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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, November 6, 2015, Vol. 18, No. 220


                            Headlines


A U S T R A L I A

FITLINK AUSTRALIA: First Creditors' Meeting Set For Nov. 12
FRESH DOUGH: First Creditors' Meeting Set For Nov. 12
HYPAC PTY: First Creditors' Meeting Set For Nov. 13
ST LEONARDS: First Creditors' Meeting Set For Nov. 16


C H I N A

GLORIOUS PROPERTY: S&P Raises CCR to 'CCC'; Outlook Negative
HIDILI INDUSTRY: Defaults on $190.6 Million Bond
WEST CHINA: Moody's to Retain Ba3 CFR on Yaowangshan Acquisition
YANZHOU COAL: Moody's Lowers CFR to Ba3; Outlook Stable


I N D I A

A.G. BABU: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
ARADHYA STEEL: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
BALKRISHNA GINNING: CRISIL Reaffirms B+ Rating on INR175MM Loan
BRAZA TYRES: CRISIL Ups Rating on INR50MM Cash Loan to B+
CHINAR SYNTEX: CRISIL Reaffirms B+ Rating on INR210MM Cash Loan

DEVAKI STEELS: CRISIL Suspends 'D' Rating on INR120MM Cash Loan
EASTERN CHROME: CRISIL Suspends 'D' Rating on INR230MM Loan
EDEN CRITICAL: CRISIL Cuts Rating on INR195MM Term Loan to D
EIAR IFMR: Ind-Ra Hikes Series A3 PTCs Rating From 'IND BB+(SO)'
EPOCH ELECTRONICA: Ind-Ra Withdraws 'IND B' LT Issuer Rating

GBM MANUFACTURING: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
GREAT EASTERN: Ind-Ra Suspends 'IND BB+' Long Term Issuer Rating
GUPTA & SONS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
GURU GOBIND: CRISIL Assigns 'D' Rating to INR80MM LT Loan
HARISONS STEEL: CRISIL Cuts Rating on INR210MM Cash Loan to D

IRONIDE MINERALS: CRISIL Suspends B Rating on INR130MM Cash Loan
JAMUNA POULTRY: CRISIL Suspends 'B' Rating on INR43MM LT Loan
JORSS BULLION: ICRA Lowers Rating on INR35cr Cash Loan to D
KOMARLA HATCHERIES: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
LAKSHMAN VEER: CRISIL Assigns 'B' Rating to INR90MM Cash Loan

LAL BABA: ICRA Suspends 'D' Rating on INR24.50cr Loan
LALITHA DEVI: ICRA Assigns B+ Rating to INR5.0cr LT Loan
LEXUS MOTORS: ICRA Reaffirms B+ Rating on INR69.50cr Loan
MARTIN BURN: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating
MATHURA FIBRES: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating

MITHRA COTTON: CRISIL Assigns B+ Rating to INR51MM Cash Loan
NAMITHA BUILDERS: CRISIL Suspends B+ Rating on INR200M LT Loan
NIROS ISPAT: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
PIBCO INDIA: Ind-Ra Withdraws 'IND D' Long-Term Issuer Rating
RADICAL PLASTPACK: ICRA Reaffirms B Rating on INR3.50cr Loan

RAM LAL: ICRA Lowers Rating on INR18cr Loan to D
RATTAN STEEL: CRISIL Reaffirms B+ Rating on INR112.5MM Loan
RAUNAK EXPORTS: ICRA Lowers Rating on INR8.50cr Cash Loan to D
S S S FIBRE: CRISIL Suspends B+ Rating on INR81.5MM LT Loan
S.R. OVERSEAS: CRISIL Reaffirms B Rating on INR110MM Loan

SHIKSHA PRASARINI: CRISIL Assigns B+ Rating to INR10MM Loan
SHIV SHANKER: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
SHREE KRISHNA: CRISIL Suspends 'B' Rating on INR30MM Cash Loan
SHRI DHANALAKSHMI: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
SHRI RAM: ICRA Upgrades Rating on INR55cr Cash Loan to B+

SOL IFMR: Ind-Ra Gives 'IND BB-(SO)' Rating to Series A2 PTCs
SREEPATHY TRUST: CRISIL Suspends B Rating on INR40MM Term Loan
SRI SUNFLOWER: CRISIL Cuts Rating on INR120MM LT Loan to D
SUPER INFRATECH: CRISIL Cuts Rating on INR87.4MM Bank Loan to D
SURINA IMPEX: Ind-Ra Withdraws 'IND BB' Long-Term Issuer Rating

T.V.A.N. JEWELLERS: CRISIL Assigns B+ Rating to INR40MM Loan
TIRUPATI EDUCATIONAL: ICRA Lowers Rating on INR14.30r Loan to D
V. N. V. BUILDERS: CRISIL Suspends 'B' Rating on INR50MM Loan
V.R.K. ASSOCIATES: ICRA Reaffirms B Rating on INR8cr Term Loan
VARDHMAN POLYTEX: ICRA Lowers Rating on INR464cr LT Loan to D

VELMURUGAN HEAVY: ICRA Ups Rating on INR15cr LT Loan to B+
VICEROY EXPORTS: CRISIL Assigns B+ Rating to INR100MM Loan
VIJAI CONSTRUCTION: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
WESTERN UP: CRISIL Suspends 'D' Rating on INR3.85BB LT Loan

* INDIA: Publishes Long-Awaited Bankruptcy Reform Proposals


J A P A N

SHARP CORP: S&P Lowers CCR to 'CCC+'; Outlook Negative


P H I L I P P I N E S

RURAL BANK OF BUGUIAS: Placed under PDIC Receivership


S O U T H  K O R E A

* SOUTH KOREA: Shipbuilders Suffer Massive Losses in Q3


T A I W A N

TPK HOLDING: Posts NT$19.39 billion third-quarter loss


                            - - - - -


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


FITLINK AUSTRALIA: First Creditors' Meeting Set For Nov. 12
-----------------------------------------------------------
Richard Albarran, Shahin Hussain & Brent Kijurina of Hall Chadwick
Chartered Accountants were appointed as administrators of Fitlink
Australia Pty Limited on Nov. 2, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 19, 144 Edward Street,
in Brisbane, Queensland, on Nov. 12, 2015, at 11:30 a.m.


FRESH DOUGH: First Creditors' Meeting Set For Nov. 12
-----------------------------------------------------
James White and Rachel Burdett-Baker of BDO were appointed as
administrators of Fresh Dough Pty Ltd on Nov. 2, 2015.

A first meeting of the creditors of the Company will be held at
BDO, Level 11, 1 Margaret Street, in Sydney, on Nov. 12, 2015, at
11:00 a.m.


HYPAC PTY: First Creditors' Meeting Set For Nov. 13
---------------------------------------------------
Richard Albarran, Brent Kijurina and David Ross of Hall Chadwick
Chartered Accountants were appointed as administrators of Hypac
Pty Limited on Nov. 3, 2015.

A first meeting of the creditors of the Company will be held at
Terrace 3, Stamford Plaza Adelaide, 150 North Terrace, in
Adelaide, on Nov. 13, 2015, at 11:00 a.m.


ST LEONARDS: First Creditors' Meeting Set For Nov. 16
-----------------------------------------------------
Simon Nelson and Anthony Cant of Romanis Cant were appointed as
administrators of St Leonards Hotel Pty Ltd, trading as St
Leonards Hotel, on Nov. 4, 2015.

A first meeting of the creditors of the Company will be held at
Romanis Cant, Level 2, 106 Hardware Street, in Melbourne, on
Nov. 16, 2015, at 11:00 a.m.



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


GLORIOUS PROPERTY: S&P Raises CCR to 'CCC'; Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Glorious Property Holdings
Ltd. to 'CCC' from 'CC' and S&P's long-term issue rating on the
company's senior unsecured notes to 'CCC-' from 'C'.  The outlook
is negative.  In line with the rating revision, S&P raised its
long-term Greater China regional scale rating on the China-based
developer to 'cnCCC' from 'cnCC' and S&P's long-term Greater China
scale rating on the notes to 'cnCCC-' from 'cnC'.

"We upgraded Glorious to reflect our view that the company has a
slightly lower risk of defaulting after fully repaying its senior
unsecured notes due Oct. 25, 2015," said Standard & Poor's credit
analyst Dennis Lee.  "However, we believe Glorious still faces
high liquidity risks, which stem from its substantial short-term
borrowings, limited cash balance, and weak sales execution."

As of the end of June 2015, Glorious has total short-term
borrowings of about Chinese renminbi (RMB) 23 billion, compared
with an unrestricted cash balance of only RMB205 million.

S&P believes that Glorious' existing business model is
unsustainable, given its reliance on rolling over growing
borrowings to remain in operation.  Due to the company's
continuous debt growth, S&P estimates that Glorious has to pay
over RMB3 billion in interest expenses in 2016.  This amount is
just barely lower than the sales of RMB4 billion in 2014 and
RMB4.6 billion up to Oct. 25, 2015.  Given the weak sales
execution, low cash balance, and rising debt and interest
expenses, lenders may become more cautious toward extending loans,
or demand higher interest rates or lower loan-to-value (LTV)
ratios.  In S&P's view, this would only further reinforce the
existing vicious cycle for Glorious.

S&P is also highly uncertain whether lenders will continue to roll
over their loans when due, despite the fact that the majority of
Glorious' borrowings are secured.  In S&P's opinion, any immediate
repayment request from lenders may further stress the company's
existing weak liquidity position.

As of the end of June 2015, Glorious has total land reserves of 14
million meters square.  Some of these reserves are in higher-tier
cities such as Shanghai, Beijing, Tianjin, and Nanjing.  Glorious
may need to liquidate some of its land reserves or sell some
projects to raise extra cash.

During the first half of 2015, the company's contracted sales
reached RMB2.1 billion, up 11.5% year on year.  Sales gradually
picked up to RMB520 million in September and RMB1.36 billion
Oct. 1-25, 2015.  However, in S&P's opinion, the current sales are
insufficient to turn around the existing liquidity position and
will require further sustained improvement.

"The rating outlook on Glorious for the next 12 months is negative
because we continue to believe that the company faces very high
liquidity risk, given its substantial short-term borrowings, low
unrestricted cash balance, and weak sales execution," said Mr.
Lee.  "The outlook also reflects the uncertainties over the
refinancing of the company's borrowings."

S&P could lower the rating if Glorious has any difficulties in
refinancing its outstanding borrowings including having any loans
overdue, such that lenders request immediate repayment of part or
all of the borrowings.  Under these scenarios, Glorious may not
have sufficient cash to meet the obligation.

In a less likely scenario, S&P could revise the outlook to stable
if Glorious establishes a record of refinancing its borrowings,
has no overdue principal and interest payments, and accelerates
sales execution from the current level, such that its liquidity
position significantly improves.


HIDILI INDUSTRY: Defaults on $190.6 Million Bond
------------------------------------------------
David Yong at Bloomberg News reports that the commodities slump is
set to claim another bond-market casualty as a Chinese coal miner
stumbles under its debt load, adding to global defaults at a six-
year high.

Hidili Industry International Development Ltd. hasn't paid $190.6
million of bond principal and interest due November 4, after
failing to raise money from banks or asset sales, it said in a
filing, Bloomberg relays. Noteholders who shunned the miner's
buyback offer in September 2014 have seen the securities' price
slump by more than half, says Bloomberg.

According to the report, China's slowest growth since 1990 is
crimping cash flows at miners, steelmakers and developers
following defaults by Winsway Enterprises Holdings Ltd. and Kaisa
Group Holdings Ltd.  Bloomberg notes that more pain may be in
store, after record rating downgrades on the nation's borrowers by
Standard & Poor's and Moody's Investors Service this year.

"Hidili's struggle could have a chain reaction in China's real
economy," Bloomberg quotes Ji Weijie, a credit analyst in Beijing
at China Securities Co., as saying.  "Banks could see rising bad
debts, and smaller companies counting on distressed companies like
Hidili could also fail."

According to Bloomberg, the coal miner, based in the southwestern
province of Sichuan, sold $400 million of the 8.625 percent notes
in 2010. It retired $196 million of the securities after making a
partial buyback offer in September 2014 at 68 cents on the dollar
with bank funding, Bloomberg states.

The 2015 notes have tumbled to a record low of 20.5 cents on the
dollar as of 4:54 p.m. in Hong Kong, on November 4, according to
Bloomberg-compiled prices.

"It's a cold coal winter for investors," Bloomberg quotes Raymond
Chia, the head of fixed-income research for Asia ex-Japan at
Schroder Investment Management Ltd. in Singapore, as saying.
"There was a chance at some point in time to exit at higher
prices, but now investors could potentially face severe losses."

