TCRAP_Public/160104.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, January 4, 2016, Vol. 19, No. 1


                            Headlines


A U S T R A L I A

FX BUILDING: First Creditors' Meeting Slated For Jan. 11
SUBURBAN SYSTEMS: First Creditors' Meeting Slated For Jan. 7
VENTIS HQ: First Creditors' Meeting Set For Jan. 8


C H I N A

ASIA NOW: Auction Closes, Minority Shareholders' Bid Excluded
GOLDEN EAGLE: S&P Lowers CCR to 'BB-'; Outlook Stable


H O N G  K O N G

NOBLE GROUP: Moody's Lowers Rating on Sr. Unsecured Bonds to Ba1


I N D I A

ANKIT INTERNATIONAL: ICRA Reaffirms B Rating on INR25cr Loan
AYUSH TEXLENE: ICRA Reaffirms B- Rating on INR5.0cr Cash Loan
BHALARA COTTON: Ind-Ra Assigns BB- Long-Term Issuer Rating
BLACKBERRY TILES: CRISIL Cuts Rating on INR65MM Loan to B
BLACKSTONE GEM: ICRA Reaffirms D Rating on INR15cr Bill Disc.

DMR HOSPITALS: CRISIL Assigns 'B' Rating to INR89MM Term Loan
EVEREST POWER: ICRA Suspends 'D' Rating on INR108.8cr Loan
FACOR ALLOYS: ICRA Lowers Rating on INR34cr Loan to D
FERRO ALLOYS: ICRA Lowers Rating on INR65cr Term Loan to D
FORUM IT: ICRA Suspends 'B' Rating on INR130.28cr LT Loan

GLOBAL ISPAT: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
HANUMAN ALLOYS: CRISIL Reaffirms B+ Rating on INR107.5MM Loan
HARISONS STEEL: Ind-Ra Suspends IND BB-/Stable LT Issuer Rating
HELPAGE YOUTH: CRISIL Assigns B+ Rating to INR10MM LT Loan
INABENSA BHARAT: Ind-Ra Assigns B+ Long-Term Issuer Rating

KALYANPUR CEMENTS: Ind-Ra Affirms INR794.6M Debenture 'C' Rating
KRM TYRES: Ind-Ra Assigns BB Long-Term Issuer Rating
LANDSCAPE REALITY: CRISIL Assigns B+ Rating to INR670MM LT Loan
MAA MANGALA: ICRA Suspends D Rating on INR18.34cr LT Loan
MANJU SHREE: ICRA Reaffirms B+ Rating on INR4.9cr Loan

NALANDA ENGICON: CRISIL Assigns B+ Rating to INR30MM Loan
NEUROGEN BRAIN: CRISIL Assigns 'B' Rating to INR220MM Term Loan
PLATINUM POLYMERS: ICRA Reaffirms B+ Rating on INR4.0cr Loan
PODDAR MERCANTILE: CRISIL Reaffirms B- Rating on INR51MM Loan
RAIHAN HEALTHCARE: CRISIL Cuts Rating on INR220MM LT Loan to B

RAJKAR BROS: CRISIL Lowers Rating on INR49MM Cash Loan to B+
RAM SAROOP: ICRA Suspends B Rating on INR7.0cr Loan
RAVITEJ PROJECTS: CRISIL Suspends 'C' Rating on INR90MM Loan
RJ RISHIKARAN: ICRA Reaffirms 'B' Rating on INR35cr LT Loan
RUBY BUILDERS: CRISIL Cuts Rating on INR680MM LT Loan to 'B'

S.S. COTTON: ICRA Reaffirms B+ Rating on INR20cr Cash Loan
SHANKAR RICE: ICRA Reaffirms B+ Rating on INR9.50cr Loan
SINGHVI FASHIONS: ICRA Suspends B+ Rating on INR19.63cr Loan
SRI MAHAGANAPATHI: CRISIL Assigns B Rating to INR50MM Cash Loan
SUAVE CORPORATION: ICRA Rates INR10cr Unallocated Loan at 'B'

VANTAGE SPINNERS: CRISIL Suspends 'D' Rating on INR262.5MM Loan
VOGUE CLOTHING: ICRA Assigns B+ Rating to INR0.30cr Term Loan
VTC ENGINEERING: CRISIL Suspends B Rating on INR70MM Cash Loan


J A P A N

LEHMAN BROTHERS: Sues Daiwa Over Derivatives Trading in 2008
TOSHIBA CORP: Seeks More Credit to Fund Restructuring


S I N G A P O R E

MANULIFE US: S&P Discontinues Preliminary 'BB' LT CCR on US REIT


S O U T H  K O R E A

* SOUTH KOREA: Firms Face Possible Cash Crunch After Rating Cuts


                            - - - - -


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


FX BUILDING: First Creditors' Meeting Slated For Jan. 11
--------------------------------------------------------
Amanda Young of Jirsch Sutherland was appointed as administrator
of FX Building Group Pty Ltd on Dec. 29, 2015.

A first meeting of the creditors of the Company will be held on
Jan. 11, 2016, at 10:30 a.m.


SUBURBAN SYSTEMS: First Creditors' Meeting Slated For Jan. 7
------------------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of Suburban Systems Pty Ltd, formerly known as
Centenary Accounting Pty Ltd and formerly trading as Centenary
Accounting on Dec. 23, 2015.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, on Jan. 7, 2016, at 10:00 a.m.


VENTIS HQ: First Creditors' Meeting Set For Jan. 8
--------------------------------------------------
Bradd William Morelli and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of Ventis HQ Pty Ltd on Dec. 24,
2015.

A first meeting of the creditors of the Company will be held at
Radisson Blu Hotel Sydney, 27 O'Connell St, in Sydney on Jan. 8,
2016, at 10:00 a.m.



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


ASIA NOW: Auction Closes, Minority Shareholders' Bid Excluded
-------------------------------------------------------------
2463272 Ontario Inc. (the representatives of minority
shareholders, "BidCo") on Dec. 23, 2015, disclosed that it is
disappointed with the results of an auction process in the
receivership of Asia Now Resources Corp. That auction process was
expected to receive final court approval on Dec. 23, 2015, despite
the efforts of Bidco to extend the process and achieve a superior
result for all shareholders.

                            Background

On April 23, 2015, Asia Now and China Gold Pte. Ltd. ("China
Gold"), a wholly owned subsidiary of Lippo Limited, entered into
an arrangement agreement with respect to a going private
transaction for Asia Now. Pursuant to that agreement, China Gold
made an offer to purchase all of the common shares of Asia Now
that it did not already own for $0.02 per common share in cash.
China Gold also agreed to provide a secured credit facility to
Asia Now in the amount of $1,075,735 to fund current working
capital and transaction-related expenses of Asia Now. The credit
facility was secured by general security agreements of Asia Now
and its subsidiary Asia Now Resources Limited ("ANRL"), as well as
a guarantee by ANRL.

On June 18, 2015, the majority shareholder of Asia Now, China Gold
Pte. Ltd. ("China Gold"), a wholly owned subsidiary of Lippo
Limited, called a special meeting of the company's shareholders
and attempted to take the company private by squeezing out for
nominal consideration the minority shareholders. At that meeting,
the minority shareholders strongly defeated China Gold's attempts
to take Asia Now private. After that meeting, Bidco attempted to
engage China Gold in discussions to provide alternatives for the
development of Asia Now's projects, but was rejected by China
Gold.

On Aug. 14, 2015, China Gold made an application to the Ontario
Superior Court of Justice and caused Asia Now to appoint a
receiver and commence an expensive sales process for its assets.
In the weeks leading up to the auction, Bidco made several
arguments to the receiver and its counsel that the auction process
was skewed heavily in favor of China Gold and presented China Gold
with unfair advantages in the auction process, all the while
attempting to comply with the auction rules. For example, on
December 8, 2015 at 11:39 p.m. in the evening, with just over 8
hours before the auction was to commence, Bidco was provided with
and asked to accept further changes to the auction rules that
benefited China Gold's ability to participate in the auction
process.

On Dec. 9, 2015, an auction process conducted by the receiver for
Asia Now had only two participants: the majority shareholder
(China Gold) and the representative of minority shareholders
(Bidco). The auction was several hours long as Bidco fought to
have the auction proceed on a fair basis. The auction was brought
to a close by the receiver with China Gold being accepted as the
highest bidder to purchase the assets of Asia Now after the
receiver refused to allow BidCo's request for a 4 (four) hour
adjournment to provide additional confirmation of financing for an
increased bid. Bidco did provide confirmation of financing
support, but was told it was unacceptable to the receiver.

Despite the auction process being formally closed, the next day
Bidco delivered a significantly increased offer to the receiver
along with detailed confirmation of financing in an effort to
provide the shareholders of Asia Now with a further alternative.
To date, Bidco has not received a response from the receiver as to
why its superior offer was not accepted.

BidCo strongly believes its business plan for the projects owned
by Asia Now is superior to China Gold's and presented a fairer
outcome for the shareholders of the company. Bidco is disappointed
that the receiver did not consider this factor during the auction
process. Bidco was committed to achieving a successful outcome for
the minority shareholders of Asia Now, and pursued that objective
until the conclusion of this auction.

                History of Asia Now's Recent Events

BidCo made its bids based on a number of factors, including but
not limited to the following information which is all available in
Asia Now's public disclosure record. BidCo has relied entirely on
the accuracy of such information and has included excerpts of it
below for information purposes only and takes no responsibility
for its accuracy.

On April 23, 2015, by way of background to the press release
announcing the going private transaction discussed above, Asia Now
reported that:

"Asia Now and China Gold have entered into an arrangement
agreement with respect to a going private transaction for the
Company. Pursuant to the Agreement, China Gold has made an offer
to purchase all of the common shares of Asia Now that it does not
already own for $0.02 per Common Share in cash.

"In connection with the Transaction, China Gold has also agreed to
provide a secured credit facility to Asia Now in the amount of
$1,075,735 to fund current working capital and Transaction-related
expenses of Asia Now. The Credit Facility is secured by general
security agreements of Asia Now and its subsidiary Asia Now
Resources Limited ("ANRL"), as well as a guarantee by ANRL.

