TCRAP_Public/160106.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, January 6, 2016, Vol. 19, No. 3


                            Headlines


A U S T R A L I A

AIMS 2005-1: Fitch Says Removal of MGIC LMI No Ratings Impact
DICK SMITH: Placed Into Voluntary Administration
DICK SMITH: Ferrier Hodgson Appointed as Receivers
LIFESTYLE PHOTOGRAPHERS: First Creditors' Meeting Set For Jan. 14


C H I N A

BEIJING CAPITAL: Declares Bankruptcy; 1,000 Jobs Axed
CHINA SHANSHUI: Dispute Intensifies as Unit Files Lawsuit Onshore
FORBES CHINA: Magazine Shuts Down
HK ZHIYUAN: S&P Assigns 'BB' CCR; Outlook Stable
JIANGSU NEWHEADLINE: Fitch Assigns 'BB+(EXP)' Rating to USD Notes


I N D I A

ACCORD HOSPITALITY: CRISIL Rates INR61.5MM Term Loan at B-
AFFORDABLE ROBOTIC: CRISIL Reaffirms B+ Rating on INR65MM Loan
AMBER DISTILLERIES: CRISIL Suspends B Rating on INR50MM Cash Loan
AMBO EXPORTS: CRISIL Cuts Rating on INR700MM Disc. Loan to 'D'
AMBUJA FASHIONS: CRISIL Assigns B Rating to INR70MM Cash Loan

ANNEX GLASS: ICRA Puts IrC- Rating on Notice for Withdrawal
ATUL FOOD: CRISIL Suspends 'B' Rating on INR100MM Cash Loan
AVIAN TECHNOLOGIES: CRISIL Assigns B- Rating to INR32.6MM Loan
CLASSI-MECH EQUIPMENTS: CRISIL Suspends D Rating on INR94MM Loan
FAIRLIE HOTELS: CRISIL Suspends B Rating on INR80.3MM FCNR Loan

G.K. SALES: CRISIL Suspends B+ Rating on INR60MM Cash Loan
G. R. POLYFILM: CRISIL Cuts Rating on INR105MM Cash Loan to B-
GOVARDHAN ISPAT: ICRA Assigns B+ Rating to INR11.79cr Term Loan
GRANITE MART: CRISIL Assigns 'B' Rating to INR5MM Cash Loan
HILLWOOD FURNITURE: CRISIL Reaffirms B+ Rating on INR230MM Loan

INCOM WIRES: ICRA Suspends B+/A4 Rating on INR18cr Loan
INNOVATIVE INFRA: CRISIL Suspends B Rating on INR550MM Loan
J.K. AGRO: CRISIL Assigns B- Rating to INR60MM Cash Loan
KRS PHARMACEUTICALS: CRISIL Reaffirms B+ Rating on INR76.1MM Loan
LAKHANI FILAMENTS: ICRA Withdraws B+/A4 Rating on INR36.14cr Loan

LOGIC TRANSWARE: CRISIL Suspends 'D' Rating on INR70MM Cash Loan
MAAD MINES: CRISIL Assigns B+ Rating to INR129.8MM Term Loan
MAHABIR INDUSTRIES: ICRA Suspends B+ Rating on INR9cr Loan
MAHALAKSHMI TELESERVICES: Ind-Ra Assigns 'IND D' LT Issuer Rating
MATESHWARI FOOD: ICRA Assigns 'B' Rating to INR10.50cr Loan

MEHTA BROTHERS: ICRA Reaffirms B+ Rating on INR35cr Loan
MSR DWELLING: CRISIL Suspends 'B' Rating on INR300MM Term Loan
OSWAL FASHION: CRISIL Suspends B- Rating on INR275MM Cash Loan
P. R. STEELS: CRISIL Suspends B Rating on INR50MM Cash Loan
PRADHAMA MULTISPECIALITY: CRISIL Rates INR1.2BB Loan at 'B'

R.R. INDUSTRIES: ICRA Reaffirms 'B' Rating on INR5.0cr Loan
RAHUL FERROMET: ICRA Cuts Rating on INR8.50cr Loan to D
RAJARSHI CARS: CRISIL Assigns B+ Rating on INR105.5MM Loan
REGENCY ENTERPRISES: CRISIL Suspends B+ Rating on INR135MM Loan
RBBR INFRASTRUCTURE: ICRA Assigns 'B' Rating to INR8.66cr Loan

RIO CERAMIC: CRISIL Reaffirms B Rating on INR55MM Term Loan
RISING EDUCATION: CRISIL Suspends 'D' Rating on INR250MM Loan
SHREE DEV: CRISIL Reaffirms B- Rating on INR70M Channel Loan
SIKSHA-O-ANUSANDHAN: ICRA Reaffirms B+ Rating on INR80cr Loan
SINTERCOM INDIA: CRISIL Suspends B+ Rating on INR270MM LT Loan

SREE ANJANEYA: CRISIL Cuts Rating on INR282.5MM LT Loan to D
SWIFT FABRICS: CRISIL Suspends 'D' Rating on INR47.4MM Cash Loan
TRIVENI ELECTROPLAST: CRISIL Suspends B Rating on INR70MM Loan
VIJAYASRI ENTERPRISES: CRISIL Assigns B+ Rating to INR100MM Loan
WELLWISHER TREXIM: CRISIL Suspends B Rating on INR116.5MM Loan


M A L A Y S I A

NAKAMICHI CORP: Auditor Casts Going Concern Doubt


                            - - - - -


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A U S T R A L I A
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AIMS 2005-1: Fitch Says Removal of MGIC LMI No Ratings Impact
-------------------------------------------------------------
Fitch Ratings confirms that the removal of lender's mortgage
insurance (LMI) provided by MGIC Australia Pty Ltd (MGIC) from two
AIMS RMBS transactions will not result in a downgrade or
withdrawal of the ratings of the rated notes.

AIMS 2005-1 Trust has two loans with MGIC LMI cover, with zero
balances, while AIMS 2007-1 Trust has two loans covered by MGIC
LMI, that form 1.2% of the pool. On 18 December 2015, these loans
were insured with Genworth Financial Mortgage Insurance Pty Ltd
(Insurer Financial Strength rating: A+/Stable). Sequential
amortisation of the AIMS transactions has resulted in the Class A
notes being LMI independent.

The current ratings are as follows:
AIMS 2005-1 Trust:

AUD9.7 million Class A: 'AAAsf'; Outlook Stable; and
AUD12.8 million Class B: 'Bsf'; Outlook Stable.

AIMS 2007-1 Trust:

AUD10.1 million Class A: 'AAAsf'; Outlook Stable; and
AUD16.3 million Class B: 'Bsf'; Outlook Stable.


DICK SMITH: Placed Into Voluntary Administration
------------------------------------------------
John Durie and Kylar Loussikian at The Australian report that
insolvency specialists have taken control of Dick Smith Holdings
after the electronics retailer said its lenders balked at
providing additional financial support following poor Christmas
sales.

The Australian relates that Dick Smith, which Australian private-
equity firm Anchorage Capital Partners floated on the Australian
Securities Exchange around two years ago, said McGrathNicol has
been appointed as voluntary administrator and would explore all
options to allow the business to continue as a "going concern".

Banks, who are owed at least AUD140 million by Dick Smith, have
appointed Ferrier Hodgson partners James Stewart, Jim Sarantinos
and Ryan Eagle as receivers, the report discloses.

They said it would be "business as usual" for Dick Smith's 393
stores while receivers look to sell or restructure the business,
says The Australian.

However outstanding gift vouchers would not be honoured and
deposits could not be refunded.

According to the report, creditors have already begun lining up,
with catalogue producer PMP saying it is owed AUD4 million by the
retailer. PMP chief executive Peter George says it has not yet
held talks with administrators regarding the debt or the
retailer's ongoing viability.

The Australian reports that Dick Smith (DSH) said in a statement
that sales and cash generation in December were below management
expectations, and it did not expect to be able to secure new
funding quickly enough to restock its stores over the next 4-6
weeks.

The move, foreshadowed by The Australian, comes after two profit
warnings in as many months in the run-up to Christmas.

"Whilst confident on the long-term viability of the company, the
directors have been unsuccessful in obtaining the necessary
support of its banking syndicate to see it through this period,"
the report quotes Dick Smith as saying in a statement. "The
directors are of the view that without this support, there is no
option other than to appoint a voluntary administrator."

The Australian relates that Dick Smith said it believed the
decision was the best way to protect the interests of
shareholders, creditors, employees, suppliers and other
stakeholders.

According to The Australian, Ferrier Hodgson's Mr Stewart said it
was too early to clearly identify the primary causes of the
company's financial problems and the reasons for its decline,
other than saying it had become cash constrained in recent times.

"Dick Smith is one of the best known brands associated with
consumer electronics in Australia and New Zealand," The Australian
quotes Mr Stewart as saying. "We are immediately calling for
expressions of interest for a sale of the business as a going
concern."

He said the New Zealand business -- including 62 stores -- was
profitable and expected it would be attractive to potential
buyers, the report relates.

The Australian says the retailer's 3,300 employees would continue
to be paid by the receivers.

Dick Smith was last valued at AUD84 million, ahead of its trading
halt which followed the battering its shares received after an
extended spell of weak sales in recent months, The Australian
notes.

"The suspension from trading marks a very sorry end for
investors," the report quotes CMC Markets' chief strategist
Michael McCarthy as saying. "The pain of a wipe out will likely
increase general suspicion about the value in buying into private
equity IPOs."

According to the report, retailer Gerry Harvey said Dick Smith had
floated and subsequently failed in "a very strange set of
circumstances".

"It was a business that had run its course, Woolworths couldn't
keep it, they knew they had to get rid of it, and suddenly it goes
from being worth nothing to being worth $500m, then suddenly
nothing again," The Australian quotes Mr. Harvey as saying.

"When they floated it at AUD2.20 a share I wouldn't have bought it
at 2c, I saw it as a failed business model that had its day and I
didn't quite understand why someone would resurrect something like
that or think they could."

