TCRAP_Public/151022.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

          Thursday, October 22, 2015, Vol. 18, No. 209


                            Headlines


A U S T R A L I A

CONSOLIDATED SERVICES: Placed Into Liquidation
BADJWOOD PTY: First Creditors' Meeting Set For October 29
MANLY COSMETIC: BCR Advisory Appointed as Liquidators
* AUSTRALIA: ASIC Winds Up 10 Abandoned Companies


B A N G L A D E S H

BANGLALINK DIGITAL: Shows Growth Potential But to Face Challenges


C H I N A

EVERGRANDE REAL: Bond Issuance is Credit Positive, Moody's Says
SINOSTEEL CO: Misses Interest Payment on Notes
YUZHOU PROPERTIES: RMB2BB Bond Issuance Credit Pos., Moody's Says


H O N G  K O N G

CHINA FISHERY: S&P Lowers CCR to CCC+ & Puts on CreditWatch Neg.


I N D I A

70 REALTY: ICRA Revises Rating on INR10cr Long Term Loan to D
ADVATECH CERA: CRISIL Reaffirms B+ Rating on INR125M Cash Loan
AGGARWAL COTTON: CRISIL Reaffirms B+ Rating on INR140MM Loan
ALUKKAS JEWELLERY: ICRA Suspends B+ Rating on INR30cr Loan
ANAND TRANSFORMERS: ICRA Assigns B+ Rating to INR14.50cr Loan

ANANT ELECTRICALS: ICRA Suspends B Rating on INR5.3cr Loan
AQUACO INDUSTRIES: CRISIL Assigns B- Rating to INR73.7MM Loan
B.H.COTTON: ICRA Reaffirms B+ Rating on INR7.0cr Cash Loan
BHARGAVI AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR155MM Loan
CENTURION LABORATORIES: ICRA Suspends B Rating on INR13.25cr Loan

CHEM CORPORATION: CRISIL Reaffirms B Rating on INR12.5MM Loan
CONTINENTAL FURNISHERS: CRISIL Reaffirms B- INR22.5MM Loan Rating
EASTERN HIMALAYA: ICRA Withdraws D Rating on INR27cr LT Loan
GRR INDUSTRIES: CRISIL Reaffirms B Rating on INR60MM Loan
GKB OPHTHALMICS: CRISIL Ups Rating on INR40MM Cash Loan to B

GOYUM SCREW: CRISIL Reaffirms B Rating on INR50MM LT Loan
IFMR CAPITAL: ICRA Assigns C+(SO) Rating to INR2.76cr Loan
INTERNATIONAL LEATHER: ICRA Rates INR4.00cr Cash Credit at B+
JAI AMBE: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
KHAYA SOLAR: ICRA Assigns C+ Rating to INR54.20cr Term Loan

LIMITORQUE INDIA: ICRA Revises Rating on INR28.90cr Loan to B+
MODERN LIVING: ICRA Puts B+ Ratings on Watch Positive
NAGARDAS KANJI: ICRA Assigns 'B' Rating to INR1.05cr LT Loan
OM ESHA: CRISIL Assigns B Rating to INR155MM Term Loan
OM SAI: CRISIL Reaffirms 'B' Rating on INR100MM Cash Loan

ONLINE PRINT: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
PANKAJ C: ICRA Assigns 'B' Rating to INR4.0cr Loan
PRESIDENCY EXPORTS: ICRA Assigns 'D' Rating to INR13.0cr Loan
PRIME CARGO: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
PRIME CARGO MOVERS: CRISIL Reaffirms B+ Rating on INR70MM Loan

RYATAR SAHAKARI: CRISIL Reaffirms B- Rating on INR260MM Loan
SARWATI POLYMERS: CRISIL Reaffirms B Rating on INR38.2MM Loan
SHRI BASAVESHWAR: CRISIL Ups Rating on INR777.1MM Loan to B
SHRIDHAR KRAFTPACK: CRISIL Assigns B Rating to INR53MM Term Loan
SIYARAM YARNS: ICRA Suspends B+ Rating on INR6.37cr Term Loan

SJLT SPINNING: ICRA Suspends B+/A4 Rating on INR57.91cr Loan
SJLT TEXTILES: ICRA Suspends B+ Rating on INR95.36cr Loan
SONALI ENERGEES: ICRA Reaffirms B+ Rating on INR12.77cr Loan
SPECIALITY SILICA: ICRA Suspends 'B' Rating on INR15cr Loan
SRIVENKATESHWAR TRADEX: CRISIL Cuts Rating on INR100MM Loan to B

TRIPLE HELIX: CRISIL Cuts Rating on INR5MM Cash Loan to B+
VIJAYNATH ROOF: CRISIL Reaffirms B- Rating on INR30.5MM Loan
YASH ENTERPRISES: CRISIL Reaffirms 'B' Rating on INR40MM Loan


N E W  Z E A L A N D

ROSS ASSET: Broker Seeks to Keep NZ$2MM Away From Liquidators


V I E T N A M

DINH VU: Fibre Plant Faces Bankruptcy Due to Losses


                            - - - - -


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


CONSOLIDATED SERVICES: Placed Into Liquidation
----------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Consolidated
Services Pty Ltd, a haulage contractor of Ellendale diamond mine,
has been forced into liquidation. It is believed the company owed
over AUD2 million to secured lenders and its sub-contractors, the
report says.

Dissolve.com.au relates that this development comes after the
collapse of the mine to which Consolidated Services is the biggest
creditor. They are reportedly owed AUD6.5 million. Consolidated
had over 20 employees before it closed its doors.

According to the report, sources said the company just got one
payment under its contract with Ellendale for 27 months before the
sudden closure of the mine.

RSM Bird Cameron has been appointed liquidators of Consolidated
Services, the report notes.


BADJWOOD PTY: First Creditors' Meeting Set For October 29
---------------------------------------------------------
Michael John Morris Smith of Smith Hancock Chartered Accountants
was appointed as administrator of Badjwood Pty Limited, trading as
Five Star Campers and Caravans, on Oct. 20, 2015.

A first meeting of the creditors of the Company will be held at
the offices of Smith Hancock Chartered Accountants Level 4, 88
Phillip Street, in Parramatta, New South Wales, on Oct. 29, 2015,
at 11:00 a.m.


MANLY COSMETIC: BCR Advisory Appointed as Liquidators
-----------------------------------------------------
At a general meeting of the members of Manly Cosmetic & Laser
Surgery Pty Ltd, trading name as Manly Cosmetic & Laser Clinic,
held on Oct. 20, 2015, it was resolved that the Company be wound
up and that Geoffrey Davis and John Morgan of BCR Advisory be
appointed liquidator.


* AUSTRALIA: ASIC Winds Up 10 Abandoned Companies
-------------------------------------------------
Australian Securities and Investment Commission has exercised its
wind up powers to appoint liquidators to 10 abandoned companies to
assist employees of these companies to gain access to the Fair
Entitlements Guarantee scheme (FEG).

The appointment of liquidators also facilitates a full and proper
investigation into the reasons why the companies failed and allows
recovery of any voidable or unreasonable director-related
transactions.

The latest abandoned companies owe at least 15 employees a total
in excess of AUD429,000 in employee entitlements. The companies
are:


  Company                   Liquidator and Firm         State
  -------                   -------------------         -----
  Adelaide Commercial       Leigh Prior of Pitcher      SA
  Furniture Pty Ltd         Partners

  JBKM Ventures Pty Ltd     Stefan Dopking of FTI       QLD
                            Consulting

  New Energy Technologies   David Pratt and Ian         NSW
  Pty Ltd                   England of PwC

  Rifam Pty Ltd             Shane Cremin of Rodgers     VIC
                            Reidy
                            E-mail: scremin@rodgersreidy.com.au

  Let it Rain Pty Ltd       Hugh Armenis of Bentleys    NSW

  Focus on Training Pty     Shane Cremin of Rodgers     VIC
  Ltd                       Reidy

  YQ Trading Pty Ltd        David Pratt and Ian         NSW
                            England of PwC

  Parklane Building         Vaughan Strawbridge         NSW
  Corporation Pty Ltd       of Deloitte

  Sureline Training         Mark Englebert of           WA
  Services Pty Ltd          FTI Consulting

  Australian Veterinary     Hugh Armenis of Bentleys    NSW
  Hospitals (South
  Australia) Pty Ltd

The FEG is a legislative safety net scheme funded by the
Australian Government. It is designed to assist employees owed
unpaid employee entitlements because of their employer company's
liquidation or the company directors' bankruptcy. In addition, the
Department of Employment operates the 'Fair Entitlements Guarantee
Recovery Programme'; a programme designed to strengthen recovery
activity of amounts advanced under the FEG Scheme.

However, some employees owed entitlements cannot access FEG
because the companies' directors are either unable to discharge
their duties or abandoned their insolvent companies without
putting them into liquidation. ASIC's appointment of liquidators
facilitates access to FEG for these employees. ASIC first used its
powers in 2013 and to date has wound up 60 companies that owed a
total of 213 employees more than AUD2.9 million in entitlements.



===================
B A N G L A D E S H
===================


BANGLALINK DIGITAL: Shows Growth Potential But to Face Challenges
-----------------------------------------------------------------
Moody's Investors Service says that Pakistan Mobile Communications
Limited (Mobilink, B1 stable) and Banglalink Digital
Communications Limited (Banglalink, Ba3 stable) exhibit similar
growth potential, but that Banglalink faces greater challenges
from potential spectrum auctions and sizeable foreign-currency
exposures.

"Both Mobilink and Banglalink have significant potential for
revenue growth, since wireless penetration and average revenue per
user in Pakistan (B3 stable) and Bangladesh (Ba3 stable)are lower
than in other emerging Asian countries," says Gloria Tsuen, a
Moody's Vice President and Senior Analyst.

"Banglalink has an adequate liquidity profile before any new
spectrum auctions.  However if the government holds auctions in
the next 12 months, it will need to obtain funds from its parents
or banks," adds Tsuen.  "In addition, about 84% of its debt is
denominated in US dollars with no foreign-currency hedges, which
means its interest payments could increase if the Bangladeshi taka
depreciates against the dollar."

Tsuen was speaking on Moody's just-published report on Mobilink
and Banglalink, entitled "Pakistan Mobile Communications,
Banglalink Digital Communications - Peer Comparison: Similar
Growth Potential And Regulatory Challenges", co-authored by Tsuen
and Associate Analysts Carole Herve and Maisam Hasnain.

Moody's report compares the two companies in terms of their credit
quality and the operating environments in Pakistan and Bangladesh.
The two telecom operators share the same immediate parent --
Egyptian telecom operator Global Telecom Holdings SAE (GTH,
unrated) -- and ultimate parent -- VimpelCom Ltd (Ba3 stable).

Despite the strong growth potential for both telecom operators,
evolving regulation in Pakistan and Bangladesh will prevent their
subscriber numbers and revenues from rising as much as they
otherwise would have.

In June, Pakistan's government doubled the sales tax on various
categories of imported mobile handsets to PKR300-PKR1,000 ($3-$10)
from PKR150-PKR500 ($1.50-$5.00).  Although the tax may seem low,
it affects low-income cellphone users in Pakistan, who are more
price-sensitive and represent a large proportion of Pakistan's
cellphone users.

The higher sales tax follows the Punjab government's imposition of
a new 19.5% sales tax on Internet usage.  Similarly, the
introduction of a 3% supplementary duty on mobile usage in
Bangladesh in July will likely weigh on revenue growth.

Moody's updated Banglalink's rating by one notch on Oct. 13, to
reflect its improving operating performance.  Mobilink's
financials are also strong, but its rating is constrained by
Pakistan's sovereign rating.

While both companies have received financial support from their
shared parent companies, Moody's does not include any uplift for
parental support in Mobilink's or Banglalink's ratings.

This is because the credit profile of their shared immediate
parent, GTH, is not strong enough to provide substantial support.
In addition, Vimpelcom, their ultimate parent, has a stronger but
still limited ability to provide support as indicated by its
rating, which is only one notch above Mobilink's and the same as
Banglalink's.

As of August 2015, Mobilink had the largest subscriber market
share of 29% among the five major operators in Pakistan, according
to the Pakistan Telecommunications Authority.

At the same time, Banglalink was the second-largest player with a
25% market share among the six operators in Bangladesh, according
to the Bangladesh Telecommunication Regulatory Commission.

Subscribers can access the report here:
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1006543



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


EVERGRANDE REAL: Bond Issuance is Credit Positive, Moody's Says
---------------------------------------------------------------
Moody's Investors Service says that Evergrande Real Estate Group
Limited's (B1 negative) non-public domestic bond issuance is
credit positive because it will help the company reduce its
average borrowing costs and improve its liquidity profile.

On Oct. 15, 2015, Evergrande announced that it had completed the
issuance of a total RMB20 billion in non-public domestic bonds,
breaking down as:

-- RMB17.5 billion with a term of 5 years at a coupon rate of
    7.38% adjustable after 3 years, and

-- RMB2.5 billion with a term of 5 years at a fixed coupon rate
    of 7.88%.

The non-public onshore bond issuance is one of the largest by a
Chinese developer so far this year.

"Although the costs of issuance for the non-public onshore bonds
are higher than those for the public onshore bonds issued by
Evergrande in June, the company will still be able to lower its
average borrowing costs because of this issuance," says Franco
Leung, a Moody's Vice President and Senior Analyst.

Moody's believes the higher coupon rates reflect the fact that
Evergrande's non-public bonds are not as liquidly traded on the
secondary bond market and have much less margin financing
available for their purchase than the public bonds.

By comparison, it had previously issued public 5-year onshore
bonds -- callable after 3 years -- at 5.38% in June 2015.