"After consideration of all of the circumstances, the Special
Committee of Asia Now concluded that the Transaction is in the
best interests of the Company and fair to the Minority
Shareholders. Accordingly, the Special Committee recommended that
the Board resolve to agree to the terms expressed in the
Agreement, subject to the receipt of all required shareholder and
regulatory approvals. The Company has called a special meeting of
the Company's shareholders to be held on or about June 18, 2015,
at which the Transaction will be voted upon by shareholders."

On April 28, 2015, on SEDAR, Asia Now filed its Consolidated
Financial Statements for the year end December 31 2014 that
recorded the impairment of exploration projects by the end of 2013
as being $499,192, and by the end of 2014 as being $13,875,612,
totally $14,374,804. The "Exploration and Valuation Assets" were
reduced in value from $13,508,122 as at December 31 2013, to
$170,001 as of December 31, 2014. In addition, total assets as at
December 31, 2014, including cash of $542,430, totaled $908,104.

Information Circular with respect to the arrangement involving
Asia Now and China Gold and issued a Notice of Special Meeting to
Shareholders of Asia Now to be held on June 18, 2015. The letter
to shareholders accompanying the Circular included the following:
"The Board, based on the recommendation of the recommendation of
the Special Committee and other considerations, resolved that the
arrangement is fair to the shareholders and is in the best
interests of Asia Now and recommends that shareholders vote in
favor of approving the Arrangement."

On June 9, 2015, on SEDAR, Asia Now reported that:
"The Company will not have sufficient funds available to repay the
amounts owing under the Secured Loan. Consequently, if the
Arrangement is not completed and the lender enforces its security,
it is highly likely that the Company will be required to make a
filing under applicable bankruptcy and insolvency legislation."

As noted above, on June 18, 2015, Asia Now reported that the
minority shareholders did not approve the Agreement between China
Gold and Asia Now and as a result, China Gold could not acquire
all the shares from the minority shareholders at C$0.02 per share.

On June 20, 2015, BidCo extended an offer, to acquire all the
shares China Gold owned in Asia Now at the same price that the
Special Committee of Asia Now presented to the minority
shareholders, and all the debt owed to China Gold by paying 50% of
the value of such debt.

The offer was rejected with no counter offer received from China
Gold to date. BidCo remained committed to working with China Gold
to agree on an arrangement that would allow BidCo to work with
Asia Now to provide financial stability, industry experience and
access to capital that Asia Now required to continue its proposed
activities. However, such efforts were unsuccessful.

Asia Now's CEO subsequently resigned and Bidco continued to
attempt to communicate with Asia Now's Special Committee. On
August 13, 2015, the TSX halt the trading of Asia Now shares. On
August 14, China Gold appointed a Receiver, and two Canadian
directors and the CFO of Asia Now resigned. On October 2nd, 2015,
the Receiver for Asia Now put out a news release for auction of
Asia Now's assets.

                     About Asia Now Resources

Asia Now Resources Corp. -- http://www.asianow.ca/-- is a
Canada-based exploration-stage company engaged principally in the
acquisition and exploration of mineral properties in China. The
Company's properties include Ma Touwan Properties and Habo, both
in China.


GOLDEN EAGLE: S&P Lowers CCR to 'BB-'; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Golden Eagle Retail Group
Ltd. to 'BB-' from 'BB+'.  The outlook is stable.

S&P also lowered its long-term issue rating on the company's
senior unsecured notes to 'B+' from 'BB'.  At the same time, S&P
lowered its long-term Greater China regional scale rating on the
China-based department store operator to 'cnBB+' from 'cnBBB' and
on the notes to 'cnBB' from 'cnBBB-'.  S&P removed all the ratings
from CreditWatch, where they were placed with negative
implications on Nov. 10, 2015.

"We lowered the rating because we expect Golden Eagle's leverage
to materially increase post the company's acquisition of several
companies mainly involved in the operation of department
stores/shopping malls and property development projects," said
Standard & Poor's credit analyst Shalynn Teo.  "We do not
anticipate any material reduction in leverage over the next 12
months."

S&P expects earnings contribution from the target companies and
net cash flows from the development and sale of properties to be
limited in the next 12 months.  Moreover, the target companies
have significant debt and construction costs.  S&P expects Golden
Eagle's debt-to-EBITDA ratio to increase to more than 4.0x post
the acquisitions, from 1.7x in 2014.

Golden Eagle announced its acquisition of Nantong Global Era Real
Estate Development Co. Ltd., Nantong Global Era Enterprises Co.
Ltd., and Wuhu Global Era Enterprises Co. Ltd. for a cash
consideration of RMB100 million on Nov. 4, 2015.  The shareholders
approved the acquisitions on Dec. 29, 2015.

S&P expects rising competition and weak consumer demand to weigh
on sales at Golden Eagle's department stores in the next 12
months.  However, S&P expects Golden Eagle to keep its EBITDA
margin above 40%, helped by rising sales contribution from new
stores and the company's efforts to improve operating efficiency
and cost control.  S&P anticipates that Golden Eagle's
profitability and cash flows will stabilize over the next 12-24
months with slower expansion.  However, these metrics could
deteriorate if the operating conditions become tougher or the
company's operating expenses increase more than S&P expects
because of the opening of new stores.

"The stable outlook reflects our view that Golden Eagle will
remain disciplined in its financial management over the next 12
months while facing intense competition and weak demand," said
Ms. Teo.  "We anticipate that the company will pursue growth
mainly using internal funds, supported by its cash-generative
concessionaire model, and will not undertake any substantial debt-
funded expansion."

S&P may lower the rating if Golden Eagle's operating performance
deteriorates significantly or the company makes substantial debt-
funded acquisitions, such that its debt-to-EBITDA ratio rises
above 5.0x with no signs of improvement.

S&P may raise the rating if: (1) S&P expects Golden Eagle's
operating efficiency, cash flow adequacy, and leverage to improve
significantly, such that it can maintain a debt-to-EBITDA ratio
below 4.0x and EBITDA interest coverage of above 3.0x; and (2) the
company adopts a more conservative financial policy to control
expansion or make acquisitions.



================
H O N G  K O N G
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NOBLE GROUP: Moody's Lowers Rating on Sr. Unsecured Bonds to Ba1
----------------------------------------------------------------
Moody's Investors Service has downgraded Noble Group Limited's
senior unsecured bond ratings to Ba1 from Baa3 and the provisional
rating on its senior unsecured MTN program to (P)Ba1 from (P)Baa3.

At the same time, Moody's has assigned a Ba1 corporate family
rating to Noble and has therefore withdrawn the company's issuer
rating.

The rating actions conclude Moody's review for downgrade initiated
on Nov. 16, 2015.

The outlook for the ratings is negative.

RATINGS RATIONALE

"The downgrade of Noble's ratings reflects Moody's concerns over
the company's liquidity," says Joe Morrison, a Moody's Vice
President and Senior Credit Officer.

The Ba1 ratings also reflect low levels of profitability and
consistent negative free cash flow from core operating activities,
which exclude proceeds from asset sales.

"The downgrade also reflects the uncertainty as to whether or not
these factors can be improved sustainably and materially, given
our expectations of a prolonged commodity downcycle, and the
consequent negative sentiment impacting Noble and commodity
traders in general," adds Morrison.

Moody's notes that the global commodity downturn has become
severer over the last one to two months and believes these
negative conditions might erode Noble's access to funding and
could therefore challenge its profitability, prompting Moody's to
conclude the rating review.

Moody's also notes the announced sale of its remaining 49% stake
in Noble Agri Limited (unrated).  The expected receipt of $750
million from the sale will improve Noble's liquidity profile and
adjusted net debt/EBITDA to about 3.2x in 2015.

However, Noble's liquidity position remains constrained, despite
the company's well-developed plans to further improve the
situation in the coming months.

Overall, Moody's views that Noble could continue to face pressure
to move more of its bank funding to a secured platform, if it
faces challenges to access unsecured debt funding.

Moody's also expects that Noble's ability to gain consistent
access to the bond markets will remain constrained.  This
challenge is unusual for investment grade entities and the
sporadic nature of its access is a characteristic that is more
consistent with that of Ba-rated entities.

Moody's understands that Noble plans to engage in further capital
raising activities and aims to improve its operations such as to
lower operating expenses, lower working capital utilization, and
strengthen cash flow generation.

If it achieves such aims, the company will exhibit an improved
liquidity profile that supports its Ba1 ratings.  Its leverage
metrics should also improve and therefore provide further support
to its Ba1 ratings.

The negative ratings outlook reflects the execution risk
associated with Noble's plan to improve its liquidity position, as
well as the uncertainty arising from the commodity price
environment, and the impact that increasingly lower commodity
prices globally will have on companies with exposure to
commodities.

The ratings outlook could return to stable, under these
conditions:

  1) The asset sale proceeds as expected, and Noble shows a
     significantly improved liquidity profile, with readily
     available cash and availability under committed, multi-year
     credit facilities comfortably exceeding short term debt over
     the following 12 months on a sustainable basis;

  2) An adjusted net debt to EBITDA ratio below 4.0x and adjusted
     retained cash flow to net debt in excess of 20%; and

  3) Secured borrowings below 20% of total reported debt; a
     scenario which will therefore not trigger subordination
     risk.

However, Noble's ratings are likely to be downgraded if its
liquidity position does not show a meaningful improvement, or its
leverage rises, such that its adjusted net debt/EBITDA registers
in excess of 4.5x and retained cash flow/net debt trends below 20%
on a sustained basis.

The principal methodology used in these ratings was Trading
Companies published in March 2015.

Noble Group Limited is the largest global physical commodities
supply chain manager in Asia by revenue.  Its diversified
activities across the supply chain include the sourcing, storage,
processing, transportation, and distribution of over 20 commodity
products.

Headquartered in Hong Kong, Noble Group Limited operates offices
in 60 locations globally, and employs 1,900 staff.

The company is publicly traded on the Singapore Stock Exchange.

Founder and Chairman, Mr. Richard Elman, holds about a 22% stake
in the company. China Investment Corporation -- the Chinese
sovereign wealth fund -- owns about 10% of the company.