Dick Smith Holdings Limited Ltd (ASX:DSH) --
http://dicksmithholdings.com.au/-- is a retailer of consumer
electronics products. The Company sells a range of products across
four categories: office, mobility, entertainment, and other
products and services. The Company has two segments: Dick Smith
Australia and Dick Smith New Zealand. The Company connects with
its customers through four physical store formats, catering for
three distinct consumer demographics: Dick Smith, MOVE, David
Jones Electronics Powered by Dick Smith and MOVE by Dick Smith
Sydney International Airport. The Company's store network consists
of approximately 393 stores across Australia and
New Zealand, which include approximately 351 Dick Smith stores,
approximately 10 MOVE stores, approximately four MOVE by Dick
Smith stores and approximately 28 David Jones Electronics Powered
by Dick Smith stores.


DICK SMITH: Ferrier Hodgson Appointed as Receivers
--------------------------------------------------
Dick Smith Holdings Ltd was placed in receivership on Jan. 5
following the appointment of Voluntary Administrators.

Ferrier Hodgson partners Mr James Stewart, Mr Jim Sarantinos and
Mr Ryan Eagle were appointed Receivers and Managers over DSH and a
number of associated entities.  The appointment was made by a
syndicate of lenders which hold security over the group.

Receiver Mr James Stewart said it was too early to clearly
identify the primary causes of the company's current financial
position and the reasons for its decline other than saying the
business had become cash constrained in recent times. He said it
would be business as usual while the Receivers look at the
restructuring and realisation opportunities for the Group.

"Dick Smith is one of the best known brands associated with
,consumer electronics in Australia and New Zealand," Mr Stewart
said. "We are immediately calling for expressions of interest for
a sale of the business as a going concern."

Mr Stewart said that employees will continue to be paid by the
Receivers and that it is expected that Australian employee
entitlements will be covered under the Fair Entitlements Guarantee
(FEG) scheme if the business cannot be sold as a going concern.

Mr Stewart added that the New Zealand business was profitable and
expected it would be attractive to potential buyers. He also
stated that due to the financial circumstances of the Group,
unfortunately, outstanding gift vouchers cannot be honoured and
deposits cannot be refunded.  Affected customers will become
unsecured creditors of the Group.

There are 3,300 employees and annual sales of approximately
AUD1.3 billion.

Dick Smith Holdings Limited Ltd (ASX:DSH) --
http://dicksmithholdings.com.au/-- is a retailer of consumer
electronics products. The Company sells a range of products across
four categories: office, mobility, entertainment, and other
products and services. The Company has two segments: Dick Smith
Australia and Dick Smith New Zealand. The Company connects with
its customers through four physical store formats, catering for
three distinct consumer demographics: Dick Smith, MOVE, David
Jones Electronics Powered by Dick Smith and MOVE by Dick Smith
Sydney International Airport. The Company's store network consists
of approximately 393 stores across Australia and
New Zealand, which include approximately 351 Dick Smith stores,
approximately 10 MOVE stores, approximately four MOVE by Dick
Smith stores and approximately 28 David Jones Electronics Powered
by Dick Smith stores.


LIFESTYLE PHOTOGRAPHERS: First Creditors' Meeting Set For Jan. 14
-----------------------------------------------------------------
Dragan Ljubic of Tribeca Advisory Pty Limited was appointed as
administrators of Lifestyle Photographers Pty Limited, formerly
trading as Expression Sessions, and B Corporate Pty Limited,
formerly Trading as Expression Sessions, on Jan. 4, 2016.

A first meeting of the creditors of the Company will be held at
Tribeca Advisory Pty Limited, Unit 13, 83 George Street, in
Parramatta, on Jan. 14, 2016, at 11:00 a.m.



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BEIJING CAPITAL: Declares Bankruptcy; 1,000 Jobs Axed
-----------------------------------------------------
Jane Ho at Crain News Service reports that Beijing Capital Tire
Co. Ltd. (BCT), producer of the BCT, Jinglun and Autoguard brands,
declared bankruptcy in October, a Chinese industry official has
confirmed.

Crain News Service, citing Chinese media reports dated June 25 and
Nov. 16, relates that BCT had suspended production since early
2015 and started laying off 1,000 employees, or half of its total
staff, about six months ago.

The report says BCT, an affiliate of state-owned conglomerate
Beijing Capital Group in Beijing, reports having annual capacity
of 7.1 million radial car, light truck and medium truck tires at
two factories in the Beijing area. The company dates to 1970,
originally under the name Beijing Tire Factory; it was reorganized
in 1999 as BCT.

According to Crain News Service, China's corporate bankruptcy law
declares that if a bankruptcy application is accepted the court
will designate an administrator -- either a task force, a law
firm/agency or an individual -- who would be in charge of the
process, according to a translation of the law.

Thereafter the company could either request for a restructuring
period with plans to bring itself back, or try to settle with its
creditors, or declare bankruptcy and liquidate assets, the report
says.

It's not clear at this time which option BCT is pursuing, Crain
News Service states.

Beijing Capital Group describes itself as a large-scale state-
owned enterprise under the State Owned Assets Supervision and
Administrative Commission (SASAC) of the Beijing Municipal
Government. It operates in three core business sectors: financial
services and investments; urban infrastructure development; and
real estate.


CHINA SHANSHUI: Dispute Intensifies as Unit Files Lawsuit Onshore
-----------------------------------------------------------------
Bloomberg News reports that China Shanshui Cement Group Ltd.,
which defaulted on bonds last year after a shareholder tussle,
faces a mounting management dispute after a unit filed a lawsuit
against it.

Shandong Shanshui Cement Group Ltd., its main operating arm,
accused China Shanshui of spreading rumors and filed suit in a
court in the eastern city of Jinan alleging it released "false and
illegal statements," according to an announcement on the unit's
website on Jan. 4, Bloomberg relates. Hong Kong-based China
Shanshui's 2020 dollar notes slid 5 cents, the biggest decline
since Nov. 11, to 77.8 cents, according to prices compiled by
Bloomberg.

Bloomberg says investors in China Shanshui have been showing
growing concern as the company struggles to settle internal
disagreements, after its biggest shareholder Tianrui Group Co. won
shareholder approval in December to oust former directors
including Chairman Zhang Bin. The Shandong unit said last week it
may not be able to repay CNY1.8 billion of bonds due Jan. 21,
Bloomberg relays.

"Given the situation is complex I don't think there's an easy
solution to this without resolving the shareholder's dispute,"
Bloomberg quotes Ross Lee, a credit analyst at Bank of China Hong
Kong Ltd., as saying. "The 2020 bonds should remain volatile as we
see many headline news ahead."

Bloomberg reports that China Shanshui said on Dec. 31 that
authorities in Jinan refused to proceed with an application for
change of directors of the Shandong unit. The parent said in the
filing last week that some former directors of the unit "illegally
retain" documents.

According to Bloomberg, Henry Li, who still identifies himself as
chief financial officer of Shandong Shanshui despite a China
Shanshui filing on Dec. 3 that said he had been terminated
effective that day, said Shandong Shanshui sees no possibility of
repaying the bonds in principal or interest due Jan. 21.

Bloomberg relates that Liu Yiu Keung, executive director at China
Shanshui, said the company hasn't received any summons from the
Jinan court. He declined to comment further citing exchange rules.

"On Shanshui, I think things are getting out of control now and
will need the government's 'almighty' hand to resolve issues," Zhi
Wei Feng, a credit analyst with Standard Chartered Plc in
Singapore told Bloomberg.

                      About China Shanshui

China Shanshui Cement Group Limited is engaged in manufacturing
and sale of cement and clinker, and limestone mining. The Company
is engaged in the production and sales of various types of
cements, and the production of commodity clinker necessary for
various types of high grade cements in Shandong and Liaoning
Provinces. The commodity clinker produced by the Company is mainly
sold to clients with cement grinding station. The cement produced
by the Company under the brand of Shanshui Dongyue is widely used
in construction works for roads, bridges, housing and various
types of construction projects. The Company operates in four
geographical areas: Shandong Province, Northeastern China,
Xinjiang Region and Shanxi Province.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 17, 2015, Standard & Poor's Ratings Services said that it had
lowered its long-term corporate credit rating on China Shanshui
Cement Group Ltd. to 'D' from 'CC'.  At the same time, S&P lowered
its long-term Greater China regional scale rating on the company
to 'D' from 'cnCC'.

S&P also lowered its issue rating on Shanshui's U.S. dollar-
denominated senior unsecured notes to 'D' from 'CC' and the
Greater China regional scale rating on the notes to 'D' from
'cnCC'. Shanshui is a China-based cement producer.


FORBES CHINA: Magazine Shuts Down
---------------------------------
The Jakarta Post reports that the year 2015 is ending with another
print media marking its final edition, as digital media takes the
communication industry by storm. Caught in the vortex this time is
Forbes China magazine.

The Post relates that associated with the bad news is the much
troubled Chinese business conglomerate Fosun International Ltd.
Following Hong Kong Morningside Ventures, Fosun became the
copyright cooperation partner of Forbes in the Chinese mainland in
2009. Shanghai Zhihui Culture Communication Co Ltd, a subsidiary
of Fosun, became the new operator of Forbes China magazine.

According to the report, Fosun said in an e-mail reply to China
Daily that the authorized operation of Forbes China magazine by
Shanghai Zhihui expires Dec. 31, 2015.

But Forbes China employees said they were taken by great surprise.
According to an insider close to Forbes China, the company had
reported a good financial performance since it entered the
mainland in 2003, the report says.

"We were all surprised to be informed that there might be no new
investors and the team, including reporters and editors, will be
dismissed. Staff with the company were paid in time and its
revenue also increased year-on-year over the past few years," said
the insider, who refused to be named, the Post relays.

The Post notes that Forbes China had been faced with losses before
Fosun took over. But the magazine managed to make a profit the
second year after Fosun took over operational responsibility and
the profit jumped to more than CNY10 million ($1.54 million) one
year later, the report relates citing the insider. The profit
mainly came from offline wealth forums.