Bloomberg recalls that the company tried reducing its debt load as
coal prices slumped 21% this year, but without success. At the
same time, weakening creditworthiness has made it harder to
refinance in the global debt capital markets and with domestic
banks, Bloomberg notes.

Hidili reported losses the first six months of this year, and in
the preceding three years, Bloomberg discloses. Cash dwindled to
CNY118 million ($18.6 million) as of June 30, from CNY793 million
two years earlier. Total debt stood at CNY7.1 billion versus
CNY8.5 billion over that period, the report says.

The miner failed to repay a CNY289.6 million loan which fell due
in June, and is seeking a waiver on covenants and an extension.
Its onshore loans totaled CNY6 billion as of June 30, Bloomberg
reports citing an Oct. 30 filing.

"We have been trying to sell assets and get new bank loans to
repay notes," Frank Sheng, head of investor relations, said on
Nov. 3, Bloomberg relays. "But in the past two months, the
financing situation for coal companies has worsened in China and
we haven't been able to sell assets. In the short term, we don't
think the coal prices will rebound."

                       About Hidili Industry

Hidili is a vertically-integrated coal mining enterprise in
southwestern China that supplies coking coal products to the
domestic steel industry. Hidili was listed on the Hong Kong Stock
Exchange in September 2007.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 29,
2015, Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Hidili Industry International
Development Ltd. to 'CCC-' from 'CCC'.  The outlook is negative.
S&P also lowered the rating on the company's senior unsecured
notes to 'CC' from 'CCC-'.  Simultaneously, S&P lowered its long-
term Greater China regional scale rating on Hidili to 'cnCCC-'
from 'cnCCC', and that on the notes to 'cnCC' from 'cnCCC-'.


WEST CHINA: Moody's to Retain Ba3 CFR on Yaowangshan Acquisition
----------------------------------------------------------------
Moody's Investors Service says that West China Cement Limited's
(WCC) acquisition of Tongchuan Yaowangshan Ecological Cement Co.,
Ltd. (unrated) will not affect WCC's Ba3 corporate family or
senior unsecured ratings.

The ratings outlook is stable.

On Nov. 1, 2015, Yaobai Special Cement Co., Ltd. (unrated) --
WCC's indirectly owned subsidiary -- entered into an agreement
with China Jiantou Trust Co., Ltd. (unrated) to acquire a 100%
equity stake in Yaowangshan Cement for RMB392 million, and take
over RMB376 million in shareholder loans.

"WCC's acquisition of a regional competitor with a total cement
capacity of 2.2 million tons per annum will enhance its market
share and generate potential synergies with its existing plants,
which will in turn improve its competitiveness and help it better
weather the weak market environment," says Jiming Zou, a Moody's
Vice President and Senior Analyst, and also the Local Market
Analyst for WCC.

The acquisition will result in WCC increasing its total cement
production capacity by about 10% to 23.3 million tons per annum in
Shaanxi Province.  It will also increase WCC's market share in the
province to about 29% from its current 26%.

The acquisition is in line with the company's strategy to
consolidate the province's market for cement, and underscores the
benefits of its cooperation with Anhui Conch Cement Company
Limited (A3 stable).  Anhui Conch injected RMB1.2 billion into WCC
in June 2015 for a 16.7% equity stake in the company.

Moody's says that the acquisition of Yaowangshan Cement will not
negatively impact WCC's gross debt/EBITDA, which was at 4.3x for
the 12 months to June 31, 2015.

The acquisition will be mainly funded with WCC's substantial cash
balance, which amounted to RMB1.9 billion at end-June 2015, after
Anhui Conch's equity subscription.

Yaowangshan Cement's EBITDA contribution to WCC will be limited,
because the acquired company only started production in 2014, and
recorded a loss of RMB56 million in the same year.

Moody's expects that the consolidation in the industry will
continue over the next 1-2 years, given the challenging operating
environment for cement companies in Shaanxi Province.  This
situation should benefit producers like WCC over time, given
Moody's expectation of an easing in competition.

So far this year, cement prices have fallen to historic lows in
Shaanxi Province, due to lackluster levels of real estate and
infrastructure spending.

In terms of liquidity, Moody's expects that WCC will face little
difficulty in rolling over its RMB850 million in maturing bank
loans, and in refinancing its RMB800 million domestic medium term
notes due in March 2016, because of its cooperation with Anhui
Conch -- a strong industry partner -- as well as WCC's modest debt
leverage.

The principal methodology used in these ratings was Building
Materials Industry published in September 2014.

West China Cement Limited is one of the leading cement producers
by capacity in China's Shaanxi Province.  At end-June 2015, the
company's annual production of cement totaled 27 million tons.  It
recorded RMB3.9 billion in revenues in 2014.


YANZHOU COAL: Moody's Lowers CFR to Ba3; Outlook Stable
-------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Yanzhou Coal Mining Co. Ltd. and the senior unsecured
debt ratings of Yancoal International Resources Development Co.,
Ltd and Yancoal International Trading Co., Limited to Ba3 from
Ba2.

The ratings outlook has been changed to stable from negative.

RATINGS RATIONALE

"The downgrade reflects Yanzhou Coal's weakened credit profile
owing to declining thermal coal prices, which are unlikely to
recover in the near term," says Dylan Yeo, Moody's Lead Analyst
for Yanzhou Coal.

Yanzhou Coal is negatively affected by the weak thermal coal
prices.  The Qinhuangdao 5500 thermal coal price index fell to an
average price of RMB464 per tonne in the six months ended June
2015 from the average price of RMB701 per tonne in 2012.

In Moody's view, a turnaround in thermal coal prices is unlikely
because China's (Aa3 stable) economy will continue to be slow in
2016.

Yanzhou Coal has reduced its operating costs through downsizing
its workforce, tighter controls over raw material consumption and
optimizing its operating processes.

In addition, it has cut losses at its Australian subsidiary --
Yancoal Australia Limited (unrated) -- which achieved a 95%
reduction in EBIT losses in 1H 2015 compared with 2013.

But its credit metrics have been materially affected by the
continued weakness in thermal coal prices.

The company's net debt/EBITDA increased to 7.5x in the 12 months
ended June 30, 2015, from 6.4x at end-2014.

Moody's expects this debt leverage ratio to exceed 9.0x in 2016 as
it needs to ramp up its more cost efficient mines to combat the
low thermal coal prices.

Such high debt leverage positions the company's standalone credit
profile closer to Moody's-rated global peers in the mid-B level.

Yanzhou Coal's standalone credit profile reflects its low-cost
mines and good infrastructure supporting thermal coal demand in
the economically strong Shandong Province, as well as the
company's interest in mining assets in China and Australia (Aaa
stable).

In addition, it considers the company's state-owned status and
significant scale that enable it to have good access to bank
finance and capital markets in China.

"We expect the provincial government of Shandong will continue to
provide a high level of support to Yanzhou Coal and its parent,
Yankuang Group Corporation Limited (unrated)," says Yeo.

Yanzhou Coal's Ba3 rating factors a 2-notch uplift for parental
support, reflecting Yanzhou Coal's dominant position and strategic
importance as Yankuang's flagship company.  It also reflects
Yankuang's track record of providing financial support, including
guarantees on about 20% of Yanzhou's outstanding debt and asset
injections.

Yankuang is a large provincial state-owned enterprise (SOE) that
is wholly-owned by the Shandong State-owned Assets Supervision and
Administration Commission (SASAC) (unrated).

As one of the top mining companies in China, its large scale in
the strategic resource sector as well as extensive work force
enable it to minimize the regulatory risks evident in China and
enjoy good access to low-cost funding.

Moreover, Yankuang is a key corporation that will engage in the
SOE reform initiative under the direction of the Shandong SASAC.

Moody's expects any likely extraordinary government support will
pass through Yankuang to Yanzhou Coal, as the group accounts for
almost one quarter of total coal production in Shandong.

Yanzhou's strong liquidity position enables it to weather through
the coal cycles.  It reported cash of RMB21.4 billion at end-
September 2015, which together with internally generated cash
flow, is adequate to fund internal cash needs in the next 12
months, including maintenance capital expenditure and short-term
debt maturities.

The stable rating outlook reflects Moody's expectation that
Yanzhou Coal will be prudent in its capital expenditure and
maintain its strong liquidity position, which includes stable
financing at its Australian subsidiary.

Upward rating pressure could arise if the company (1) can turn
around its Australian operations; (2) improves its financial
profile, such that its net adjusted debt/EBITDA is below 6.0x and
EBITDA/interest is maintained above 2.5-3.0x on a consistent
basis.

On the other hand, downward rating pressure could emerge if
Yanzhou Coal's credit profile deteriorates further due to failure
to turn around its Australian operations, a material disruption in
its operations due to non-compliance with mining regulations, or
material weakening in its liquidity profile.

Indicators for downward rating pressure include net debt/EBITDA
continuously exceeding 9.0x--10x on a sustained basis.

Any material reduction in the Yankuang Group's ownership in
Yanzhou Coal would be negative to the ratings.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Yanzhou Coal Mining Co. Ltd. was listed in Shanghai, Hong Kong and
New York in 1998.  It is 56.52%-owned by the Yankuang Group
Corporation Limited, a state-owned enterprise that is wholly owned
by the Shandong State-Owned Assets Supervision and Administration
Commission.

At end-2014, the company owned and operated 20 coal mines across
China and Australia.  It also owned abundant coal resources in
China's Shandong and Shanxi provinces, the Inner Mongolia
Autonomous Region, as well as in the Australian states of
Queensland, New South Wales and Western Australia.



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I N D I A
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A.G. BABU: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of A.G. Babu Sah (AGBS).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Rupee Term Loan        9.8       CRISIL B/Stable

   Cash Credit           70.0       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility     0.2       CRISIL B/Stable

The rating reflects AGBS's nascent stage of operations and below-
average financial risk profile because of modest net worth and
debt protection metrics. These weaknesses are partially offset by
extensive experience of the firm's promoters in trading of silk
sarees.
Outlook: Stable

CRISIL believes AGBS will continue to benefit over the medium term
from promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of higher-than-expected increase in
scale of operations while maintaining profitability, resulting in
sizeable cash accrual. Conversely, the outlook may be revised to
'Negative' if revenue or profitability is lower than expected,
resulting in deterioration in financial risk profile.

Set up in 2014, AGBS is a Chennai-based partnership concern that
trades in silk sarees. The firm is managed by Kanchipuram (Tamil
Nadu)-based Sah family. AGBS has a 6000-square-feet showroom in
Kanchipuram.


ARADHYA STEEL: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Aradhya Steel
Private Limited's Long-Term Issuer Rating of 'IND BB-(suspended)'.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for Aradhya Steel.

Ind-Ra suspended Aradhya Steel's ratings on 11 February 2015.
Aradhya Steel's ratings are as follows:

-- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
    withdrawn

-- INR156.2m outstanding long-term loans: 'IND BB-(suspended)';
    rating withdrawn

-- INR400m fund-based working capital limits: 'IND BB-
    (suspended)' and 'IND A4+(suspended)'; ratings withdrawn

-- INR65m non-fund-based working capital limits: 'IND BB-
    (suspended)' and 'IND A4+(suspended)'; ratings withdrawn


BALKRISHNA GINNING: CRISIL Reaffirms B+ Rating on INR175MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Balkrishna
Ginning and Pressing Factory (BGPF) continue to reflect to reflect
BGPF's below-average financial risk profile, marked by a modest
net worth and weak debt protection metrics, and its susceptibility
to adverse regulatory changes. These rating weaknesses are
partially offset by the extensive experience of BGPF's promoters
in the cotton ginning industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            175       CRISIL B+/Stable (Reaffirmed)

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

Outlook: Stable

CRISIL believes that BGPF will continue to benefit over the medium
term from its promoters' experience in the cotton ginning
business. The outlook may be revised to 'Positive' if the firm
strengthens its capital structure while as a result of increase in
its scale of operations and accruals or infusion of capital by
partners. Conversely, the outlook may be revised to 'Negative' if
BGPF undertakes a large, debt-funded capital expenditure (capex)
programme and/or if its working capital management weakens,
leading to deterioration in its debt protection metrics or capital
structure.

BGPF was set up as a partnership firm in 1999 by Mr. Arvind
Raichura and his family. The firm is involved in the ginning and
pressing of raw cotton to make cotton bales and also manufacturing
of cotton seed wash oil, cotton seed linter, and de-oiled cake
from them.

BGPF   reported a net profit of INR2.5 million on net sales of
INR956.7 million for 2013-14, against a book profit of INR2.5
million on net sales of INR956.7 million for 2013-14.