Moody's expects the majority of the proceeds from this latest
issuance to be used to refinance onshore bank borrowings, such as
trust loans which have interest rates higher than the proposed
non-public onshore bond.

Moody's estimates Evergrande's pro forma funding costs at around
9.65%-9.7% -- compared with its effective interest rate of 9.94%
at end-June 2015 -- will mildly enhance its interest coverage
metrics.

The issuance will also extend its debt maturity tenors, thereby
improving the company's liquidity profile.

Evergrande achieved contracted property sales of RMB128.7 billion
during January-September 2015, representing approximately 85.8% of
its full-year target of RMB150 billion.

Moody's believes the company is on track to achieve its full-year
target, and its strong sales performance also supports its
liquidity.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Evergrande Real Estate Group Limited is one of the major
residential developers in China.  It has a standardized operating
model.

Founded in 1996 in Guangzhou, the company has rapidly expanded its
business across the country over the past few years.  At
June 30, 2015, its land bank totaled 144 million square meters in
gross floor area across 154 Chinese cities.


SINOSTEEL CO: Misses Interest Payment on Notes
----------------------------------------------
Bloomberg News reports that China bond defaults are forecast to
climb after a state-owned steelmaker missed an interest payment,
raising questions about the government's commitment to stand
behind such firms.

According to Bloomberg, Sinosteel Co. failed to pay interest due
October 20 on CNY2 billion ($315 million) of 5.3 percent notes
maturing in 2017 after saying it will extend the deadline as it
plans to add a unit's stock as collateral. That came after the
National Development and Reform Commission planned to meet
noteholders and ask them not to exercise a redemption option on
October 20 to force full repayment, people familiar with the
matter said last week, the report relays.

Bloomberg says Chinese authorities are weeding out weak state
firms that Premier Li Keqiang called zombies. Australia & New
Zealand Banking Group Ltd. warned that rising debt in the sector
may drag economic growth down to as low as 3%, the report states.
Two state-owned companies, Baoding Tianwei Group Co. and China
National Erzhong Group Co., reneged on obligations earlier this
year, Bloomberg recalls citing China International Capital Corp.
and China Bond Rating Co.

"Sinosteel's default means we will see more and more real bond
defaults, in which investors may not get full repayment, in
China," Bloomberg quotes Ivan Chung, an associate managing
director at Moody's Investors Service in Hong Kong, as saying.
"The government may want to reduce its intervention in default
cases and let market forces play a bigger role."

Sinosteel's failure to pay interest on time constitutes a default,
according to Industrial Securities Co., Haitong Securities Co. and
China Merchants Securities Co, Bloomberg reports.  According to
Bloomberg, China Bond Rating Co. said in a report October 21 if
Sinosteel bond investors had agreed to the delay of interest
payment, it didn't constitute a default, whereas if they hadn't,
it did. Sinosteel hasn't said in its statements whether it got
permission from investors, and two calls to the company on October
21 went unanswered, Bloomberg notes.

Flagging authorities' balancing act as they try to liberalize
markets while preventing turbulence, Li said last week the
government will prevent systemic risks and banks should not cut or
withdraw lending to companies which are in "temporary"
difficulties, says Bloomberg.

Mr. Chung said the coal mining, steel and shipbuilding industries
have the highest default risks and there may be more bond defaults
next year, Bloomberg relays. China Merchants analysts led by Sun
Binbin said in a report on October 20 among steel bond issuers
investors should watch default risks of Sansteel Minguang Co.,
Liuzhou Iron & Steel Co. and Xining Special Steel Co. because of
their low cash inflows.

The yield on Sinosteel's 2017 bond jumped 20.1 percentage points
to 25.43 percent on October 20, the biggest increase since the
notes were issued in 2010, Bloomberg discloses.

Sinosteel Co. said on October 16 that it had postponed a date at
which investors can demand early repayment on its 2017 securities.
Investors can't sell back the debentures until
Nov. 20, after an original option date of Oct. 20, it said,
Bloomberg adds.

Sinosteel Corporation is a central state owned enterprise,
primarily in mining, trading, equipment manufacturing and
engineering, under the supervision of the State-owned Assets
Supervision and Administration Commission.


YUZHOU PROPERTIES: RMB2BB Bond Issuance Credit Pos., Moody's Says
-----------------------------------------------------------------
Moody's Investors Service says that Yuzhou Properties Company
Limited's RMB2 billion domestic bond issuance is credit positive,
but will not immediately impact the company's B1 corporate family
rating or B1 senior unsecured bond rating.

The ratings outlook remains stable.

On Oct. 16, 2015, Yuzhou announced that it completed the issuance
through private placement of RMB2 billion in domestic bonds with a
term of three years at a coupon rate of 6.7%.

"The issuance will improve the company's liquidity profile, extend
its debt maturity tenors, and lower its borrowing costs," says
Franco Leung, a Moody's Vice President and Senior Analyst, and
also the International Lead Analyst for Yuzhou.

Moody's expects that the majority of the issuance proceeds will be
used to refinance the existing borrowings.

Yuzhou's liquidity position is adequate.  Its cash balance --
including restricted cash of RMB8.4 billion at end-June 2015 --
and the proceeds from the RMB2 billion in domestic bonds will
cover its committed land payments of RMB1.5 billion and short-term
debt of RMB3.4 billion.

Yuzhou reported a 15.6% year-over-year increase in contracted
sales of RMB8.7 billion for the nine-month period between January
and September 2015.  The sales figure represented approximately
64% of its full-year target of RMB13.5 billion.  Moody's believes
the company's strong sales performance also supports its liquidity
profile.

"The interest rate on Yuzhou's RMB2 billion in domestic bonds was
set at 6.7%.  The company's weighted average borrowing cost was at
8.17% during the first half of 2015.  Its domestic bonds will
therefore only mildly enhance the company's interest coverage
metrics," says Cindy Yang, a Moody's Analyst and also the Local
Market Analyst for Yuzhou.

Moody's expects that Yuzhou's adjusted EBIT/interest will register
around 3.0x over the next 12-18 months compared with 2.7x for the
12 months to June 30, 2015, based on Moody's expectation of better
revenue recognition in 2H 2015, and lower borrowing costs.  An
adjusted EBIT/interest of 3.0x would be appropriate for the
company's B1 corporate family rating.

Yuzhou's adjusted EBIT/interest coverage and revenue/debt ratios
are calculated based on Moody's standard adjustments and the
definition stated in Moody's Homebuilding And Property Development
Industry, published in April 2015.

The interest coverage formula is modified for Chinese developers
to substitute "capitalized interest" in the numerator for
"interest charged to cost of goods sold", because interest charged
to cost of goods sold is not disclosed separately in audited
financial statements.  Total debt does not include adjustments for
mortgage guarantees.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Yuzhou Properties Company Limited is a Fujian-based developer that
focuses on residential housing in Xiamen.

The company held legal titles to land totaling around 8.81 million
square meters in gross floor area at end-June 2015.  Of this land
bank, 25% was in Xiamen, 29% in Hefei, and 14% in Quanzhou.  The
remainder was located in Bengbu, Shanghai, Fuzhou, Tianjin,
Longyan, Zhangzhou, Nanjing and Hong Kong.



================
H O N G  K O N G
================


CHINA FISHERY: S&P Lowers CCR to CCC+ & Puts on CreditWatch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China Fishery Group Ltd. to
'CCC+' from 'B'.  At the same time, S&P lowered its issue rating
on the senior unsecured notes due 2019 issued by CFG Investment
S.A.C. to 'CCC+' from 'B'; China Fishery guarantees the notes.
S&P also lowered its Greater China regional scale ratings on China
Fishery and the outstanding notes to 'cnCCC+' from 'cnBB-'.  S&P
placed all the ratings on CreditWatch with negative implications.
China Fishery is a Singapore-listed fishing company with
operations or business in Peruvian, Russian, and African waters.

"We downgraded China Fishery because we believe the company's
liquidity position to have materially deteriorated due to low cash
flows because of aggressive working capital management and
potentially prolonged depressed operating results at the Peruvian
fishmeal operation," said Standard & Poor's credit analyst Lillian
Chiou.  "The downgrade also reflects our view that the company's
refinancing risk could increase sharply based on our estimate of a
potential covenant breach."

The Peruvian fishmeal operation accounts for 55%-60% of China
Fishery's revenues and the majority of its EBITDA.  If the
Peruvian government cancels the upcoming anchovy fishing season
(2015 Season B) due to strong El Nino effects, the company's cash
flow generation could stay low and depressed.  The government had
cancelled the second anchovy fishing season in 2014 due to adverse
weather conditions.

In S&P's view, China Fishery's liquidity position has weakened
significantly since the third quarter of fiscal 2015 (year ended
Sept. 28, 2015).  In S&P's opinion, the company's weak working
capital management leads to a very low cash balance that is not
sustainable to meet its financial commitments.  On June 28, 2015,
China Fishery's cash balance of US$41 million was much lower than
the US$129 million at the same period last year, and inventory had
increased to US$235 million from US$158 million.  S&P estimates
that China Fishery's cash balance could fall short of its
quarterly debt repayment, interest costs, and minimum operating
costs, totaling US$55 million-US$60 million, if its working
capital management doesn't improve within three to six months.

China Fishery has initiated communication with major lending banks
for temporary liquidity support for its short-term liquidity
needs, but the timing and amount of the support are still
uncertain.  S&P believes lenders could -- on China Fishery's long
banking relationship and track record of obtaining bank support --
aid the company in refinancing and securing new funding for
expansion.  The company's operation could recover after 12 months
if weather conditions change in favor of its Peruvian fishmeal
operation.  S&P believes a potential meaningful recovery in cash
flows and the company's active measures to preserve cash could
still motivate the lenders to extend support.

"Our base-case forecast shows that China Fishery's refinancing
risk may have increased sharply because it could have failed its
financial covenants test in fiscal 2015 on its club loans," said
Ms. Chiou.  The company could remain in breach in fiscal 2016 as
well if operating results don't improve.  Its failure to obtain
covenant waivers could trigger early repayment of the US$420
million outstanding club loan as of June 28, 2015, and redemption
of the US$300 million senior unsecured notes.

The parent companies of China Fishery are currently under
investigation by regulators.  Information on the direction and
magnitude of the investigation is limited.  Any material and
negative ruling from the regulators that leads to business
disruptions for China Fishery could result in a material weakening
in the company's credit profile.

S&P aims to resolve the CreditWatch within 90 days, depending on:
(1) China Fishery's concrete refinancing plan to meet its short-
term financial obligations; (2) any remedial actions if the
company's bank loan covenants are breached; and (3) any resolution
to the investigations by regulators.

S&P may lower the ratings by one or more notches if China Fishery:
(1) fails its financial covenants test without obtaining waivers
on time, leading to early repayment of outstanding debt; (2) gets
no liquidity extension from banks for short-term liquidity
support; (3) misses any interest payments or amortizations on the
loans without waivers from the lenders; or (4) experiences any
material business disruption due to the ongoing investigation of
its parent companies.

S&P may affirm the rating if China Fishery obtains covenant
waivers when required and additional liquidity support, and S&P
believes the ongoing investigation of the parent companies won't
materially disrupt business.



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70 REALTY: ICRA Revises Rating on INR10cr Long Term Loan to D
-------------------------------------------------------------
ICRA has revised the long term rating to [ICRA]D from [ICRA]BB for
INR10.00 crore fund based limits of 70 Realty.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term-Fund        10.00      Revised to [ICRA]D
   based limit                      from [ICRA]BB

The rating revision takes into account the delays in interest
payments owing to recent conflict amongst the partners which has
led to liquidation of partnership with the exit of partners
holding 50% stake and impediment in the progress of the project as
well as financial transactions. ICRA also notes that a limited
cushion is available between the scheduled date of completion and
repayment of term loan. The delay in completion of project could
lead to refinancing risks. The rating further takes into account
the project's exposure to risk pertaining to collections with
respect to the sold area since the sales value for the sold area
has collected upfront by way of advances from customers has
remained low during the past.

The rating, however, takes into account the existing partner's
long experience in surat real estate industry and low regulatory
risk as necessary approvals are in place.

Established as a partnership firm in August 2011, M/s 70 Realty
commenced the development of its first project viz. 'Manidhari
Luxuria' in March 2013. The project is a high-end residential
project housing 76 nos. 3 BHK and 4 BHK flats with a saleable area
in the range of 1561 sq.ft to 2882 sq.ft. The project is located
in the Pal-Adajan area of Surat. The project completion is
scheduled for December 2015.


ADVATECH CERA: CRISIL Reaffirms B+ Rating on INR125M Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of Advatech Cera Tiles Ltd (ACTL) while reaffirming its
rating on the company's long-term facilities at 'CRISIL
B+/Stable'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          20      CRISIL A4 (Reassigned)

   Cash Credit            125      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      92      CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Term Loan               23.3    CRISIL B+/Stable (Reaffirmed)

The ratings reflect ACTL's large working capital requirements, and
below average financial risk profile because of high gearing, a
modest net worth, and weak debt protection metrics. The ratings
also factor in the company's modest scale of operations in a
highly fragmented industry. These rating weaknesses are partially
offset by an established distribution network and promoters' long
track record in the ceramics industry.

Outlook: Stable

CRISIL believes ACTL will, over the medium term, continue to
benefit from its established distribution network while
maintaining its moderate profitability backed by the addition of
more value added products. The outlook may be revised to
'Positive' in case of efficient working capital management, or a
better capital structure on the back of infusion of funds,
resulting in an improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if cash
accrual is significantly low due to decline in sales or
profitability, or if the working capital cycle lengthens,
resulting in deterioration in the company's financial risk
profile.

