks have constrained policy effectiveness. However, the
government has gained significant traction on reforms under the IMF
program, key goals of which include deficit reduction, resolving
constraints in the energy sector, and the privatization of several
state-owned enterprises.

Other factors that drive Pakistan's sovereign credit rating are its
very low fiscal strength and high susceptibility to event risk.  Key
fiscal and external credit metrics are weak intrinsically and relative
to ratings peers.  These methodological factors are compounded by the
country's narrow tax base, low savings and shallow capital markets
--all of which hinder stable domestic financing of sizable budget
deficits.  However, the government is striving to lengthen the
maturity of debt which will reduce gross financing needs.  Government
debt rollover risk is also reduced by sizeable recourse to domestic
bank lending and, to some degree, by a debt structure which consists
of long-tenor credits from multilateral and official bilateral
creditors.

The challenging operating environment, susceptibility to economic
risks and political shocks, coupled with a high concentration to the
sovereign, links the health of the banking system very closely to that
of the government.  Banks are well managed but remain vulnerable to
cyclical economic risks and to political shocks.

The stable outlook represents Moody's expectation of balanced upside
and downside risks.  Upward pressures stem from support from
multilateral and bilateral lenders, which bolster an improving foreign
reserve position and ongoing reform progress.

Despite positive ongoing developments, rating constraints which would
put downward pressures stem from Pakistan's very low fiscal strength,
due to its high debt levels and weak debt affordability in light of a
narrow revenue base.

Deeply entrenched weaknesses in the power sector also act as a
bottleneck to growth.  While Pakistan's government financing is mainly
from domestic sources and system-wide external debt is declining as a
percent to GDP, the level of external public debt poses a moderate
degree of credit risk.  In addition, political event risks remain
relatively high in Pakistan despite recent stability.

This credit rating and any associated review or outlook has been
assigned on an anticipated/subsequent basis.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2013.



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


DAEWOO SHIPBUILDING: Shareholders File Class Action Suit
--------------------------------------------------------
Yonhap News Agency reports that a group of 119 minority shareholders
filed a class action suit against Daewoo Shipbuilding & Marine
Engineering Co. on September 30, demanding KRW4.1 billion (US$3.47
million) in compensation for losses from an investment made based on
the company's doctored financial statement.

The news agency relates that the plaintiff filed the suit with the
Seoul Central District Court, claiming the shipbuilder exaggerated
profits in the 2014 financial statement by lowering production costs
and hiding losses.

They also held Deloitte Anjin LLC, the Korean operation of Deloitte
Touche Tohmatsu, and former CEO Ko Jae-ho accountable for lax
provision, the report says.

"Daewoo Shipbuilding & Marine Engineering, the former CEO and Deloitte
Anjin are responsible for compensating losses by the plaintiff who
invested in the company, believing that its financial statement is
correct," their counsel said in a statement, Yonhap relays.

According to the report, the accusers are some of the investors who
bought Daewoo's shares after the company released its 2014 financial
report on March 31. Its shares tumbled 30% to KRW8,750 on July 15
after its financial fraud first surfaced in the local media. This
year, Daewoo's shares plunged 66%, the report notes.

In the second quarter, the nation's No. 2 shipyard posted a record
loss due to increased costs from a delay in the construction of
low-priced ships and offshore facilities, Yonhap discloses.

Net loss stood at KRW2.39 trillion in the April-June period, a sharp
turnaround from a KRW76 billion profit during the same period a year
earlier, according to Yonhap.

Daewoo's three largest creditor banks, state-run Korea Export- Import
Bank, Korea Development Bank and the banking arm of South Korea's
largest agricultural cooperative Nonghyup Bank, are currently
conducting due diligence on the company to determine the cause of the
second-quarter losses and the level of capital infusion that may be
required, Reuters adds.

                       About Daewoo Shipbuilding

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.


SOUTH KOREA: Banks' Loan Delinquency Rate Rises in August
---------------------------------------------------------
Yonhap News Agency reports that the delinquency rate for loans
extended by South Korean banks rose in August from a month earlier due
to a rise in soured loans extended to companies and households, the
financial watchdog said October 2.

The Financial Supervisory Service said the average delinquency rate of
bank loans stood at 0.76% at the end of August, up 0.07 percentage
point from a month earlier, Yonhap relates.

From a year earlier, the figure dropped 0.2 percentage point from
0.96%, it added.

Loans with both the principal and interest overdue by one month or
more are considered delinquent here, Yonhap discloses.

Over the cited period, KRW1.9 trillion ($1.6 billion) worth of loans
turned sour, with KRW900 billion worth of debts written off, the FSS
said, Yonhap relays.

Yonhap relates that those loans extended to households reached KRW535
trillion, up KRW7.9 trillion over the cited period, while corporate
loans rose KRW5.9 trillion to KRW744 trillion.

The outstanding amount of won-denominated loans stood at KRW1,308.8
trillion as of end-August, up KRW13.3 trillion from the previous
month, Yonhap adds.



                             *********

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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