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I N D I A
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ANKIT INTERNATIONAL: ICRA Reaffirms B Rating on INR25cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR25.00
crore fund based bank facility of Ankit International at [ICRA]B.
ICRA has also reaffirmed the short term rating of [ICRA]A4 to the
INR25.00 crore non-fund based bank facility of AI. The Long Term
Fund Based Limit is the sub-limit of short-term non-fund based
facility, such that the total limit should not exceed INR25.00
crore.


                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limit-Cash
   Credit               25.00         [ICRA]B Reaffirmed

   Short Term Non
   Fund Based Limit-
   Letter of Credit     25.00         [ICRA]A4 Reaffirmed

Ankit International's ratings continue to be constrained by the
low profitability as a result of limited value addition in the
trading business and pricing pressures from presence in the
intensely competitive, unorganized and fragmented metals and metal
scrap trading business. Other factors include the relatively high
working capital intensity resulting from inventory stocking
practice on account of wide product profile and relatively high
debtor days, which renders high reliance on external working
capital borrowings. The inventory holding also renders exposure to
price volatility of the trading products, the prices of which are
commoditized in nature. The ratings are also constrained by the
leveraged capital structure marked by high debt levels given the
corresponding low net worth levels and vulnerability of the same
to withdrawals by the proprietor.

However, the ratings favourably take into account the long
experience of the promoters in the scrap trading business and the
support of the group companies operating in the same line of
business.

Ankit International (AI) is a proprietorship firm, engaged in
trading of ferrous and non-ferrous metals, scrap and pipes. It
procures goods mainly from China through direct import; it also
imports from USA, UK and Estonia. Sales are mainly spread across
the markets of Maharashtra, Gujarat and Haryana. The firm has its
registered office in Mumbai and its warehouse is in Navi Mumbai.

Recent Results
During the financial year FY15, AI registered a profit after tax
(PAT) of INR0.26 crore on an operating income of INR36.93 crore.


AYUSH TEXLENE: ICRA Reaffirms B- Rating on INR5.0cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- to the
INR5.00 crore cash credit facilities of Ayush Texlene Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based-Cash
   Credit                5.00         [ICRA]B-; Reaffirmed

The rating reaffirmation reflects weak financial risk profile of
the company as characterized by thin profitability and weak
coverage indicators due to the low value additive nature of
business. In-addition, profitability remains vulnerability to the
highly volatile Indian currency in forex market due to lack of
active hedging activities. The rating also takes into
consideration stressed liquidity position of the company as
indicated by high utilization of working capital limits and
moderate working capital intensity. ICRA also takes a note of
stiff competition within the industry which in turn limits the
pricing flexibility of the company. The rating, however,
positively takes into account the long standing experience of the
promoters, comfortable capital structure as well as locational
advantage achieved by the company due to its presence in Surat
which is a textile hub.

Promoted by Mr. Rakesh Agarwal and Mr. Pramod Agarwal, Ayush
Texlene Limited commenced its operations in 2001. Mr. Rakesh
Agarwal and Mr. Pramod Agarwal have two decades of experience in
this line of business. ATL is engaged in trading of yarns and
fabrics in domestic market.


BHALARA COTTON: Ind-Ra Assigns BB- Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bhalara Cotton
Private Limited (BCPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect BCPL's weak credit profile.  Net leverage was
9.2x in FY15 (FY14: 5.1x) and EBITDA interest coverage was 1.2x
(2.0x).  The leverage has weakened because a non-interest bearing
shareholders' loan was used to meet the working capital gap
created by a 32% yoy increase in revenue to INR1,280 mil. in FY15.
However, the scale of operations remains moderate.

Moreover, the liquidity position is weak with the fund-based
facilities being utilized at an average of 99.2% over the 12
months ended October 2015.  Also, the agricultural commodity based
nature of business exposes the company to seasonality and price
volatility.

The ratings are supported by the over 10 years of experience of
the company's promoter in the ginning and pressing of cotton.

RATING SENSITIVITIES

Positive: Substantial growth in the top line and a sustained
improvement in the overall credit metrics will result in a
positive rating action.

Negative: A substantial decline in the top line and sustained
deterioration in the overall credit metrics of the company will
lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2002, BCPL is promoted by Mr. Bipin Ranpariya and
Mr. Jitendra Bhalara along with other shareholders.  The company
is engaged in the business of ginning and pressing of raw cotton
with installed manufacturing capacity of around 250 bales/day.

BCPL ratings:

   -- Long-Term Issuer rating: assigned 'IND BB-'; Outlook Stable

   -- INR170 mil. fund-based facilities: assigned
      'IND BB-'/Stable and 'IND A4+'

   -- Proposed INR80 mil. fund-based facilities: assigned
      'Provisional IND BB-'/Stable /'Provisional IND A4+'


BLACKBERRY TILES: CRISIL Cuts Rating on INR65MM Loan to B
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Blackberry Tiles Private Limited (BTPL) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable', and reaffirmed its rating on the short-
term facility at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         14       CRISIL A4 (Reaffirmed)

   Cash Credit            20       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Cash Term Loan        65        CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed Long Term     1        CRISIL B/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B+/Stable')


The downgrade reflects CRISIL's belief that BTPL's business and
financial risk profiles will remain constrained over the medium
term on account of lower-than-expected offtake due to delay in
operationalisation of its tile-manufacturing project. In 2014-15
(refers to financial year, April 1 to March 31) BTPL reported
sales of around INR1.79 million, and around INR100 million in the
eight months through November 2015. CRISIL believes liquidity will
remain stretched over the medium term as cash accrual will remain
tightly match against term debt obligations.

The rating reflects BTPL's nascent stage and small scale of
operations in the highly competitive ceramics industry. The rating
also factors in large working capital requirement. These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoters, and the favourable location
of its plant ensuring availability of raw materials and labour.
Outlook: Stable

CRISIL believes BTPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a significant increase in
scale operations and improvement in profitability, leading to
higher-than-expected cash accrual, and if the company's capital
structure improves because of substantial equity infusion.
Conversely, the outlook may be revised to 'Negative' if liquidity
weakens because of a decline in profitability, or a stretch in the
company's working capital cycle, or any large debt-funded capital
expenditure.

Incorporated in Morbi, Gujarat in 2013, BTPL is promoted by Mr.
Sureshkumar Kaswala, Mr. Vashudev Barsara, Mr. Mansukhbhai
Detroja, Mr. Bharatbhai Detroja, Mr. Amod Katiyar and Mr. Dipesh
Jariwala. BTPL has started its commercial operations in February
2015.

In 2014-15 (refers to financial year, April 1 to March 31), on
provisional basis, BTPL reported net loss of INR5.45 million on
sales of INR1.79 million.


BLACKSTONE GEM: ICRA Reaffirms D Rating on INR15cr Bill Disc.
-------------------------------------------------------------
ICRA has re-affirmed the rating of [ICRA]D assigned to the fund
based limit of INR15.00 crore of Blackstone Gem & Jewellery.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     15.00        [ICRA]D Re-affirmed
   (Export Bills
   Discounting)

The rating re-affirmation takes into account the delays/defaults
in servicing of debt obligations by the firm.

Incorporated in 2009, Blackstone Gem & Jewellery (BGJ) is a
closely held partnership firm promoted by Mr. Purshottam Walia and
Mr. Sanjiv Walia to manufacture and export machine-made diamond
studded gold jewellery and plain gold jewellery. It is a 100%
export oriented unit involved in B2B sales with a client base in
Singapore. The jewellery manufacturing takess place in a plant set
up by the firm in the Surat Special Economic Zone, Gujarat. The
firm also has an associate concern, Unique Gem & Jewellery (UGJ),
operational since 2009 engaged in manufacturing of hand crafted
diamond studded jewellery. Even UGJ is an export oriented unit
with clients located in Singapore, Hong Kong and UAE.


DMR HOSPITALS: CRISIL Assigns 'B' Rating to INR89MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of DMR Hospitals Private Limited (DMR).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Rupee Term Loan         89      CRISIL B/Stable
   Overdraft Facility      10      CRISIL A4
   Proposed Long Term
   Bank Loan Facility      26      CRISIL B/Stable

The ratings reflect the company's nascent stage of operations and
a weak financial risk profile because of a small net worth and
high gearing. These weaknesses are partially offset by the
extensive experience of promoters in the healthcare industry.
Outlook: Stable

CRISIL believes DMR will benefit over the medium term from the
promoters' longstanding industry experience. The outlook may be
revised to 'Positive' in case of significant improvement in the
scale of operations and profitability, leading to improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the financial risk profile materially deteriorates
because of a sharp decline in revenue or profitability or large
debt funded capital expenditure.

DMR, incorporated in 2011, runs a multi-speciality hospital in
Karnal (Haryana). The company is promoted by Dr. Subhash Khanna,
Mr. Dalip Singh, Mr. Saurabh Juneja, and Mr. Tarun Chawla.


EVEREST POWER: ICRA Suspends 'D' Rating on INR108.8cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D rating outstanding on the INR108.80
crore fund based facilities of Everest Power Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


FACOR ALLOYS: ICRA Lowers Rating on INR34cr Loan to D
-----------------------------------------------------
ICRA has downgraded the long term rating of FACOR Alloys Limited
(FAL) from [ICRA]BB to [ICRA]D for INR28.90 crore fund based
limits. ICRA has also downgraded the short term rating of FAL from
[ICRA]A4 to [ICRA]D for INR34.00 crore non-fund based limits.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Facilities     28.90      [ICRA]D (Downgraded)
   Non-Fund Based
   Facilities                34.00      [ICRA]D (Downgraded)

The ratings revision for fund and non-fund based limits of FAL
primarily takes into account the invocation of standby Letter of
Credit (SBLC) of USD 10 million issued by the lender (Bank of
India, Vishakhapatnam) for granting loan to its overseas
subsidiary M/s Facor Minerals (Netherlands) B.V. Besides that,
rating takes into account continued suspension of FAL's
manufacturing operations since February 2014 which has led to
significant losses and intensely competitive and cyclical nature
of the Ferro-alloys industry which makes profitability and cash
flows volatile.