Update
ACTL has reported a growth of about 11 per cent in total income to
INR339.4 million in 2014-15 (refers to the period April 1 to March
31)  from INR304.4 million in the previous year, backed by
increase in orders. However, its profitability has declined by
about 200 basis points (bps; 100 bps equal 1 percentage point)
year-on-year to 16.8 per cent in 2014-15 mainly due to the dip in
realisations. The working capital cycle was stretched with gross
current assets of about 319 days as on March 31, 2015, mainly
driven by high inventory of about 280 days. Bank limit utilisation
was high at an average of about 98 per cent during the 12 months
through September 2015.

The financial profile has remained below-average because of high
gearing of more than 2 times and a modest net worth of INR33.2
million, as on March 31, 2015. Debt protection metrics were weak
with an interest coverage ratio of about 1.6 times in 2014-15.

ACTL, incorporated in 2004, is based in Mehsana (Gujarat). It is
promoted by Mr. B T Patel, Mr. Jagdish Rawal, and Mr. Baldeo
Rawal. The company manufactures glazed porcelain floor tiles and
glazed vitrified tiles.


AGGARWAL COTTON: CRISIL Reaffirms B+ Rating on INR140MM Loan
------------------------------------------------------------
CRISIL rating on the long-term bank facility of Aggarwal Cotton
and General Mills (ACGM) continues to reflect the firm's modest
scale of operations in the fragmented cotton industry, and the
susceptibility to volatility in cotton prices. The rating also
factors in the below-average financial risk profile because of a
modest net worth, moderate gearing, and sub-par debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of partners in the cotton industry and their
funding support.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           140        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes ACGM will continue to benefit over the medium term
from the partners' extensive industry experience and their funding
support. The outlook may be revised to 'Positive' if significantly
high cash accrual or substantial capital infusion leads to a
better capital structure. Conversely, the outlook may be revised
to 'Negative' if the financial risk profile, particularly
liquidity, deteriorates, most likely because of low cash accrual,
large working capital requirement, or debt-funded capital
expenditure.

Update
The firm had revenue of INR947 million in 2014-15 (refers to
financial year, April 1 to March 31) against INR1532 million in
2013-14 due to low realisations from cotton. However, the
operating margin remained at 0.8-1.5 per cent. The revenue stood
at INR75 million for the five months through August 2015, and is
expected to be at INR700-800 million in 2015-16. CRISIL believes
ACGM's operating margin will remain at current levels over the
medium term.

The gearing and net worth were at 1.54 times and INR31 million,
respectively, as on March 31, 2015. The gearing is expected to
deteriorate over the medium term owing to short-term debt
requirement. The interest coverage ratio was at 1.53 times in
2014-15; the ratio is expected to remain at a similar level over
the medium term.

The firm prudently manages the working capital cycle, as reflected
in gross current assets of 30 days. It procures raw cotton from
farmers and mandis (local markets) in Sirsa (Haryana), which offer
credit of 4 days and charge penal interest in case of any delay in
payments. ACGM offers credit of 8 days to customers and charges
interest for delays. The firm's receivables remain at 8-10 days.
Inventory was at 23 days as on March 31, 2015.

The firm has modest cash accrual against nil debt obligation and
low bank limit utilisation, at 40 per cent, on average, for the 12
months through June 2015. The cash accrual is estimated to be INR2
million against nil debt obligation in 2015-16. Also, the
liquidity is supported by funding support from the partners, if
needed.

ACGM, established in 1992 as partnership firm, gins and presses
cotton, and extracts cotton seed oil at its unit in Sirsa. The
firm is owned and managed by Mr. Sumer Chand Garg and his family
members.


ALUKKAS JEWELLERY: ICRA Suspends B+ Rating on INR30cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR30.00
Crore long term fund based/CC and INR3.00 Crore long term
unallocated facilities of Alukkas Jewellery. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the Company.


ANAND TRANSFORMERS: ICRA Assigns B+ Rating to INR14.50cr Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR14.50
crore long term fund based bank limits of Anand Transformers Pvt
Ltd (ATPL). ICRA has also assigned its short term rating of
[ICRA]A4 to the INR7.50 crore non fund based limits of the
company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term fund       14.50        [ICRA] B+; Assigned
   based limits
   Cash Credit
   Limits

   Short term non        7.50        [ICRA]A4; Assigned
   fund based limits
   Non fund based
   limits

ICRA's ratings take into account ATPL's presence in a highly
fragmented industry, with competition from various organized as
well as unorganized players. This, coupled with the tender based
model for award of contracts, followed by State Power Utilities
(SPUs), along with the company's limited bargaining power vis-a-
vis large clients has led to pricing pressure and fluctuating
trend in Operating Income for ATPL. The ratings also factor in the
company's high working capital intensity of operations, primarily
driven by stretched receivables on account of substantial exposure
to SPUs. The ratings are further constrained by the weak coverage
indicators of the company as reflected in interest coverage of
1.13 times in FY15. However, the ratings derive comfort from the
extensive experience of ATPL's promoters in the manufacturing of
transformers and the company's reputed client base which includes
various SPUs. The ratings also factor in the company's lightly
leveraged capital structure as reflected in gearing of 0.59 times
as on March 31, 2015. The ratings also take cognizance of the
'Price Variation Clause' in equipment supply contracts with SPUs,
which helps protect the company's profit margins from adverse
fluctuations in commodity prices. ICRA further notes that the
company's diversification into construction of sub stations on
contract basis for various SPUs, will also positively contribute
to the operating income of the company.

Going forward the ability of the company to ramp up its scale of
operations while diversifying its client base and incremental
revenue from the new business line will be the key rating
sensitivities.

ATPL was incorporated in 1988 by Mr. S.N. Aggarwal and is engaged
in the manufacturing and repairing of transformers from its
manufacturing facilities located at Faizabad, U.P. At present MTPL
is engaged in manufacturing and selling of transformers for power
transmission and distribution, in addition to the repairing work.
From FY16 onwards, the company has been also engaged in the
construction and commissioning of high power transmission lines
and sub-stations for various SPUs.

Recent Results
ATPL, on a provisional basis, reported a profit after tax (PAT) of
INR0.09 crore on an operating income of INR22.20 crore in FY 2014-
15, as compared to a PAT of INR0.52 crore on an operating income
of INR26.08 crore in the previous year.


ANANT ELECTRICALS: ICRA Suspends B Rating on INR5.3cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR5.30
crore long term fund based bank facilities, and [ICRA]A4 rating
assigned to the INR3.50 crore short term non-fund based bank
facilities Anant Electricals and Engineers. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the firm.


AQUACO INDUSTRIES: CRISIL Assigns B- Rating to INR73.7MM Loan
-------------------------------------------------------------
CRISIL has assigned 'CRISIL B-/Stable' to the long-term bank
facilities of Aquaco Industries Private Limited (AIPL). The rating
reflects project risks related to funding and implementation of
the project. These weaknesses are partially offset by promoter's
extensive experience in the industry.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term
   Bank Loan Facility       17.9       CRISIL B-/Stable

   Cash Credit              28.4       CRISIL B-/Stable

   Long Term Loan           73.7       CRISIL B-/Stable

Outlook: Stable

CRISIL believes that AIPL will maintain its business risk profile
over the medium term on the back of its promoters' extensive
industry experience. The outlook may be revised to 'Positive' in
case of substantial cash flows leading to timely completion of
project and healthy cash accruals. Conversely, the outlook may be
revised to 'Negative' if AIPL faces time or cost overruns in its
ongoing project, or its liquidity deteriorates, or its debt
servicing ability weakens due to poor off-take of the planned
project.

AIPL is setting up a unit for manufacturing PVC, HDPE pipes, and
HDPE blow-molded tanks and fittings. The company is promoted by
Mr. Arun Agarwal and Mr. Vikas Agarwal.


B.H.COTTON: ICRA Reaffirms B+ Rating on INR7.0cr Cash Loan
----------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed to the INR7.00 crore
fund based cash credit facility of B.H.Cotton Private Limited.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit Limits      7.00       [ICRA]B+ reaffirmed

The rating continues to be constrained by the modest scale of
operations also de-growth in operating income, low value additive
nature of business and stretched capital structure lead to thin
profit margins. The rating is further constrained by high working
capital intensive nature of the business as showcased by high
utilization of working capital facilities. The rating also takes
into account vulnerability of profitability to adverse
fluctuations in raw material prices which are subject to seasonal
availability of raw cotton and government regulations on MSP and
export quota.

The rating, however positively considers the long experience of
the promoters in the cotton ginning and pressing industry, and the
advantage company enjoys by virtue of its location in cotton
producing region giving it easy access to raw cotton and positive
demand outlook for cotton and cottonseed.

BHCPL was established in 2007 and is engaged in ginning of raw
cotton to produce cotton seeds and cotton bales. The factory is
located at Rajkot, Gujarat. BHCPL has 30 ginning machines which
translate to an annual installed capacity of 15000 MT. The company
deals in S-6 type of cotton.

Recent Results
For the year ended 31st March, 2015, BHCPL reported an operating
income of INR33.09 crore and profit after tax of INR0.01 crore.


BHARGAVI AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR155MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhargavi Automobiles
Private Limited (BAPL) continues to reflect the company's below-
average financial risk profile marked by its small net-worth, high
total outside liabilities to tangible net-worth ratio, and below-
average debt protection metrics.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        10         CRISIL A4 (Reaffirmed)
   Cash Credit          155         CRISIL B+/Stable (Reaffirmed)

The ratings of the company are also constrained on account of its
susceptibility to economic cyclicality, and its exposure to
intense competition in the automobile dealership industry
resulting in its low profitability margins. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of its promoters, the company's efficient working
capital management, and its low exposure to inventory and debtor
risks.


Outlook: Stable
CRISIL believes that BAPL will continue to benefit over the medium
term from its promoters' extensive experience in the automobile
dealership business. The outlook may be revised to 'Positive' if
there is a substantial and sustained increase in the company's
scale of operations and profitability margins, or there is a
substantial improvement in its capital structure on the back of
sizeable equity infusion from its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the company's profitability margins, or significant deterioration
in its capital structure caused most likely by a stretch in its
working capital cycle.

Incorporated in the year 1997, BAPL is the authorized dealer for
Maruti Suzuki India Ltd (MSIL; rated CRISIL AAA/Stable/CRISIL A1+)
in Andhra Pradesh. The company is being promoted by Mr K. Balarami
Reddy.


CENTURION LABORATORIES: ICRA Suspends B Rating on INR13.25cr Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR13.25
crore long term fund based facilities and [ICRA]A4 rating assigned
to the INR0.27 crore short term non fund based facilities of
Centurion Laboratories Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Incorporated in December 2006, Centurion Laboratories Private
Limited (CLPL) is setting up a formulation drug manufacturing
plant in Savli, Vadodara, Gujarat with a production capacity of
840 crore tablets and 270 crore capsules per annum. The proposed
plant would be able to manufacture tablets between 10 and 100 mg.
The company is promoted by Mr. Dhruval Patel and Mr. Ambalal Patel
who have more than 20 years experience in the pharmaceutical
industry through related concern- Centurion Remedies Private
Limited.


CHEM CORPORATION: CRISIL Reaffirms B Rating on INR12.5MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chem Corporation (CC)
continue to reflect its below-average financial risk profile
because of small net worth, a moderate total outstanding
liabilities to tangible net worth (TOLTNW) ratio, and modest debt
protection metrics. The ratings also factor in the firm's small
scale of operations in the chemicals trading segment and large
working capital requirements. These weaknesses are partially
offset by the extensive experience of the proprietor in the
chemical trading segment and his funding support.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           12.5      CRISIL B/Stable (Reaffirmed)
   Letter of Credit      40.0      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     7.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes CC will continue to benefit over the medium term
from the proprietor's extensive industry experience and financial
support. The outlook may be revised to 'Positive' if the firm
significantly improves its scale of operations and efficiently
manages its working capital requirements or if there is
improvement in the capital structure backed by large capital
infusion. Conversely, the outlook may be revised to 'Negative' if
CC reports lower-than-expected cash accrual or if there is an
unanticipated stretch in its working capital cycle, leading to
pressure on its liquidity.

Update
CC registered sales of growth 30 per cent to INR118 million in
2014-15 (refers to financial year, April 1 to March 31) from
around INR91 million in 2013-14. Despite sales growth, the
company's operating margin declined to 6.6 per cent in 2014-15
from 10.4 per cent in 2013-14 on account of price volatility. The
firm is expected to sustain maintain steady topline and
profitability.

CC's financial risk profile remains constrained by nominal net
worth of INR9.1 million, and a total outside liabilities to total
networth of 3.3 times as on March 31, 2015. Furthermore, the
firm's operations are working capital intensive, with gross
current assets (GCAs) of 240 days as on March 31, 2015. The GCAs
are likely to remain high over the medium term, with large
inventory holding, given the variety of chemicals that the firm
trades in. As the cash accrual reported was modest at INR2.54
million in 2014-15, the proprietor has supported the firm through
unsecured loans at INR39 million as on March 31, 2015, leading to
moderate utilisation of bank limes at 43 per cent for the 12
months through August 2015. The financial support from the
proprietor to maintain liquidity will remain a rating sensitivity
factor, over the medium term.

CC was established as a proprietorship firm in 1994 by Mr. Hitesh
Shah in Mumbai. The firm trades in organic chemicals, mainly
hydrocarbons.