According to the Post, the insider said staff with Forbes China
are negotiating with the company, seeking compensation following
the conclusion of the contract with Fosun.

The magazine has already talked with other investors, but a new
contract has yet to be signed, the report says.

The Post notes that public information shows that 21st Century
Media Co has an 85 percent share in Shanghai Zhihui, while Fosun
holds 33 percent of 21st Century Media.

However, the previously high-profile 21st Century Media has been
in the doldrums since late 2014 when the company's former
president Shen Hao was sentenced to four years in prison for
blackmailing companies by threatening negative coverage and
forcing financial transactions, the report says.

Also faced with negative media reporting is Fosun Chairman Guo
Guangchang, who was unreachable for four days in mid-December, and
said he was assisting a judicial investigation, according to the
Post.

Mr. Guo has been active in investing in media in the past few
years. But few of them have been successful. Instead, some with
the same fate of shutting down, such as Global Entrepreneur
magazine which ceased publication in late April, the report says.

Forbes China was established in the Chinese mainland in 2003.


HK ZHIYUAN: S&P Assigns 'BB' CCR; Outlook Stable
------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' long-term corporate credit rating to HK Zhiyuan Group Ltd.
The outlook is stable.  S&P also assigned its 'cnBBB-' long-term
Greater China regional scale rating to the company.

At the same time, S&P assigned its 'BB' long-term issue rating and
'cnBBB-' long-term Greater China regional scale rating to a
proposed issue of U.S. dollar-denominated senior unsecured bonds
that Zhiyuan unconditionally and irrevocably guarantees. ZHIYUAN
Group (BVI) Co. Ltd., an offshore subsidiary of Zhiyuan, will
issue the notes.  The issue ratings are subject to S&P's review of
the final issuance documentation.

Zhiyuan is the 100%-owned and sole offshore debt-financing
subsidiary of Jiangsu New Headline Development Group Co. Ltd.
(NHL), which is wholly owned by the Lianyungang Municipal
Government.

"The rating on Zhiyuan reflects our view that the company is a
highly strategic subsidiary of NHL," said Standard & Poor's credit
analyst Apple Li.  "Therefore our rating on Zhiyuan is one notch
below that on the parent NHL (BB+/Stable/--; cnBBB+/--)."

Zhiyuan is the sole offshore debt-financing platform of the group.
The two entities are strategically, financially, and operationally
integrated, in S&P's opinion.  S&P believes that Zhiyuan is likely
to receive extraordinary government support indirectly through its
parent.

"We do not consider Zhiyuan a core member of the group because it
has a short operating history," said Ms. Li.  "The company was
established in December 2014 and its stand-alone ability to raise
funds for the group and its financial management are untested."

S&P has equalized the rating on the proposed notes to the long-
term corporate credit rating on Zhiyuan.  The company guarantees
the notes irrevocably and unconditionally.  Structural
subordination risks are limited, considering Zhiyuan's low level
of priority liabilities.  The group plans to use the net proceeds
from the proposed debt issuance for general corporate purposes,
including refinancing its domestic indebtedness.

S&P do not view Zhiyuan's keepwell agreement and undertaking to
purchase equity interest as a guarantee.  The equity interest
purchase undertaking is intended to maintain the company's
financial position at a satisfactory level to service its debt.

S&P has not assigned a stand-alone credit profile to Zhiyuan
because it has virtually no operations at the moment.

The stable outlook on Zhiyuan reflects the outlook on NHL and
S&P's view that Zhiyuan will remain highly strategic to its parent
over the next 24 months.  The rating on Zhiyuan will move in
tandem with the rating on NHL (with a one-notch differential)
unless S&P reassess Zhiyuan's group status.

S&P could downgrade Zhiyuan if S&P downgrades NHL.  S&P could also
downgrade Zhiyuan if S&P believes that its strategic importance
within the group has weakened, as indicated by a change in the
group's strategic priorities or Zhiyuan's rising operational or
financial independence.

S&P could upgrade Zhiyuan if S&P upgrades NHL or, in a remote
scenario, S&P's assessment of the company's strategic importance
improves such that it believes it to be a core subsidiary of the
group.


JIANGSU NEWHEADLINE: Fitch Assigns 'BB+(EXP)' Rating to USD Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Jiangsu NewHeadLine Development Group
Co., Ltd.'s (Jiangsu NHL, BB+/Stable) proposed senior unsecured US
dollar notes an expected rating of 'BB+(EXP)'.

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

KEY RATING DRIVERS

The notes will be issued by ZHIYUAN Group (BVI) Co., Ltd. and will
be unconditionally and irrevocably guaranteed by HK Zhiyuan Group
Limited (HKZY), a wholly owned subsidiary of Jiangsu NHL. The
notes will be senior unsecured obligations of HKZY and also rank
pari passu with all other obligations of HKZY.

In place of a guarantee, Jiangsu NHL has granted a keepwell and
liquidity support deed and a deed of equity interest purchase
undertaking to ensure that HKZY has sufficient assets and
liquidity to meet its obligations under the guarantee for the
notes.

The notes are rated at the same level as Jiangsu NHL's Issuer
Default Rating, given the strong link between Jiangsu NHL and HKZY
and because the keepwell and liquidity support deed and deed of
equity interest purchase undertaking transfer the ultimate
responsibility of payment to Jiangsu NHL.

In Fitch's opinion, both the keepwell and liquidity support deed
and the deed of equity interest purchase undertaking signal a
strong intention from Jiangsu NHL to ensure that HKZY has
sufficient funds to honour the debt obligations. The agency also
believes Jiangsu NHL intends to maintain its reputation and credit
profile in the international offshore market, and is unlikely to
default on its offshore obligations. Additionally, a default by
HKZY could have significant negative repercussions on Jiangsu NHL
for any future offshore funding.

The ratings of Jiangsu NHL are credit linked to Lianyungang
Municipality, which is located in China's north-eastern Jiangsu
Province. This is reflected in the 100% state ownership of Jiangsu
NHL, strong municipal oversight of its financials, and strategic
importance of the entity's operation to the municipality.

RATING SENSIVITIES

Any rating action on Jiangsu NHL will result in a similar rating
action on the rated bond issued by HKZY.

An upgrade of Fitch's credit view on Lianyungang Municipality, as
well as a stronger and/or more explicit support commitment from
the municipality, may trigger positive rating action on Jiangsu
NHL.

Significant weakening of Jiangsu NHL's strategic importance to the
municipality, dilution of the municipality's shareholding to below
75%, and/or reduced explicit and implicit municipality support,
may result in a downgrade. A downgrade could also result from a
weaker fiscal performance or increased indebtedness of the
municipality, leading to deterioration in the sponsor's internally
assessed creditworthiness and, as a result, of Jiangsu NHL's
ratings.



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ACCORD HOSPITALITY: CRISIL Rates INR61.5MM Term Loan at B-
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Accord Hospitality and Services (AHAS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              61.5     CRISIL B-/Stable

The rating reflects AHAS's exposure to risks associated with
timely completion and stabilisation of its ongoing hotel project
and susceptibility to geographical concentration and to
cyclicality in the hospitality industry. These weakness are
mitigated by promoters' extensive entrepreneur experience.
Outlook: Stable

CRISIL believes AHAS would benefit over the medium term from its
promoters' extensive entrepreneur experience. The outlook may be
revised to 'Positive' if the hotel project is implemented in a
timely manner without any significant cost overrun, and is able to
report higher-than-expected occupancy levels, thus improving
liquidity. Conversely, the outlook may be revised to 'Negative' if
any significant time or cost overrun in project commissioning
weakens liquidity.

AHAS, established in 2011, is engaged in hospitality business. The
firm is promoted by Raigarh-based Mr. Sudip Kumar Moda, Mr. Priti
Sudip Moda and Mr. Mahendra Kumar Loda and is currently setting up
a three-star hotel, Hotel Accord International in Raigarh
(Chhattisgarh).


AFFORDABLE ROBOTIC: CRISIL Reaffirms B+ Rating on INR65MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Affordable Robotic and
Automation Private Limited continue to reflect ARAPL's modest
scale of operations, sizeable working capital requirement, and
average financial risk profile because of low net worth and
leveraged capital structure. These weaknesses are mitigated by
promoter's extensive experience in the robotic automation
solutions business.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Letter of Credit        10       CRISIL A4 (Reaffirmed)

   Overdraft Facility      50       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      65       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes ARAPL will benefit over the medium term from its
promoter's extensive experience. The outlook may be revised to
'Positive' if the company generates significantly better-than-
expected cash accruals or substantial capital is infused along
with efficient working capital management. Conversely, the outlook
may be revised to 'Negative' if ARAPL generates lower-than-
expected cash accruals, working capital requirement is
significantly large, or a sizeable debt-funded capital expenditure
is undertaken.

ARAPL, incorporated in 2009, is promoted by Mr. Milind Padole and
headquartered in Pune. It primarily provides automation solutions
for welding lines using robotics and related designing services.
It also provides material handling automation services and has
forayed into providing automated car parking systems.


AMBER DISTILLERIES: CRISIL Suspends B Rating on INR50MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Amber Distilleries Limited (ADL).

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

   Proposed Long Term
   Bank Loan Facility     23.5     CRISIL B/Stable

   Term Loan               6.5     CRISIL B/Stable

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

ADL was established in 1985 by Kesar Enterprises Ltd, and was
later taken over by Mr. Pratap Talwar and his family members in
2006. The company manufactures Indian-made foreign liquor (IMFL)
under its own brands and sells it in the domestic and
international markets. It has a distillery unit near Thane
(Maharashtra).


AMBO EXPORTS: CRISIL Cuts Rating on INR700MM Disc. Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank facilities
of Ambo Exports Limited (AEL) to 'CRISIL D' from 'CRISIL A4'. The
rating downgrade reflects continuous overdraws in AEL's packing
credit limit owing to weak liquidity.