BRAZA TYRES: CRISIL Ups Rating on INR50MM Cash Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Braza Tyres Pvt Ltd (BTPL, part of the Braza group) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

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

   Term Loan              21.6      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade follows the change in CRISIL's analytical
approach for rating BTPL's bank facilities. For arriving at the
rating, CRISIL has now combined the business and financial risk
profiles of BTPL and Cinq Micron Chem Pvt Ltd (CMC). This is
because the two companies, together referred to as the Braza
group, have a common management and promoters, operate in the tyre
replacement industry, and have significant operational linkages.
The change in approach is triggered by the extension of corporate
guarantees for each other's bank facilities and CRISIL's belief
that funds will be highly fungible between the two companies.

The rating upgrade also factors in the Braza group's improved
market position because of its diversified product profile, which
includes tubes and tyres. The group is expected to maintain its
operating margin at around 10 per cent and have cash accrual of
INR42-50 million annually against annual debt obligations of INR16
million, over the medium term.

The rating reflects the Braza group's modest scale of operations
in the intensely competitive tyre industry, and large working
capital requirements. The rating also factors in the group's
constrained liquidity due to high bank limit utilisation
especially during the non-peak months of December to February, and
the expected outgo of funds to associate entities in unrelated
businesses. These rating weaknesses are partially offset by the
extensive industry experience of the promoters, and the group's
established marketing network and diversified product profile.
Moreover, it has a moderate financial risk profile because of a
moderate capital structure and above-average debt protection
metrics, though its net worth is small.
Outlook: Stable

CRISIL believes the Braza group will continue to benefit over the
medium term from its promoters' extensive industry experience and
its strong marketing network. The outlook may be revised to
'Positive' in case of a substantial increase in scale of
operations while profitability and capital structure are
maintained. Conversely, the outlook may be revised to 'Negative'
in case of significantly low revenue and profitability,
considerable increase in working capital requirement, additional
debt-funded capital expenditure, or more-than-expected investment
in unrelated businesses, leading to weakening of the group's
financial risk profile.

Incorporated in 2006, BTPL was set up by Mr. Achal Dev Sharma. The
company manufactures tyres, tyre tubes, and pre-cured tread rubber
used in tyres. It initially manufactured automobile tubes for two-
wheelers and cars. In 2009, it commenced manufacturing tread
rubber and tyres for various vehicles such as scooters,
motorcycles, jeeps and light commercial vehicles, and tractors and
trucks. It sells in the replacement market under its own brand
Braza. Mr. Achal Sharma, his wife Ms. Nisha Sharma, and his
brother Mr. Kapil Dev Sharma are BTPL's directors.

Incorporated in 1994 and based in Himachal Pradesh, CMC primarily
manufactures butyl rubber inner tubes, catering to the needs of
the automobile, tractor, and commercial vehicle segments. The
company's operations are being managed by Mr. Achal Dev Sharma.
Its plant is at Paonta Sahib (Himachal Pradesh).

BTPL, on a standalone basis, reported a net profit of INR9.1
million on net sales of INR283.5 million for 2014-15 (refers to
financial year, April 1 to March 31), as against a net profit of
INR6.2 million on net sales of INR259.9 million for 2013-14.

CMC, on a standalone basis, reported a net profit of INR12.2
million on net sales of INR350.3 million for 2014-15, as against a
net profit of INR11.0 million on net sales of INR317.1 million for
2013-14.


CHINAR SYNTEX: CRISIL Reaffirms B+ Rating on INR210MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Chinar Syntex
Limited (CSL) continues to reflect weak financial risk profile,
large working capital requirement, and susceptibility of operating
profitability to fluctuations in raw material prices. These
weaknesses are partially offset by promoters' extensive experience
in the textile industry and modest scale of operations.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            210       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      20       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes CSL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company scales up operations
substantially while improving profitability, leading to better-
than-expected cash accrual and easing pressure on liquidity.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile deteriorates, most likely because of larger-than-
expected working capital requirement or sizeable debt-funded
capital expenditure.

Update
For 2014-15 (refers to financial year, April 1 to March 31), CSL
registered negligible growth in operating income to INR762.5
million from INR754.1 million in 2013-14, mainly on account of
industry slowdown. Profit after tax was INR6.1 million against
INR5.9 million. CRISIL believes operating income will grow by 5-10
per cent and operating profitability will be in the range of 6-7
per cent over the medium term.

CSL's financial risk profile remains below average because of
modest net worth of INR93.6 million and high gearing of 2.91 times
as on March 31, 2015. Interest coverage and net cash accrual to
total debt ratio are expected to remain in the range of 1.30-1.50
times and 0.05-0.10 times, respectively, over the medium term.
Liquidity remains stretched due to working-capital-intensive
operations, reflected in gross current assets of 187 days as on
March 31, 2015, with inventory of 106 days and receivables of 84
days. CSL's bank limit utilization was high, averaging 98 per cent
for the 12 months through August 2015. Liquidity is supported by
nil short-term debt obligation, absence of any major debt-funded
capital expenditure plan, and promoter's support by way of
unsecured loans of INR50.7 million as on
March 31, 2015. These loans are expected to remain in the business
over the medium term.

CSL, incorporated in 1992, is promoted by Mr. Purushottam
Aggarwal, Mr. Naresh Aggarwal, and Mr. Nand Kishore Aggarwal. It
manufactures suiting and shirting fabric under the Chinar brand.
Its weaving unit is in Bhiwani (Haryana).


DEVAKI STEELS: CRISIL Suspends 'D' Rating on INR120MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Devaki Steels (DS; part of the Devaki group).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            120       CRISIL D

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Devaki Steels, Devaki Traders, Devaki
Cement Agencies, and Devaki Agencies, together referred to as the
Devaki group. This is because all the entities have a common
management and significant fungible cash flows.

The Devaki group is promoted by Mr. P Thirunavukarasu. Devaki
Agencies and Devaki Cement Agencies trade in cement, Devaki Steels
trades in thermo-mechanically treated bars, and Devaki Traders
trades in tiles.


EASTERN CHROME: CRISIL Suspends 'D' Rating on INR230MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Eastern Chrome Tanning Corporation Private Limited (ECTC; part of
the Florind group).

                            Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Cash Credit                 90       CRISIL D
   Export Packing Credit       32.5     CRISIL D
   Foreign Bill Discounting    30       CRISIL D
   Letter of credit & Bank
   Guarantee                  230       CRISIL D
   Term Loan                  160       CRISIL D

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

The Florind group was set up in 1978 by Mr. K Ameenur Rahman under
the name of K Ameenur Rahman (KAR) group of companies, with FSPL
as the group's flagship company. FSPL and UNISCO, set up in 2001,
manufacture formal shoes. ECTC , set up in 2001, specialized in
processing finished leather from cow hides. The KAR group
comprises nine companies engaged in activities ranging from
leather processing to manufacturing finished leather products;
however, the entities are managed independently. Currently, the
group is being managed by Mr. K Shahid Mansoor, Mr. K Mohamad
Akmal, and Mr. K Ehsan Ahmed (sons of Mr. K Ameenur Rahman).


EDEN CRITICAL: CRISIL Cuts Rating on INR195MM Term Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Eden Critical Care Hospital Private Limited (ECCHPL) to 'CRISIL D'
from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              195       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The downgrade reflects instances of delay by ECCHPL in servicing
bank debt because of insufficient cash accruals due to low revenue
generation on account of initial stages of operations.

ECCHPL has a modest scale of operations in the highly competitive
healthcare industry, and a below-average financial risk profile
because of weak debt protection metrics. However, the company
benefits from its promoters' considerable industry experience.

Set up in 2011 by Dr. Sanjay Bansal and his family members, ECCHPL
operates a 100-bed multi-specialty hospital in Chandigarh. The
hospital began operations in July 2014.


EIAR IFMR: Ind-Ra Hikes Series A3 PTCs Rating From 'IND BB+(SO)'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Eiar IFMR Capital
2014 (an ABS transaction) as follows:

-- INR23.9m Series A1 pass through certificates (PTCs): upgraded
    to 'IND AA(SO)' from 'IND A(SO) '; Outlook Stable
-- INR28.5m Series A2 PTCs: upgraded to 'IND A(SO)' from 'IND
    BBB(SO) '; Outlook Stable
-- INR7.1m Series A3 PTCs: upgraded to 'IND A(SO)' from 'IND
    BB+(SO) '; Outlook Stable

The micro finance loan pool assigned to the trust was originated
by Grameen Koota Financial Services Private Limited (GKFSPL, the
originator or seller).

KEY RATING DRIVERS

The upgrade reflects the 82.3% amortisation of the loan pool at
end-August 2015 payout with no utilisation of external credit
enhancement (CE). According to the payout report of August 2015,
the available CE remained at the original level of INR35.69m and
the current pool principle outstanding (POS) was INR63.11m. The
available external CE as a percentage of original POS increased to
56.55% in August 2015 from 17.86% in March 2015.

The transaction benefits from the internal CE on excess interest
spread, subordination and over-collateralisation. The transaction
also benefits from the external CE in the form of fixed deposit in
the name of originator with a lien marked in favour of the
trustee.

The rating of Series A1 PTCs addresses the timely payment of
interest on monthly payment dates and the ultimate payment of
principal by the final maturity date of 23 March 2016 in
accordance with the transaction documentation. The rating of
Series A2 PTCs addresses the timely payment of interest on monthly
payment dates only after complete redemption of Series A1 PTCs and
ultimate payment of principal by the final maturity date on 23
March 2016 in accordance with the transaction documentation. The
rating of Series A3 PTCs addresses the timely payment of interest
on monthly payment dates only after complete redemption of Series
A1 and Series A2 PTCs and ultimate payment of principal by the
final maturity date on 23 March 2016 in accordance with the
transaction documentation.

RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model based
on the transaction's financial structure. The agency also analysed
historical data to determine the base values of key variables that
would influence the level of expected losses in this transaction.
The base values of the default rate, recovery rate, time to
recovery, collection efficiency, prepayment rate and pool yield
were stressed to assess whether the level of CE was sufficient for
the current rating level.

Ind-Ra also conducted rating sensitivity tests. If the assumptions
of the base case default rate worsen by 20%, the model-implied
rating sensitivity suggests that the rating of all the Series of
PTCs will not be impacted.


EPOCH ELECTRONICA: Ind-Ra Withdraws 'IND B' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Epoch
Electronica Limited's (EEL) 'IND B(suspended)' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for EEL.

Ind-Ra suspended EEL's ratings on 12 March 2015.
EEL's ratings:

-- Long-Term Issuer Rating: 'IND B(suspended)'; rating withdrawn
-- INR0.2m long term loans: Long-term 'IND B(suspended); rating
    withdrawn
-- INR50m fund-based limits: Long-term 'IND B(suspended); rating
    withdrawn
-- INR65m non-fund-based limits: Short-term 'IND A4(suspended)';
    rating withdrawn


GBM MANUFACTURING: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn GBM
Manufacturing Private Limited's (GBM) 'IND B+(suspended)' Long-
Term Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for GBM.

Ind-Ra suspended GBM's ratings on 13 March 2015.
GBM's ratings:

-- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
    withdrawn
-- INR35.2m fund-based limits: Long-term 'IND B+(suspended);
    rating withdrawn
-- INR9m non-fund-based limits: Short-term 'IND A4(suspended)';
    rating withdrawn


GREAT EASTERN: Ind-Ra Suspends 'IND BB+' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended Great Eastern
Appliances Private Limited's (GEAPL) Long Term Issuer Rating of
'IND BB+' with a Stable Outlook. The rating will now appear as
'IND BB+ (suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for GEAPL.

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

GEAPL's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
    from 'IND BB+'/Stable

-- INR306.8m long-term loans: migrated to 'IND BB+(suspended)'
    from 'IND BB+'

-- INR400m fund-based limits: migrated to 'IND BB+(suspended)'
    from 'IND BB+'


GUPTA & SONS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gupta & Sons
(Motors) Private Limited (GSMPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable. The agency has also assigned ratings
to GSMPL's bank facilities as follows:

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
Fund-based working        70        'IND BB'/ Stable
capital limits

Non-fund-based working    10        'IND A4+'
capital facilities

KEY RATING DRIVERS

The ratings reflect GSMPL's moderate scale of operations and
credit profile. Provisional financials for FY15 indicate revenue
of INR510m (FY14: INR491m), EBITDAR interest coverage (operating
EBITDAR/gross interest expense+rents) of 1.3x (1.1x), net
financial leverage of 3.4x (3.8x), and EBITDA margins of 4.6%
(4.5%).

The ratings are, however, supported by the five-decade-long
experience of GSMPL's promoters in the automobile industry. Also,
the company is the authorised dealer of the two wheelers
manufactured by Bajaj Auto Limited.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue and credit
metrics will be positive for the ratings.