CONTINENTAL FURNISHERS: CRISIL Reaffirms B- INR22.5MM Loan Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Continental
Furnishers Pvt Ltd (CFPL) continue to reflect the company's small
scale of operations in the intensely competitive interior
furnishing industry, and large working capital requirements. The
ratings also factor in its weak financial risk profile because of
weak debt protection metrics. These rating weaknesses are
partially offset by its promoters' extensive experience in the
furnishing and interior decorative industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        30        CRISIL A4 (Reaffirmed)

   Cash Credit           22.5      CRISIL B-/Stable (Reaffirmed)

   Letter of Credit       6        CRISIL A4  (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     21.5     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes CFPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a significant increase in
revenue and profitability, leading to higher-than-expected cash
accrual. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile, particularly liquidity, deteriorates
on account of a decline in revenue and profitability, or larger-
than-expected debt-funded capital expenditure (capex), or an
increase in working capital requirement.

Update:
For 2014-15 (refers to financial year, April 1 to March 31), CFPL,
on a provisional basis, reported  operating revenue of around
INR40.0 million, marginally higher than INR33.5 million in 2013-
14. However, the business risk profile remains stagnant due to
muted demand in the modular furnishing industry. Revenue is
expected to grow at a moderate pace of 12 to 15 per cent per annum
over the medium term backed by steady orders from an established
customer.

In 2014-15, the operating profitability margin improved
significantly to 12.5 per cent from an operating loss in 2013-14
owing to high-value orders received. However, considering the
price volatility due to tender nature of orders, the margins are
expected to be maintained at 9.0-10.0 per cent over the medium
term. Working capital requirement is large as reflected in high
gross current assets (GCAs) of 915 days as on March 31, 2015,
comprising receivables and inventory of 520 days and 363 days,
respectively. The high inventory was mainly due to the requirement
of holding inventory for yet to be executed orders. The high
debtor days are on account of delayed payments by customers due to
muted industry scenario. Over the medium term, CRISIL believes the
GCAs will remain high because of high inventory and debtor days.

CFPL's financial risk profile continues to be weak because of
average gearing, low debt protection metrics, and weak liquidity
on account of low cash accrual. However, liquidity is supported by
moderately utilised bank lines and the absence of any term debt
obligation. CRISIL believes the liquidity will be supported over
the medium term by low but positive cash accrual against nil term
debt repayments and the absence of any debt-funded capex.

CFPL was incorporated in 1971; however, business operations
started in 2005. The company is promoted by Delhi-based Mr. Sanjiv
Lamba. It operates through the tender-based model and manufactures
modular furniture for corporate entities and institutions. Its
manufacturing facility is in Kalan, Una (Himachal Pradesh).


EASTERN HIMALAYA: ICRA Withdraws D Rating on INR27cr LT Loan
------------------------------------------------------------
ICRA has withdrawn the suspended ratings of [ICRA]D assigned to
the INR27.0 crore, long term loans of Eastern Himalaya Breweries
Private Limited. As per ICRA's policy on withdrawals, ICRA can
withdraw the ratings in case the ratings remain suspended for more
than three years.


GRR INDUSTRIES: CRISIL Reaffirms B Rating on INR60MM Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of G R R
Industries Private Limited (GIPL) continues to reflect the average
financial risk profile because of a small net worth, and moderate
gearing and debt protection metrics. The rating also factors in
the susceptibility to volatility in cotton prices, and exposure to
intense competition and regulatory changes in the cotton ginning
industry. These rating weaknesses are partially offset by the
extensive experience of promoters in the cotton ginning business.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            60        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     25        CRISIL B/Stable (Reaffirmed)

   Term Loan               5        CRISIL B/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes GIPL will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial and sustained
increase in the scale of operations and profitability margins, or
a considerable improvement in the capital structure on the back of
sizeable equity infusion by the promoters. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in
profitability margins, or significant weakening of the capital
structure caused most likely by a stretch in the working capital
cycle, or any large, debt-funded capital expenditure.


GKB OPHTHALMICS: CRISIL Ups Rating on INR40MM Cash Loan to B
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
GKB Ophthalmics Ltd (GKB) to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'. The rating on the term loan and export
packing credit has, however, been withdrawn as the company has
repaid those facilities. The withdrawal of rating is in line with
CRISIL's policy.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        11        CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit           40        CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Export Bill           20        CRISIL A4 (Upgraded from
   Purchase-                       'CRISIL D')
   Discounting

   Export Packing        30        CRISIL A4 (Upgraded from
   Credit                          'CRISIL D')

   Export Packing
   Credit                30        CRISIL D Withdrawal

   Letter of Credit      50        CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Term Loan             50        CRISIL D Withdrawal

The upgrade reflects the improvement in GKB's liquidity, leading
to pre-payment of its entire term loans. The liquidity has
improved significantly on account of receipt of funds of INR229.1
million in GKB post sale of its entire stake of 36.5 per cent in
the associate company, GKB Vision Ltd. The funds as received were
used to completely repay the term loans, partly repay the
creditors, and bring down the bank limit utilisation. Excess cash
of INR76.5 million is still available and will be used to
undertake capital expenditure over the medium term. Additionally,
increasing scale of operations, improving margins and generation
of significant non-operating income will translate into healthy
cash accrual of close to around INR195 million expected in 2015-16
(refers to financial year, April 1 to March 31). The upgrade also
factors in CRISIL's belief that GKB will maintain improved
liquidity backed by sufficient cushion in the bank lines and
absence of any long-term debt.

The ratings reflect GKB's modest scale of and working capital-
intensive operations. Moreover, the ratings factor in the
susceptibility of GKB's profitability to revenue contribution from
exports as well as proportion of revenue from plastic and glass
lenses. These rating strengths are partially offset by the
benefits derived from the extensive experience of management in
the ophthalmic lenses industry, and the improving financial risk
profile because of generation of significant non-operating income
arising from stake sale in its associate company GKB Vision Ltd.

Outlook: Stable

CRISIL believes that GKB will continue to benefit over the medium
term from the extensive experience of its management in the
ophthalmic lenses industry. The outlook may be revised to
'Positive' if the company's revenue and profitability improves
significantly, leading to a substantial increase in cash accrual,
along with efficient working capital management. Conversely, the
outlook may be revised to 'Negative' in case of pressure on
liquidity most likely because of low cash accrual or large working
capital requirements or debt-funded capital expenditure programme.

GKB was incorporated in 1981, and commenced operations in 1983.
The company manufactures ophthalmic lenses such as single-vision
glass lenses, single-vision plastic lenses, bifocal plastic
lenses, and photochromic plastic lenses. It is promoted by Mr. K G
Gupta, along with his sons Mr. Vikram Gupta and Mr. Gaurav Gupta.


GOYUM SCREW: CRISIL Reaffirms B Rating on INR50MM LT Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Goyum Screw Press (GSP;
part of the Goyum group) continue to reflect the Goyum group's
average financial risk profile, large working capital requirement,
small scale of operations and limited pricing power because of
intense competition in the oil mill machinery industry. These
weaknesses are partially offset by its promoters' extensive
industry experience.

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Packing Credit in
   Foreign Currency       70         CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     50         CRISIL B/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GSP and Goyum Technical Holdings Pvt
Ltd (GTPL). This is because the two entities, together referred to
as the Goyum group, have common management, share the Goyum brand,
and cross-sell products to customers.

Outlook: Stable

CRISIL believes the Goyum group will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial ramp-
up in operations and improvement in operating margin leading to a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if revenue and profitability come under
pressure, or if the group undertakes a large debt-funded capital
expenditure (capex) programme, leading to deterioration in
financial risk profile.

Update
The Goyum group's revenue declined to INR533 million for 2014-15
(refers to financial year, April 1 to March 31) from INR789
million in 2013-14 due to one-time order from Gammon Malaysia of
INR150 million executed in 2013-14. Revenue for the five months
through August 2015 was INR250 million and CRISIL expects revenue
for the full year will be in the range of INR500-600 million.

Financial risk profile is average because of modest net worth and
average debt protection metrics. Net worth was INR50 million as on
March 31, 2015, and is expected to increase marginally to INR65
million over the medium term because of low accretion to reserves.
Gearing was low, at 0.89 time as on March 31, 2015, and will
remain low despite proposed debt-funded capex for purchase of
Computer Numerical Control (CNC) machines. Net cash accruals to
total debt and interest coverage ratios were 0.21 time and 5.79
times, respectively, for 2014-15.

The group has managed working capital prudently, as evident in
gross current assets of 97 days as on March 31, 2015. The group
keeps no inventory and extends credit of 15-20 days to customers,
but usually gets paid in 30 days.

The group has adequate liquidity, evident from low bank limit
utilisation of 40 per cent for the 12 months through August 2015.
Cash accrual is expected at INR7 million against debt obligation
of INR0.48 million for 2015-16.

GSP, set up in 2005 as a proprietorship concern, manufactures oil
mill machinery for oil and solvent extraction units. It is a 100-
per-cent export oriented unit (EOU) and sells machinery under the
Goyum brand. It is based in Ludhiana (Punjab) and is managed by
Mr. Vinod Jain.

GTPL was set up as a partnership firm in 2005 and was
reconstituted as a private limited company in 2010. It
manufactures and trades in oil mill machinery. It is also a 100-
per-cent EOU based in Ludhiana, and is managed by Mr. Vinod Jain
and Mr. Harbhajan Singh.


IFMR CAPITAL: ICRA Assigns C+(SO) Rating to INR2.76cr Loan
----------------------------------------------------------
Provisional ratings of [ICRA]BBB+(SO) and [ICRA]C+(SO) have been
assigned to PTC Series A1 and PTC Series A2 respectively, issued
by IFMR Capital Mosec Vulcan 2015, a Special Purpose Vehicle
(SPV). The PTCs are backed by a pool of microfinance loan
receivables, originated by Future Financial Servicess Private Ltd
(FFSPL), Intrepid Finance and Leasing Private Limited (Intrepid),
Suryoday Micro Finance Limited (Suryoday) and Saija Finance
Private Limited (Saija).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   PTC Series A1         53.03        Provisional [ICRA]BBB+(SO)

   PTC Series A2          2.76        Provisional [ICRA]C+(SO)

The provisional ratings are subject to the fulfillment of all
conditions under the structure, due diligence audit of the pool,
review by ICRA of the documentation pertaining to the transaction
and receipt by ICRA of a legal opinion on the transaction from the
transaction legal counsel.

The provisional ratings are based on the strength of cash flows
from the selected pool of contracts; the credit enhancement
available in the form of (i) First Loss Facility, which will be
available for PTC A1 and PTC A2, (ii) Second Loss Facility (SLF)
of 10.50% of the discounted value of aggregate pool cashflows,
which will be available for PTC A1 only, (iii) subordination of
4.94% of the discounted value of aggregate pool cashflows for PTC
A1; and the integrity of the legal structure. The ratings are
however constrained by ICRA's view on the credit quality of the
Servicers, given the operations-intensive nature of the MFI
business and the difficulty in instituting an alternate servicing
mechanism.

The selected pool consists of unsecured micro loans (less than
INR40,000 each) given by the Originators, to borrowers with weak
economic profile under a joint liability model. The share of the
individual sub-pools of FFSPL, Intrepid, Suryoday and Saija in the
aggregate pool principal is 37%, 11%, 35% and 17% (in value terms)
respectively. The presence of multiple Originators provides the
overall pool a reasonable geographical diversity, with the pool
spread across 9 states. Moreover, having 4 Servicers in the
transaction is more beneficial when compared to a pool that is
being serviced by a single Servicer, where disruption of the
Servicer can have a bearing on the overall pool collections going
ahead. The aggregate pool is characterized by weekly, fortnightly
and monthly repaying contracts with moderate seasoning, moderate
residual tenure of contracts (23 months) and no overdue on the
selected loans as of cut-off date.

According to the transaction structure, the entire pool of
selected contracts will be assigned to a Special Purpose Vehicle
(Trust) at premium. The Trust will issue two series of PTCs backed
by the receivables. The upfront purchase consideration to be paid
by PTC A1 to the Trustee will be 95.06% of the discounted pool
cashflows i.e. INR53.03 crore, while that payable by PTC A2 to the
Trustee will be 4.94% of the discounted pool cashflows i.e.
INR2.76 crore.

Though the pool would be receiving cashflows on a weekly/
fortnightly/ monthly basis, payouts to the PTCs would be made on a
monthly basis. Every month, only the interest payment is scheduled
to be paid to PTC A1. The principal repayment to PTC A1 is
scheduled to be paid on the Final Maturity Date. However, the
balance monthly excess cashflow -- excess of collections from the
loan pool over the scheduled monthly PTC payouts -- will be first
utilised for payment of principal of PTC A1 till it is fully paid
down. After PTC A1 has been fully paid out, all the cashflows will
be passed on to PTC A2 first by way of principal amortization
(till the principal balance falls to INR10,000) and later by way
of yield. On the last payment date, PTC A2 would be paid the
residual interest and payment of INR10,000 towards PTC A2
principal, together. Any payment to PTC A2 would be made only
after PTC A1 is completely paid out.

Based on the analysis of the past performance of the microfinance
loan portfolio of all the originators and the expected future
performance of the selected pool of loans, ICRA believes that the
credit support provided has been adequately sized to cover the
credit/liquidity risk in the transaction.

Future Financial Servicess Private Limited (FFSPL)
Future Financial Servicess Pvt Ltd (FFSPL) (rated
[ICRA]BBB(stable) for its long term bank facilities and assigned
Microfinance grading of M2+ by ICRA) is an NBFC involved in
microfinance activities, with presence in the states of Karnataka,
Tamil Nadu, Andhra Pradesh and Gujarat. As on June 2015, FFSPL was
present in 202 branches spread over 32 districts in these states
with a portfolio size of INR544 crore, of which 4.1% is in the
state of AP, where it has discontinued the operations. As on June
2015, the 0+ dpd for the company is 4.12%, while the same for
company's non-AP portfolio stands at about 0.64%.