                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         100      CRISIL D (Downgraded
                                   from 'CRISIL A4')

   Foreign Bill           700      CRISIL D (Downgraded
   Discounting                     from 'CRISIL A4')

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

   Proposed Short Term     50      CRISIL D (Downgraded
   Bank Loan Facility              from 'CRISIL A4')

AEL has working capital-intensive operations and is exposed to
risks related to seasonality and to volatility in prices of the
products that it trades in, leading to limited pricing
flexibility. These weaknesses are mitigated by diversified
geographic and customer profile, its promoters' extensive
experience in the tea industry, and established customers'
relationships.

AEL commenced operations in 1992 and exports commodities such as
tea, oil, rice, dal, and biscuits. It is promoted by Mr. O P
Agarwal (based in Kolkata) and his family.


AMBUJA FASHIONS: CRISIL Assigns B Rating to INR70MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Ambuja Fashions Pvt Ltd (AFPL).

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

The rating reflects the promoters' extensive experience in the
textile industry. These rating strength is partially offset by the
modest scale of operations and average financial risk profile in a
highly fragmented and competitive textile industry.
Outlook: Stable

CRISIL believes AFPL will benefit over the medium term, supported
by its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the scale of operations and
profitability improve significantly along with efficient working
capital management, leading to higher-than-expected accrual.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile, especially liquidity, weakens due to
adversely affected revenue or profitability, caused by decline in
orders, or increased working capital requirements or a large,
debt-funded capital expenditure programme.

AFPL, incorporated in 1989 as a proprietorship firm was
reconstituted as a private limited company under the Directorship
of Ms. Pinky Agarwal and Mr. Mukesh Agarwal. AFPL is a part of the
Anjani group. The promoters have 5-10 years of relevant
experience. The company trades grey clothes as well as sells bed
sheets. The entire process of converting grey cloth into fabric is
outsourced to local vendors. The company rents warehouse facility
as and when required, because most of its goods are delivered
directly to customers.


ANNEX GLASS: ICRA Puts IrC- Rating on Notice for Withdrawal
-----------------------------------------------------------
ICRA has placed the issuer rating of IrC- assigned to Annex Glass
Industries Private Limited on notice for withdrawal for twelve
months. As per ICRA's 'Policy on Withdrawal of Credit Rating', the
aforesaid rating will be withdrawn after twelve months from the
date of this withdrawal notice.

ICRA has placed the issuer rating of IrC- assigned to Annex Glass
Industries Private Limited on notice for withdrawal for twelve
months. As per ICRA's 'Policy on Withdrawal of Credit Rating', the
aforesaid rating will be withdrawn after twelve months from the
date of this withdrawal notice.

Annex Glass Industries Private Limited was incorporated on
28.08.2007 and deals in all types of safety glass, toughened
glass, float & plate glass, insulated and all other glass doors
and fittings. The initial promoters were Mr. P. Bapaiah and Mr. S.
Anilkumar. Later Mr. P.Krishna Kishore and Mr. P. Krishna Kiran,
sons of Mr. P. Bapaiah joined the board.


ATUL FOOD: CRISIL Suspends 'B' Rating on INR100MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Atul Food Industries (AFI).

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

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

Established in 1970, AFI is a Delhi-based proprietorship firm that
processes chana dal. It was promoted by Mr. Shyam Lal Mittal.


AVIAN TECHNOLOGIES: CRISIL Assigns B- Rating to INR32.6MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' ratings to the bank
facilities of Avian Technologies (AT).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     3.9      CRISIL B-/Stable

   Long Term Loan        32.6      CRISIL B-/Stable

   Cash Credit           20.0      CRISIL B-/Stable

   Foreign Letter
   of Credit             19.5      CRISIL B-/Stable

The ratings reflect AT's nascent stage and modest scale of
operations, customer concentration in revenue profile, exposure to
competition, and below-average financial risk profile because of
small net worth, high gearing, and weak debt protection metrics.
These weaknesses are partially offset by its partners' extensive
experience in the steel fabrication industry.
Outlook: Stable

CRISIL believes AT will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant improvement in
scale of operations and profitability, along with efficient
working capital management, leading to better financial risk
profile and liquidity. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected cash accrual or larger-
than-expected working capital requirement or sizeable debt-funded
capital expenditure, leading to increased pressure on liquidity.

AT, established in 2013-14 (refers to financial year, April 1 to
March 31), is a partnership firm of Mr. Anupkumar D and Ms.
Lakshmi Venkatsubramanian. It is engaged in sheet metal
fabrication and caters to industries such as capital goods,
automotive, and construction equipment. Its plant is in Chennai
and has installed capacity of 150 tonne per month.


CLASSI-MECH EQUIPMENTS: CRISIL Suspends D Rating on INR94MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Classi-Mech Equipments Private Limited (CME).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         5        CRISIL D
   Cash Credit           36        CRISIL D
   Long Term Loan        94        CRISIL D

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

CME was incorporated in 2006-07, promoted by Mr. Harishchandra
Raut. The company is engaged in manufacturing and fabrication of
pharmaceutical instrument parts and other heavy engineering
equipment. CME's products include automation and panel works,
liquid filling machines, pharmaceutical machines, elevator bodies,
and heavy industrial fabrication works. Its plants are ISO 9001:
2008-certified by TUV NORD.


FAIRLIE HOTELS: CRISIL Suspends B Rating on INR80.3MM FCNR Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Fairlie Hotels and Resorts Private Limited (Fairlie).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   FCNR Loan              80.3      CRISIL B/Stable
   Overdraft Facility      4.0      CRISIL B/Stable
   Term Loan               9.5      CRISIL B/Stable

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

Incorporated in 2008, Fairlie operates a three-star hotel, Country
Inn & Suites, in Chattarpur, New Delhi, under the Country Inn
brand managed by Carlson, its O&M partner. The hotel has 37 rooms,
including executive rooms. Facilities offered by the hotel include
restaurants, bar, coffee shop, banquet halls, and conference
centres. The hotel is developed on a farm house (owned by the
promoters), with two lawns that are primarily used for functions.
It commenced operations in April 2011.


G.K. SALES: CRISIL Suspends B+ Rating on INR60MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of G.K.
Sales Corporation (GKSC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        20        CRISIL A4
   Cash Credit           60        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    10        CRISIL B+/Stable

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

GKSC, a partnership firm, established in 1986, by the Raipur
(Chhattisgarh)-based Parwani family, trades in various automotive
spare parts. The firm is the sole authorised distributor for many
established companies like Mahindra and Mahindra Ltd, Exxon Mobil
India, TVS Tyres, and Federal-Mogul Goetze (India) Ltd. The
overall operations of the firm are managed by Mr. Hemant Parwani
and his wife Mrs Neha Parwani. The firm has its showroom and head
office in Raipur.


G. R. POLYFILM: CRISIL Cuts Rating on INR105MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of G. R. Polyfilm Private Limited (GRPPL) to 'CRISIL B-/Stable '
from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            105      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Term Loan               20      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The downgrade reflects deterioration in GRPPL's business risk
profile led by decline in turnover over the past three years.
Turnover declined to INR252.0 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR343.1 million in
2013-14 and INR395.4 million in 2012-13 on account of lower
realisation and decline in demand. However, operating
profitability remained stable, at 6.0 percent, in 2014-15
supported by favourable raw material costs. The company has a
leveraged capital structure indicated by high gearing of 1.6 times
and small networth of INR79.4 million as on March 31, 2015. Debt
protection metrics remain weak, with interest coverage and net
cash accrual to total debt ratios of 1.2 times and 0.02 time,
respectively, in 2014-15.

The rating reflects GRPPL's small scale of operations, large
working capital requirement, and weak financial risk profile
because of small networth and weak debt protection measures. These
weaknesses are partially offset by its promoters' extensive
experience in manufacturing flexible packaging materials and their
established relationships with customers and suppliers.
Outlook: Stable

CRISIL believes GRPPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if financial risk profile improves significantly,
because of better capital structure, and substantial increase in
revenue and profitability. Conversely, the outlook may be revised
to 'Negative' in case of deterioration in working capital
management, or large debt-funded capital expenditure, leading to
deterioration in liquidity.

GRPPL was incorporated in 1990 by Kolkata-based Mr. Rabindar
Jaiswal and his other family members. The company manufactures
flexible packaging materials such as polyester laminated rolls,
multilayer flexible films, oil print films, water printed films,
bags, and pouches. Its manufacturing facilities are in Kolkata and
operations are managed by promoter-director.


GOVARDHAN ISPAT: ICRA Assigns B+ Rating to INR11.79cr Term Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR11.79
crore term loan and INR8.46 crore cash credit facilities of
Govardhan Ispat (India) Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits-
   Term Loan            11.79         [ICRA]B+ assigned

   Fund Based Limits-
   Cash Credit           8.46         [ICRA]B+ assigned

The assigned rating takes into consideration the cyclicality
inherent in the iron and steel industry, which is going through a
difficult phase at present and the lack of track record of the
company in operating across business cycles. The rating also
factors in the aggressive capital structure of the company with a
gearing of 7.24 time as on March 31, 2015. ICRA expects the
overall gearing of the company to remain high, at least in the
short term, given the working capital debt required to support
GIPL's business. ICRA has also taken note of the debt servicing
obligations arising on the term loan availed, which is likely to
exert pressure on cash flows to an extent in the near at least.
The rating is also impacted by the lack of vertical integration in
the company's stand-alone rolled products manufacturing business,
making margins sensitive to input and output prices. The rating,
however, favourably factors in the experience of the promoters in
the steel industry and favourable location of the plant in Bihar,
which is in proximity to raw material sources, reducing inward
freight costs. The rating also considers the manufacturing
franchisee arrangement with Kamdhenu Ispat Limited to sell the
entire production of mild steel products under the "Kamdhenu"
brand, with the latter being an established player having a strong
brand image in the steel industry.