Facor Alloys Limited (FAL) was incorporated in May 2004, as a part
of a restructuring scheme sanctioned to Ferro Alloys Corporation
Limited (FACOR). FACOR was incorporated in 1957 by Mr. Uma Shankar
Agarwal & the Saraf family. As a part of the restructuring
exercise affected in April 2004, the company was trifurcated into
three separate companies namely FACOR, FAL and Facor Steels
Limited (FSL) based on division of operations and manufacturing
facilities. FAL is a company engaged in manufacturing of Ferro-
Chrome. Its manufacturing unit, having an installed capacity of
72,500 tonnes per annum (TPA), is located in Garividi, District
Vizag (Andhra Pradesh).

Recent Results:

In FY15, the company reported a net loss of INR8.07 crore on a
turnover of INR2.10 crore as compared to a net loss of INR16.46
crore on a turnover of INR245.54 crore in FY14. During the 1H
FY16, FAL reported a net loss of INR5.29 crore on a turnover of
INR1.46 crore.


FERRO ALLOYS: ICRA Lowers Rating on INR65cr Term Loan to D
----------------------------------------------------------
ICRA has downgraded the long term rating of Ferro Alloys
Corporation Limited (FACOR) from [ICRA]BB to [ICRA]D for INR108.90
crore1 fund based limits. ICRA has also downgraded the short term
rating of FACOR from [ICRA]A4 to [ICRA]D for INR54.00 crore non-
fund based limits.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans             65.0       [ICRA]D (Downgraded)
   Fund Based
   Facilities             43.9       [ICRA]D (Downgraded)
   Non-Fund Based
   Facilities             54.0       [ICRA]D (Downgraded)

The ratings revision for fund and non-fund based limits of FACOR
primarily takes into account the delays in debt servicing by the
company. ICRA notes that FACOR's profitability has steeply
declined in FY2015 and in the current year due to decline in Ferro
Chrome realizations and an increase in production cost backed by
increased procurement of chrome ore from external sources and
increase in royalty rates by the Odisha Mining Corporation.
Besides that, there are delays in the interest and principal
payment on the long term debt raised by FACOR Power Limited
(FACOR's subsidiary) from its lender (Rural Electrification
Company-REC), for which FACOR has extended corporate guarantee
(CG). ICRA believes that FACOR's credit risk profile will continue
to be influenced by the risk of guarantee invocation till the
stabilization of FPL's operations because of the significant
amount of CG in relation to FACOR's networth. ICRA expects FACOR's
overall cash flows to remain stretched in the medium term due to
pressures on its standalone profitability and significant funding
support required by FPL to fund the cash losses. The ratings
continue to be constrained by the intensely competitive and
cyclical nature of the Ferro- alloys industry which makes
profitability and cash flows volatile.

Ferro Alloys Corporation Limited (FACOR) was incorporated in 1957
by Mr. Uma Shankar Agarwal & the Saraf family. Company's
performance was satisfactory till early 1990s. However, certain
factors such as debt-funded Diesel-Generator (DG) based power
plants, adverse foreign-exchange fluctuations and decline in
ferro-chrome realizations affected the company's ability to repay
the debt in its books. Subsequently, as a part of a restructuring
scheme approved by all the lenders, FACOR was trifurcated into
three separate companies namely FACOR, Facor Alloys Limited (FAL)
and Facor Steels Limited (FSL) w.e.f April 1, 2004 based on
division of operations and manufacturing facilities.

FACOR is the main group company engaged in production of high
carbon ferro-chrome. Its manufacturing unit, having an installed
capacity of 65,000 tonnes per annum (tpa), is located at Randia,
in Orissa. This apart, company has four captive chrome ore mines
also located in the state of Orissa. The mined chrome ore is
largely used to meet its own and its group company's (FAL) raw
material requirements. Also, FACOR is in the process of
constructing a 100 MW power plant next to its Ferro Chrome
manufacturing facility through its subsidiary FACOR Power Limited
(FPL). In July 2011, the first phase of the power plant (45 MW)
got operational and currently FACOR is meeting its 100% power
requirements from the captive power plant.

Recent Results: In FY15, FACOR reported a net profit of INR19.06
crore on an operating income (OI) of INR602.70 crore as compared
to a net profit of INR31.36 crore on an OI of INR651.14 crore in
FY14. Further, in 1H FY16, FACOR reported a net profit of INR8.72
crore on an OI of INR300.20 crore.


FORUM IT: ICRA Suspends 'B' Rating on INR130.28cr LT Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR130.28
crore long term loans of Forum IT Parks Pvt. Ltd. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.
According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


GLOBAL ISPAT: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Global Ispat
Limited (GIL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable.

KEY RATING DRIVERS

The ratings reflect GIL's moderate scale of operations and weak
credit metrics. Revenue was INR1,016m in FY15 (FY14: INR1,048m),
net leverage was 6.4x (8.4x) and EBITDA interest coverage was 1.0x
(0.9x). EBITDA margins are low yet stable in the range of 3%-4%.
1HFY16 revenue was INR579m.


The ratings factor in FIL's moderate liquidity position with the
fund-based facilities being utilised at an average of 89% over the
12 months ended October 2015.


The ratings are supported by the two-decade-long experience of the
company's promoters in the steel manufacturing business. GIL has
undertaken capex of INR200m for forward integration to manufacture
TMT bars, for which there has been an equity infusion of INR20m.
The new unit will allow better pricing ability leading to improved
profitability.

RATING SENSITIVITIES

Positive: Substantial growth in the top line with improved
profitability leading to a sustained improvement in the credit
metrics will lead to a positive rating action.

Negative: Any decline in the profitability resulting in a
sustained deterioration in the credit profile of the company will
lead to a negative rating action.


HANUMAN ALLOYS: CRISIL Reaffirms B+ Rating on INR107.5MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hanuman Alloys Private
Limited (HAPL) continue to reflect HAPL's modest scale of
operations, below-average financial risk profile because of an
average capital structure and subdued debt protection metrics, and
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive industry experience of the
company's promoters in the steel industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        29.1      CRISIL A4 (Reaffirmed)

   Cash Credit          107.5      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       9.7      CRISIL A4 (Reaffirmed)

   Proposed Cash
   Credit Limit          68.7      CRISIL B+/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits     35.0      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes HAPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of higher-than-expected growth in
revenue or profitability, leading to significant improvement in
the financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case of lower-than-expected revenue or cash
accrual, or a stretch in the company's working capital cycle,
leading to deterioration in the financial risk profile.

Update
HAPL's turnover was INR557.9 million in 2014-15 (refers to
financial year, April 1 to March 31), against INR563.8 million in
2013-14. The lower topline is mainly attributable to slowdown in
demand in the steel industry and the falling price of steel. The
operating margin was 5.2 per cent in 2014-15.

Operations remain highly working capital intensive, with gross
current assets (GCAs) of 340 days as on March 31, 2015. The high
GCAs were primarily driven by large inventory of 86 days and
highly stretched receivables of 216 days as on this date. The
working capital requirement is partly funded by credit from
suppliers; creditors stood at 220 days as on March 31, 2015. Bank
lines were fully utilised during the 12 months through August
2015.

The company's financial risk profile remains below average because
of an average capital structure and subdued debt protection
metrics. The net worth was INR128.3 million, and gearing at 0.93
time, as on March 31, 2015. An average operating margin has led to
modest debt protection metrics, with net cash accruals to total
debt and interest coverage ratios of about 0.10 time and 1.8
times, respectively, for 2014-15.

For 2014-15, HAPL reported a profit after tax (PAT) of INR3.9
million on net sales of INR557.9 million, against a PAT of INR4.1
million on net sales of INR563.8 million for 2013-14.

Incorporated in 1996 and based in Kolkata, HAPL manufactures mild
steel ingots and thermo-mechanically treated bars. It is promoted
by Mr. Vijay Kumar Rai and his family members.


HARISONS STEEL: Ind-Ra Suspends IND BB-/Stable LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Harisons Steel
Ltd.'s (HSL) 'IND BB-'/Stable Long-Term Issuer Rating to the
suspended category.  The rating will now appear as 'IND BB-
(suspended)' on the agency's website.

A full list of rating actions is at the end of this commentary.

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
HSL. 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 this six-month period, the ratings could be reinstated and
will be communicated through a rating action commentary.

HSL's ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'/Stable
-- INR40.3m Term Loans: migrated to 'IND BB-(Suspended)' from
    'IND BB-'

-- INR210m Cash credit limits: migrated to 'IND BB- (Suspended)'
    from 'IND BB-'

-- INR50m LC limits: migrated to 'IND A4+ (Suspended)' from 'IND
    A4+'

-- Proposed INR12.6m Term Loans: migrated to Provisional
    'IND BB- (Suspended)' from Provisional 'IND BB-'

-- Proposed INR40m Cash credit limits: migrated to Provisional
    'IND BB- (Suspended)' from Provisional 'IND BB-'

-- Proposed INR20m LC limits: migrated to Provisional 'IND A4+
    (Suspended)' from Provisional 'IND A4+'


HELPAGE YOUTH: CRISIL Assigns B+ Rating to INR10MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Helpage Youth Foundation (HYF).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     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 track record
of successful execution of government schemes, and absence of debt
on the books.
Outlook: Stable

CRISIL believes that HYF will continue to benefit over the medium
term from its track record of successful execution of government
schemes. The outlook may be revised to 'Positive' if the society's
revenue improves significantly and it receives grants on time.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile deteriorates because of decline in revenue
or earnings, or large working capital requirements.

HYF is a not-for-profit society, set up in 2005. Mr. Himanshu
Porwal, Mrs. Neelam Gupta and Mr. P K Gupta are the society's
director, president and treasurer, respectively. HYF, based in
Lucknow, Uttar Pradesh, runs schemes such as Payjal Scheme,
National Child Labour Project (NCLP), National Digital Literacy
Mission (NDLM), and Hot Cooked Food Scheme for the state and
central governments in Lucknow and its vicinity.

HYF reported net surplus and net revenue of INR0.002 million and
INR14.5 million, respectively, for 2014-15 (refers to financial
year, April 1 to March 31) and INR0.02 million and INR3.3 million,
respectively, for 2013-14.