Intrepid Finance & Leasing Private Limited (Intrepid/FINO)
Intrepid Finance and Leasing Private Limited (rated
[ICRA]BB+(positive) for its long term bank facilities) is a
Microfinance institution and a Non-deposit accepting NBFC
registered with Reserve Bank of India. Intrepid was acquired by
FINO PayTech in 2010 to originate microfinance loans on the books
of the NBFC. Intrepid is currently operational in the states of
Maharashtra, Uttar Pradesh, Madhya Pradesh, Bihar and Karnataka,
with a portfolio size of INR134 crore as on June 2015. As on June
2015, the 0+ delinquency level for the overall portfolio of
Intrepid was 0.93%.

Suryoday Micro Finance Limited (Suryoday)
Suryoday was set up in October 2008 as an NBFC, but commenced its
full-fledged operations from May 2009. As on June 2015, Suryoday
had operations in 161 branches across 7 states. Of the total
portfolio of INR562 crore as on Jun-15, about 40% is in the state
of Maharashtra while the rest is spread across Tamilnadu, Odisha,
Karnataka, Gujarat, Madhya Pradesh, and Rajasthan. The company has
completely exited Andhra Pradesh. As of June 2015, 0+ delinquency
for overall the portfolio of Suryoday was 0.26%. The company has a
rating of [ICRA]BBB(stable) and [ICRA]A3+(stable) outstanding from
ICRA for its long term and short term debt instruments
respectively.

Saija Finance Private Limited (Saija)
Saija Finance Private Limited was formed in April 2008 and was
granted the NBFC-MFI license in December 2013 by RBI. As of June
2015, Saija had a portfolio of INR146 crore. The portfolio of
Saija is primarily concentrated in the state of Bihar. Though
Saija has exposure to the state of Jharkhand, their portfolio is
small in this state. As on June 2015, the 0+ delinquency level for
the overall portfolio of Saija was 0.38%.ICRA has a rating
outstanding of [ICRA]BBB-(stable) on the long term debt of the
company and has assigned a grading of M2.


INTERNATIONAL LEATHER: ICRA Rates INR4.00cr Cash Credit at B+
-------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ and short-term
rating of [ICRA]A4 to the INR9.0 Crore bank facilities of
International Leather Goods.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit Limit    (4.00)      [ICRA]B+; assigned
   Export Packing
   Credit                4.50       [ICRA]A4; assigned

   Export Bills
   Purchase              4.50       [ICRA]A4; assigned

ICRA's rating takes into account ILG's moderate scale of
operations, its high revenue dependence on the European market and
limited ability to pass on increase in raw material costs to its
customers. The ratings also factor in the firm's weak financial
profile with low profitability, weak interest coverage and high
Total debt/OPBDITA. ICRA also notes that the firm's profitability
remains exposed to fluctuations in foreign exchange rates.
However, the ratings derive comfort from the long standing
experience of the promoters in the leather goods manufacturing
business.

Going forward, the ability of the firm to increase its scale of
operations, attain greater geographic diversity and maintain its
profitability will be the key rating sensitivities.

Incorporated in 2012, ILG is a partnership firm engaged in the
design and manufacture of upholstery, shoes and other leather
products for domestic and overseas markets, with the target
markets being UK, Italy and other European countries. These
products are currently being manufactured at a tannery taken on
lease at Kanpur, Uttar Pradesh.

Recent Results
ILG reported a profit after tax (PAT) of INR0.1 crore on an
operating income of INR45.5 crore in 2014-15 as against a PAT of
INR0.4 crore on an operating income of INR28.4 crore in the
previous year.


JAI AMBE: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facility of Jai Ambe Quality
Sugar (JAQS) continues to reflect below-average financial risk
profile because of small net worth and weak debt protection
metrics, low operating margin, and customer concentration in
revenue. These weaknesses are partially offset by promoter's
experience in the sugar and cotton industries, and their funding
support.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            90        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes JAQS will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' if diversification in customer base,
significant improvement in profitability, and steady revenue
growth lead to a stronger financial risk profile. Conversely, the
outlook may be revised to 'Negative' if financial risk profile is
weakened by decline in revenue or margin, stretch in working
capital cycle, or any large debt-funded capital expenditure.

Update
Amid volatile commodity prices JAQS's focused on only the more
profitable trades in 2014-15 (refers to financial year April 1 to
March 31), its turnover reduced to INR1.24 billion in 2014-15
(refers to financial year, April 1 to March 31) from INR1.69
billion a year ago. However, operating margin improved by 50 basis
points to 2.1 per cent. Consequently, net cash accrual remained
steady. With a similar strategy in 2015-16, scale of operations
and profitability will remain stable over the medium term.

Financial risk profile remains below average because of modest net
worth of INR23 million and high total outside liabilities to
tangible net worth ratio of 13.6 times as on March 31, 2015, and
low interest coverage ratio of 1.3 times for 2014-15. Liquidity
remains adequate with net cash accrual expected at INR4.5 million
against nil term loan obligation in 2015-16. Bank limit
utilisation was moderate, averaging 72 per cent over the 12 months
through March 2015. Liquidity is supported by unsecured loan of
INR4 million from promoter as on March 31, 2015.

Set up in August 2008 as a proprietorship firm by Mr. Akhilesh
Goyal, JAQS trades in sugar and has a cotton ginning unit at
Shahada in Nandurbar (Maharashtra). Operations are managed by Mr.
Akhilesh Goyal. The promoter family has experience of around four
decades in the sugar industry and of around a decade in cotton
ginning.


KHAYA SOLAR: ICRA Assigns C+ Rating to INR54.20cr Term Loan
-----------------------------------------------------------
ICRA has assigned a rating of [ICRA]C+ to the INR54.20 crore term
loans of Khaya Solar Projects Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             54.20        [ICRA]C+; assigned

The rating is constrained by stretched liquidity position of the
company due to limited cash flow cushion available to the 5 MW
solar project of the company in Rajasthan. Despite the attractive
feed in tariff of INR11.50/unit locked in with NTPC Vidyut Vyapar
Nigam Limited (NVVN) for 25 years, the rating is constrained by
low DSCR due to high initial capital cost of INR16.20 crore/MW and
step up nature of repayments. Further, solar photovoltaic projects
have relatively high capital cost/MW which makes their power
uncompetitive vis-a-vis other conventional power sources and
impacts the ability and willingness of off takers to pay such
tariffs. ICRA, however, acknowledges that solar power is
increasingly becoming more competitive as seen by the recent bids
awarded by various State Governments.

The above weaknesses are tempered by the successful operations of
solar power project. The performance of the plant has been in line
as the plant has reported PLF of 22.24% during CY 2014 as against
estimates of 22.5%. The YTD performance of the plant in CY2015 has
also been satisfactory. ICRA also takes note of sound management
team of the Lanco Group, with an established track record in solar
power industry.

Going forward, the ability of the company to meet the designed
performance parameters and secure timely collection from NVVN will
remain the key rating drivers.

Khaya Solar Projects Private Limited (KSPL) is an SPV, promoted by
Lanco Solar Energy Private Limited (LSEPL, 100% subsidiary of
Lanco Infratech Limited) for setting up 5MW solar power plant in
the state of Rajasthan. The project has been set up under centre's
Jawaharlal Nehru National Solar Policy with NTPC Vidyut Vyapaar
Nigam Ltd (NVVN) being the designated nodal agency to implement
the policy framework. The SPV has entered into a 25 year PPA with
NVVN. The feed in tariff is INR11.50 per unit for entire term of
the agreement of 25 years. The total project cost was INR82.2
crores which was funded in a debt- equity Ratio of 2:1.


LIMITORQUE INDIA: ICRA Revises Rating on INR28.90cr Loan to B+
--------------------------------------------------------------
ICRA has revised its long term rating on the INR28.90 crore fund
based bank facilities of Limitorque India Limited to [ICRA]B+ from
[ICRA]BB-. ICRA has reaffirmed its short term rating of [ICRA]A4
on the INR2.10 crore non fund based limits of the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits-    28.90       [ICRA]B+; revised from
   Long Term                         [ICRA]BB- (Stable)

   Non Fund Based
   Limits-Short Term      2.10       [ICRA]A4; reaffirmed

ICRA's rating revision is driven by the mismatch between LIL's
cash accruals which are modest relative to the large term loan
repayments which are scheduled to commence from April 2016
onwards. The ratings also take into account the vulnerability of
the company's profitability to fluctuations in raw material prices
given the high lead time in execution of projects and the absence
of a price escalation clause in most of the contracts the company
has with its customers. The company is also exposed to high client
concentration risk with Bharat Heavy Electricals Limited
accounting for around 30- 40% of LIL's revenues. The ratings are
also constrained by the company's small scale of operations in its
core business of manufacturing electric actuators. Further, the
company's large working capital requirements have been largely
debt funded, which coupled with debt funded capital expenditure
has resulted in high gearing level and low debt coverage
indicators. Nevertheless, the ratings draw comfort from the
company's experienced management, its long track record in the
business, its reputed client base and its healthy relationship
with customers as reflected in repeat orders.

Going forward, the ability of the company to bring about a
sustained improvement in its liquidity position will be the key
rating sensitivity.

LIL was incorporated in 1985 and has been promoted by Mr. Shyam
Maheshwari, who holds a 47.2% stake in the company. The other
shareholders include Limitorque Corporation, Lynchburg, USA (26%
stake), Nippon Gear Company Limited, Fujisawa, Japan (14% stake),
and Wise electronics Private Limited (12.7% stake). The day to day
affairs of the company are managed by Mr. Maheshwari. The company
is involved in the manufacturing of electric actuators which are
technical equipments critical for automation. The manufacturing
facility of the company is located at Faridabad, Haryana.

Recent Results
LIL reported a net profit of INR0.46 crore on an operating income
of INR46.06 crore for 2013-14 as compared to a net profit of
INR0.11 crore on an operating income of INR44.24 crore for the
previous year. The company reported, on a provisional basis, a net
profit of INR0.48 crore on an operating income of INR46.87 crore
for 2014-15.


MODERN LIVING: ICRA Puts B+ Ratings on Watch Positive
-----------------------------------------------------
ICRA has placed the long term rating of [ICRA]B+ for the INR9.34
crore* long term fund based facilities of Modern Living Solutions
Private Limited on rating watch with Positive implication.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term-Cash
   Credit                1.50       [ICRA]B+

   Long Term-Term
   Loan                  5.00       [ICRA]B+

   Long Term-
   Unallocated           2.84       [ICRA]B+

The rating has been placed under watch following the investment of
Sumitomo Forestry Company Limited (Sumitomo Forestry) in Spacewood
Furnishers Private Limited (SFPL), the parent company of MLS.
Sumitomo Forestry, a Japan based housing and building company has
bought a 26% stake for about INR91.0 crore in SFPL. With the
investment received from Sumitomo Forestry, MLS which is a 100%
subsidiary of SFPL is expected to expand the total number of
retail outlets to 50 in the next three years from its present
count of 15 across India. ICRA takes note of the expected increase
in brand presence apart from expected improvement in capital
structure and liquidity profile of the group. ICRA will continue
to monitor the rating and evaluate the impact of the deal on the
credit profile of MLS once complete details regarding the deal are
available.

Sumitomo Forestry Company Limited, incorporated in the year 1948,
is a housing and building materials company based out of Tokyo,
Japan having operations in more than 40 countries worldwide. It is
engaged in businesses which include timber and timber related
manufacturing along with other building materials, housing
business, and lifestyle services along with forestry and
environment businesses.

Modern Living Solutions Private Limited (MLS) is the retail arm of
the Spacewood group, which provides furniture solutions to OEMs
and under its in house brands. MLS procures furniture and
furniture components from Spacewood Furnishers Private Limited and
markets them through its showrooms. MLS operates 15 showrooms
located in Gurgaon, Chennai, Hyderabad, Bangalore, Kolkata, Pune,
Delhi, Nagpur and Ranchi. Additional showrooms in Faridabad, Noida
and Kolkata are likely to commence operations during FY16 thereby
increasing the total number of outlets. As on date, the company is
a 100% subsidiary of Spacewood Furnishers Private Limited (rated
[ICRA]BBB/Stable/A3+).


NAGARDAS KANJI: ICRA Assigns 'B' Rating to INR1.05cr LT Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR1.05
Crore long-term, fund based facilities and a short-term rating of
[ICRA]A4 to the INR0.70 Crore short-term, fund based facilities
and INR8.55 Crore short-term, non-fund based facilities of
Nagardas Kanji Shah. ICRA has also assigned a long-term rating of
[ICRA]B and a short-term rating of [ICRA]A4 to the INR4.70 Crore
unallocated limits of the firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund
   based limits          1.05         [ICRA]B assigned

   Short-term, fund
   based limits          0.70         [ICRA]A4 assigned

   Short-term, non-
   fund based limits     8.55         [ICRA]A4 assigned

   Unallocated, long-
   term/short-term
   limits                4.70         [ICRA]B/[ICRA]A4 assigned

The assigned ratings factor in the long experience of the
promoters in the metal pipes industry and its moderately
diversified customer base. The ratings, however, are constrained
by the relatively modest scale of operations, thin margin in
trading business because of limited value addition and high
competitive intensity in highly fragmented pipes and tubes trading
industry. The ratings are also constrained by firms' leveraged
capital structure and the susceptibility of margins to
fluctuations in prices of steel with respect to inventory
maintained which is not order backed. The ratings also factor in
the high working capital intensity of firm due to high level of
debtors and inventory. Further, being a partnership firm, the
entity remains exposed to risk of capital withdrawals and its
potential impact on the credit profile.