Negative: Deterioration in the interest coverage will be negative
for the ratings.

COMPANY PROFILE

GSMPL was established in 1973 by Suresh Chandra Gupta to sell the
two wheelers manufactured by Bajaj Auto Limited. It is now run by
the director Mahesh Gupta and the chief executive officer Sunil
Gupta.

The company has two dealership outlets and 16 authorised service
center outlets with staff strength of 100, inclusive of sales and
service.


GURU GOBIND: CRISIL Assigns 'D' Rating to INR80MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Guru Gobind Food & Agro Private Limited (GGFA). The ratings
reflect instances of delay by GGFA in servicing its debt owing to
weak liquidity on account of delay in commissioning the rice mill,
coupled with lean season in the rice industry from April to
September 2015.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             50       CRISIL D
   Long Term Loan          80       CRISIL D

GGFA has small scale of operations owing to the start-up nature of
business, and weak financial risk profile, driven by high gearing
and weak debt protection metrics. However, it is expected to
benefit from the promoter's extensive industry experience.

GGFA was incorporated in 2014 by Mr. Shaminderjeet Singh Sandhu in
Muktsar (Punjab). The company commenced operations in March 2015;
it processes basmati and non-basmati rice with a milling and
sorting capacity of 8 tonnes per hour each.

GGFA had net profit of INR0.02 million on net sales of INR21.8
million in 2014-15 (refers to financial year, April 1 to
March 31).


HARISONS STEEL: CRISIL Cuts Rating on INR210MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Harisons Steel Ltd (HSL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            210       CRISIL D (Downgraded from
                                    'CRISIL BB+/Stable')

   Letter of Credit        50       CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Proposed Cash           40       CRISIL D (Downgraded from
   Credit Limit                     'CRISIL BB+/Stable')

The downgrade reflects HSL's continuously overdrawn limits. This
was due to weak liquidity driven by modest cash accrual.

HSL has customer concentration in its revenue profile and is
exposed to cyclicality in the end-user industries. However, the
company benefits from its promoters' extensive experience in the
stainless steel industry.

HSL was originally incorporated in November 1999 in Mumbai as
Harisons Steel Pvt Ltd (HSPL), promoted by Mr. Daulat Fulwadhya
and his brother, Mr. Ashok Fulwadhya. HSPL was reconstituted as a
public limited company with the current name in April 2011. It
manufactures stainless steel billets at its unit in Wada
(Maharashtra).


IRONIDE MINERALS: CRISIL Suspends B Rating on INR130MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M/s
Ironide Minerals Pvt Ltd (IMPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            130       CRISIL B/Stable
   Letter of Credit        20       CRISIL A4
   Overdraft Facility      50       CRISIL A4

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

IMPL was incorporated in 2013-14 (refers to financial year, April
1 to March 31) by Mr. Sanjay Gupta of Raipur, to trade in iron ore
(lumps and fines) and a few other metals. It is likely to start
operations in early 2014-15.


JAMUNA POULTRY: CRISIL Suspends 'B' Rating on INR43MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of M/s.
Jamuna Poultry Farm (JPF).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            35        CRISIL B/Stable
   Long Term Loan         22        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     43        CRISIL B/Stable

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

Established in 2010 as a Neetha Poultry farms and subsequently
renamed as JPF in 2013, JPF is a proprietorship firm engaged in
production of commercial eggs, promoted by Ms. E. Jamuna, the
poultry unit is located in Shamirpet (Andhra Pradesh).


JORSS BULLION: ICRA Lowers Rating on INR35cr Cash Loan to D
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR35.00
crore fund based facilities of Jorss Bullion Private Limited* from
[ICRA]BB to [ICRA]D. ICRA has also revised the short term rating
assigned to the INR35.00 Crore short term non-fund based limits
which is a sub limit of INR35.00 Crore Cash credit limit. ICRA has
also revised the long term and the short term rating of
[ICRA]BB(Stable) and [ICRA]A4 to [ICRA]D to INR15.00 Crore
unallocated limits of Jorss Bullion Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit (CC)        35.00       [ICRA]D Revised from
                                       [ICRA]BB (Stable)

   Non Fund Based: LG     (35.00)      [ICRA]D Revised from
   (Inland/Financial)                  [ICRA]A4
   for Purchase of gold
   from other banks

   Gold Metal Loan for    (35.00)      [ICRA]D Revised from
   purchase of Metals                  [ICRA]A4

   Unallocated             15.00       [ICRA]D Revised from
                                       [ICRA]BB (Stable)/[ICRA]A4

The rating revision reflects the recent instances of delays in
debt servicing by the company reflecting its tight liquidity
emanating from stretched receivables position. The ratings are
further constrained by the company's exposure towards market and
regulatory risk impacting availability and demand of gold in the
domestic market; any sudden change may impact its operating
profile as observed during FY2014. The rating also takes into
account the trading nature of operations and the intense
competition in the business of gold jewellery.

Jorss Bullion Private Limited (JBPL) was incorporated in the year
2008 promoted by Mr. Rakesh Patel & Mr. Ketal Patel. Jorss Bullion
Private Limited is mainly engaged in the business of trading of
bullions and gold jewellery. Bullion trading comprises of a major
portion of the total revenues at present. The company sells
bullion to traders and jewellery manufacturers, particularly in
Mumbai and Ahmedabad region.


KOMARLA HATCHERIES: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Komarla
Hatcheries' Long-Term Issuer Rating of 'IND BB(suspended)'.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for Komarla Hatcheries.

Ind-Ra suspended Komarla Hatcheries' ratings on 12 December 2015.
Komarla ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)';
    rating withdrawn

-- INR49 outstanding long-term loans: migrated to 'IND
    BB(suspended)'; rating withdrawn

-- INR40 fund-based working capital limits: migrated to 'IND
    BB(suspended)' and 'IND A4+(suspended)' ; ratings withdrawn


LAKSHMAN VEER: CRISIL Assigns 'B' Rating to INR90MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Lakshman Veer Steel Pvt Ltd (LSPL).

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

The rating reflects LSPL's weak financial risk profile because of
low net worth and moderate gearing. The rating also factors in low
operating profitability. These rating weaknesses are mitigated by
the moderate scale of operations in competitive steel industry and
the promoter's long-standing track record in the steel business
manufacturing business.

Outlook: Stable

CRISIL believes that the LSPL will continue to benefit over the
medium term from the extensive experience of its promoter's in the
steel industry. The outlook may be revised to 'Positive' if the
LSPL significantly improves its scale of operations and
profitability, resulting in an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case there is a decline in the LSPL's profitability, or further
elongation in its working capital cycle, or it undertakes large
debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile.

Established in 2006, LSPL, manufactures thermo-mechanically
treated bars in the dimensions of 8 mm, 10 mm, 12 mm, 16 mm, 20
mm, 25 mm, 28 mm and 32 mm. The company has its manufacturing
facility at Jaipur and has an installed capacity of around
2000/2500/4000 tonnes per month, depending upon the size of the
bars.


LAL BABA: ICRA Suspends 'D' Rating on INR24.50cr Loan
-----------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR24.50
crore fund based bank facilities of Lal Baba Seamless Tubes
Private Limited (LBST). The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


LALITHA DEVI: ICRA Assigns B+ Rating to INR5.0cr LT Loan
--------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B+ to the INR2.00
crore term loans and INR5.00 crore fund based facilities of
Lalitha Devi Modern Rice Mill.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans             2.00       [ICRA]B+/Assigned
   Long-term fund
   based facilities       5.00       [ICRA]B+/Assigned

The assigned rating considers the intense competition in the rice
mill industry, and the limited value addition of the firm's
operations which restricts the operating margins of the firm. The
rating is also constrained by the high working capital
requirements necessitated by the seasonality in availability of
paddy. Further, non-basmati rice milling industry is highly
regulated, with government intervention through procurement of
paddy and minimum support price for paddy exposing the firm's
operations to any adverse regulatory action. The rating, however,
derives comfort from the promoter's extensive experience in the
milling business and the healthy growth in sales achieved by the
firm over the past few years supported by their long term
association with its major customers, though their scale of
operations remains modest.

Lalitha Devi Rice Mill was established in the year 2001 in
Madurai, Tamilnadu and has a current milling capacity of 15000
TPA. LMRM is a modern rice mill with continuously linked
operations for paddy soaking, boiling, milling, cleaning, de-
stoning, polishing and grading rice. The major varieties of rice
dealt by the firm are Sona Masuri, BPT Rice, Ponni and ADT 45. The
rice produced by the firm is sold entirely in Tamilnadu and its
main customers are retail outlets and super markets located in
Tenkasi, Tirunelveli, Virudhunagar, Sattur, Rajapalayam,
Kovilpatti, etc.

Recent Results
In FY 2014-15, the firm reported a net profit of INR0.15 crore on
an operating income of INR25.02 crore; as against a net profit of
INR0.23 crore on an operating income of INR20.71 crore in the
previous year, FY 2013-14.


LEXUS MOTORS: ICRA Reaffirms B+ Rating on INR69.50cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR99.50 crore fund based facilities of Lexus Motors Limited.
ICRA has also reaffirmed the short term rating of [ICRA]A4
assigned to the INR0.50 crore non-fund based bank facility of LML.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Fund Based Limits-
   Cash Credit               30.00        [ICRA]B+ reaffirmed

   Fund Based Limits-
   Cash Credit (e-DFS)       69.50        [ICRA]B+ reaffirmed

   Non Fund Based
   Limits-Bank Guarantee      0.50        [ICRA]A4 reaffirmed

The reaffirmation of the ratings take into account the intense
competition and inherently low margins in the auto dealership
business, on account of the industry dynamics and the commission
structure decided by the principal, and LML's weak financial
profile characterized by an aggressive capital structure and
depressed level of coverage indicators. Moreover, ICRA notes that
the overall sales volume of the company has witnessed a de-growth
during past four years, owing to the weak macro-economic
environment.

The ratings continue to be impacted by the continuing delay
witnessed in implementation of the showroom cum real estate
project leading to cost overrun and any further delay in
commissioning of the same is likely to impact the cash flows
adversely. Besides, significant debt service obligations in the
near term, may lead to cash flow mismatches; although proposed
plans to sale out the existing showroom might mitigate such risk
to a large extent. ICRA also notes the vulnerability of the
project to off-take risks, given current slack in demand in the
commercial real estate segment in Kolkata, and the lack of
advanced bookings till date. The ratings, however, derive comfort
from the promoters' experience in the auto dealership business,
with a track record of over two decades and the established market
position of LML in Kolkata as an authorized dealer of Tata Motors
Limited (TML) for both commercial vehicles (CV) and passenger
vehicles (PV) segment.

LML, incorporated in 1991, is TML's authorized dealer for the sale
of its entire range of commercial vehicles and passenger cars, as
well as for services of passenger cars and sale of spares in and
around Kolkata, West Bengal. LML has five showrooms, four
workshops and six customers connect points spread across Kolkata
for TML's vehicles. LML also has two showrooms for Jaguar Land
Rover (JLR) vehicles at Kolkata and Cuttack. The company also
trades in pre-owned cars.

Recent Results
The company has reported a net profit of INR1.16 crore on an
operating income of INR644.52 crore during 2014-15; as compared to
a net profit of INR1.19 crore on an operating income of INR614.70
crore during 2013-14.


MARTIN BURN: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Martin Burn
Constructions Limited's (MBCL) 'IND B(suspended)' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for MBCL.

Ind-Ra suspended MBCL's ratings on 18 February 2015.
MBCL's ratings:

-- Long-Term Issuer Rating: 'IND B(suspended)'; rating withdrawn
-- INR110m fund-based limits: Long-term 'IND B(suspended); rating
     withdrawn
-- INR30m non-fund-based limits (sub-limit of cash credit):
    Short-term 'IND A4(suspended)'; rating withdrawn


MATHURA FIBRES: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mathura Fibres &
Cotton Industries (MFCI) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.  The agency has also assigned MFCI's
INR200m fund-based working capital limit a Long-term 'IND BB-'
rating with Stable Outlook and Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The rating reflects MFCI's small scale of operations and weak
credit metrics. According to the provisional financials for FY15,
revenue was INR699m (FY14: INR783m), interest coverage was 1.3x
(1.6x) and net financial leverage (Ind-Ra adjusted net
debt/operating EBITDA) stood at 7.3x (17.3x). Operating EBITDA
margins are low and volatile and ranged between 2% and 5% over
FY13-FY15. The firm's agricultural commodity based business is
vulnerable to fluctuations in the price of cotton.