INABENSA BHARAT: Ind-Ra Assigns B+ Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Inabensa Bharat
Private Limited (IBPL) a Long-Term Issuer Rating of 'IND B+' with
Stable Outlook.  The agency has also withdrawn the
'IND BBB-(SO)'/Stable and 'IND A3(SO)' ratings on IBPL's bank
facilities while assigning them 'IND B+'/Stable and 'IND A4'
ratings.  The ratings have been assigned to the entity based on
the standalone credit profile of IBPL.  Considering the weakened
financial position of the parent Abengoa S.A. (Abengoa; Fitch
Ratings Ltd: Long-term Issuer Default Rating 'RD' (Restricted
Default)), Ind-Ra expects limited support to IBPL under the
corporate guarantee and hence the ratings based on corporate
guarantee have been withdrawn.

KEY RATING DRIVERS

Weakening of Parent's Profile: Abengoa is the parent of IBPL.  The
group's financial position has weakened due to higher-than-
expected equity requirements for its capital intensive projects in
Brazil.  The group had plans to raise EUR650 mil. through a rights
issue.  Accordingly, Abengoa had entered into an agreement with
Gonvarri Corporacion Financiera to raise EUR250m, which has since
been terminated by the latter.  Following this Abengoa applied for
the protection under the Spanish insolvency law.  Given the
weakened financial position of Abengoa, Ind-Ra expects limited
support from the parent in the short term and hence the rating
assigned reflect the standalone financial and business profiles of
IBPL.

EBITDA Erosion Continues: IBPL reported negative EBITDA of
INR150 mil. in FY15 (FY14: negative INR233 mil.).  Its
profitability continues to be under stress due to low trading
margins, lower utilization of plant, and thin margin in
engineering, procurement and construction (EPC) contracts.
However, the EBITDA is likely to turn positive during FY16 on
account of higher capacity utilization (FY15: 48%) of the
company's tower manufacturing plant in Gujarat, stabilization of
personnel and other expenses and higher trading volume.

Refinancing Risk: Considering EBITDA losses during FY14-FY15, IBPL
has been dependent on parent support for debt servicing.  During
FY15, the parent infused INR272.9 mil. as equity into IBPL.
However, given the weakened financial profile of the parent, Ind-
Ra expects limited financial support to the company during FY16-
FY17 leading to refinancing risk for IBPL's debt servicing.

Loss from Forward Cover: The company suffered a loss of INR72 mil.
in FY15 on account of a forward cover taken at an average
INR67/USD.  However, the expectation of forex loss during FY16 is
low because the hedging for the year has been done at INR64/USD
which is lower than the exchange rate movement of close to
INR66/USD.

Revenue Expected to Improve: Ind-Ra expects the revenue to grow to
INR6 bil.-INR7 bil. during FY16-FY17 (FY15: INR4.7 bil.; FY14:
INR2.4 bil.), backed by an increase in manufacturing and EPC
revenue, while trading will remain the largest revenue
contributor.  The revenue of the company grew 93% yoy to
INR4,688.6m during FY15. Trading (FY15: 74%; FY14: 91%) and sale
of services (EPC; 6%; 8%) have previously been the major revenue
segments for the company.  With the beginning of production at its
plant in Vadodara (Gujarat), the manufacturing segment (FY15: 19%;
FY14: 0.2%) has now started contributing significantly to the
overall revenue.

Working Capital Elongates: IBPL's net working capital cycle has
remained short between 0-15 days during previous years.  For
traded items, IBPL follows its group policy of six months of
credit period and debtor period from suppliers and customers,
respectively.  However, the cycle elongated to about 46 days
during FY15 on account of a change in the business mix with
increased contribution from the manufacturing segment.  Ind-Ra
expects the working capital cycle to remain close to two months as
production from its tower manufacturing plant stabilizes.

RATING SENSITIVITIES

Negative: The rating would be negatively impacted by lower-than-
expected business operations from its manufacturing facility and
continued losses at EBITDA levels.

Positive: Higher-than-expected capacity utilization at the tower
manufacturing plant and higher-than-expected EBITDA along with any
improvement in the financial profile of the parent would be
positive for the ratings.

COMPANY PROFILE

Incorporated in September 2002, IBPL is engaged in the execution
of transmission and distribution projects and trading activities
for group entities.  In FY15, IBPL reported revenue profit after
tax margins of negative INR311 mil. (FY14: negative INR118 mil.)
and debt of INR1.6 bil. (INR1.1 bil.).

IBPL's ratings are:

    -- Long-Term Issuer Rating: assigned 'IND B+'/Stable

   -- INR150 mil. fund-based working capital facility: assigned
      'IND B+'/Stable/'IND A4'

   -- INR50 mil. non-fund-based working capital facilities:
      assigned 'IND B+'/Stable/'IND A4'

   -- INR150 mil. fund-based working capital facility:
      'IND BBB-(SO)'/Stable/'IND A3(SO)'; ratings withdrawn

   -- INR50 mil. non-fund-based working capital facilities:
      'IND BBB-(SO)'/Stable/'IND A3(SO)'; ratings withdrawn


KALYANPUR CEMENTS: Ind-Ra Affirms INR794.6M Debenture 'C' Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kalyanpur Cements
Limited's (KCL) INR794.6 mil. zero-coupon non-convertible
debentures (reduced from INR1,173 mil.) at 'IND C'.

KEY RATING DRIVERS

The affirmation reflects KCL's continued stressed liquidity as it
is incurring EBITDA losses since FY11 due to high raw material
costs as well as operational inefficiency.  Ind-Ra considers the
likely inability of KCL to repay the outstanding dues of NCDs on
or before the maturity date of June 30, 2016.  However, there are
no outstanding dues pertaining to the NCDs currently.

KCL is still registered under the Board for Industrial and
Financial Reconstruction and is in process of revival under
rehabilitation scheme as approved by the board pursuant to
provision of Sick Industrial Companies (Special Provision) Act
1985.

RATING SENSITIVITIES

Positive: An improvement in the liquidity position and/or an
improvement in the operating performance could result in a
positive rating action.

COMPANY PROFILE

KCL commenced cement manufacturing in 1946 with a capacity of
0.046 million metric tonnes per annum in Banjari, Bihar.
Currently, KCL has total installed capacity of 1mtpa.


KRM TYRES: Ind-Ra Assigns BB Long-Term Issuer Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned KRM Tyres (KRM) a
Long-Term Issuer Rating of 'IND BB'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings are constrained by KRM's small scale of operations
with revenue of INR899.22 mil. in FY15 (FY14: INR847.16 mil.) and
its partnership structure.

The ratings are, however, supported by the over 10 years of
experience of the company's promoters in manufacturing automotive
tyres and tubes.  The ratings are further supported by KRM's
satisfactory EBITDA margin and credit metrics.  Audited FY15
financials indicate EBITDA margin of 7.00%, financial leverage
(Ind-Ra adjusted net debt/operating EBITDAR) was 2.83x and
interest coverage (operating EBITDA/gross interest expense) was
2.20x (1.91x).  The ratings also factor in the comfortable
liquidity position of the company as evident from its 71.50% fund-
based limits utilization on average during the 12 months ended
November 2015.

RATING SENSITIVITIES

Negative: Deterioration in the EBITDA margins leading to
deterioration in the credit metrics will be negative for the
ratings.

Positive: A significant improvement in the EBITDA margins leading
to an improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

KRM was established in 2003 and started commercial operations in
2007.  KRM manufactures automotive tyres and tubes.  Its works &
office is located in Baddi, Solan (Himachal Pradesh).

KRM's Ratings:

   -- Long Term Issuer Rating: assigned 'IND BB'; Outlook Stable
   -- INR31.30 mil. term loan: assigned at 'IND BB'/Stable
   -- INR120.00 mil. fund-based limits: assigned at
      'IND BB'/Stable/'IND A4+'
   -- INR205.00 mil. non-fund-based limits: assigned at 'IND A4+'


LANDSCAPE REALITY: CRISIL Assigns B+ Rating to INR670MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Landscape Reality (LR).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility    670       CRISIL B+/Stable

The rating reflects LR's exposure to risks related to funding,
saleability, and completion of its ongoing large project, and
cyclicality inherent in the Indian real estate industry. These
weaknesses are partially offset by the extensive industry
experience of LR's partners and their funding support.
Outlook: Stable

CRISIL believes LR will benefit over the medium term from
partners' extensive experience and funding support. The outlook
may be revised to 'Positive' if healthy bookings for newly
launched buildings and timely receipt of customer advances lead to
sizable cash inflows. Conversely, the outlook may be revised to
'Negative' if time and cost overruns in project implementation,
lower-than-expected sales, or delays in customer advances lead to
low cash inflow, thereby impacting liquidity.

Set up in 2014 in Pune, Maharashtra, as a partnership firm, LR is
currently executing a residential real estate project, Anant
Srishti, in Maval, Pune. The firm is promoted by Dagikaka Gadgil
Developers Pvt Ltd and managed by Mr. Mr. Sourabh Gadgil and Ms.
Radhika Gadgil.


MAA MANGALA: ICRA Suspends D Rating on INR18.34cr LT Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR18.34
crore long term loans & working capital facilities & [ICRA]D
rating to the INR0.50 crore short term, non fund based facilities
of Maa Mangala Ispat Pvt. Ltd. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


MANJU SHREE: ICRA Reaffirms B+ Rating on INR4.9cr Loan
------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR7.21 crore bank facilities and INR1.66 crore unallocated
facilities of Manju Shree Syntex Private Limited. The bank lines
rated earlier on both long term and short term scales have been
reassigned rating on a long term scale only. As currently, there
is no amount rated on the short term rating scale, ICRA's short
term rating of [ICRA]A4 assigned earlier, no longer exists.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits      4.90        [ICRA]B+ (reaffirmed)
   Term loans             2.31        [ICRA]B+ (reaffirmed)
   Unallocated            1.66        [ICRA]B+ (reaffirmed)

The ratings reaffirmation favorably factors in MSSPL's improved
capital structure (Gearing reduced from 1.71x as on 31st March,
2014 to 1.48x as on 31st March, 2015) on account of moderate
reserve accretion and ongoing term loan repayments. The ratings
continue to draw comfort from the extensive experience of the
promoters in the textile industry, the favourable location of the
company's weaving facilities lending easy accessibility to raw
materials and processing houses.