Incorporated in 1964, M/s Nagardas Kanji Shah (NKS) started
operations in scrap business and later moved to trading of pipes
and tubes. The firm imports pipes from China as per clients'
orders and acts as a commission agent. NKS currently deals in
Seamless Pipes, ERW Pipes and Stainless Steel Pipes. The company
has a godown in Kalamboli, Navi Mumbai. NKS is stocking stockiest
of seamless pipes, hydraulic pipes, boiler tubes and ERW pipes for
leading steel pipe manufacturers in India. In terms of
contribution to sales, seamless pipes contribute to 80-90% of the
sales.

Recent Results
The Firm reported Profit After Tax (PAT) of INR0.28 crores on
Operating Income (OI) of INR27.78 crores in FY15 on a provisional
basis as against PAT of INR0.23 crores on OI of INR20.99 crores in
FY14.


OM ESHA: CRISIL Assigns B Rating to INR155MM Term Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Om Esha Agro Products Pvt Ltd (OEAPPL).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Proposed Cash
   Credit Limit           45         CRISIL B/Stable

   Proposed Term Loan    155         CRISIL B/Stable

The rating reflects OEAPPL's exposure to risks relating to project
implementation and stabilisation, regulatory changes, volatility
in raw material prices, and vagaries of the monsoon. These rating
weaknesses are partly offset by the extensive entrepreneurial
experience of the company's promoters and benefits expected from
the stable demand for rice.

Outlook: Stable

CRISIL believes OEAPPL will continue to benefit over the medium
term from the extensive experience of its promoters and healthy
prospects for the rice processing industry. 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 considerable time and cost overruns in
project completion, lower-than-expected capacity utilisation, or
significant stretch in working capital cycle, resulting in
deterioration in the financial risk profile.

Incorporated in 2015, OEAPPL is setting up a 12-tonne-per-day non-
basmati rice mill at Patna.  Its operations are managed by its
promoter-directors Mr. Nishant Krishna and Mr. Nitin Krishna.


OM SAI: CRISIL Reaffirms 'B' Rating on INR100MM Cash Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Om Sai Cotton
Industries (OSCI) continues to reflect the firm's modest scale of
operations in the fragmented cotton industry and its below-average
financial risk profile because of modest net worth, high gearing,
and subdued debt protection metrics. The rating also factors in
the susceptibility of OSCI's operating margin to fluctuations in
raw material prices. These weaknesses are partially offset by the
extensive industry experience of the partners.

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

   Proposed Long Term
   Bank Loan Facility     36        CRISIL B/Stable (Reaffirmed)

   Term Loan              14        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes OSCI will continue to benefit over the medium term
from the experience of its partners in the cotton industry. The
outlook may be revised to 'Positive' if the firm reports higher-
than-expected revenue while maintaining its profitability and
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' in case of a decline in OSCI's revenue or
profitability, or if it undertakes a large, debt-funded capital
expenditure programme, resulting in deterioration in the financial
risk profile.

OSCI was set up in 2010 as a partnership firm by Mr. B Parameswar,
Mr. H J Reddy, Mr. H V Reddy, Mrs. C Aruna, and Mrs. G Swathi. The
firm, based in Warangal District (Telangana) is engaged in cotton
ginning and pressing.


ONLINE PRINT: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Online Print and Pack
Pvt Ltd (Online) continue to reflect the company's modest scale of
operations in a highly fragmented industry, aggressive capital
structure, and working-capital-intensive operations. These
weaknesses are partially offset by the established market position
of Online in the printing and packaging industry leading to a
diversified end-user industries and reputed customer base and the
extensive experience of its promoters in the printing and
packaging industry

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         1        CRISIL A4 (Reaffirmed)
   Cash Credit           55        CRISIL B+/Stable (Reaffirmed)
   Term Loan             24        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes Online will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
profitability and scale of operations, leading to higher-than-
expected cash accrual, or if it improves its working capital
cycle, leading to an improved capital structure. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected accrual or deterioration in the working capital
management, or large debt-funded capital expenditure (capex)
resulting in a weak financial risk profile.

Update
Online, on a provisional basis, reported net sales of INR152.9
million in 2014-15 (refers to financial year, April 1 to
March 31) as against INR152.4 million in the previous year led
stable demand from its customers. On a provisional basis, the
operating margin was 10.6 per cent during 2014-15 as against 8.7
per cent in the previous year, led by the company's initiative to
procure imported raw material, which led to improved operating
margin. CRISIL expects Online's revenue to improve by 10-15 per
cent driven stable demand and operating margin is expected to
remain in the range of 11-11.2 per cent over the medium term.

Online's gross current assets stood at 182 days as on March 31,
2015, led by high receivables of 90 days and inventory of 79 days.
Its liquidity remains moderate, marked by expected moderate cash
accrual of INR10-13 million as against maturing term debt
obligation of INR5.5-7 million over the medium term respectively.
The company's bank line utilisation was high at 89 per cent for
the 12 months through August 2015. The company reported high
gearing as on March 31, 2015, at 3.34 times led by modest net
worth of INR23.4 million and moderate accretion to reserve. The
gearing is expected to improve with no major debt-funded capex
plans and moderate accretion to reserve. The company's debt
protection metrics remain moderate with net cash accruals to total
debt (NCATD) ratio of 0.14 times and interest coverage ratio of 3
times for 2014-15. With moderate operating profitability and no
major debt funded capex plans CRISIL expects the company's NCATD
and interest coverage ratios to remain in the range of 0.15-0.20
times and around 3 times, respectively, over the medium term.

Incorporated in 1995, Online is promoted by Ahmedabad-based
Kotawala family. The company is engaged in the printing and
packaging industry.

Online, on a provisional basis, reported profit after tax (PAT) of
INR2.4 million on net sales of INR152.9 million for 2014-15 as
against PAT of INR1.8 million on net sales of INR146.2 million for
2013-14.


PANKAJ C: ICRA Assigns 'B' Rating to INR4.0cr Loan
--------------------------------------------------
The long-term rating of [ICRA]B has been assigned to the INR4.00
crore* cash credit facility of Pankaj C. Patel. ICRA has also
assigned the short term rating of [ICRA]A4 to the INR1.00 crore
non-fund based facility of PCP.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B assigned
   Bank Guarantee        1.00        [ICRA]A4 assigned

The assigned ratings factor in the firm's small scale of
operations; the geographical and sectoral concentration risk
arising from its focus on government tendered road construction
projects in Gujarat; and the high competitive intensity in the
construction space resulting in a pressure on margins. The ratings
are further constrained by the firm's weak current outstanding
order book leading to limited visibility of revenues going
forward; and the vulnerability of its profitability to fluctuation
in raw material prices for contracts that are not covered by a
price escalation clause and when actual usage of material exceeds
contracted quantities;. ICRA also notes that PCP is a partnership
firm and any significant withdrawals from the capital account
would affect its net worth and thereby have an adverse impact on
the capital structure.

The ratings, however, favourably factor in the past experience of
the partners and their track record of project execution in the
civil construction industry; the firm's status as a "AA" class
contractor with the Government of Gujarat; and its reputed
clientele comprising government and semi government bodies which
limits counter party credit risk to a certain extent.

Nadiad (Gujarat) based Pankaj C. Patel (PCP) was established as a
partnership firm by the Patel family in November 1979. The firm is
engaged in civil construction work, mainly road construction work
for government and semi-government departments in Gujarat. The
firm operates largely in the state of Gujarat, with specific focus
on the Anand, Nadiad and Kheda regions. The firm is an approved AA
class contractor with the Government of Gujarat.

Recent Results
For the year ended 31st March 2014, PCP has reported operating
income of INR14.57 crore and profit before tax of INR0.37 crore as
against operating income of INR15.01 crore and profit before tax
of INR0.45 crore for the year ended 31st March 2013. Further, 9
month period ending 31st December 2014 (provisional financials),
the firm reported operating income of INR10.04 crore and profit
before tax of INR0.69 crore.


PRESIDENCY EXPORTS: ICRA Assigns 'D' Rating to INR13.0cr Loan
-------------------------------------------------------------
ICRA has assigned the [ICRA]D rating to the INR13.0 crore fund
based bank limits of Presidency Exports & Industries Limited on
the long term and short term scale.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term/Short
   Term Fund Based
   Limits               13.0          [ICRA]D assigned

The assigned rating takes into account PEIL's irregularity in debt
servicing as reflected by the delays in repayment of principal
obligations and its weak financial profile as indicated by the
cash losses incurred during FY15 as well as the negative tangible
tangible networth during the last two years. Moreover, the
significant debt repayment obligations on the company in the short
to medium term, in the absence of specific revenue generation
source, is likely to exert pressure on the debt servicing ability
of the company, going forward. Although, ownership of significant
unutilised land area in West Bengal provides scope for some
development activities, the plans currently remain at a nascent
stage, resulting in uncertainty with regard to the time and cost
involved towards such developmental activities. The rating also
takes into consideration, PEIL's significant blockage of funds,
owing to high receivables as well as advances, thereby adversely
impacting its liquidity position. The rating, however, draws
comfort from the experience of the promoters in the trading
business.

Presidency Exports & Industries Limited, promoted by Kolkata based
Bajoria family, was incorporated in the year 1919. The company had
been engaged in the export of iron ore fines from the year 2007
onwards. However, due to unfavourable changes in the Government
policies related to iron ore mining in the past few years, has
adversely impacted its revenues from this segment. Although, the
company had commenced exports of onion and rice to Bangladesh, the
revenue from the same also witnessed a decline in FY15. The
company also has a warehouse in Rishra which has been leased to
the corporate.

Recent Results
PEIL witnessed a net loss of INR4.38 crore on an operating income
of INR2.02 crore during FY15 as against a net loss of INR3.95
crore on an operating income of INR18.18 crore during FY14.


PRIME CARGO: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
------------------------------------------------------------
CRISIL's rating to the long-term bank facility of Prime Cargo
Movers (PCM; a part of the Prime group) continues to reflect the
group's constrained financial risk profile because of average
gearing and stretched liquidity driven by modest cash accrual
against scheduled debt repayments.

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

The rating also factors in the group's modest scale and working-
capital-intensive operations in the competitive logistics
industry. These weaknesses are partially offset by the extensive
experience of the Prime group's promoters in the logistics
industry, their funding support, and the group's established
relationship with key customers.

For arriving at the rating, CRISIL has consolidated the business
and financial risk profiles of PCM and Prime Cargo Movers &
Logistics Pvt Ltd (PCMLPL). This is because both entities,
together referred to as the Prime group, have a common management,
are in the same line of business, and have shared resources.
CRISIL has also treated unsecured loans from the promoters
amounting to about INR28 million, extended to the group as on
March 31, 2015, as neither debt nor equity as they are expected to
remain in the business over the medium term.

Outlook: Stable
CRISIL believes the Prime group will continue to benefit over the
medium term from the extensive industry experience of its
promoters and its reputed clientele. The outlook may be revised to
'Positive' in case of significant increase in its scale of
operations and profitability leading to sizeable cash accrual.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the Prime group's financial risk profile,
particularly liquidity, due to lower cash accrual, stretch in the
working capital cycle, or large unanticipated debt-funded capital
expenditure (capex).

Update
The group's performance is in line with CRISIL's expectations,
with operating margin of 7 per cent and revenue of about INR548
million in 2014-15 (refer to financial year, April 1 to
March 31). The group is expected to achieve 15-20 per cent growth
in revenue as it has been able to add new customers in the non-
fast-moving consumer goods (FMCG) industry. Operating
profitability is also expected to remain at 7-8 per cent over the
medium term backed by the inclusion of big-ticket clients.

The group has stable working capital requirements, which
constitute only debtors. CRISIL expects the gross current assets
(GCA) to remain at 100 to 105 days over the medium term;
receivable risk is, however, mitigated by the strong credit
profile of the group's major customers.

The group's financial risk profile remains stable, which is
expected to remain constrained due to capex plans over the medium
term. The group is planning to add 40-50 trailers at an expected
cost of INR3 million per trailer. The capex will be largely funded
through external debt.

The group's liquidity remains below average as reflected by low
levels of cash accruals against annual repayment of about INR13
million over the medium term. However, partial cushion in bank
line (average utilisation of 90 per cent for the 12 months through
July 2015) and support from the promoters in the form of unsecured
loans supports the group's liquidity. Further, the promoter had
infused funds of INR15 million in 2014-15 to support the group's
working capital requirements.

The Prime group primarily provides logistics and transportation
services to FMCG players such as Hindustan Unilever Ltd (HUL) and
Colgate-Palmolive (India) Ltd. The promoters commenced its
business as a carry and forward agent for HUL in 1988 through
another firm. PCM and PCMLPL were set up in 2003 and 2013,
respectively, to provide transportation services to its clients.


PRIME CARGO MOVERS: CRISIL Reaffirms B+ Rating on INR70MM Loan
--------------------------------------------------------------
CRISIL's rating to the long-term bank facility of Prime Cargo
Movers & Logistics Pvt Ltd (PCMLPL; a part of the Prime group)
continues to reflect the group's constrained financial risk
profile because of average gearing and stretched liquidity driven
by modest cash accrual against scheduled debt repayments.

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

The rating also factors in the group's modest scale and working-
capital-intensive operations in the competitive logistics
industry. These weaknesses are partially offset by the extensive
experience of the Prime group's promoters in the logistics
industry, their funding support, and the group's established
relationship with key customers.

For arriving at the rating, CRISIL has consolidated the business
and financial risk profiles of PCMLPL and Prime Cargo Movers
(PCM). This is because both entities, together referred to as the
Prime group, have a common management, are in the same line of
business, and have shared resources. CRISIL has also treated
unsecured loans from the promoters amounting to about INR28
million, extended to the group as on March 31, 2015, as neither
debt nor equity as they are expected to remain in the business
over the medium term.