MFCI's liquidity is moderate with around 80% average utilisation
of the fund-based working capital limits for the 12 months ended
August 2015.

The ratings benefit from around three decades of experience of
MFCI's founders in the cotton trading business.


MITHRA COTTON: CRISIL Assigns B+ Rating to INR51MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Mithra Cotton Enterprises (MCE)

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            49        CRISIL B+/Stable

   Proposed Cash
   Credit Limit           51        CRISIL B+/Stable

The rating reflects MCE's modest scale of operations and low
operating profitability in the intensely competitive cotton
ginning industry. The rating also reflects MCE's weak financial
risk profile marked small networth, high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by extensive experience of the promoter in cotton ginning
industry.
Outlook: Stable

CRISIL believes that MCE will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenues and
profitability increase substantially leading to an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if the firm undertakes aggressive, debt-funded
expansions, or if its revenues and profitability decline
substantially leading to deterioration in its financial risk
profile.

Established in 2008, MCE is engaged in ginning and pressing of raw
cotton and sells cotton lint and cotton seeds. Based out of
Guntur, the firm is promoted by Mrs. Kondaveeti Siva Kumari.


NAMITHA BUILDERS: CRISIL Suspends B+ Rating on INR200M LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Namitha Builders (NB).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       200       CRISIL B+/Stable

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

Set up in 2009 as a partnership entity, NB is involved in the
construction and sale of residential apartments in Hyderabad
(Andhra Pradesh). The firm is promoted by Mr. Srinivas along with
his friends and family.


NIROS ISPAT: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Niros Ispat
Private Limited's (NIPL) 'IND BB-(suspended)' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for NIPL.

Ind-Ra suspended NIPL's ratings on 16 February 2015.
NIPL's ratings:

-- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
    withdrawn
-- INR409m long-term loans: 'IND BB-(suspended)'; rating
    withdrawn
-- INR400m fund based limits: 'IND BB-(suspended)'; rating
    withdrawn
-- INR110m non-fund-based limits: 'IND A4+(suspended)'; rating
    withdrawn


PIBCO INDIA: Ind-Ra Withdraws 'IND D' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn PIBCO India Pvt.
Ltd.'s (PIPL) 'IND D(suspended)' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for PIPL.

Ind-Ra suspended PIPL's ratings on 16 February 2015.
PIPL's ratings:

-- Long-Term Issuer Rating: 'IND D(suspended)'; rating withdrawn
-- INR9m long-term loans: Long-term 'IND D(suspended); rating
    withdrawn
-- INR150m fund-based limits: Long-term 'IND D(suspended);
    rating withdrawn
-- INR17m non-fund-based limits: Short-term 'IND D(suspended)';
    rating withdrawn


RADICAL PLASTPACK: ICRA Reaffirms B Rating on INR3.50cr Loan
------------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B on the INR3.50 crore
cash credit facility and the INR2.40 crore term loan of Radical
Plastpack Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.50        [ICRA]B; reaffirmed
   Term Loan             2.40        [ICRA]B; reaffirmed

The ratings reaffirmation takes into account the significant year-
on-year growth in RPPL's Operating Income (OI) in FY15, owing to
this being the first full year of operations; however the
company's profitability continues to be low owing to highly
competitive nature of the industry and its limited track record of
operations.

ICRA's rating continue to be constrained by the limited track
record of RPPL's operations; the vulnerability of its
profitability to adverse fluctuations in raw material costs, the
company's low bargaining power with its suppliers and the highly
competitive nature of the industry, with the presence of a large
number of unorganized players. ICRA also takes note of company's
highly leveraged capital structure as reflected in its debt to
equity ratio of 3.20 times, weak coverage indicators with Interest
coverage of 1.58 times and NCA*/Total Debt of 6% as on March 31,
2015. However, the rating derives comfort from the extensive
business experience of the promoters and the the established
relationship of the company with its suppliers, as well as its
customer base.

Going forward, the company's ability to ramp up its scale of
operations in a profitable manner and achieve satisfactory
capacity utilization levels, and improve its capital structure by
efficiently managing the working capital requirements will be the
key rating sensitivities.

Incorporated in March 2013, RPPL is engaged in the manufacturing
of high density polyethylene (HDPE) barrels at its plant located
at Uttarakhand. The company is promoted by Mr. Gaurav Madan, Ms.
Rashi Madan and Mr. Rajat Huria. The company commenced commercial
production in September 2013 and currently has a capacity to
manufacture 1,80,000 barrels per annum. The company manufactures
barrels of sizes ranging from 200 to 250 litres and primarily
caters to chemical industries where these are used for bulk
packaging.

The company imports about 40% of its supplies from international
polymer suppliers and rest from domestic suppliers such as Indian
Oil Corporation Ltd, Reliance Industries Ltd and Haldia
Petrochemicals.

Recent Result
In 2014-15, RPPL reported a net profit of INR0.07 crore on an OI
of INR14.89 crore, as against a net profit of INR0.05 crore on an
OI of INR5.45 crore in the previous year.


RAM LAL: ICRA Lowers Rating on INR18cr Loan to D
------------------------------------------------
ICRA has revised its long term rating on the INR18.0 crore bank
facilities of Ram Lal Kamal Raj Jewellers Private Limited (RKJP)
to [ICRA]D from [ICRA]BB-. ICRA has also downgraded its short term
rating on the INR13.0 crore bank facilities of RKJP to [ICRA]D
from [ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based             18.0        [ICRA]D; Revised
   Stand by Letter
   of Credit               3.0        [ICRA]D; Revised

   LC/ Buyers Credit      10.0        [ICRA]D; Revised

ICRA's rating action is driven by delays in debt servicing by RKPJ
due to its stretched liquidity position. ICRA takes note of the
high competitive intensity and fragmented nature of the jewellery
business and the company's thin profitability margins, which have
resulted in weak coverage indicators.

Going forward, the company's ability to demonstrate a track record
of timely debt servicing will be the key rating sensitivity.

RKJP is engaged in wholesaling and retailing of diamonds and gold
jewellery. The company's promoter directors- Mr. Rajesh Saigal and
his wife, Mrs. Kavita Saigal, have more than 15 years experience
in this field. The company was incorporated in March, 2011, prior
to which, the operations were carried out under a partnership firm
'Ram Lal Kamal Raj jewellers'. The business of the partnership
firm was taken over by the company from April 1, 2011. The company
carries out its wholesale business in the northern states of
India, and caters primarily to Delhi and Uttar Pradesh.


RATTAN STEEL: CRISIL Reaffirms B+ Rating on INR112.5MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Rattan Steel Supply Co
(RSSC) continue to reflect the firm's modest scale of operations,
large working capital requirements, and susceptibility to
volatility in steel prices and to intense competition in the steel
industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting      2.5       CRISIL A4 (Reaffirmed)
   Cash Credit         112.5       CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the firm's average financial risk
profile, marked by modest net worth and moderate total outstanding
liabilities to tangible net worth ratio and average debt
protection metrics. These weaknesses are partially offset by the
extensive experience of RSSC's promoters in the steel trading
business.
Outlook: Stable

CRISIL believes RSSC will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the firm registers sustained
improvement in its operating profitability or improves its working
capital management, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if RSSC's
revenue and profitability decline significantly, or if its working
capital cycle lengthens considerably, or in case of capital
withdrawal from the firm by its promoters, leading to weakening of
its capital structure.

RSSC, set up as a proprietorship concern in 1967, was
reconstituted as a partnership firm in 1979, with Mr. Ajay Gupta
and his wife, Mrs. Ritu Gupta, as partners. In 2010-11 (refers to
financial year, April 1 to March 31), Mrs. Gupta retired from the
business and Rattan Loha Udyog Pvt Ltd joined the firm as a
partner. RSSC is based in Kolkata; it trades in steel products and
alloy steel.


RAUNAK EXPORTS: ICRA Lowers Rating on INR8.50cr Cash Loan to D
--------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR8.50 crore cash credit facility of Raunak Exports Private
Limited from [ICRA]BB- (Stable) to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-
   Cash Credit            8.50        [ICRA]D downgraded

The rating action factors in REPL's recent irregularities in
timely servicing of debt obligations.

Incorporated in 1998, REPL is engaged in the manufacturing of
poultry feed, poultry farming of broiler chickens and hatching. In
2006, a group company Hare Krishna Fodders Mills Pvt. Ltd. (HKF),
engaged in the manufacturing of poultry feed, was merged into
REPL. Currently REPL's manufacturing facility for the production
of poultry feed, mainly in the pellet form, and its hatchery are
located at Jangalpur, West Bengal. The company is engaged in the
poultry farming of broiler chickens at rented farms and also
through contract farming arrangements with the local farm owners
of the Bankura, Burdwan and Hooghly districts of West Bengal.

Recent Results
During 2013-14, the company reported a net profit of INR0.29 crore
on an operating income of INR67.01 crore, as compared to a net
profit of INR0.23 crore on an operating income of INR56.03 crore
in 2012-13.


S S S FIBRE: CRISIL Suspends B+ Rating on INR81.5MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of S S S
Fibre Limited (SSSFL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.5       CRISIL A4
   Cash Credit           50         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    81.5       CRISIL B+/Stable
   Term Loan             54         CRISIL B+/Stable

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

SSSFL was set up in 2007 by Mr. Surinder Pal and manufactures
cotton yarn (in counts of 16s to 35s). It has installed capacity
of 15,600 spindles at its manufacturing facility in Samana
(Punjab).


S.R. OVERSEAS: CRISIL Reaffirms B Rating on INR110MM Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of
S.R. Overseas (SRO) continues to reflect SRO's below-average
financial risk profile because of a modest net worth, high
gearing, and weak debt protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             50       CRISIL B/Stable (Reaffirmed)
   Export Packing         110       CRISIL B/Stable (Reaffirmed)
   Credit
   Term Loan               30       CRISIL B/Stable (Reaffirmed)

The rating also factors in its modest scale of operations and
exposure to volatility foreign exchange rates. These rating
weaknesses are partially offset by the extensive experience of
SRO's partners in the rice industry and their funding support.
Outlook: Stable

CRISIL believes SRO will continue to benefit over the medium term
from its partners' extensive industry experience and their funding
support. The outlook may be revised to 'Positive' in case of
significantly higher-than-expected cash accrual or substantial
capital infusion, along with improvement in working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of lower-than-expected cash accrual, a substantial
increase in working capital requirement, or any unanticipated,
large, debt-funded capital expenditure, leading to further
weakening of the firm's liquidity.

Update
For 2014-15 (refers to financial year, April 1 to March 31), SRO's
revenue was about INR776 million, slightly lower than CRISIL
expectations because of subdued demand and lower realisation in
the rice industry due a ban by Iran on imports from India.
However, the firm had significantly scaled up its revenue during
the year, its first full year of operations, driven by
stabilisation of its newly set-up unit. The operating margin for
the year was better than CRISIL expectations driven by exports.

Working capital requirement was higher than expectation on account
of the larger inventory at the year-end, driven by stocking of
paddy for ageing purposes as well as for consumption during the
off season.

The financial risk profile remains weak, driven by substantial
debt and a modest net worth. The higher debt was on account of
more-than-expected working capital debt in the form of warehouse
receipts and unsecured loans from promoters. The net worth reduced
because of capital withdrawal by the partners at the year-end.
This led to higher gearing.

Cash accrual is expected to remain sufficient to meet debt
obligations over the medium term. However, liquidity is
constrained by high bank limit utilisation despite extensive
promoter support in the form of unsecured loans.

SRO had a net profit of about INR0.51 million on revenue of INR776
million in 2014-15, as against a net profit of INR0.19 million on
revenue of INR201 million in 2013-14.

SRO, established in 2013 as a partnership firm by Mr. Rakesh Kumar
and his family, is headquartered in Karnal (Haryana). The firm
processes and exports rice; it commenced operations in January
2014.


SHIKSHA PRASARINI: CRISIL Assigns B+ Rating to INR10MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Shiksha Prasarini Samiti Pt. Madan Mohan Malviya
Vidya Mandir (SPS).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Fund-Based
   Bank Limits                10       CRISIL B+/Stable

The rating reflects the society's small scale, and not-for-profit
nature of operations and large working capital requirements. These
rating weaknesses are partially offset by the successful track
record in running educational institutes and vocational courses
and absence of debt with no interest or repayment obligations.
Outlook: Stable

CRISIL believes SPS's business risk profile will remain
constrained over the medium term on account of its small scale of
operations. The outlook may be revised to 'Positive' in case the
society's revenue improves significantly and it receives grants on
time. Conversely, the outlook may be revised to 'Negative' in case
the society's financial risk profile deteriorates because of
decline in revenue or earnings or large working capital
requirements.