The ratings are however constrained by the decline in MSSPL's
revenue in FY15 pursuant to lower volumes sold at lower
realizations owing to change in the product mix. However, ICRA
notes that due to the change in product mix, the operating
profitability of the company improved in FY15 (OPM stood at 9.5%
in FY15 as compared to 8.9% in FY14). The ratings also take into
account the increased working capital intensity (NWC/OI rose from
40% in FY14 to 43% in FY15) owing to the increased credit period
being given to customers. This apart, the ratings continue to
factor in intense competition within the fragmented fabrics
industry, which limits the pricing power of the participants.
MSSPL's ability to scale up its operations, improve its profits
and efficiently manage its working capital cycle will be the key
rating sensitivities.

Incorporated in 2005 as a private limited company, MSSPL is
engaged in the manufacturing of grey and finished fabric for
suiting at its unit in Bhilwara for direct sales under its brand
name "Spectrum" and "Da Vinchi" as well as on job-work basis for
its clients. The company started its operations in 2007 by
installing 20 Dornier looms. Thereafter, in 2009, the company
installed 8 Sulzer double width looms while another 21 Sulzer
looms (16 double width and 5 single width) were added in February
2012. In April 2013, the company sold its 20 Dornier looms and at
present it is operating 29 Sulzer looms (5-single width and 24-
double width).


NALANDA ENGICON: CRISIL Assigns B+ Rating to INR30MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Nalanda Engicon Private Limited (NEPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         70       CRISIL A4
   Cash Credit            30       CRISIL B+/Stable

The ratings reflect NEPL's modest scale of operations,
geographical concentration in the revenue profile, and intense
competition on account of tender-based nature of business. These
rating weaknesses are partially offset by the extensive experience
of promoters in the construction industry, healthy order book
providing revenue visibility over the medium term, and the above-
average financial risk profile because of a moderate net worth,
healthy debt protection metrics and low gearing.
Outlook: Stable

CRISIL believes NEPL will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial and sustained
improvement in the revenue and profitability while maintaining its
working capital requirements. Conversely, the outlook may be
revised to 'Negative' in case of lower-than-expected accrual owing
to low operating income, or significant deterioration in the
capital structure caused most likely by a large, debt-funded
capital expenditure, or a stretch in the working capital cycle.

NEPL started operations in 1965 as a proprietorship concern. The
firm was reconstituted as a private company in 2007. The company
undertakes civil construction, and construction of drinking water
supply projects tube well, and pipeline. It executes projects for
Central Public Works Department and other government departments.
NEPL's directors are Mr. Bebekanand Kumar and Mr. Saryoo Prasad
Sinha. The company is based in Patna, Bihar.


NEUROGEN BRAIN: CRISIL Assigns 'B' Rating to INR220MM Term Loan
---------------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable' rating to the long-term bank
facility of NeuroGen Brain and Spine Institute (NBSI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Rupee Term Loan       220       CRISIL B/Stable

The rating reflects NBSI's modest scale of operations and weak
financial risk profile on account of weak capital structure and
weak debt protection metrics. These weaknesses are partially
offset by the proprietor's extensive experience in neurology.
Outlook: Stable

CRISIL believes NBSI will benefit over the medium term from its
proprietor's extensive experience in neurology. The outlook may be
revised to 'Positive' if the cash accrual is significantly better
than expected supported by a substantial increase in the scale of
operations while sustaining healthy operating margin. Conversely,
the outlook may be revised to 'Negative' in case of lower-than-
expected revenue or profitability leading to deterioration in the
financial risk profile.

Registered in 2008, NBSI, a sole proprietorship firm, provides
medical services relating to neurological disorders and spinal
injuries through specialisation in stem cell therapy and other
rehabilitation services. Dr. Alok Sharma is the proprietor of this
firm.


PLATINUM POLYMERS: ICRA Reaffirms B+ Rating on INR4.0cr Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ for the
INR4.00 crore (enhanced from INR2.75 crore) cash credit limits and
the INR0.39 crore (reduced from INR0.80 crore) term loan facility
of Platinum Polymers Private Limited. ICRA has also re-affirmed
the short-term rating of [ICRA]A4 for the INR0.75 crore non-fund
based limits of PPPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, fund
   based: Cash
   Credit                4.00        [ICRA]B+/Re-affirmed

   Long-term, fund
   based: Term Loan      0.39        [ICRA]B+/Re-affirmed

   Short-term, non-
   fund based            0.75        [ICRA]A4/Re-affirmed

The ratings re-affirmation continues to take into account the
established track record of the company's operations in the
flexible packaging industry and the healthy growth in its revenues
in FY 2015, aided by higher capacity utilization and healthy
demand for its products.

The ratings are, however, constrained by the small scale of PPPL's
operations and its weak financial profile, characterized by
declining profit margins, stretched capital structure and moderate
coverage indicators. The ratings also take into account the
company's vulnerability of profitability to fluctuations in prices
of raw materials, and the high competitive intensity of the
flexible packaging industry that exerts pressure on margins.

Platinum Polymers Pvt. Ltd. (PPPL) was incorporated in 2007, and
is engaged in manufacturing flexible packaging material such as
stretch cling film, laminated pouches and bags, air bubble film,
and Bi-Axially Oriented Polypropylene (BOPP) woven fabric. The
company is promoted by Mr. B.P. Poshia, Mr. Mitesh Poshia, Mr.
Ashish Desai and Mr. Prem Motwani, who have over two decades of
experience in the packaging industry. The company is also involved
in the trading of machinery on a small scale. PPPL also
manufactures pouches on a job-work basis for other packaging
material manufacturers. The manufacturing facility of the company
is located at Badlapur, near Mumbai.

PPPL reported a Profit after Tax (PAT) of INR0.11 crore on an
operating income (OI) of INR12.38 crore in FY 2014. For FY 2015,
the company reported a PAT of INR0.05 crore on an OI of INR17.11
crore.


PODDAR MERCANTILE: CRISIL Reaffirms B- Rating on INR51MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Poddar Mercantile
Private Limited (PMPL) continue to reflect its small scale of, and
working capital intensity in, operations in a competitive
industry. These rating weaknesses are partially offset by the
extensive industry experience of PMPL's promoters.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Inland/Import Letter
   of Credit               54.2     CRISIL A4 (Reaffirmed)

   Packing Credit          51       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      16.7     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PMPL's liquidity will remain weak on account of
working capital intensity in operations. The outlook may be
revised to 'Positive' if higher-than-expected cash accrual or
efficient management of working capital cycle lead to improvement
in liquidity. Conversely, the outlook may be revised to 'Negative'
if a stretch in receivables constrains debt-servicing ability, or
sluggish demand leads to inventory pile-up.

Incorporated in 1998, PMPL exports bags made of polypropylene, and
low- and high-density polyethylene, to customers largely in
Germany, the US, West Indies and Italy. The operations are managed
by promoter-director, Mr. Ashok Kumar Poddar.


RAIHAN HEALTHCARE: CRISIL Cuts Rating on INR220MM LT Loan to B
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Raihan Healthcare Private Limited (RHPL) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable.

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

   Long Term Loan         220      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's belief that RHPL's liquidity will
remain constrained over the medium term on account of delays in
execution of the company's hospital project. The hospital was
expected to commence operations in January 2015, but started
operations only in April 2015. Phase 2 of the project is expected
to commence operations in January 2016 as against October 2015
expected earlier, primarily on account of delays in obtaining
approval and cost overruns. With term loan repayment commencing in
March 2016, delays in project execution will lead to pressure on
liquidity.

The rating reflects exposure to implementation and demand risks
associated with the hospital project. This weakness is partially
offset by management's extensive experience in the healthcare
industry.
Outlook: Stable

CRISIL believes RHPL will continue to benefit over the medium term
from its management's extensive industry experience. The outlook
may be revised to 'Positive' if the company stabilises operations
at its hospital earlier than expected, resulting in improvement in
cash accrual and financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of time or cost overrun in
project, or delays in stabilising operations, leading to weakening
of financial risk profile.

RHPL, incorporated in 2014, is setting up a 273-bed super-
speciality hospital in Erattupetta (Kerala). Operations are
managed by Dr. Mohammed Ismail and Dr. Satheesh.


RAJKAR BROS: CRISIL Lowers Rating on INR49MM Cash Loan to B+
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Rajkar Bros (RB) to 'CRISIL B+/Stable/CRISIL A4' from CRISIL 'BB-
/Stable/CRISIL A4+'.

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

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

   Proposed Cash           1       CRISIL B+/Stable (Downgraded
   Credit Limit                    from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that RB's financial
risk profile will remain constrained over the medium term, due to
high total outside liabilities to tangible net worth (TOLTNW) and
stretched liquidity on account of high working capital
requirements. RB's TOLTNW was high marked by increased dependence
on external debt.  Further the bank limits were also fully
utilised for the 10 month period through October 2015 marked by
high GCA days.  The downgrade also factors in RB's weak operating
performance marked by decline in operating margin to 3.8 per cent
in 2014-15 as compared to 6.1 per cent a year ago. CRISIL expects
the firm's financial risk profile to remain constrained over the
medium term due to weak accretion and significant dependence on
debt for funding working capital requirements.

The rating also reflects RB's modest scale of operations and
below-average financial risk profile marked by small networth.
These weaknesses are partially offset by RB's established regional
market position and the extensive experience of its promoters in
the scrap-trading industry.
Outlook: Stable

CRISIL believes that RB will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the firm increases its
scale of operations while improving its profitability, resulting
in a higher than expected cash accruals along with improvement in
capital structure. Conversely, the outlook may be revised to
'Negative' if RB records lower-than-expected revenue, or its
profitability declines, or if there is significant capital
withdrawal by its partners.

Set up in 1996 by Mr. Karthik Sabanayagam, RB is engaged in
importing and trading in iron and steel scrap.


RAM SAROOP: ICRA Suspends B Rating on INR7.0cr Loan
---------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR7.00 crore fund based and INR0.50 crore unallocated limits
of Ram Saroop Rajendra Parshad. The suspension follows ICRA's
inability to carry out rating surveillance in the absence of
requisite information from the company.


RAVITEJ PROJECTS: CRISIL Suspends 'C' Rating on INR90MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ravitej
Projects Private Limited (RPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        37.5      CRISIL A4
   Cash Credit           90        CRISIL C
   Term Loan             10        CRISIL C

The suspension of ratings is on account of non-cooperation by RPPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RPPL is yet to
provide adequate information to enable CRISIL to assess RPPL'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'.