Incorporated in 2013, Govardhan Ispat (India) Private Limited
(GIPL) is engaged in the manufacturing of mild steel (MS)
structural items, namely channels, angles, rounds, flats and
squares. The manufacturing facility of the company is located at
Didarganj, Patna, Bihar. The current annual production capacity of
the company stands at 60,000 metric tonne (MT).

Recent Results
During the first six months of 2015-16, the company reported a net
profit of INR0.74 crore (provisional) on an operating income of
INR24.01 crore (provisional), against a net loss of INR0.38 crore
on an operating income of INR1.65 crore in 2014-15.


GRANITE MART: CRISIL Assigns 'B' Rating to INR5MM Cash Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Granite Mart Limited (GML), and has assigned its
'CRISIL B/Stable/CRISIL A4' ratings to these facilities. The
ratings had been suspended by CRISIL as per its rating rationale
dated July 31, 2015 as the company had not provided necessary
information to review the ratings. GML has now shared the
requisite information, thereby enabling CRISIL to assign ratings
to the bank facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting      135       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit             5       CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

   Letter of Credit       35       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Packing Credit         80       CRISIL A4 (Assigned;
                                   Suspension Revoked)

The ratings reflect GML's stretched liquidity with its large
working capital requirements resulting in full utilization of its
bank limits. The ratings of the company are also constrained on
account of its small scale of operations in the intensely
competitive granite processing industry, and the susceptibility of
its profitability margins to volatility in raw material prices and
fluctuations in foreign exchange rates. These rating weaknesses
are partially offset by the extensive experience of GML's
promoters in the granite industry.
Outlook: Stable

CRISIL believes that GML will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relations with customers. The outlook may be revised
to 'Positive' if there is a sustained improvement in the company's
working capital management, or if there is substantial and
sustained increase in its scale of operations while it maintains
its profitability margins. Conversely, the outlook may be revised
to 'Negative' in case of a steep decline in GML's profitability
margins or significant deterioration in its capital structure
caused most likely by a stretch in its working capital cycle.

GML was set up in 1999 by Mr. Kamal Kumar Agarwal, Mr. Ashok Kumar
Agarwal, and Mr. Mudit Agarwal. The company processes and polishes
rough granite blocks to manufacture granite slabs and monuments.
It is based in Hyderabad (Andhra Pradesh).


HILLWOOD FURNITURE: CRISIL Reaffirms B+ Rating on INR230MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hillwood Furniture Pvt
Ltd (HFPL; part of the Hillwood group) continue to reflect the
Hillwood group's below-average financial risk profile because of
high gearing and small networth, modest scale of operations, and
exposure to intense competition in the timber industry. These
weaknesses are partially offset by promoter's extensive experience
in the timber trading business.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         5        CRISIL A4 (Reaffirmed)

   Cash Credit          230        CRISIL B+/Stable (Reaffirmed)

   Export Packing
   Credit                10        CRISIL A4 (Reaffirmed)

   Letter of Credit     140        CRISIL A4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of HFPL and Hillwood Imports and Exports
Pvt Ltd (HIEPL). This is because both the companies, together
referred to as the Hillwood group, are in a similar line of
business, share a common management team, and have fungible cash
flows.

Outlook: Stable

CRISIL believes the Hillwood group will continue to benefit over
the medium term from its promoter's industry experience. The
outlook may be revised to 'Positive' if financial risk profile
improves significantly, supported by increase in revenue and
considerable improvement in operating margin. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
weakens because of large debt-funded capital expenditure or
decline in operating margin, or if increase in working capital
requirement weakens liquidity.

HFPL and HIEPL, based in Kerala, were incorporated in 2001-02
(refers to financial year, April 1 to March 31) and process timber
logs. HFPL also manufactures building materials such as window,
door, and kitchen frames. HFPL primarily deals in teakwood, while
HIEPL deals mostly in hardwood.


INCOM WIRES: ICRA Suspends B+/A4 Rating on INR18cr Loan
-------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short-term
rating of [ICRA]A4 assigned to the INR18 crore bank facilities of
Incom Wires and Cables Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


INNOVATIVE INFRA: CRISIL Suspends B Rating on INR550MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Innovative Infradevelopers Private Limited (IIDL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          29      CRISIL A4
   Proposed Long Term
   Bank Loan Facility      50      CRISIL B/Stable
   Term Loan              550      CRISIL B/Stable

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

Incorporated in 1982, IIDL is a 45:55 joint venture between
members of the Mittal and Bansal families. It is developing a
hotel-cum-commercial complex comprising a four-star hotel, a
complex for corporate offices and industrial city in Taoru. The
hotel will be run under the Hyatt brand, with the Hyatt group as
IIDL's O&M partner. The project is in Haryana and is located close
to the industrial and residential belt of Manesar. Mr. Amit Bansal
(one of the directors) has an experience in developing real estate
projects as he had worked with a company in Florida and had
developed housing project in Gandhinagar (Ahmedabad). The
promoters of IIDL are now focusing on the real estate sector.


J.K. AGRO: CRISIL Assigns B- Rating to INR60MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to long-term
bank loan facilities of J.K. Agro Food Industries (JKAFI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B-/Stable
   Long Term Loan         40       CRISIL B-/Stable

The rating reflects the firm's below-average financial risk
profile, modest scale of operations, and intense competition in
the rice-milling industry.  These weaknesses are partially offset
by the partners' extensive experience in the industry.
Outlook: Stable

CRISIL believes JKAFI will benefit over the medium term from the
partners' extensive experience in the rice industry.  The outlook
may be revised to 'Positive' if revenue and profitability increase
substantially leading to improvement in the financial risk
profile, particularly liquidity or in case of significant infusion
of capital into the firm resulting in improved capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes large, debt-funded capital expenditure, or if revenue
and profitability decline substantially or if there is withdrawal
from the partners' capital, leading to deterioration in the
financial risk profile.

Set up in 2014, JKAFI is a partnership firm that processes
(milling and sorting) of rice. The operations are managed by Mr. T
R Madhusudhana. The firm is based in Tumkur (Karnataka) and its
facility has a processing capacity of 6 tonnes per hour.


KRS PHARMACEUTICALS: CRISIL Reaffirms B+ Rating on INR76.1MM Loan
-----------------------------------------------------------------
CRISIL ratings on the bank facilities of KRS Pharmaceuticals
Private Limited (KPPL) continue to reflect its small scale of
operations in the intensely competitive bulk drugs industry, the
working capital-intensive nature of operations, and small net
worth limiting the financial flexibility.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         5        CRISIL A4 (Reaffirmed)
   Cash Credit           15        CRISIL B+/Stable (Reaffirmed)
   Term Loan             76.1      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of promoters in the pharmaceuticals industry, and the
above-average financial risk profile marked by its low gearing and
above-average debt protection metrics.
Outlook: Stable

CRISIL believes KPPL will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company registers a substantial
and sustained increase in its scale of operations, while
maintaining its profitability margins, or there is a substantial
improvement in its net-worth on the back of sizeable equity
infusion by its promoters. Conversely, the outlook may be revised
to 'Negative' in case of a steep decline in KPPL's profitability
margins, or significant deterioration in its capital structure
caused most likely by a stretch in its working capital cycle or
significant debt-funded capital expenditure.

KPPL was set up in 2004 by Mr. B Narendra and Mr. B L Swamy. The
company manufactures bulk drugs and intermediates. Its plant is
located in Hyderabad (Telangana) and Visakhapatnam (Andhra
Pradesh).


LAKHANI FILAMENTS: ICRA Withdraws B+/A4 Rating on INR36.14cr Loan
-----------------------------------------------------------------
ICRA has withdrawn the suspended the ratings of [ICRA]B+ and
[ICRA]A4 assigned to the INR36.14 crore Bank Loans Programme of
Lakhani Filaments Private Limited. As per ICRA's policy on
withdrawals, ICRA can withdraw the ratings, in case the rating(s)
remain suspended for more than three years.


LOGIC TRANSWARE: CRISIL Suspends 'D' Rating on INR70MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Logic Transware India Private Limited (LTIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            70       CRISIL D

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

LTIPL was incorporated in 2000, promoted by Mr. Ajit Nair and his
wife, Mrs. Manjulakshmi Nair. The company provides logistics
services such as ocean freight forwarding, custom clearing,
warehousing, distribution, and surface transportation. It has its
head office in Mumbai (Maharashtra). It has around 10 offices
across India to look after its business in various ports and
cities such as Chennai (Tamil Nadu), Kochi (Kerala), Bengaluru
(Karnataka), Pune (Maharashtra), Mumbai, Ahmedabad (Gujarat), and
Delhi. Mr. Nair oversees the company's daily operations.


MAAD MINES: CRISIL Assigns B+ Rating to INR129.8MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Maad Mines and Minerals Private Limited (MMPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             129.8     CRISIL B+/Stable
   Cash Credit           100       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     20.2     CRISIL B+/Stable

The rating reflects MMPL's weak financial risk profile due to
aggressive capital structure and working capital-intensive
operations. These weaknesses are mitigated by promoters' extensive
experience in the construction material industry, operational
synergies with the group and associates companies and healthy
profit margins.

Outlook: Stable

CRISIL believes MMPL will benefit from its promoters' extensive
experience. The outlook may be revised to 'Positive' if scale of
operations significantly increases, or capital structure improves
due to equity infusion. Conversely, the outlook may be revised to
'Negative' if any large debt-funded capital expenditure,
significant decline in profitability or stretched working capital
cycle weakens financial risk profile, particularly liquidity.

Incorporated in 2011, Mumbai-based MMPL is promoted by Mr. Arvind
Singh and Mr. Anil Gupta. It crushes stones to produce aggregates,
sand and fly ash bricks used in the construction sector.


MAHABIR INDUSTRIES: ICRA Suspends B+ Rating on INR9cr Loan
----------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ assigned to
the INR9 crore bank facilities of Mahabir Industries. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MAHALAKSHMI TELESERVICES: Ind-Ra Assigns 'IND D' LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mahalakshmi
Teleservices (Mahalakshmi) a Long-Term Issuer Rating of 'IND D'. A
full list of rating actions is at the end of this commentary.