SPS is a not-for-profit society, set up in 1978 by Mr. Shivnath
Yadav in Ghazipur (Uttar Pradesh). It is managed by Mr. Shivnath
Yadav, Mrs. Hem Prabha Singh and Mr. Ashutosh Kumar Rai. The
society runs several educational, vocational and training
institutes for the under privileged against tenders of the state
and central government under various schemes.

SPS reported a net surplus of INR0.27 million on net sales of
INR24.6 million for 2014-15 (refers to financial year, April 1 to
March 31) as against a net profit of INR0.05 million on net sales
of INR20.5 million for 2013-14.


SHIV SHANKER: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shiv Shanker
Rice Mills (Ferozepur) [SSRM] continues to reflect SSRM's modest
scale of operations in the highly fragmented rice industry, modest
financial risk profile, and working-capital-intensive operations.
These rating weaknesses are mitigated by the promoters' extensive
experience in the rice milling industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            150       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      11.7     CRISIL B+/Stable (Reaffirmed)

   Term Loan               13.3     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SSRM will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the capital structure improves
significantly, either by equity infusion or a substantial increase
in cash accrual, backed by improvement in scale of operations or
in the working capital management. Conversely, the outlook may be
revised to 'Negative' if the liquidity weakens due to a large
debt-funded capital expenditure programme, or if the working
capital requirement increases considerably.

SSRM, a partnership firm, was formed by Mr. Raj Kumar, Mr. Mohit
Kumar, and Mr. Pankaj Kumar. SSRM mills, processes, and sells
parimal, paddy, and basmati rice in domestic markets. The plant is
in Ferozepur and the key promoters are Mr. Raj Kumar, Mr. Mohit
Kumar, and Mr. Pankaj Kumar who also manages the operations.


SHREE KRISHNA: CRISIL Suspends 'B' Rating on INR30MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shree Krishna Industries (SKI).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            30        CRISIL B/Stable
   Term Loan              22.5      CRISIL B/Stable

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

SKI was incorporated as a partnership firm in August 2010 for
setting up a cotton ginning unit and manufacture of cotton seed
oilcake. It is promoted by the Singla family and Yadav family. The
firm has a manufacturing capacity of 60 tonnes per day (tpd) for
cotton ginning and 45 tpd for cottonseed oilcake. The commercial
production for the same started in November 2011. The
manufacturing facility is located in Bhiwani (Haryana).


SHRI DHANALAKSHMI: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shri
Dhanalakshmi Spinntex Private Limited's (SDSPL) Long-Term Issuer
Rating of 'IND BB-(suspended)'.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for Shri Dhanalakshmi Spinntex.
Ind-Ra suspended Shri Dhanalakshmi Spinntex's ratings on 6
February 2015.

Shri Dhanalakshmi Spinntex's ratings are as follows:

-- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
    withdrawn
-- INR713.2m outstanding long-term loans: 'IND BB-(suspended)';
    rating withdrawn
-- INR176m fund-based working capital limits: 'IND BB-
    (suspended)' and 'IND A4+(suspended)'; ratings withdrawn
-- INR100m non-fund-based working capital limits: 'IND
     A4+(suspended)'; rating withdrawn


SHRI RAM: ICRA Upgrades Rating on INR55cr Cash Loan to B+
---------------------------------------------------------
ICRA has upgraded its rating on the INR55.00 crore (enhanced from
INR44.00 crore) cash credit facility of Shri Ram Rice Mills (SRRM)
to [ICRA]B+ from [ICRA]B.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           55.00       [ICRA]B+; upgraded from
                                     [ICRA]B

The rating upgrade takes into account the 20% year on year
increase in SRRM's operating income in 2014-15, driven by increase
in the volume of rice sold by the firm. This has also been
accompanied by infusion of capital by the promoters in 2014-15,
which has led to an improvement in the capital structure of the
firm.

The rating favourably takes into account the extensive experience
and the long track record of the partners in the rice milling
industry and the stable long term demand prospects for the rice
industry, with India being the second largest producer and
consumer of rice in the world. However, the ratings are
constrained by the intensely competitive nature of the industry
which exerts pressure on the firm's operating margins. The rating
also takes into account the high working capital intensity of
operations and the gearing levels of the firm, which despite the
improvement in FY15, remain high. The firm's thin profitability
coupled with its large working capital borrowings also result in
weak debt protection indicators. ICRA also takes note of the
partnership constitution of the firm which exposes it to risks of
withdrawal of capital, risk of dissolution etc.

SRRM is a partnership firm established in 2004 and is primarily
engaged in milling and sorting of basmati rice. SRRM's milling
unit is located in Karnal, Haryana, in close proximity to the
local grain market. The firm has two registered brands and sells
rice in various states including Gujarat, Madhya Pradesh,
Maharashtra and Delhi, mainly through external dealers. The firm
is also involved in the export of basmati rice through merchant
exporters.

Recent Results
In 2014-15, SRRM reported a net profit of INR1.56 crore on an
operating income of INR155.45 crore, as against a net profit of
INR0.51 crore on an operating income of INR129.27 crore in 2013-
14.


SOL IFMR: Ind-Ra Gives 'IND BB-(SO)' Rating to Series A2 PTCs
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sol IFMR Capital
2015 (an ABS transaction) provisional ratings as follows:

-- INR486.7m Series A1 pass through certificates (PTCs):
    'Provisional IND A-(SO)'; Outlook Stable

-- INR10.5m Series A2 PTCs: 'Provisional IND BB-(SO)'; Outlook
    Stable

The final ratings are contingent upon the receipt of final
documents conforming to the information already received.

The micro finance loan pool to be assigned to the trust is
originated by Satin Creditcare Network Limited (SCNL; 'IND
BBB+'/Stable).

KEY RATING DRIVERS

The provisional ratings are based on the origination, servicing,
collection and recovery expertise of SCNL, the legal and financial
structure of the transaction and the credit enhancement (CE)
provided in the transaction. The provisional rating of Series A1
PTCs addresses the timely payment of interest on monthly payment
dates and ultimate payment of principal by the final maturity date
on 23 August 2017 in accordance with the transaction
documentation.

The provisional rating of Series A2 PTCs addresses the timely
payment of interest on monthly payment dates only after the
complete redemption of Series A1 PTCs and ultimate payment of
principal by the final maturity date on 23 August 2017, in
accordance with the transaction documentation.

The transaction benefits from the internal CE on account of excess
interest spread, subordination and over-collateralisation. The
levels of overcollateralisation available to Series A1 and A2 PTCs
are 7% and 5%, respectively, of the initial pool principal
outstanding (POS). The total excess cash flow or the internal CE
available to Series A1 and A2 PTCs is 17.62% and 14.92%
respectively, of the initial POS. The transaction also benefits
from the external CE of 9.00% of the initial POS. The external CE
is divided into a first loss credit facility (FLCF) of 3.50% of
total POS and a second loss credit facility (SLCF) of 5.50% of
total POS. The SLCF will be available for Series A1 PTCs only. The
FLCF is proposed to be provided in the form of fixed deposits in
the name of the originator with a lien marked in favour of the
trustee and the SLCF is proposed to be provided as non-funded
undertaking by Reliance Home Finance Limited which will be
unconditional and irrevocable. The collateral pool to be assigned
to the trust at par had the initial POS of INR523.3m, as of the
pool cut-off date of 18 October 2015.
The external CE (FLCF and SLCF) will be used in case of a
shortfall in a) complete redemption of all Series A1 PTCs on the
final maturity date and b) monthly interest payment to Series A1
investors. After the complete redemption of Series A1 investors,
the FLCF will be used in case of a shortfall in a) complete
redemption of Series A2 PTCs on the final maturity date and b)
monthly interest payment of Series A2 investors.

RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model based
on the transaction's financial structure. The agency also analysed
historical data to determine the base values of key variables that
would influence the level of expected losses in this transaction.
The base values of the default rate, recovery rate, time to
recovery, collection efficiency, prepayment rate and pool yield
were stressed to assess whether the level of CE was sufficient for
the current rating levels.

Ind-Ra also conducted rating sensitivity tests. If the assumptions
of the base case default rate worsen by 30%, the model-implied
rating sensitivity suggests that the rating of the Series A1 and
Series A2 PTCs will be downgraded by three notches and one notch,
respectively.


SREEPATHY TRUST: CRISIL Suspends B Rating on INR40MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sreepathy Trust (ST).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility        25       CRISIL B/Stable

   Proposed Long Term        25       CRISIL B/Stable
   Bank Loan Facility

   Term Loan                 40       CRISIL B/Stable

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

Set up in 2009, ST runs an educational institution in Thrissur
(Kerala) offering courses in the engineering stream.


SRI SUNFLOWER: CRISIL Cuts Rating on INR120MM LT Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Sri Sunflower Educational Society (SSES) to 'CRISIL D' from
'CRISIL B-/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan         120       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The downgrade reflects instances of delay by SSES in servicing its
debt as per information provided by the society's banker.

SSES has a below-average financial risk profile because of small
net worth and high gearing. It faces high geographic concentration
in revenue, and is susceptible to regulatory changes in the
education sector. However, it benefits from promoters' extensive
experience in the education sector.

SSES was set up in 2003 by Mr. M D V S R Punnam Raju and his
family members. It operates an engineering college in Krishna
(Andhra Pradesh).


SUPER INFRATECH: CRISIL Cuts Rating on INR87.4MM Bank Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Super Infratech Pvt Ltd (SIPL) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        87.4       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Bill Discounting      49         CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Cash Credit           19         CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Term Loan              4.6       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The ratings downgrade reflects instances of delay by SIPL in
servicing debt obligation owing to weak liquidity driven by
stretched debtors.

The ratings continue to reflect small scale of operations and
below-average financial risk profile because of low net worth,
moderate gearing, and weak debt protection metrics and large
working capital requirements. SIPL, however, benefits from its
promoters' extensive industry experience.

Incorporated in 2001 by Mr. Sujit Bardole and his wife, SIPL is
engaged in civil construction for state and central governments.
The company develops and maintains roads. It is a Class 1
contractor for government bodies in Assam, such as Public Works
Department.


SURINA IMPEX: Ind-Ra Withdraws 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Surina Impex
Pvt. Ltd.'s (SIPL) 'IND BB(suspended)' Long-Term Issuer Rating. A
full list of rating actions is at the end of this commentary.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for SIPL.

Ind-Ra suspended SIPL's ratings on 12 March 2015.
SIPL's ratings:

-- Long-Term Issuer Rating: 'IND BB(suspended)'; rating
    withdrawn
-- INR220m fund-based limits: Long-term 'IND BB(suspended)';
    rating withdrawn
-- INR95m fund-based limits: Short-term 'IND A4+(suspended)';
    rating withdrawn
-- INR327.5m non-fund-based limits: Short-term 'IND
     A4+(suspended)'; rating withdrawn


T.V.A.N. JEWELLERS: CRISIL Assigns B+ Rating to INR40MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of T.V.A.N. Jewellers (TVANJ).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL B+/Stable
   Long Term Loan         28.5      CRISIL B+/Stable

The rating reflects small scale of operations, geographical
concentration risk in revenue profile and susceptibility of
margins to volatility in the gold prices. These rating weaknesses
are offset by the established market position and extensive
experience of the management.
Outlook: Stable

CRISIL believes TVANJ will continue to benefit over the medium
term from its established market presence in Tiruchengode (Tamil
Nadu) and extensive experience of the management in the gold
industry. The outlook may be revised to 'Positive', if the
financial risk profile improves due to considerable increase in
revenue and profitability. Conversely, the outlook may be revised
to 'Negative', if the financial risk profile weakens due to lower-
than-expected revenue and profitability or a large, debt-funded
capital expenditure programme.

TVANJ was established in 1938 and is engaged in manufacturing and
retailing of gold jewellery since then in Tiruchengodu. The firm
was founded by Mr. TVA Natesan Chettiar. TVANJ, earlier a
proprietorship firm, was reconstituted as a partnership firm in
2009.


TIRUPATI EDUCATIONAL: ICRA Lowers Rating on INR14.30r Loan to D
---------------------------------------------------------------
ICRA has revised its long-term rating on the INR14.3 crore term
loans of Tirupati Educational & Welfare Trust to [ICRA]D from
[ICRA]B. ICRA has also revised its short-term rating on the INR4
crore overdraft facility of the Trust to [ICRA]D from [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loan             14.30       [ICRA]D; Revised
   Overdraft facility     4.00       [ICRA]D; Revised

The revision in rating takes into account delays in debt servicing
by the trust on account of cash flow mismatches, which are driven
by the low occupancy levels for its courses. Going forward, the
ability of the trust to resolve the cash flow mismatches and
demonstrate a track record of timely debt servicing will be the
key rating sensitivity.