Outlook: Stable
CRISIL believes the Prime group will continue to benefit over the
medium term from the extensive industry experience of its
promoters and its reputed clientele. The outlook may be revised to
'Positive' in case of significant increase in its scale of
operations and profitability leading to sizeable cash accrual.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the Prime group's financial risk profile,
particularly liquidity, due to lower cash accrual, stretch in the
working capital cycle, or large unanticipated debt-funded capital
expenditure (capex).

Update
The group's performance is in line with CRISIL's expectations,
with operating margin of 7 per cent and revenue of about INR548
million in 2014-15 (refer to financial year, April 1 to
March 31). The group is expected to achieve 15-20 per cent growth
in revenue as it has been able to add new customers in the non-
fast-moving consumer goods (FMCG) industry. Operating
profitability is also expected to remain at 7-8 per cent over the
medium term backed by the inclusion of big-ticket clients.

The group has stable working capital requirements, which
constitute only debtors. CRISIL expects the gross current assets
(GCA) to remain at 100 to 105 days over the medium term;
receivable risk is, however, mitigated by the strong credit
profile of the group's major customers.

The group's financial risk profile remains stable, which is
expected to remain constrained due to capex plans over the medium
term. The group is planning to add 40-50 trailers at an expected
cost of INR3 million per trailer. The capex will be largely funded
through external debt.

The group's liquidity remains below average as reflected by low
levels of cash accruals against annual repayment of about INR13
million over the medium term. However, partial cushion in bank
line (average utilisation of 90 per cent for the 12 months through
July 2015) and support from the promoters in the form of unsecured
loans supports the group's liquidity. Further, the promoter had
infused funds of INR15 million in 2014-15 to support the group's
working capital requirements.

The Prime group primarily provides logistics and transportation
services to FMCG players such as Hindustan Unilever Ltd (HUL) and
Colgate-Palmolive (India) Ltd. The promoters commenced its
business as a carry and forward agent for HUL in 1988 through
another firm. PCM and PCMLPL were set up in 2003 and 2013,
respectively, to provide transportation services to its clients.


RYATAR SAHAKARI: CRISIL Reaffirms B- Rating on INR260MM Loan
------------------------------------------------------------
CRISIL rating on the bank facilities of Ryatar Sahakari Sakkare
Karkhane Niyamit (RSSKN) continue to reflect RSSKN's weak
financial risk profile, with high gearing, low net worth, and weak
debt protection metrics.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit-Stock       200      CRISIL B-/Stable (Reaffirmed)
   Long Term Bank
   Facility                260      CRISIL B-/Stable (Reaffirmed)

The rating also factors in the society's exposure to risks
relating to unfavourable government regulations and inadequacy in
supply of sugarcane. These rating weaknesses are partially offset
by RSSKN's long-standing presence in the sugar industry.

Outlook: Stable

CRISIL believes RSSKN will continue to benefit over the medium
term from its long-standing presence in the sugar industry. The
financial flexibility and financial risk profile may, however,
remain constrained by weak capital structure, and inadequate cash
accruals for debt servicing. The society may, therefore, borrow
from external sources to service the maturing debt. The outlook
may be revised to 'Positive' if significant improvement in
operating profitability leads to considerably stronger accrual and
debt protection metrics; or if a sizeable  infusion of equity
strengthens the capital structure. Conversely, the outlook may be
revised to 'Negative' if high input costs result in further
losses; or if any large capital expenditure weakens the financial
risk profile, particularly liquidity.

RSSKN, set up in 1999, is a co-operative society manufacturing
sugar. The society is based in Bagalkot (Karnataka). Its
operations are managed by chairman Mr. R S Talewad who has more
than three decades' experience in the industry.


SARWATI POLYMERS: CRISIL Reaffirms B Rating on INR38.2MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sarwati Polymers Pvt
Ltd (SPPL) continue to reflect the company's modest scale of
operations in the fragmented packaging industry. The rating also
factors in the below-average financial risk profile with high
gearing and weak debt protection metrics. These rating weaknesses
are mitigated by the promoter's extensive experience in the
plastic-packaging industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    11.8      CRISIL B/Stable (Reaffirmed)

   Term Loan             38.2      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL expects SPPL to maintain its stable business risk profile
over the medium term, backed by its promoter's extensive
experience and established relationships with its customers and
suppliers. The outlook may be revised to 'Positive' if the company
reports higher than expected growth in revenues and profitability,
while improving its capital structure. Conversely the outlook may
be revised to 'Negative' if SPPL's financial risk profile
deteriorates, because of sharp decline in profitability or
revenues, a higher-than- expected debt-funded capital expenditure,
or deterioration in its working capital cycle.

Update
On a provisional basis, SPPL's operating income is INR179.2
million in 2014-15 (refers to financial year, April 1 to March 31)
against INR173.0 million in 2013-14; it was marginally higher than
CRISIL's expectation. The sales improved marginally due to slight
increase in demand in 2014-15. CRISIL believes SPPL's scale of
operations will remain modest over the medium term.

In 2014-15, SPPL has operated with an operating margin of 7.6 per
cent, which is in line with CRISIL's expectations and with the
previous year. The company has managed to maintain its margins
while there was volatility in raw material prices. CRISIL believes
that SPPL's operating profitability will remain at similar levels
over the medium term.

SPPL's working capital requirements have remained low and
efficient as reflected by its gross current assets of 86 days as
on March 31, 2015. Its debtors and inventory on provisional basis
are at 35 days and 38 days, respectively, as on March 31, 2015.
Against this, SPPL receives trade credit support from its
suppliers as reflected in the payables of 13 days as on March 31,
2015, leading to low reliance on bank borrowings. CRISIL believes
SPPL's working capital cycle will remain efficient over the medium
term.

SPPL has improved its financial risk profile, with gearing of 2.99
times as on March 31, 2015 against 4.89 times in the previous
year, on account of gradual repayments of the term debt. The
gearing is expected to reduce marginally over the medium term
driven by extended funding support from the promoters. The
management extended unsecured loans of INR15.0 million in 2014-15
and will continue to maintain unsecured loans at similar levels.
CRISIL believes SPPL's financial risk profile will remain moderate
over the medium term.

SPPL was incorporated in 2002 by Mr. Jain and manufactures plastic
bags and allied products which find application in diversified
industries. SPPL's manufacturing facility is located at Panipat
(Haryana).

On a provisional basis, for 2014-15, SPPL reported profit after
tax (PAT) of INR2.8 million on net sales of INR179.1 million as
against PAT of INR1.7 million on net sales of INR173.0 million for
2013-14.


SHRI BASAVESHWAR: CRISIL Ups Rating on INR777.1MM Loan to B
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Shri Basaveshwar Veerashaiva Vidayavardhak Sangha (SBVVS) to
'CRISIL B/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       200        CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Term Loan            777.1      CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by SBVVS over
the last 10 months through August 2015, following an improvement
in its liquidity supported by increased intake of students and
higher cash accruals. The upgrade also reflects CRISIL's belief
that SBVVS's cash accruals over the medium term will be sufficient
to meet the trust's maturing debt obligations.

The ratings also reflect susceptibility of SBVVS's liquidity to
large debt-funded capex plans and debt repayment obligations. It
is also vulnerable to any adverse regulatory changes in the
education business. These rating weaknesses are partially offset
by the benefits the trust derives from healthy demand prospects
for the education industry and its promoters' extensive
experience.

Outlook: Stable
CRISIL believes that Shri Basaveshwar Veerashaiva Vidayavardhak
Sangha (SBVVS) will continue to benefit over the medium term from
the extensive experience of its promoter in the field of
education, and its established position in Karnataka. The outlook
may be revised to 'Positive' in case of more-than-expected
increase in SBVVS's cash accruals, driven most likely by a much
higher operating surplus with increase in the intake of students,
leading to improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' in case of significant debt-funded
capex programme leading to weaking of the trust's financial risk
proffile, or lower-than-expected cash accruals, leading to
deterioration in its liquidity.

SBVVS, established in 1906 operates about 135 institutes, most of
which are in Bagalkot (Karnataka) and some are in Mudhol
(Karnataka). It is expanding its geographic reach, with an
engineering institute in Bengaluru (Karnataka).


SHRIDHAR KRAFTPACK: CRISIL Assigns B Rating to INR53MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shridhar Kraftpack LLP (SKL).

                     Amount
   Facilities      (INR Mln)      Ratings
   ----------      ---------      -------
   Cash Credit         27         CRISIL B/Stable
   Term Loan           53         CRISIL B/Stable

The rating reflects SKL's exposure to risks related to project
implementation, its expected working-capital-intensive and small
scale of operations in the intensely competitive packaging
industry, and aggressive capital structure. These rating
weaknesses are partially offset by the promoters' experience in
the packaging industry.

Outlook: Stable

CRISIL believes SKP will benefit over the medium term from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of timely stabilisation of
operations at the proposed plant, and higher-than-expected revenue
and profitability, leading to substantial cash accrual.
Conversely, the outlook may be revised to 'Negative' if there are
delays in commencement of operations, or cash accrual is lower
than expected during the initial phase, resulting in pressure on
liquidity.

Established in 2015, SKL is setting-up an 18,000-tonne per annum
corrugated box manufacturing unit at Rajkot (Gujarat). The firm is
promoted by Mr. Prayesh Bhayani and Mr. Sanjay Patel who have
experience of more than 25 years in the packaging industry. The
plant is expected to commence production by November 2015.


SIYARAM YARNS: ICRA Suspends B+ Rating on INR6.37cr Term Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR6.37
crore term loan facility and INR1.50 crore cash credit facility of
Siyaram Yarns Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


SJLT SPINNING: ICRA Suspends B+/A4 Rating on INR57.91cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 rating assigned to
the INR57.91 crore bank facilities of SJLT Spinning Mills Private
India Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the Company.


SJLT TEXTILES: ICRA Suspends B+ Rating on INR95.36cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR95.36
crore long term bank facilities of SJLT Textiles Private India
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the Company.


SONALI ENERGEES: ICRA Reaffirms B+ Rating on INR12.77cr Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ and and
short-term rating of [ICRA]A4 to the INR24.77 crore (reduced from
INR38.10 crore) bank facilities of Sonali Energees Private
Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits
   (Term Loan/ECB/FCL)     12.77       [ICRA]B+ reaffirmed

   Fund Based Limits
   (EPC/FBD/PCFC/EBR)      10.00       [ICRA]A4 reaffirmed

   Fund Based Limits        5.00       [ICRA]B+/[ICRA]A4
   (CC/WCDL/BD)                        reaffirmed

   Non-Fund Based
   Limits (LC/BG)           2.00       [ICRA]A4 reaffirmed

The re-affirmation of ratings continues to factor in the company's
weak financial risk profile characterized by the high gearing
levels with weak coverage indicators and high working capital
intensive nature of operations as well as small scale of
operations with low plant utilization. The ratings are further
constrained by the vulnerability of the company's profitability to
the fluctuations in the raw material prices as well as exposure to
foreign exchange fluctuations in the absence of any hedging
mechanism. ICRA also takes note that the company faces competition
from the other organised and unorganised solar players in the
industry as well as cheaper Chinese imports.

The ratings however, favourably factors in favourable demand
indicators for solar module manufacturing segment supported by
initiatives undertaken by various countries to harness solar
energy as an alternative to conventional energy as well as
acceptability of company's products in the domestic as well
international market facilitated by quality certifications.
Moreover, the ratings also positively considers fiscal benefits on
account of unit being located in Surat Special Economic Zone.

Sonali Energees Private Limited (SEPL) was incorporated in March
2009 and is engaged in the manufacturing of solar photo voltaic
(PV) modules. The company is promoted by members of the Desai
family, based in USA and Surat, who have hitherto been involved
primarily in the diamond trading business. The module
manufacturing plant of the company was commissioned on May 15,
2012 and has an annual installed capacity to produce 25 MW of
modules. The plant is located in the Surat Special Economic Zone
at Surat, Gujarat.

Recent Results
For the financial year FY14-15, the company reported an operating
income of INR13.82 crore and profit after tax of INR0.58 crore as
against an operating income of INR21.51 crore and profit after tax
of INR1.09 crore for FY13-14.


SPECIALITY SILICA: ICRA Suspends 'B' Rating on INR15cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR15.0 crore fund based bank facilities of Speciality Silica
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


SRIVENKATESHWAR TRADEX: CRISIL Cuts Rating on INR100MM Loan to B
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Srivenkateshwar Tradex Pvt Ltd (STPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable' and reaffirmed its rating on the company's
short-term bank facility at 'CRISIL A4'.

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

   Letter of Credit      300       CRISIL A4 (Reaffirmed)

The downgrade reflects CRISIL's belief that STPL's business and
financial risk profiles will remain weak over the medium term on
account of operating losses and operating margin of negative
0.7 per cent in 2014-15 (refers to financial year, April 1 to
March 31). Operating margin was 0.9 per cent the previous year.
The losses were because of bad raw material. Financial risk
profile also weakened with total outside liabilities to tangible
net worth (TOLNTNW) increasing to 7.75 times as on March 31, 2015,
from 2.95 times a year earlier on account to large payables.

The ratings reflect STPL's small scale of operations in the highly
fragmented trading business, declining operating margin, and small
net worth. These weaknesses are partially offset by funding
support from promoters, and diversified product profile.

Outlook: Stable

CRISIL believes STPL's financial risk profile will remain
constrained over the medium term by small net worth because of low
operating margin due to its trading business. The outlook may be
revised to 'Positive' if profitability improves, leading to higher
accrual and net worth. Conversely, the outlook may be revised to
'Negative' in case of more-than-expected increase in working
capital requirement, or significant debt-funded capital
expenditure, leading to deterioration in financial risk profile.