RPPL, incorporated in 2004, is engaged in the business of
quarrying, crushing, and sale of construction aggregates. The day-
to-day operations of the company are managed by Mr. Meeran
Mohammed and Mr. Srinivasa.


RJ RISHIKARAN: ICRA Reaffirms 'B' Rating on INR35cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' assigned to
INR35.0 crore term loan facilities of RJ Rishikaran Projects
Private Limited.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long Term Fund Based        35.0       [ICRA]B (reaffirmed)

The rating reaffirmation takes into account the long experience of
the promoters in construction and real estate development
demonstrated through execution of 40 projects with a development
of 3 msft area in the residential, commercial, hospitality and
hospital segments. The rating also positively factors in the
favourable location of the project (Lake Gardenia project at KR
Puram, Bangalore and Brook Square project at Whitefield,
Bangalore) having close proximity to social infrastructure
including international schools, shopping malls and multi-
specialty hospitals. The rating also derives comfort from the fact
that all major approvals required with regard to land development
have been obtained.

The rating is, however, constrained by the execution risk
associated with the the project being at intermediate stages of
construction and the funding risk associated with the project as
significant project cost (~52%) is proposed to be funded through
customer advances from pre-sale bookings for both Lake Gardenia
and Brook Square projects. The rating also factors in significant
competition from other ongoing projects in the locality and the
marketing risk associated with the project with an average booking
of ~30% for both the projects.

Going forward, timely execution and sales velocity for both the
projects will be the key rating sensitivities.

RJ group has been involved in South Indian reality segment for
past three decades offering services such as building, design &
development, interiors, project management & consultation in the
hospitality, residential, commercial segments including hospital
construction and development. Till date it has developed 40
projects comprising 3 million sft area. The Group has also been
involved in interior design of 10 msft area. Its board of
directors includes Mr. Rathnakar Shetty (Chairman & Managing
Director), Mr Karan Shetty (Director & CEO), Mrs Kavitha R Shetty
(Director) and Ms. Rishka R Shetty (Director).

RJ Rishikaran Projects Pvt was incorporated in February'13, and so
far the company has started two projects, Lake Gardenia at KR
Puram, Bangalore and Brook Square at Whitefield, Bangalore. In the
past, RJ group have been executing projects through RJ Builders
(flagship company of the RJ group), however, the group has now
decided that, RJ Builders will look after interior design projects
and the real estate development will be done by RRPPL.


RUBY BUILDERS: CRISIL Cuts Rating on INR680MM LT Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ruby Builders and Promoters (RBP; part of the Ruby group) to
'CRISIL B/Stable' from 'CRISIL BB/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         680      CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Overdraft Facility      20      CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

The rating downgrade reflects CRISIL's belief that the Ruby
group's liquidity will remain constrained over the medium term due
to low bookings for its ongoing projects. Cash flows are expected
to be inadequate for meeting repayment obligations over the medium
term. However, its promoters are expected to provide need-based
funding support to meet these obligations.

The rating reflects the Ruby group's weak financial risk profile
because of high gearing and average debt protection metrics,
geographic concentration in its revenue profile, and
susceptibility to risks related to the implementation of ongoing
projects. These rating weaknesses are partially offset by an
established track record in the Chennai real estate segment.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RBP and Ruby Property Developers Pvt
Ltd (RPD). This is because the two entities, together referred to
as the Ruby group, are in the same line of business, and have
significant business synergies, common promoters, and fungible
cash flows.

Outlook: Stable

CRISIL believes the Ruby group will continue to benefit over the
medium term from its promoters' experience in the Chennai real
estate market. The outlook may be revised to 'Positive' in case of
more-than-expected cash flows, most likely because of early
completion of, and substantially high sales realisations from,
ongoing projects, leading to considerable improvement in
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of delays in project completion and customer receipts,
significant decline in realisations, or an increase in debt,
leading to weakening of the financial risk profile.

Set up in 1994 by Mr. R Manoharan, RBP is a partnership firm
engaged in development of residential real estate projects in
southern Chennai. RPD, set up in 2006, and is engaged in the same
line of business.


S.S. COTTON: ICRA Reaffirms B+ Rating on INR20cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed [ICRA] B+ rating to INR20.00 crore cash credit
facilities of S.S. Cotton Industries Private Limited.


                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           20.00        [ICRA]B+; reaffirmed

The rating reaffirmation takes into account the continued weak
financial profile of the company as indicated by decline in
operating income of the company by 52% in FY15, low net margin of
0.07%, high gearing of 2.60 times, Net Cash Accruals-to-Total Debt
of 4% and OPBITDA-to- Interest and Finance Charges of 1.45 times
as on 31st March, 2015. The rating also takes into account the
high working capital intensity of the company on the back of high
debtor & inventory days and the highly fragmented & competitive
nature of the cotton ginning industry which limits the pricing
power of the company. ICRA notes that the profitability of the
company continues to remain exposed to fluctuations in cotton
prices.

The rating however, favourably factors in over three decade long
experience of promoters in the cotton ginning industry and the
logistic advantage enjoyed by the company due to presence in
proximity to cotton growing areas of Telangana. ICRA notes that
the fiscal benefit provided by the Telangana government provides
competitive advantage to the company.

The ability of the company to scale up its operations while
maintaining its profitability and managing its working capital
requirements will be the key rating sensitivities going forward.

S.S. Cotton Industries Pvt. Ltd. was incorporated on 3 rd May 2011
with the object of carrying on the business of ginning and
pressing with a capacity of 48 gins along with delinting spread
across an area of 3 acres. The operations of the plant commenced
from Dec 2011. It is located in Bhainsa, Adilabad dist of AP. The
business is promoted by Mr Rama Rao Pawar and his sons Mr Sandeep
Pawar and Mr Satish Pawar. The family has been involved in the
business since last three decades.

Recent Results
According to audited FY15 financials, the company registered an
operating income of INR91.10 crore and net profit of INR0.06 crore
as compared to operating income of INR191.45 crore and net profit
of INR0.76 crore during FY14.


SHANKAR RICE: ICRA Reaffirms B+ Rating on INR9.50cr Loan
--------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR9.50 crore fund based facilities of Shankar Rice Mill.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits      9.50        [ICRA]B+; Reaffirmed

The rating reaffirmation factors in the firm's modest scale of
operations, which coupled with the low value additive nature of
the business and the high competition in the industry, has
resulted in low profitability and weak debt coverage indicators.
The rating also takes into account the working capital intensive
nature of the rice milling business due to the need to maintain
substantial inventories. Further, the incremental working capital
requirements have been primarily funded through bank borrowings,
leading to a highly leveraged capital structure. The rating is
also constrained by agro-climatic risks, which can affect the
availability of paddy in adverse conditions.

However, the rating is supported by the firm's long track record
of operations and the experience of the promoters in the rice
industry, and proximity of the mill to a major rice growing area,
which results in easy availability of paddy and stable demand
outlook with rice being an important part of the staple Indian
diet.

Going forward, the ability of the firm to increase its scale of
operations and sustain its profitability, while maintaining a
prudent capital structure and optimizing the working capital
intensity will be the key rating sensitivities.

Incorporated in 2008, SRM is a partnership firm engaged in milling
and processing of basmati and non basmati rice. The firm's plant
at Karnal, Haryana has a milling capacity of 3 metric tonnes/hour.
The firm has been promoted by Mr. Ashok Kumar, Mr. Shishan Kumar,
Mr. Shiv Charan Dass and Mr. Mangal Sain.

Recent Results
The firm reported a net profit of INR0.11 crore on an operating
income of INR32.16 crore in FY15 as against INR0.11 crore on an
operating income of INR30.97 crore in the previous year.


SINGHVI FASHIONS: ICRA Suspends B+ Rating on INR19.63cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR4.25
crore long term fund based facilities cash credit facility and
INR19.63 crore term loan facility of Singhvi Fashions Private
Limited. The suspension follows ICRAs inability to carry out a
rating surveillance due to non cooperation from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Cash
   Credit Limit           4.25        [ICRA]B+ suspended

   Long Term-Term
   Loan Limit            19.63        [ICRA]B+ suspended

Incorporated in 2013 Singhvi fashions Private Limited is promoted
by Mr.Haresh Rudakiya, Mr.Nitesh Makrubiya, Mr. Prashant Hadiya
and Mr. Sunil Patel.  The company has started a new project of
processing grey fabrics by installing 36 rapier looms with an
installed capacity of processing 53 lakh meters of fabric per
annum.SFPL's manufacturing facility is located in Surat, Gujarat.


SRI MAHAGANAPATHI: CRISIL Assigns B Rating to INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sri Mahaganapathi Cashew Industries (SMCI).

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

The rating reflects modest scale of operations in the intensely
competitive cashew industry, and below-average financial risk
profile because of moderate debt protection metrics. These
weaknesses are partially offset by promoter's extensive
entrepreneurial experience.
Outlook: Stable

CRISIL believes SMCI will benefit from the promoter's extensive
entrepreneurial experience. The outlook may be revised to
'Positive', if revenue and profitability increase, resulting in
better-than-expected cash accrual, which leads to improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative', if the liquidity deteriorates because of lower-than-
expected accrual or significant debt-funded capital expenditure or
stretched working capital requirement.

Set up in 2014, SMCI processes raw cashew nuts and sells cashew
kernels. SMCI currently operates one facility in Mangalore
(Karnataka) with an installed capacity of processing 10 tonnes of
cashew kernels per day. The operations are managed by the managing
partner, Mr. Ganesh Kamath.

SMCI had a profit after tax of INR1 million on net sales of
INR56.4 million for 2014-15 (refers to financial year, April 1 to
March 31).