TEWT was set up in 1998 by Mr. Sudhir Giri to establish colleges,
and social welfare and research centers. The trust operates the
Venkateshwara Group of Institutions (VGI) which includes eight
colleges, namely, VIT School of Management, Venkateshwara College
of Engineering, Venkateshwara College of Education, Venkateshwara
College of Pharmacy, Venkateshwara Institute of Technology, VIT
College of Education, Venkateshwara School of Pharmacy and
Venkateshwara School of Computer Science. These colleges offer
courses in engineering, management, pharmacy, and polytechnic with
affiliation to Uttar Pradesh Technical University and Chaudhary
Charan Singh University. The promoters also operate a school by
the name of Venkateshwara Blooming Bud.


V. N. V. BUILDERS: CRISIL Suspends 'B' Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
V. N. V. Builders Private Limited (VNV).

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

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

VNV was set up in 1986 as a partnership firm, VNV Constructions,
by Mr. V N Varadharajan and his family members. It was
reconstituted as a private limited company with the present name
in 2002. The company is a Class 1A civil-contractor and undertakes
infrastructure projects such as construction of roads, bridges,
and water treatment plants, primarily for the Public Works
Department of Tamil Nadu. Its registered office is in
Gobichettipalayam (Tamil Nadu).


V.R.K. ASSOCIATES: ICRA Reaffirms B Rating on INR8cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed its [ICRA]B rating on the INR8.00 crore term
loan of V.R.K. Associates (P) Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              8.00        [ICRA]B; reaffirmed

ICRA's rating is constrained by the execution and funding risks
for the company's ongoing hotel project. The hotel is scheduled to
commence operations from March 2017 and the company has incurred
about 35% of the project cost, as on September, 2015. Further, the
rating factors in the company's modest operating scale and low
profitability of the existing operations; which results in limited
cash accruals, thereby limiting the extent of support that the
existing operations can provide for debt servicing. This is
critical as the loan repayments commence before the date of
commencement of the hotel's commercial operations.

However, the rating favourably factors in the experience of the
promoters in the hospitality business through an existing hotel,
and modest funding requirements in the existing business due to
the largely cash nature of operations.

Going forward, the ability of the company to complete the new
hotel within the budgeted cost and time and ramp up the occupancy
in order to generate adequate cash flows for debt servicing will
be the key rating sensitivities.

Incorporated in 2001 as a private limited company, VRK is engaged
in various activities which include prepaid distribution of Tata
Docomo, retailing of mobile phones and running an eight room hotel
in Sarnath, Uttar Pradesh. Currently, majority of its revenues
come from the distributorship of Tata Docomo which involves pre
paid activation and recharge for Tata Docomo mobile users. The
company is planning to construct a new hotel in Sarnath, which is
expected to commence operations from March 2017. The project cost
of INR12.75 crore is being funded through debt of INR8.00 crore
and promoter's contribution of INR4.75 crore.

Recent Results
In 2014-15, VRK reported a net profit of INR0.05 crore on an
operating income of INR6.53 crore as compared to a net profit of
INR0.05 crore on an operating income of INR5.93 crore in the
previous year.


VARDHMAN POLYTEX: ICRA Lowers Rating on INR464cr LT Loan to D
-------------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR464.00
crore fund based bank limits of Vardhman Polytex Limited to
[ICRA]D from [ICRA]C+. ICRA has also downgraded the short term
rating assigned to INR50.00 crore non-fund based bank limits of
VPL to [ICRA]D from [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term: Fund
   Based Limits          464.00      [ICRA]D/ downgraded

   Short Term: Non-
   Fund Based Limits      50.00      [ICRA]D/ downgraded

The rating downgrade takes into account the delays in the debt
servicing by the company. While the liquidity of the company has
remained stretched, it deteriorated further in Q2 FY 2016 on
account of decline in the profit and accruals from the textile
business, resulting in delays in debt servicing. The company
continues to delay in the payment of FCCBs and remains dependent
on the promoter support for their repayment in FY 2016.
While the accruals from the textile business were modest in FY
2015 as well, the regularity in the debt servicing from Q4 FY 2015
was supported by the collection from the real estate project being
developed by VPL to monetize the land of its erstwhile acrylic
yarn manufacturing unit as per the terms of the Corporate Debt
Restructuring (CDR) scheme and from the disbursement of the term
loan towards reimbursement of the capital expenditure incurred by
VPL at its spinning unit.

The assigned rating continues to remain constrained by VPL's weak
financial profile which is on account of high leverage, large
scheduled debt repayments and modest profit margins. The leverage
is high on account of the debt funded investment in the
subsidiaries and capital expenditure undertaken in the past; and
on account of the past losses. The profit margins, despite
consistent healthy capacity utilization of its spinning mills,
have remained modest for VPL on account of its higher raw material
costs as compared to the industry average as VPL avails longer
credit period from its suppliers due to funding constraints. High
debt servicing obligation, modest profitability level and tight
liquidity result in higher susceptibility to the cyclicality in
the spinning industry; and hence frequent irregularity in debt
servicing.

The rating is also constrained by the high contingent liability of
~Rs. 82.3 crore on account of the corporate guarantee given by VPL
to one of its subsidiaries, F.M. H„mmerle Textiles Ltd., whose
financial profile is weak with most of the net worth eroded.
Further, ICRA also notes that the seasonal availability of cotton
and hence the requirement to stock cotton will keep the profit
margins vulnerable to volatility in the cotton prices; and also
the commoditized nature of yarn and highly competitive spinning
industry due to its fragmented nature which will continue to exert
pressure on the profitability margin.

Going forward, regularity in the debt servicing along with
improvement in the liquidity profile, which will be dependent on
infusion of long term funds and significant improvement in the
profit margins will be key rating sensitivities.

Recent Results
In Q1 FY 2016, VPL reported operating income of INR209.25 crore
and operating profit margin of 9.6% as against operating income of
INR226.19 crore and operating profit margin of 7.3% in Q1 FY 2015
and operating income of INR234.39 crore in and operating profit
margin of 7.6% in Q4 FY 2015.


VELMURUGAN HEAVY: ICRA Ups Rating on INR15cr LT Loan to B+
----------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR15.00
crore fund based limits and INR5.33 crore long term loans (reduced
from INR7.62 crore) of Velmurugan Heavy Engineering Industries
Private Limited from [ICRA]B to [ICRA]B+. ICRA has reaffirmed the
short term rating of [ICRA]A4 to the INR4.00 crore (reduced from
INR7.00 Crore) non-fund based bank limits of VHEI. These apart,
ICRA has also assigned a long term/short term ratings of
[ICRA]B+/[ICRA]A4 to the INR5.29 crore unallocated facilities of
VHEI.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term, fund
   based facilities     15.00        [ICRA]B+; Upgraded

   Long term loans       5.33        [ICRA]B+; Upgraded

   Short term, non-
   fund based
   facilities            4.00        [ICRA]A4; Reaffirmed


   Long term/Short
   term unallocated      5.29        [ICRA]B+/[ICRA]A4; Assigned

The reaffirmation of the ratings consider the favourable long term
prospects for the heavy engineering industry, the track record of
the promoters spanning over three decades in the engineering
industry and the reputed customer profile of the company. The
ratings also consider the healthy growth witnessed in order
inflows, providing revenue visibility in near term and the
improvement in debt protection metrics on the back of prepayment
of term loans and healthy accruals. The ratings are, however,
constrained by the high working capital intensity due to stretched
payments from customers, high inventory holding policy and
weakened capital structure with low equity base in spite of the
marginal improvement witnessed during FY 2014-15.

Velmurugan Heavy Engineering Industries Private Limited (VHEI),
founded in 1989 by the late Mr R Srinivasan, undertakes
fabrication, machining and assembly works to manufacture
components for heavy engineering products like boilers,
earthmoving equipment, wind turbine towers, machine bases, cooling
systems, cement and steel plants, oil field equipments, etc. VHEI
is a subcontractor for many reputed companies in the heavy
engineering sector, including Bharat Heavy Electricals Limited
(BHEL), Larsen & Toubro Limited (L&T), FLSmidth Private Limited,
SMS India Private Limited (subsidiary of SMS Siemag AG), Gamesa
SA, and Vestas Wind Technology India Private Limited. VHEI has
manufacturing facilities located in Trichy, Tamil Nadu, close to
the BHEL factory.

Recent results
VHEI has reported an operating income of INR33.7 crore and net
profit of INR1.13 crore during FY 2014-15 against an operating
income of INR28.41 crore and net loss of INR0.75 crore during FY
2013-14.


VICEROY EXPORTS: CRISIL Assigns B+ Rating to INR100MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Viceroy Exports India Pvt Ltd (VEIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Foreign Discounting
   Bill Purchase             50       CRISIL A4

   Packing Credit           100       CRISIL B+/Stable

The ratings reflect VEIPL's below-average financial risk profile
because of high gearing and weak debt protection metrics,
susceptibility of its operating margin to volatility in raw
material prices, and modest scale of operations in an intensely
competitive seafood industry. These weaknesses are mitigated by
the extensive experience of VEIPL's promoters.
Outlook: Stable

CRISIL believes VEIPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if significant increase in scale of
operations with stable margins results in a sustained improvement
in financial risk profile. Conversely, the outlook may be revised
to 'Negative' if decline in cash accrual, deterioration in working
capital management or any higher-than-expected capital expenditure
programme weakens the financial risk profile.

Incorporated in 2011 by Mr. Roy J Vayalat, Ernakulam (Kerala)-
based VEIPL processes exports marine products, which mainly
include the cephalopods category comprising cuttle fish, squid,
octopus, and tuna.


VIJAI CONSTRUCTION: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vijai
Construction (India) Private Limited (VCIPL) a Long-Term Issuer
Rating of 'IND BB+'. The Outlook is Stable. The agency has also
assigned VCIPL's bank loans the following ratings:

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
Fund-based limits        50        Long-term 'IND BB+'/Stable
                                    and Short-term 'IND A4+'

Non-fund-based limits   220        Short-term 'IND A4+'

KEY RATING DRIVERS

The ratings reflect VCIPL's lack of track record and small scale
of operations as evident from the top line of INR656.93m,
according to the provisional financials for FY15.

The ratings are supported by over three decades of experience of
VCIPL's promoters in civil construction works. The ratings are
further supported by the company's satisfactory operating
profitability and credit metrics. In FY15, EBITDA margins were
6.70%, interest coverage (operating EBITDA/gross interest expense)
was 10.42x and financial leverage (total Ind-Ra adjusted
debt/operating EBITDAR) was 0.96x.

The ratings factor in the company's comfortable liquidity position
as evident from its 28% average cash credit utilisation during the
nine months ended 26 October 2015.

RATING SENSITIVITIES

Negative: A significant decline in the operating profitability
leading to significant deterioration in the credit metrics along
with delays in project execution will be negative for the ratings.
Positive: A significant improvement in the revenue while improving
or sustaining the credit profile will be positive for the ratings.

COMPANY PROFILE
VCIPL was established in 2011 and is engaged in the business of
civil construction works in roads & other allied works. Its head
office is in Lucknow.


WESTERN UP: CRISIL Suspends 'D' Rating on INR3.85BB LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Western
UP Tollway Ltd (WUPTL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan        3850       CRISIL D

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

WUPTL is a special-purpose vehicle promoted by NCC, which holds 51
per cent stake and Gayatri Projects Ltd which holds 49 per cent
stake. The company has signed a 20-year concession agreement with
NHAI for constructing and maintaining a road on a build, operate,
and transfer basis at a total cost of INR7.56 billion. The project
involves widening and improving the two-lane, 79-kilometre (km)
stretch of National Highway 58, between Meerut and Muzaffarnagar
(both in Uttar Pradesh). WUTPL commenced tolling from April 18,
2011, on a partial stretch of 58 km; it has been collecting toll
for the full stretch of 79 km only from October 21, 2011. The
company has kept its provisional commercial operation date (PCOD)
but is yet to receive the completion certificate for the punch-
list items.


* INDIA: Publishes Long-Awaited Bankruptcy Reform Proposals
-----------------------------------------------------------
Clara Ferreira Marques at Reuters reports that India's government
on November 4 published long-awaited proposals to overhaul an
outdated and overburdened bankruptcy process, calling for public
comment on what could become the country's first unified
bankruptcy code.

Reuters says the proposed bill aims to dramatically speed up
decisions on whether to save or liquidate ailing companies, in a
move to curb asset stripping and ensure higher recovery rates for
creditors - both key to fostering a modern credit market and
increased investment in India.

Currently, according to the report published on November 4,
lenders recover a paltry 20% of the value of debt, Reuters
discloses.