Incorporated in 2010, STPL is based in Delhi and owned by the
Solanki family. It is managed by director Mr. Rahul Solanki, and
trades in rice, teak wood logs, and metal scrap.


TRIPLE HELIX: CRISIL Cuts Rating on INR5MM Cash Loan to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Triple
Helix Industries (THI) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            5        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Export Packing        30        CRISIL A4 (Downgraded from
   Credit                          'CRISIL A4+')

   Foreign Bill          10        CRISIL A4 (Downgraded from
   Negotiation                     'CRISIL A4+')

   Letter of Credit      40        CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Proposed Working       3.5      CRISIL B+/Stable (Downgraded
   Capital Facility                from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that THI's business risk
profile will remain under pressure over the medium term due to
reduced demand from key customers. The firm's revenue declined by
25 per cent year-on-year in 2014-15 (refers to financial year,
April 1 to March 31) and is expected to decline further in 2015-
16. Lower revenue and moderate operating profitability will lead
to significant decline in cash accrual over the medium term.

The ratings continue to reflect THI's modest scale of operations
in the intensely competitive leather processing industry, large
working capital requirement, and exposure to customer
concentration risk. These weaknesses are partially offset by
promoters' extensive industry experience, and moderate financial
risk profile because of healthy capital structure.

Outlook: Stable
CRISIL believes THI will continue to benefit over the medium term
from promoters' extensive industry experience and healthy
relationships with key customers. The outlook may be revised to
'Positive' if substantial ramp-up in scale of operations and
profitability leads to improved cash accrual and liquidity.
Conversely, the outlook may be revised to 'Negative' if
relationships with key customers weaken, leading to decline in
revenue or profitability; or if any large debt-funded capital
expenditure weakens financial risk profile.

Set up as a partnership concern by Mr. Rajkumar and Mr. Pandy in
1996, and based in Ranipet (Tamil Nadu), THI processes semi-
finished leather into finished leather, primarily for the footwear
industry.


VIJAYNATH ROOF: CRISIL Reaffirms B- Rating on INR30.5MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Vijaynath Roof And
Wall Cladding Systems Pvt Ltd (VRWC) continue to reflect VRWC's
small scale of operations with limited value addition in the
roofing systems business, and its long working capital cycle,
because of delayed payments by customers, which constrains
liquidity. These weaknesses are partially offset by its promoter's
extensive industry experience and its strong customer base.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        200        CRISIL A4 (Reaffirmed)

   Cash Credit            20        CRISIL B-/Stable (Reaffirmed)

   Letter of Credit      100        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     30.5      CRISIL B-/Stable (Reaffirmed)

   Term Loan              27        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes VRWC will continue to benefit over the medium term
from its promoter's extensive industry experience and its strong
clientele. The outlook may be revised to 'Positive' if working
capital management improves significantly and sustainably, leading
to better liquidity. Conversely, the outlook may be revised to
'Negative' if liquidity deteriorates because of increased working
capital requirement or large capital expenditure (capex).

Update
VRWC continues to exhibit a long working capital cycle as
reflected in gross current assets (GCAs) of about 160 days as on
March 31, 2015, mainly due to delays in payments by customers and
retention money. The working capital requirement increased
substantially over the past two years leading to stretched
liquidity, and is expected to remain large because of large
receivables.

There are cash-flow mismatches wherein letters of credit (LCs) are
due before realisation of receivables as customers are larger than
VRWC and have significant negotiation power. Also, low working
capital limits lead to frequent overutilisation.

For 2014-15 (refers to financial year, April 1 to March 31), VRWC
reported profit after tax of INR3.2 million on net sales of
INR420.3 million, against PAT of INR12.2 million on net sales of
INR523.7 million for 2013-14. It reported revenue of INR102.8
million for the first quarter of 2015-16. Backed by an order book
of INR450 million, revenue for 2015-16 is expected at INR500-550
million. With decline in raw material prices and several cost-
cutting measures, operating margin improved to 8.7 per cent in
2014-15 from 1.8 per cent during 2012-13. However, it remains
lower than the historical range of 10-16.0 per cent. CRISIL
believes that with expectation of stable business growth and cost-
control measures, profitability will improve over the medium term.

VRWC had low gearing and total outside liabilities to tangible net
worth ratio of 0.18 time and 1.26 times, respectively, as on March
31, 2015. Financial risk profile is expected to remain stable over
the medium term in the absence of large debt-funded capex.

VRWC, based in Mumbai and incorporated in 2003, was set up by Mr.
Vijaynath Shetty. The company provides consultancy and
installation services for aluminium, steel, copper, and zinc
roofing systems. Steel roofing systems account for most of its
revenue.


YASH ENTERPRISES: CRISIL Reaffirms 'B' Rating on INR40MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Yash Enterprises (YE)
continue to reflect the firm's below-average financial risk
profile because of a small net worth, high gearing, and weak debt
protection metrics. The ratings also factor in geographical
concentration in the firm's revenue profile and its small scale of
operations in the fragmented civil construction industry. These
rating weaknesses are partially offset by a moderate order book
and extensive industry experience of the promoters.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       47        CRISIL A4 (Reaffirmed)
   Cash Credit          40        CRISIL B/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that YE will continue to benefit from over the
medium term its moderate order book and promoters' extensive
industry experience. The outlook may be revised to 'Positive' in
case of a substantial growth in scale of operations and cash
accrual, along with better working capital management. Conversely,
the outlook may be revised to 'Negative' if the firm's cash
accrual, financial risk profile, and liquidity weaken because of a
significant decline in revenue or profitability.

Update:
Due to delayed release of new orders and the consequent limited
order book, YE's net sales declined to less than INR200 million in
2014-15 (refers to financial year, April 1 to March 31) from more
than INR230 million in the previous year. However, the orders
executed had better profitability translating into an improvement
in the operating profit margin by 200 basis points (bps; 100 bps
equal 1 percentage point) to more than 15 per cent in 2014-15.
With an enhanced order book of about INR50 million at the end of
August 2015 to be executed over the following 12-15 months,
coupled with booking of about INR50 million of sales in the first
five months of 2015-16, the firm is expected to achieve moderate
growth in turnover in 2015-16 while maintaining its improved
profitability.

The financial risk profile remains weak because of a small net
worth of INR42 million and high gearing of 3.6 times as on March
31, 2015; the interest coverage ratio was 3.2 times in 2014-15.
Capital withdrawal of INR10 million by partners during the year
resulted in an erosion in the net worth. Infusion of fresh long-
term funds will strengthen the capital structure and hence will
remain a key rating sensitivity factor over the medium term.

Cash accrual is expected to be INR10 million in 2015-16,
sufficient for debt repayment obligation of INR1.8 million during
the year. Any shortfall is likely to be funded through unsecured
loans from promoters; the balance of such loans stood at INR125
million as on March 31, 2015. The average bank limit utilisation
was low at 15 per cent during the 12 months through June 2015.

YE, on a provisional basis, reported a profit after tax (PAT) of
INR10.7 million on net sales of INR196.5 million for 2014-15; the
firm had reported a PAT of INR16.1 million on net sales of
INR233.6 million for 2013-14.

YE was established as a proprietorship firm in Borivali, Mumbai in
1999 by Mr. Vipul C Shah. In 2009, the firm was reconstituted as a
partnership concern, with Mr. Shah and Mrs. Chandrika Vipul Shah
as partners. YE undertakes civil construction and interior works
for the Government of Maharashtra.



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


ROSS ASSET: Broker Seeks to Keep NZ$2MM Away From Liquidators
-------------------------------------------------------------
Suze Metherell of BusinessDesk reports that Duncan Priest, a
Wellington broker, wants NZ$2 million of shares he bought through
Ross Asset Management excluded from the liquidator's distributions
to investors hit by New Zealand's largest fraud.

BusinessDesk relates that in a hearing in the High Court at
Wellington, Mr. Priest is seeking remove a claim against his
shares by RAM liquidator John Fisk of PwC, arguing his investments
through fraudster David Ross were separate to the Ponzi scheme.
The shares were worth NZ$2 million as at June 30, and about 80% of
the investment in Diligent Corp, counsel for the RAM liquidator,
Mike Colson, told Justice Denis Clifford, the report relays.

According to BusinessDesk, Wellington-based Ross built up a
private investment service by word of mouth, producing regular
reports for shareholders indicating healthy but fictitious
returns. Between June 2000 and September 2012, Ross reported false
profits of NZ$351 million from fictitious securities trading as
part of a fraud that was the largest single such crime committed
by an individual in New Zealand. He is currently serving a 10-
year, 10-month jail term, which carries a minimum non-parole
period of five years and five months, the report says.

Mr. Priest, however, was using RAM as a nominee to manage
transactions in shares, but had full control over buy and sell
orders for the shares and was not part of Ross's Ponzi scheme, as
Priest's shares were actually bought and accounted for, according
to his lawyer, David Chisholm QC, BusinessDesk reports.

Complicating matters, Ross used the same ANZ Bank current account
for all transactions, meaning Mr. Priest's investments flowed
through the same account as Mr. Ross's other investors, the report
states.

BusinessDesk relates that Mr. Chisholm argued that because Mr.
Priest's investments went through the shared account they were
untraceable, meaning that because investors can't single them out,
they can't claim the shares the account was used to buy on
Priest's behalf.

Mr. Colson said it would not be practicable for the liquidators to
trace through all transactions in the account, and upon
examination of the cash flow prior to purchases of Diligent
shares, other investor money was used. That meant Mr. Priest's
investments fell into the shared "pot" of defrauded investors, he
said, BusinessDesk relays.

According to LinkedIn, Mr. Priest works for McDouall Stuart, which
was the lead manager in Diligent's 2007 initial public offering.
Since listing, Diligent shares have soared about
576% and recently traded at NZ$5.76, BusinessDesk notes.
According to BusinessDesk, Mr. Colson said Mr. Priest contacted
the liquidators in the early stages of the administration, but
ultimately the parties disagreed over how to proceed.

Currently, there is between NZ$3 million and NZ$4 million
available to be distributed to investors, excluding the
NZ$2 million of shares in this dispute, he said. Defrauded RAM
investors expect to receive 3 cents in every dollar invested.

In June, liquidator Fisk won the right to recover cash from
investors who were paid fictitious gains, although it was ruled
that the investor's initial investment could be viewed separately,
BusinessDesk recalls.

BusinessDesk says Justice Alan MacKenzie ordered former Ross Asset
Management investor Hamish McIntosh to repay NZ$454,000 in
fictitious gains from his investment, but he was able to keep his
NZ$500,000 principal payment.

According to the report, Mr. Fisk is seeking to claw back some of
the NZ$100 million to NZ$115 million that was lost in the
fraudulent scheme for some 1,200 investors. As at June 16, they
estimated the realisable value of shares held by Ross Asset
Management entities to be about NZ$5.4 million, with estimated
total realisations available for investors and creditors of
NZ$3.98 million.

BusinessDesk says Ross Asset Management's assets were frozen and
receivers appointed in 2012 by the Financial Markets Authority
after the watchdog received complaints about delayed or non-
payment of investor funds. Mr. Ross wasn't available in the early
days of the investigation due to his hospitalisation under the
Mental Health Act, the report recalls.

PwC's Fisk and David Bridgman were appointed to preserve the
assets of the Ross family and related trusts as part of the wider
investigation into Ross Asset Management.

The hearing before Justice Clifford continues, adds BusinessDesk.

                          About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).



=============
V I E T N A M
=============


DINH VU: Fibre Plant Faces Bankruptcy Due to Losses
---------------------------------------------------
VietNamNews reports that the Dinh Vu Polyester Fibre Plant in the
northern port city of Hai Phong has shut down and faces bankruptcy
after only one year of operating due to losses.

According to the report, the plant has the total investment of
nearly VND7 trillion (about US$310 million) and planned to use
materials from the Dung Quat Oil Refinery Plant to make fibre.
PetroVietnam (PVN) owns 75 per cent of the plant.

But since the plant started to operate in May last year, it
continuously could not sell its products, the report says.

VietNamNews says observation of the Tuoi tre (Youth) newspaper's
correspondent showed that the plant's large property did not have
anybody in it except for some guards at the gate.  Most of rooms
in the plant were locked, and only some workers passed by to
maintain equipment.

It was the second time this year the plant had to temporarily
closed, VietNamNews relates citing the newspaper's research. The
first time it stopped its work was from January 6 to March 12. The
second time was from September 9 and is scheduled to last until
the end of this year.

About 1,000 workers of the plant are temporarily out of work, the
report says.

VietNamNews relates that a spokesperson for the plant told the
newspaper that it was because by the end of March this year, the
plant suffered a loss of VND1.7 trillion (about $76.5 million).

Reasons for the losses were that expenses were higher than
expected, VietNamNews reports.

The plant could not sell its products due to some quality
problems, the spokesperson said, VietNamNews relays.
Citing a report from the Ministry of Industry and Trade,
VietNamNews discloses that the plant produced 32,000 tonnes of
products in the first five months this year, but sold only 23,000
tonnes. The plant lost at least VND3.3 million ($140) for each
tonne of products.

To improve the plant's condition, PVN proposed the Ministry of
Finance and Ministry of Industry and Trade give the plant breaks
on taxes and some expenses such as electricity, land and waste
water treatment during the next two years, according to
VietNamNews.

VietNamNews adds that PVN also proposed the two ministries give
preferential treatment on taxes and loans for domestic fibre
plants which buy the plant's products. But the two ministries did
not accept the proposal, the report notes.

VietNamNews says to reduce the plant's difficulties in the short
term, the Ministry of Industry and Trade sent a document to
textile plants and associations asking them to give priority to
products of the plant.

But a representative from the ministry said that the plant's
financial condition still faced a lot of obstacles and it could go
bankrupt, the report 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, 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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