KEY RATING DRIVERS

The ratings reflect Mahalakshmi's ongoing delays in debt servicing
and the over-utilisation of its working capital limits for the
twelve months ended November 2015.

RATING SENSITIVITIES

Positive: Timely debt servicing for a period of at least three
consecutive months could result in positive rating action.

COMPANY PROFILE

Established in 2001 it offers services for Telecom Infrastructure
Buildings including design, supply, installation and maintenance
of towers, optic fiber network, wireless network etc.

Rating actions on Mahalakshmi's bank loans are as follows:

-- Long Term Issuer Rating: Assigned 'IND D'

-- INR20.0m fund-based working capital limits: Assigned
    Long Term and Short Term 'IND D'

-- INR50.0m term loan limits: Assigned Long term 'IND D'

-- INR25.0m non-fund-based working capital limits: Assigned
    Short Term 'IND D'


MATESHWARI FOOD: ICRA Assigns 'B' Rating to INR10.50cr Loan
-----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B) to the INR18.0
crore fund based bank facilities of Mateshwari Food Stuff Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term Fund
   Based Facility
   Term Loan             7.50         [ICRA]B ; Assigned

   Long-term Fund
   Based Facility
   Cash Credit          10.50         [ICRA]B ; Assigned

ICRA's rating takes into account MFS' limited track record of
operations given that the company has commenced commercial
production only from May 2015.The rating also takes into account
the high competitive intensity in the rice milling industry, with
the presence of a few large players and a number of small players.
The profitability is also vulnerable to agro climatic risks
impacting the availability and pricing of paddy. However, the
rating positively factors in the timely setup of the production
facility within the estimated cost and the comfortable repayment
period.

Going forward, the ability of the company to scale up its
operations in a profitable manner and maintain optimal working
capital intensity will be the key rating sensitivities.

Established in May 2014, MFS is promoted by Mr. Ramdeep Sharma and
family. The company is engaged in milling and processing of
basmati rice. The company's plant is located at Bundi, Rajasthan
and has a processing capacity of 22,000 metric tonnes per annum
(MTPA). The commercial production commenced from May 2015. The
company procures paddy from the local mandi in Bundi and sells its
products to rice exporters in Gujarat, Punjab and Delhi.


MEHTA BROTHERS: ICRA Reaffirms B+ Rating on INR35cr Loan
--------------------------------------------------------
ICRA has re-affirmed the [ICRA]B+ rating to the INR35.00 crore
fund based facilities of Mehta Brothers Gems Private Limited.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Fund based limits
   Post shipment
   credit (PSC)              35.00        [ICRA]B+ reaffirmed

   Fund based limits
   Packing credit(PC)
   sublimit of PSC           (7.00)       [ICRA]B+ reaffirmed

   Fund based limits
   Packing credit(PC)
   Diamond Dollar Account
   (DDA) sublimit of PSC    (35.00)       [ICRA]B+ reaffirmed

   Fund based limits
   Direct Export
   sublimit of PSC          (35.00)       [ICRA]B+ reaffirmed

   Fund based limits
   Group Export
   sublimit of PSC          (7.00)        [ICRA]B+ reaffirmed

The rating reaffirmation continues to remain constrained by Mehta
Brothers Gems Private Limited's (MBGPL) weak financial profile
characterised by strained liquidity position due to large
inventory levels which has led to relatively high working capital
utilization and high dependence of creditor funding in the
business. The rating is also constrained by the company's highly
leveraged capital structure, however, comfort is derived from the
fact that a significant proportion of the total debt is from
promoters and family.

With an export dominated sales profile; the revenues of the
company continue to remain vulnerable to the economic conditions
in key international markets and foreign exchange fluctuations,
albeit the currency risk is partly mitigated by a natural hedge
from import of rough diamonds while there is an absence of any
firm hedging mechanism. ICRA also notes that the company operates
in an industry marked by strong competition from unorganised as
well as organised players resulting in limited pricing power which
further constrain the ratings. ICRA also takes note of the
currently challenging operating environment for the CPD industry
characterized by slowdown in global demand, entailing stagnancy in
polished diamond prices as against relatively higher rough prices.
The rating, however, continue to reflect the vast experience of
the directors in the diamond industry supported by a professional
management setup, long relationships with customers and the
company's established sourcing arrangements with its overseas
associates which ensures uninterrupted supply of rough diamonds.

Mehta Brothers Gems Private Limited (MBGPL) was established in
1966 as a partnership firm by Mr. Dinesh Mehta & Mr. Jagdish
Mehta. Gradually; in 2005 the entity's legal status was converted
into a private limited company. The company is engaged in the
business of manufacturing cut and polished diamond of size ranging
medium to high carat in different shapes and colour. The company
has its registered office at Mumbai and dedicated processing
facilities at Borivali and Goregaon in Mumbai.


MSR DWELLING: CRISIL Suspends 'B' Rating on INR300MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
MSR Dwelling Private Limited (MSR).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Term Loan    300       CRISIL B/Stable

The suspension of rating is on account of non-cooperation by MSR
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MSR is yet to
provide adequate information to enable CRISIL to assess MSR'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 2011 by Mr. Madhusudhan Reddy, MSR is engaged in the
development of residential real estate projects in Bengaluru
(Karnataka).


OSWAL FASHION: CRISIL Suspends B- Rating on INR275MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Oswal Fashion Private Limited (OFPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           275       CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility      1.6     CRISIL B-/Stable

   Working Capital
   Term Loan               3.4     CRISIL B-/Stable

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

OFPL was incorporated in 1997, promoted by Mr. Khmti Lal Jain. The
company manufactures T-shirts, pullovers, and jackets.


P. R. STEELS: CRISIL Suspends B Rating on INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of P. R.
Steels (PRS).

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

The suspension of rating is on account of non-cooperation by PRS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PRS is yet to
provide adequate information to enable CRISIL to assess PRS'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 2006, PRS manufactures stainless steel and aluminium
utensils. The firm sells products under its own brands, Neelkamal
Soni, Paras Soni, and PR. Its manufacturing unit in Manakpur
(Haryana) is managed by Mr. Pawan Soni and his brother Mr.
Rajneesh Soni.


PRADHAMA MULTISPECIALITY: CRISIL Rates INR1.2BB Loan at 'B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Pradhama Multispeciality Hospitals & Research
Institute Limited (PMSHRIL). The rating reflects the company's
moderate project implementation risk and below-average financial
risk profile because of weak debt protection metrics. These
weaknesses are partially offset by the extensive experience of the
promoters in the healthcare industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        1200      CRISIL B/Stable

Outlook: Stable

CRISIL believes PMSHRIL will commence operations at its hospital
without any time or cost overrun. The outlook may be revised to
'Positive' in case of substantial revenue and profitability,
backed by efficient working capital management, resulting in
healthy cash accrual. Conversely, the outlook may be revised to
'Negative' if the project faces significant time or cost overrun
leading to a delay in the commencement of operations, resulting in
low cash accrual.

Incorporated in 2014, PMSHRIL is setting up a 593-bed multi-
specialty hospital in Visakhapatnam, Andhra Pradesh. The
operations of the hospital will be managed by Dr. Visweswara Rao
Pusarla and Dr. K Ramamurthy Kummaraganti.


R.R. INDUSTRIES: ICRA Reaffirms 'B' Rating on INR5.0cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B on the INR5.00 crore
cash credit facility and the INR2.43 crore term loan facility of
R.R. Industries. ICRA has also reaffirmed its rating of [ICRA]A4
on the INR0.03 crore short-term non-fund-based limits and INR0.32
crore letter of credit (sub-limit of term loan) of RRI. ICRA has
also reaffirmed its ratings of [ICRA]B/[ICRA]A4 on the INR1.54
crore unallocated limits of RRI.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.00        [ICRA]B; reaffirmed
   Term Loan             2.43        [ICRA]B; reaffirmed
   Non-Fund Based
   Facility              0.03        [ICRA]A4; reaffirmed

   Letter of Credit
   (sub-limit of
   term loan)           (0.32)       [ICRA]A4; reaffirmed

   Unallocated Limit     1.54        [ICRA]B/[ICRA]A4; reaffirmed

The ratings reaffirmation takes into account the stable operating
income of the firm in FY15; however, the firm's scale of
operations continues to remain small at an absolute level. ICRA's
ratings continue to be constrained by the firm's small scale of
operations, its low profitability, and its weak financial profile
as characterized by high gearing levels on account of the high
working capital intensity of operations and weak debt protection
indicators. The ratings also take into account the intensely
competitive nature of the industry, which exerts pressure on the
firm's operating margins. However, the ratings favourably take
into account the extensive experience and the long track record of
the promoters in the rice milling industry. The favourable
location of the plant with proximity to a major rice growing area,
which results in the easy availability of paddy and the stable
long term demand prospects for the rice industry, with India being
the second largest producer and consumer of rice in the world.

The firm's ability to increase its scale of operations, improve
its profitability and efficiently manage its working capital
requirements will be the key rating sensitivities.

RRI was established as a partnership firm in 2009. The firm is
engaged in the milling of rice at its plant located in Kashipur,
Uttarakhand. Initially, the firm had an installed capacity of 4
Metric Tonnes Per Hour (MTPH) which was gradually increased to the
current level of 8 MTPH. The firm is owned and managed by the
Agarwal family, with the partners being Mr. Sachin Agarwal, Mr.
Anubhav Agarwal, Mr. Gaurav Agarwal and Mr. Ashok Agarwal.
Recent Results During FYs15, RRI recorded a net profit of INR0.14
crore on an operating income of INR10.10 crore, as against a net
profit of INR0.11 crore on an operating income of INR10.42 crore
in the previous year.