If adopted, the changes would bring in "insolvency professionals"
to run the resolution process, and set up creditor committees to
reach a verdict on an ailing company's future in up to 180 days,
removing government involvement and ending decades of judicial
gridlock, according to Reuters.

The group of experts who drafted the proposed changes, first
reported in full by Reuters last week, said a speedier resolution
would also help increase the number of firms that can be
restructured, rather than liquidated.

Comments and suggestions are due by Nov. 19, after which the
government will take a decision on the report and introduce it in
parliament, the report notes. Committee members told Reuters last
week that the bill could be passed in the budget session, early
next year.



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


SHARP CORP: S&P Lowers CCR to 'CCC+'; Outlook Negative
------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term corporate credit and debt ratings on Japan-based
electronics company Sharp Corp. to 'CCC+' from 'B-' and its short-
term corporate credit and commercial paper program ratings on the
company to 'C' from 'B'.  S&P has also lowered its long-term
corporate credit rating on overseas subsidiary Sharp International
Finance (U.K.) PLC to 'CCC+' and the rating on its commercial
paper program to 'C'.  The outlook on the long-term corporate
credit ratings on both companies is negative.

A maturing market and intensifying competition in Sharp's main
liquid crystal display (LCD) business have fueled a price drop in
excess of assumptions S&P made at the beginning of fiscal 2015
(ending March 31, 2016), substantially hurting the company's
ability to generate earnings.  Sharp has had difficulty
stabilizing production amid shortening business cycles in the LCD
business and less visible orders and sales volumes to its main
customers, China's smartphone manufacturers.  Accordingly, its
profitability has deteriorated further.  S&P believes the
competitiveness of Sharp's LCD operation continues to decline
because of a substantial loss of ability to generate funds for
development and investment.

Sharp is talking to multiple companies about drastically
restructuring its LCD operation.  At this point, accurately
predicting how the company will restructure its LCD operation is
difficult.  However, S&P believes that restructuring the
increasingly uncompetitive business will lead to massive losses,
including further impairment losses, which in turn may again
materially erode its equity capital.

"Sharp conducted a de facto debt-for-equity swap on June 30, 2015,
with the issuance of preferred securities to repay borrowings from
its two main lender banks, thereby recovering a certain degree of
reported equity capital.  However, Sharp's operating performance
deteriorated again shortly thereafter, leading us to believe its
main lender banks are closely monitoring the progress of sweeping
restructuring measures.  Even if Sharp progresses the
restructuring of its LCD business, which may include steps to
integrate its LCD operation with, or receive capital from, other
companies, we see a growing possibility that the company will need
to restructure its existing borrowings because it remains saddled
with a massive outstanding debt, has insufficient equity capital,
and is likely to book huge net losses for fiscal 2015.  We believe
Sharp is likely to reach an outcome to restructure its existing
debt by the end of March 2016, the due date for repayment of a
total JPY510.0 billion in borrowings, including lines of
commitment and syndicated loans," S&P noted.

"As a result, in restructuring Sharp's existing debt, we see an at
least one-in-two chance the company will have difficulty meeting
its financial commitments, and we believe any debt restructuring
may take a form we define as 'SD', such as a debt-for-equity swap.
Even if the possibility of a default in the form of an 'SD'
declines in the short term, we view Sharp's financial commitments
as unsustainable in the long term, taking into account its
vulnerable cash flow generation and narrow level of equity.  We
view Sharp's ability to steadily repay its debt as very weak given
the high volatility of its earnings from the LCD business.  In
addition, Sharp has certain competitiveness in non-LCD businesses
such as home appliances, mobile phones, copiers, and camera
modules. But these businesses are relatively small in scale for
Sharp," S&P said.

The 'CCC+' long-term debt rating on Sharp is the same as the long-
term corporate credit rating.  S&P lowers its long-term debt
rating on Sharp one notch because the ratio of its priority
liabilities to total assets exceeded our 15% threshold to notch it
down at the end of September 2015.  The rating continues to
incorporate a notch of uplift to reflect support from banks.  In
restructuring its LCD business, S&P believes Sharp's main lender
banks are likely to extend support in a form S&P defines as 'SD',
in which case Sharp is likely to fulfill its obligations to
bondholders over those to its lenders.

The outlook is negative.  S&P still sees a considerable
possibility that Sharp will continue to make losses on a
consolidated operating basis and register huge extraordinary
losses in fiscal 2015.  S&P sees the possibility that Sharp will
need to restructure its existing debt in the next six to 12 months
or so and see at least a one-in-two likelihood it may have
difficulty meeting its financial commitments in this period.  S&P
thinks a debt restructuring in connection with sweeping
restructuring measures in Sharp's LCD operation may take the form
of an 'SD' under S&P's definition.  If this possibility is more
likely in the next couple of months, S&P will lower the rating by
multiple notches.  Conversely, S&P may revise the outlook to
stable if Sharp makes swift progress in drastic restructuring
measures in its LCD business and marked improvement occurs in its
capital structure and debt profile thanks to measures such as
capital injections from third parties.  However, at this point S&P
believes this scenario is unlikely.



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


RURAL BANK OF BUGUIAS: Placed under PDIC Receivership
-----------------------------------------------------
The Monetary Board (MB) placed Rural Bank of Buguias (Benguet),
Inc. under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 1704 dated
Oct. 22, 2015. As Receiver, PDIC took over the bank on Oct. 26,
2015.

Rural Bank of Buguias is a six-unit rural bank with Head Office
located in Abatan, Buguias, Benguet. Its five branches are located
in Cervantes, Ilocos Sur; Kabayan and La Trinidad towns in
Benguet; and Bauko and Tadian towns in the Mt. Province. Based on
the Bank Information Sheet filed by the bank with the PDIC as of
June 30, 2015, Rural Bank of Buguias is owned by Jose B. Alvarez
(11.04%), Candy B. Alvarez (8.29%), Felicisima B. Alvarez (7.58%),
Karina B. Alvarez (6.22%), Regina B. Alvarez (5.84%), Nieves B.
Alvarez (5.81%), Tomas A. Yap, Jr. (5.14%), Ressurreccion M. Acop
(3.84%), Antonio B. Alvarez (3.52%), Ruben L. Tinda-an (2.79%),
Warlita F. Almora (2.75%) and Rosalia L. Tinda-an (2.51%). The
Bank's President is Jose B. Alvarez and its Chairman is Rogelio B.
Marrero.

Latest available records show that as of June 30, 2015, Rural Bank
of Buguias had 16,244 accounts with total deposit liabilities of
PHP347.4 million. Total insured deposits amounted to PHP303.1
million or 87.2% of total deposits.

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

Depositors with valid deposit accounts with balances of
PHP100,000.00 and below shall be eligible for early payment and
need not file deposit insurance claims, except when they have
outstanding obligations with Rural Bank of Buguias or acted as co-
makers of these obligations. Depositors have to ensure that they
have complete and updated addresses with the bank. PDIC targets to
start mailing payments to these depositors at their addresses
recorded in the bank by the second week of November 2015.

Depositors may update their addresses until November 5, 2015 using
the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

For depositors that are required to file deposit insurance claims,
the PDIC targets to start claims settlement operations for these
accounts by the third week of November 2015.

The PDIC also announced that it will conduct a Depositors-
Borrowers Forum from November 6-9, 2015. It enjoins all depositors
to attend the Forum to verify with PDIC representatives if they
are eligible for early payment. Those not eligible will be
informed of the requirements and procedures for filing deposit
insurance claims. The time and venue of the Forum will be posted
in the bank's Head Office and in the premises of its branches, and
announced in the PDIC website, www.pdic.gov.ph. Likewise, the
schedule of the claims settlement operations, as well as the
requirements and procedures for filing claims will be announced
through notices to be posted in the bank premises, other public
places and the PDIC website.

For more information, depositors may communicate with PDIC Public
Assistance personnel stationed at the bank premises. They may also
call the PDIC Toll Free Hotline at 1-800-1-888-PDIC FREE (7342),
the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-
4631, or send their e-mail to pad@pdic.gov.ph



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


* SOUTH KOREA: Shipbuilders Suffer Massive Losses in Q3
-------------------------------------------------------
Yonhap News Agency reports that South Korea's major shipbuilders,
led by Hyundai Heavy Industries Co., logged massive losses in the
third quarter of the year, largely due to a series of order
cancellations and a delay in the construction of offshore
facilities, industry data showed on November 5.

According to the data, the country's big three shipyards --
Hyundai Heavy, Samsung Heavy Industries Co. and Daewoo
Shipbuilding & Marine Engineering Co. -- racked up a combined
operating loss of KRW2.1 trillion (US$1.85 billion) during the
July-September period, the report discloses.

Originally, Hyundai Heavy reported an operating loss of
KRW678 billion for the third quarter but revised the figure to a
loss of KRW898 billion due to an order cancellation, Yonhap
discloses.

Yonhap says Samsung Heavy also reported an operating loss of KRW10
billion for the third quarter, a shift from its earlier estimate
of an operating income of KRW85 billion.

Yonhap adds that Daewoo Shipbuilding also reported an operating
loss of KRW1.22 trillion as it set aside provisions against
potential order cancellations and increased costs.

The report notes that he combined operating loss by the country's
big three shipyards is estimated at KRW7.8 trillion for the year,
marking the first time the top three shipyards have suffered
operating losses on an annual basis.

In the current quarter, the shipyards are expected to suffer
additional losses as the industry faces a protracted slump, says
Yonhap.

The report adds that industry sources said the local shipbuilders
are likely to see an improvement in their bottom lines starting in
the second half of 2016.



===========
T A I W A N
===========


TPK HOLDING: Posts NT$19.39 billion third-quarter loss
------------------------------------------------------
Taipei Times reports that TPK Holding Co, a major supplier of
touchpanels for Apple Inc's iPhone 6S and Watch, on November 4
reported a quarterly loss of NT$19.39 billion (US$595 million) due
to massive asset impairments.

According to the report, the company said it is undertaking a
drastic restructuring as lackluster demand for touchscreen
notebook computers has affected its factory utilization rate,
leaving some of its equipment idle.

TPK posted NT$18.97 billion in impaired assets last month, mainly
from unprofitable and idled equipment, the report discloses.

Net loss last quarter was about six-fold its share capital of
NT$3.2 billion, according to Taipei Times.

"We are refocusing on core technologies and [profitable] products.
We are refocusing on our major customers. To do so, we have to
make some adjustments," the report quotes TPK chairman Michael
Chiang as saying. "This is something we have to do to return the
company to health."

Without the burden of money-losing equipment, TPK expects earnings
per share to improve to NT$2.09 this quarter. Earnings for next
year could reach NT$7.98 per share as the company plans to cut
operating costs by NT$800 million this quarter and by NT$3.28
billion next year, the company said, the report relays.

According to Taipei Times, TPK said the asset impairment would not
affect the company's cash position, which stood at NT$27.22
billion as of the end of last quarter.

The company reported a 9.1% increase in revenue to NT$14.05
billion last month, from NT$12.88 billion in September, the report
discloses.

To assure investors, TPK's board on November 4 approved a share
buyback program. TPK is to repurchase 20 million shares, or 5.7
percent of its total outstanding shares, at NT$64 to NT$135 a
share over a two-month period starting November 5, reports Taipei
Times.

Excluding the one-time asset write-down, TPK swung into a net
profit of NT$164 million last quarter, from losses of NT$618
million in the second quarter, says Taipei Times.

TPK counts Apple Inc and Microsoft Corp as two of its major
clients, with Apple contributing 56 percent of the company's total
revenue last quarter, up from 36 percent a quarter ago.

Its gross margin improved to 8.8 percent last quarter, from 2.1
percent in the second quarter.

The quarterly profit fell short of HSBC Securities Corp's estimate
of NT$679 million and CIMB Securities Ltd's estimate of NT$700
million, the report notes.

For this quarter, TPK said that it aims to increase revenue by
5% from last quarter's NT$34.24 billion, supported by robust
demand for notebook computers equipped with Microsoft's Windows 10
operating system, adds Taipei Times.

The company said it is also considering whether to sell its
shareholding in loss-making subsidiary Cando Co Ltd, the report
relates.

Taiwan-based TPK Holding Co., Ltd. is principally engaged in the
research, development, manufacturing and distribution of
capacitive touch sensors, modules and monitors. The Company
operates its businesses through the production of medium- and
small-sized touch panels, which provides touch panels for mobile
phones, portable media players (PMPs), personal navigation devices
(PNDs), electronic books and digital photo frames, among others.
In addition, it involves in the system integration and indium tin
oxide (ITO) glass business. The Company distributes its products
primarily in the North America and Asia.



                             *********

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.



                 *** End of Transmission ***