SUAVE CORPORATION: ICRA Rates INR10cr Unallocated Loan at 'B'
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to INR10.00 crore
unallocated fund based facilities of Suave Corporation (India)
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Unallocated           10.00        [ICRA]B assigned

The assigned rating is constrained by high competitive intensity
in the company's business of trading of steel products; presence
of a number of players in the industry limiting the operating
profitability of SCIPL and also other players in the industry; and
low operating margins earned from the business on account of low
value addition. Further, the debt levels are likely to increase to
fund the working capital requirements of a growing scale of
operations. The rating however, takes into consideration the
significant growth in operating income in the last few years on
account of SCIPL's established relationship with customers which
ensures regular receipt of orders and the low working capital
intensity of operation on account of low inventory maintained and
limited credit extended to customers. ICRA notes that cyclicality
inherent in the steel industry exposes SCIPL to volatility in the
prices of steel for the inventory maintained.

Going forward, the ability to improve its profitability and scale
of operations while managing its working capital requirement will
remain key rating drivers for the company.

Suave Corporation (India) Private Limited (SCIPL) was incorporated
in August 2012 by Mr Srihari Charan Damaraju. The company is
involved in the trading of steel products like TMT bars, GI
Sheets, MS Sheets, MS Flats, MS Rounds, billets and others. The
company primarily buys steel products from various distributors
and traders and sells to builders and construction companies in
Andhra Pradesh and Telangana.


VANTAGE SPINNERS: CRISIL Suspends 'D' Rating on INR262.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vantage
Spinners Pvt Ltd (VSPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           262.5      CRISIL D
   Long Term Loan        256.1      CRISIL D
   Proposed Cash
   Credit Limit           21.4      CRISIL D

The suspension of ratings is on account of non-cooperation by VSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VSPL is yet to
provide adequate information to enable CRISIL to assess VSPL'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'

VSPL was incorporated in 2006, by Mr. Potluru Mohana Murali
Krishna, Mr. Potluru Soma Sekhar, and Ms. Nandamuri Meenalatha.
VSPL manufactures cotton yarn and its spinning unit is located in
Krishna District of Andhra Pradesh.


VOGUE CLOTHING: ICRA Assigns B+ Rating to INR0.30cr Term Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR0.30
crore term loan facilities and a short-term rating of [ICRA]A4 to
the INR5.70 crore fund based facilities of Vogue Clothing Company.
ICRA has also assigned a long/short-term rating of [ICRA]B+/A4 to
the INR4.00 crore unallocated facilities of VCC.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   LT-Term loan
   Facilities            0.30         [ICRA]B+/Assigned

   ST-Fund based
   Facilities            5.70         [ICRA]A4/Assigned

   LT/ST-Unallocated
   facilities            4.00         [ICRA]B+/A4 Assigned

The ratings factor in the significant experience of the firm's
promoters in the garment manufacturing business and the
established relationship with its customers, which ensure repeat
orders. However, the ratings are constrained by VCC's high working
capital intensity driven by high inventory holding requirements;
and its small scale of operations, which limits benefits from
economies of scale and financial flexibility. ICRA notes the
intense competition in a fragmented industry, limiting VCC's
pricing power. The firm is also susceptible to volatility in raw
material prices and forex rates, which is partially mitigated to
some extent by hedging through forward contracts.

Vogue Clothing Company (VCC) was established as a partnership firm
in 2009 at Tiruppur, Tamil Nadu, with Mr. T.V. Senthilkumar, Mr.
P. Susil Kumar, Ms. Vidhyaa Senthilkumar and Ms. S. Arthi as
partners. While fabric processing is outsourced to third party
units, processes like cutting, sorting, bundling, sewing, ironing
and packing are conducted in-house. The firm exports its entire
production through agents. Its key export markets are the US,
Germany, Spain, France and the UK.

Recent Results
According to the audited financials for 2014-15, the firm reported
a profit after tax of INR0.2 crore on an operating income of
INR14.8 crore. For the financial year 2013-14, the firm reported a
net profit of INR0.1 crore on an operating income of INR6.0 crore.


VTC ENGINEERING: CRISIL Suspends B Rating on INR70MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
VTC Engineering Pvt Ltd (VTC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         70       CRISIL A4
   Cash Credit            70       CRISIL B/Stable
   Cash Credit/
   Overdraft facility     25       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     35       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by VTC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VTC is yet to
provide adequate information to enable CRISIL to assess VTC'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 1987, VTC is based at Visakhapatnam (Andhra Pradesh).
The company provides turnkey solutions that include civil,
electrical and structural works. VTC is managed by Mr. V Nageshwar
Rao, along with his brothers.



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


LEHMAN BROTHERS: Sues Daiwa Over Derivatives Trading in 2008
------------------------------------------------------------
Kyodo New reports that Lehman Brothers Holdings Inc. has sued
Daiwa Securities Capital Markets Co., claiming that the Japanese
investment bank shortchanged Lehman in derivatives trading to the
tune of $75 million at the time of the latter's bankruptcy in
2008.

In a lawsuit recently filed with U.S. Bankruptcy Court in New
York, Lehman said Daiwa Securities Capital Markets, now merged
into Daiwa Securities Co., failed to pay the amount it owed to
Lehman by collecting fictitious charges and using other
techniques, Kyodo relates citing a complaint disclosed by the
court.

Lehman officially exited bankruptcy protection in 2012 and is
wrangling with its creditors over disputed claims, Kyodo notes.

Lehman Brothers Holdings Inc. -- http://www.lehman.com/--
was the fourth largest investment bank in the United States.
For more than 150 years, Lehman Brothers has been a leader in
the global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

                          *     *     *

In October 2015, Lehman made its eighth distribution to creditors,
bringing Lehman's total distributions to unsecured creditors to
approximately $105.4 billion including (1) $77.2 billion of
payments on account of third-party claims, which includes non-
controlled affiliate claims and (2) $28.2 billion of payments
among the Lehman Debtors and their controlled affiliates.

As of September 2015, the trustee in charge of LBI has returned
around $7.65 billion to the defunct brokerage's unsecured
creditors, a recovery of about 35 cents on the dollar.


TOSHIBA CORP: Seeks More Credit to Fund Restructuring
-----------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp. intends to ask for
an additional JPY300 billion ($2.46 billion) in credit lines from
its main lenders by the end of January as plans for a large-scale
restructuring threaten to leave the company short on cash.

Nikkei relates that Chief Financial Officer Masayoshi Hirata
discussed the plans in an interview on Dec. 28. Toshiba is likely
to approach multiple financial institutions including Mizuho Bank
and Sumitomo Mitsui Banking Corp., the report says.

According to the report, the troubled Japanese manufacturer is
expected to report a record group net loss of JPY550 billion for
fiscal 2015 as a result of major restructuring efforts. This
includes payroll cuts in the lifestyle segment, of which personal
computers and televisions are a part. Toshiba's capital base has
shrunk 60% from the end of last fiscal year to JPY430 billion, the
report discloses. Its capital ratio, which stood at 17% last
fiscal year, has fallen to around 8%.

Nikkei relates that though Toshiba had secured JPY400 billion in
credit lines at the end of September, it found afterward that
restructuring costs had climbed to around JPY260 billion. Roughly
JPY200 billion in loans will come due this fiscal year as well.
The company decided to borrow the funds needed for restructuring,
though this would further swell interest-bearing debt, which
totaled about JPY1.5 trillion at the end of September.

Mr. Hirata said Toshiba does not plan to raise capital in a way
that would add to outstanding shares, the report relays.

The company also is negotiating the sale of equipment maker
Toshiba Medical Systems, which likely would boost Toshiba's
capital base to over JPY1 trillion by the middle of fiscal 2016,
according to Nikkei. And restructuring is expected to trim fixed
costs by about JPY300 billion in fiscal 2016 compared with the
fiscal 2015 projection. Toshiba aims to restore its capital ratio
to at least 30% as soon as possible, Mr. Hirata said, adds Nikkei.

                      About Toshiba Corp.

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

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

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

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

On Dec. 28, 2015, Moody's Japan K.K. has downgraded Toshiba
Corporation's long-term senior unsecured bond ratings to Ba2 from
Baa3.  Moody's has also downgraded Toshiba's subordinated debt
rating to B1 from Ba2, and short-term rating to Not Prime from
Prime-3.  At the same time, Moody's has downgraded Toshiba's Baa3
issuer rating to a corporate family rating (CFR) of Ba2, and has
therefore withdrawn the issuer rating.  In addition, Moody's has
placed Toshiba's Ba2 CFR and long-term senior unsecured bond
ratings, as well as its B1 subordinated debt rating under review
for downgrade.

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



=================
S I N G A P O R E
=================


MANULIFE US: S&P Discontinues Preliminary 'BB' LT CCR on US REIT
----------------------------------------------------------------
Standard & Poor's Ratings Services said it has discontinued its
preliminary rating on Manulife US REIT.

S&P had assigned its preliminary 'BB' long-term corporate credit
rating with a stable outlook to Manulife US REIT on June 29, 2015,
based on a proposed IPO of its U.S. commercial property portfolio.
However, the transaction is still pending and the timing of the
close is now unclear.  S&P had originally expected the transaction
to close in 2015.



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


* SOUTH KOREA: Firms Face Possible Cash Crunch After Rating Cuts
----------------------------------------------------------------
Yonhap News Agency reports that South Korean firms may experience
a credit crisis this year after a number of them have suffered
cuts in their credit ratings, market observers said on Jan. 3.

Yonhap relates that Korea Ratings, one of the country's three
largest credit appraisers, said the number of local firms
suffering credit rating downgrades in 2015 came to 61, nearly
matching the number of companies suffering credit downgrades in
1998 amid the Asian financial crisis at 63.

What is more troubling may be that companies in nearly all
industrial sectors suffered credit rating downgrades, including
those in construction, refinery, shipping and logistics, the
report says.

In addition to those suffering credit rating downgrades, 30
companies were given negative outlooks on their future conditions
last year, up from 11 in 2013 and 29 in 2014, according to Yonhap.

"A large number of companies from all business sectors are
currently suffering from credit rating downgrades due to a
prolonged economic slump," the report quotes Song Tae-joon, an
official from Korea Ratings, as saying. "They will likely continue
suffering from worsened credit ratings this year as it is hard to
expect a quick improvement in economic conditions."

A dip in credit ratings is also feared to cause liquidity
problems, the report notes.

In 2015, the amount of corporate bonds issued and exchanged came
to KRW120.23 trillion (US$102.1 billion), down 24.7 percent from
the previous year, Yonhap adds.



                             *********

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

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

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


                            *********


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

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

Copyright 2016.  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 ***