RAHUL FERROMET: ICRA Cuts Rating on INR8.50cr Loan to D
-------------------------------------------------------
ICRA has revised the long term rating assigned to the INR4.83
crore (reduced from INR5.00 crore) term loan facilities and the
INR6.00 crore long-term fund based cash credit facility of Rahul
Ferromet & Engg Private Limited from [ICRA]B+ to [ICRA]D. ICRA has
also revised the short-term rating assigned to the INR8.50 crore
(increased from INR8.35 crore) non fund based facilities of RFEPL
from [ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund        6.00         Revised from [ICRA]B+
   Based-Cash Credit                  to [ICRA]D
   Facility


   Long Term Fund        4.83         Revised from [ICRA]B+
   Based Term Loans                   to [ICRA]D

   Short Term Non        8.50         Revised from [ICRA]A4
   Fund Based Limits                  to [ICRA]D

The revision in ratings takes into account delays in debt
servicing obligations and instance of Letter of Credit (LC)
devolvement because of its strained liquidity position following
delayed in receipt of payments from customers as well as high
inventory build-up post commencement of manufacturing operations
during FY 2015. The ratings continue to be constrained by the
company's weak financial profile characterized by the relatively
modest scale of operations, albeit growth in FY 2015, adverse
capital structure, weak coverage indicators and high working
capital intensity. ICRA takes into account the limited value
addition of trading operations and the high competitive intensity
in the domestic steel industry from the large number of steel
traders and cheaper imports from China resulting in thin
profitability which further remains vulnerable to volatility in
steel prices. Further, the profitability also remains
significantly exposed to foreign exchange rate fluctuations with a
major portion of raw material procurement being met through
direct/indirect imports, without any formal hedging policy.

The ratings, however, continue to factor in the longstanding
experience of the promoters in stainless steel pipe manufacturing
and steel trading industry and the established relationships of
the promoters with suppliers and customers. ICRA also notes the
stable demand outlook for the company's products driven by growth
across its end user segments comprised of chemical, dairy,
pharmaceuticals and food and beverage sectors.

Incorporated in 2003, Rahul Ferromet & Engg Pvt. Ltd. (RFEPL) is
managed by Mr. Babulal T Shah, Mr. Vimal B Shah and Mr. Abhishek
Shah. Till 2013, RFEPL was engaged in the trading of stainless
steel pipes, tubes and coils for industrial applications to
industries like pharmaceuticals, chemicals, fertilizers, cement,
paper & pulp, water purifiers, heat exchangers, condensers, sugar,
petrochemicals & oil and gas refineries. During FY 2014, the
company set up a greenfield project in Ankleshwar (Gujarat) to
carry out electro-polishing and electro-plating of seamless and
welded pipes and tubes used in chemical, pharmaceutical and oil &
gas industries. The plant became operational in December 2013 and
has an installed capacity of 660 MTPA (metric tons per annum).

Recent Results
In FY 2015, RFEPL reported an operating income of INR42.48 crore
and profit after tax of INR0.45 crore as against an operating
income of INR28.92 crore and profit after tax of INR0.19 crore in
FY 2014.


RAJARSHI CARS: CRISIL Assigns B+ Rating on INR105.5MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Rajarshi Cars Private Limited (RCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Drop Line
   Overdraft Facility    105.5     CRISIL B+/Stable

   Electronic Dealer
   Financing Scheme
   (e-DFS)                80.0     CRISIL B+/Stable

The rating reflects RCPL's modest scale of operations and
dependence on the performance of Nissan Motor India Pvt Ltd
(NMIPL) and the success of their car models. Also, RCPL faces
intense competition in the automotive dealership business. These
weaknesses are partially offset by promoter's industry experience,
and established relationship with NMIPL and exclusive dealership
of its passenger cars in Ahmedabad (Gujarat).
Outlook: Stable

CRISIL believes RCPL will continue to benefit over the medium term
from its established market position in Ahmedabad. The outlook may
be revised to 'Positive' if cash accrual is larger than expected,
leading to improvement in capital structure. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected accrual or deterioration in financial risk profile due to
stretch in working capital requirement.

RCPL, incorporated in 2011 and promoted by Ahmedabad-based Mr.
Virendrasinh N Vagehla, is an authorised dealer of NMIPL's
passenger cars in Ahmedabad.


REGENCY ENTERPRISES: CRISIL Suspends B+ Rating on INR135MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Regency Enterprises (RE).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            135      CRISIL B+/Stable

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

RE is a partnership firm incorporated in April 1, 2013 and is
involved in the retailing of country made liquor and foreign
liquor. The firm has 6 retail outlets located in Chhattisgarh. The
business operations are managed by Regency Vinimay Pvt Ltd, which
is also the partner with the majority capital contribution in the
firm.


RBBR INFRASTRUCTURE: ICRA Assigns 'B' Rating to INR8.66cr Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR8.66
crore term loan, INR1.75 crore non-fund based, INR3.00 crore fund-
based and INR2.00 crore sub-limit of fund-based facility of RBBR
Infrastructure Private Limited. ICRA has also assigned a short-
term rating of [ICRA]A4 to the INR0.50 crore non-fund based limits
of RIPL. ICRA has also assigned ratings of [ICRA]B/[ICRA]A4 to the
INR1.09 crore unallocated long-term/short-term bank facilities of
RIPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund
   Based- Term Loan      8.66         [ICRA]B assigned

   Long-term fund
   based Cash Credit     3.00         [ICRA]B assigned

   Long-term
   Interchangeable      (2.00)        [ICRA]B assigned

   Long-term non-
   fund based BG         1.75         [ICRA]B assigned

   Short-term non-
   fund based LC         0.50         [ICRA]A4 assigned

   Unallocated           1.09         [ICRA]B/[ICRA]A4 assigned

The assigned ratings draw comfort from the company's established
relationship with major customers and its superior production
technology, which in turn leads to better quality products and
improved production capability giving a competitive edge to the
company. Nonetheless, the ratings are constrained by the weak
financial profile characterized by low profitability, adverse
capital structure and weak coverage indicators. The ratings also
take into account the high inventory levels which expose the
company to risks of price volatility and inventory losses, the
company's modest scale of operation and its exposure to weakness
and seasonal demand in the infrastructure industry.

RBBR Infrastructure Private Limited (RIPL) is a part of Daga
Group, which has interests in mining and mineral processing,
imports, exports, real estate, infrastructure and power. Promoted
by Mr. Madhusudan L Daga and his family, the company was
incorporated in 1996 and is involved in manufacturing of pre-cast
reinforced cement concrete (RCC) products from its plant in Hosur
(Tamil Nadu).

Recent Results
As per the audited results for FY2015, RIPL reported profit after
tax (PAT) INR0.05 crore on an operating income of INR9.09 crore as
against net losses of INR0.10 crore on an operating income of
INR5.54 crore during the previous financial year.


RIO CERAMIC: CRISIL Reaffirms B Rating on INR55MM Term Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Rio Ceramic Private
Limited (RCPL) continue to reflect modest scale of operations in
the intensely competitive ceramics industry, and large working
capital requirement. These weaknesses are partially offset by
promoters' extensive industry experience, and proximity of
manufacturing facilities to sources of raw material and labour.
Outlook: Stable

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         13       CRISIL A4 (Reaffirmed)

   Cash Credit            27.5     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     29.5     CRISIL B/Stable (Reaffirmed)

   Term Loan              55       CRISIL B/Stable (Reaffirmed)

CRISIL believes RCPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of more-than-expected sales and
stable profitability, leading to higher-than-expected cash
accrual. Conversely, the outlook may be revised to 'Negative' if
accrual is low because of limited orders or subdued profitability,
or if financial risk profile weakens because of stretch in working
capital cycle or large debt-funded capital expenditure.

Update
RCPL commercial operations commenced in April 2015, and registered
net sales of INR53.8 million for the seven months through October
2015. Because of moderate order book, net sales are expected to
remain small at INR150-180 million in 2015-16 (refers to financial
year, April 1 to March 31). Operating profitability is expected to
be moderate, at 11-12 per cent. Operations are expected to remain
working capital-intensive reflected in expected gross current
assets of 110-120 days because of large raw material inventory.
Bank limit utilisation averaged 58 per cent over the seven months
through October 2015.

RCPL's financial risk profile is expected to remain below average
because of high gearing on account of recently concluded debt-
funded capital expenditure, and subdued debt protection metrics.

RCPL, incorporated in 2014 and promoted by Morbi (Gujarat)-based
Mr. Ashokbhai Rupala and Mr. Shamjibhai Patel, manufactures wall
tiles at its facilities in Morbi.


RISING EDUCATION: CRISIL Suspends 'D' Rating on INR250MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Rising Education Society (RES).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              250      CRISIL D

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

RES was set up in January 2004 by Mr. Radhey Shyam Gupta to
provide quality education in Faridabad (Haryana). RES operates one
school in Faridabad as a franchise of GD Goenka Public School.


SHREE DEV: CRISIL Reaffirms B- Rating on INR70M Channel Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree Dev
Wheels Pvt Ltd (SDW) continues to reflect the company's below-
average financial risk profile because of high total outside
liabilities to tangible net worth ratio and susceptibility to risk
arising from cyclicality in the automobile industry. These
weaknesses are mitigated by the promoters' extensive experience.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Channel Financing      70        CRISIL B-/Stable (Reaffirmed)
   Long Term Loan         25.8      CRISIL B-/Stable (Reaffirmed)

CRISIL had assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of SDW on November 30, 2015.

Outlook: Stable

CRISIL believes SDW will benefit over the medium term from its
association with Tata Motors Ltd (TML; rated 'CRISIL
AA/Stable/CRISIL A1+') supported by promoters' experience. The
outlook may be revised to 'Positive' if higher-than-expected
increase in revenue and operating profitability with efficient
working capital management improves liquidity. Conversely, the
outlook may be revised to 'Negative' if lower-than-expected
accrual or any debt-funded capital expenditure plan weakens the
financial risk profile

Uttar Pradesh-based SDW, established in 2008-09 (refers to
financial year, April 1 to March 31), is an automotive dealer for
passenger vehicles of TML. The company is promoted by Mr. Yogesh
Pratap Singh and Mr. Gaurav Pratap Singh.


SIKSHA-O-ANUSANDHAN: ICRA Reaffirms B+ Rating on INR80cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ for the INR80
crore1 term loans of Siksha-O-Anusandhan. The short-term rating of
[ICRA]A4 assigned to the unallocated limit of INR4 crore of SOA
has been reassigned as [ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loans            80.0         Reaffirmed at [ICRA]B+

The reaffirmation of the rating takes into consideration the
significant decline in SOA's profitability and return indicators
during FY14 and FY15 on the back of significant increase in
operating costs and its large debt funded capital expenditure
plans going forward, which could impact cash flows in the near
term. The rating take into account the large number of courses
offered and the deemed university status granted to SOA
University, which provides it with operational flexibility and the
accreditation from National Assessment and Accreditation Council
(an autonomous body, established by the University Grants
Commission) at the highest grade of A (on a scale of A to D)
demonstrating the university's academic capability. Also, the
ratings take note of SOA's favourable financial risk profile
characterised by a conservative capital structure and modest debt
coverage indicators. Going forward, the ability of the society to
maintain its favourable financial risk profile in the light of
continuous capital expenditure plans would remain a key rating
sensitivity.

SOA was established in 1995 as a society in Bhubaneswar, Orissa
and manages SOA University (deemed University). SOA University
offers under and post graduate courses across different
disciplines like engineering, medicine, law, management and also
manages a 750 bed hospital. Currently, it has strength of more
than 12,000 students.

Recent Results
During FY15, SOA reported a net surplus (NS) of Rs1.85 crore on
revenue receipts of INR246.28 crore, as against a net surplus of
INR6.71 crore on revenue receipts of INR215.78 crore during FY14.


SINTERCOM INDIA: CRISIL Suspends B+ Rating on INR270MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sintercom India Private Limited (SIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         20       CRISIL A4
   Bill Discounting       60       CRISIL A4
   Cash Credit           100       CRISIL B+/Stable
   Letter of Credit       20       CRISIL A4
   Long Term Loan        270       CRISIL B+/Stable
   Packing Credit         20       CRISIL A4

The suspension of ratings is on account of non-cooperation by SIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SIPL is yet to
provide adequate information to enable CRISIL to assess SIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid ratings 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'

SIPL (previously, Maxtech Sintered Products Pvt Ltd), set up in
2007, manufactures automotive components using sintering
technology (powder metal technology). It has a manufacturing plant
at Malval in Pune (Maharashtra), with compaction presses of
capacities of 450 tonnes, 70 tonnes, and 100 tonnes and furnace
capacity of 1200 tonnes. The company commenced commercial
production in June 2009.


SREE ANJANEYA: CRISIL Cuts Rating on INR282.5MM LT Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sree Anjaneya Medical Trust (SAMT) to 'CRISIL D/CRISIL D' from
'CRISIL BB/Stable/CRISIL A4+'.


                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         125      CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Long Term Loan         282.5    CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

The downgrade reflects instances of delay by SAMT in servicing its
term debt because of weak liquidity arising from cash flow
mismatch.

SAMT is susceptibility to regulatory restrictions in the medical
education segment and its financial risk profile is weak marked by
subdued debt protection metrics. However these weaknesses are
partially offset by SAMT's established regional presence supported
by the prompter's extensive industry experience.

Established in Kerala in 2005, SAMT is a charitable trust
constituted under the Indian Trust Act. It commenced operations in
2010. SAMT manages a multi-specialty hospital and operates an
educational institute, Malabar Medical College and Research
Hospital.


SWIFT FABRICS: CRISIL Suspends 'D' Rating on INR47.4MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Swift
Fabrics Private Limited (SFPL; previously known as Suift Dealers
Pvt Ltd).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         0.2      CRISIL D
   Cash Credit           40        CRISIL D
   Export Bill           20        CRISIL D
   Purchase Discounting
   Letter of Credit       5        CRISIL D
   Term Loan              0.9      CRISIL D
   Working Capital
   Demand Loan           47.4      CRISIL D

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

Incorporated in 2004 by Mr. Maheshkumar Nangalia, SFPL processes
cotton and synthetic yarn into grey fabric and also manufactures
furnishings and women's garments. The company's day-to-day
operations are managed by Mr. Manish Nangalia, son of Mr.
Maheshkumar Nangalia. SFPL has its manufacturing unit in Surat
(Gujarat).


TRIVENI ELECTROPLAST: CRISIL Suspends B Rating on INR70MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Triveni
Electroplast Private Limited (TEPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            70       CRISIL B/Stable
   Letter of credit &
   Bank Guarantee         50       CRISIL A4
   Term Loan              50       CRISIL B/Stable

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

TEPL was set up in 1991 by Mr. Dinesh Kundra, his brother, Mr.
Rajesh Kundra, and their wives. The company manufactures
electrical equipment such as wires, cables, jacks, radiators,
connectors, and modems.


VIJAYASRI ENTERPRISES: CRISIL Assigns B+ Rating to INR100MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vijayasri Enterprises (VE).

                                 Amount
   Facilities                  (INR Mln)    Ratings
   ----------                  ---------    -------
   Proposed Cash Credit Limit     100       CRISIL B+/Stable
   Proposed Letter of Credit      100       CRISIL A4

The ratings reflect VEs' susceptibility to volatility in raw
material prices, modest scale of operations and working capital
intensity in operations. These rating weaknesses are mitigated by
the promoters' extensive experience in the timber industry.
Outlook: Stable

CRISIL believes VE will continue to benefit over the medium term
from its promoters' extensive industry experience and established
customer relationship. The outlook may be revised to 'Positive' if
the scale of operations and operating profitability increase
significantly, on a sustained basis, leading to an improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the financial risk profile weakens due to declined
revenue or operating profitability, or in case of a larger-than-
expected, debt-funded capital expenditure plan or if the promoters
withdraw capital from the partnership entity.

Set up in 2012 at Hyderabad, VE, a partnership firm that trades in
timber and is promoted by Mr. Yogesh Patel and his wife.


WELLWISHER TREXIM: CRISIL Suspends B Rating on INR116.5MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Wellwisher Trexim Private Limited (WTPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             20      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      63.5    CRISIL B/Stable
   Term Loan              116.5    CRISIL B/Stable

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

WTPL promoted by Agarwala family commenced its operations in 2008.
The company initially started with trading in various printed,
dyed and embroidery fabrics, wherein the company procured grey
fabric and used to get the processing done on job work basis. In
2013, WTPL acquired a yarn and fabrics dyeing and processing unit
at Vapi. The day to day operations of the company are managed by
Mr. Brahmanand Agarwala along with his sons Mr. Piyush Agarwala
and Mr. Sameer Agarwala.



===============
M A L A Y S I A
===============


NAKAMICHI CORP: Auditor Casts Going Concern Doubt
-------------------------------------------------
The Star reports that the opening balances of Nakamichi Corp Bhd
may contain material misstatements that affect its financial
performance, cash flows, and financial position for the financial
year ended Dec 31, 2014 (FY14), according to external auditor PKF.

According to the Star, the timber company on Jan. 4 submitted to
Bursa Malaysia its annual financial statements for FY14, which
showed significant improvement for FY14 to a group loss of
MYR258,851 from a loss of MYR30.41mil in the preceding year.

However, PKF noted that Nakamichi's directors had not been able to
obtain the financial information of 51% owned subsidiaries
Tamabina Sdn Bhd (involved in log extraction and timber sale
business) and Faktor Juta Sdn Bhd (now dormant), the Star relates.

The Star says Tamabina's sole executive director was Nakamichi's
former CEO Lo Man Heng, who was removed as Nakamichi CEO in July
2013 after he declined the company's request for a majority or
equal representation by the company on Tamabina's board.

Nakamichi's directors have also been unable to get the financial
information on Tamabina and Faktor Juta from Jan 1 to July 29,
2013 for the purpose of consolidation, the report says.

"We were therefore unable to determine the effect of consolidation
adjustment(s) if any to the financial performance and cash flows
of the group for the financial year ended Dec 31, 2013," the Star
quotes PKF as saying.

"In view of the above, we were unable to satisfy ourselves that
the opening balances do not contain misstatements that may
materially affect the financial performance, cash flows, and
financial position of the group and the company for the financial
year ended Dec 31, 2014."

The Star adds that the audit firm, which does not seek a
reappointment as auditor, said it therefore could not decide
whether adjustments were necessary for FY14.

According to the report, PKF also did not express an audit opinion
for Nakamichi's financial statements for the year ended Dec 31,
2013 (FY13), which were submitted last week, as it could not
verify certain transactions and account balances.

The Star notes that Nakamichi had said its current directors did
not have all accounting records and financial information of the
group prior to May 31, 2013. The records, it said, were not made
available to them by the former management.

The trading of Nakamichi's shares on Bursa Malaysia has been
suspended from Sept 9, 2013, due to the failure to provide its
quarterly report for the period ended June 30, 2013, the Star
notes.

The Star says PKF reiterated in the latest financial statements
that there was a possibility that Nakamichi would not be able to
continue as a going concern.

"We draw attention to Note 1(c) to the financial statements, which
discloses that the financial statements are prepared on the going
concern basis which contemplates the realisation of assets and
settlement of liabilities in the normal course of business.
However, as at the reporting date, . . . the group and the company
registered a deficit in shareholders' funds of
MYR13.85 million and MYR13.47 million and net current liabilities
of MYR13.85 million and MYR13.47 million," the auditor, as cited
by the Star, said.

Together with its net loss for FY14, PKF said, there was material
uncertainty that cast significant doubt on the group's and the
company's ability to continue as going concerns, adds The Star.

The Nakamichi group triggered the criteria of Practice Note No 17
(PN17) on April 29, 2015, after TSB was wound up by the High Court
of Sabah and Sarawak via a draft order, according to the Star.


                             *********

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
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