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

                      A S I A   P A C I F I C

            Friday, July 18, 2014, Vol. 17, No. 141


                            Headlines


A U S T R A L I A

A1 SHEETMETAL: Jirsch Sutherland Appointed as Administrators
DEAN'S TRUCK: APL Insolvency Appointed as Administrators
DEVENISH SANDS: In Administration; First Meeting Set For July 25
DSG HOLDINGS: KordaMentha Gets 55 Expressions of Interest
HAMPDEN BRIDGE: Child Care Centre Shuts Doors; 9 Jobs Affected

MISSION NEW ENERGY: Awaits Final Ruling on Aborted Joint Venture
QSRH BORROWING: Moody's Assigns (P)B2 Corporate Family Rating
SL BUILDINGS: Placed in Administration
VINCENT AVIATION: In Liquidation; Archerfield's Bid Stalls


C H I N A

CHINA ZHENGTONG: Land Acquisition No Impact on Moody's Ba3 CFR


I N D I A

ARJANDASS & SONS: ICRA Assigns B+ Rating to INR1.50cr Loan
BAFNA PHARMA: CRISIL Cuts Rating on INR1.01BB Loans to 'D'
BEST TANNING: CRISIL Upgrades Rating on INR45MM Loan to 'B+'
CITY INN: ICRA Assigns 'B' Rating to INR21cr Term Loan
DAMCOSOFT PVT: CRISIL Reaffirms 'B+' Rating on INR160MM Loans

DGP STEEL: CRISIL Lowers Rating on INR67.5MM Loans to 'D'
DIVINE INFRACON: CRISIL Reaffirms 'D' Rating on INR3.73BB Loan
GHAZIABAD MECHFAB: ICRA Assigns B+ Rating to INR4.50cr Loan
GOVIND AGRO: CRISIL Reaffirms 'B+' Rating on INR250MM Loans
GRISHI MANGO: CRISIL Reaffirms 'D' Rating on INR89.5MM Loans

JADHAO LAYLAND: CRISIL Assigns 'B' Rating to INR50MM Loan
JAI VENKTESH: ICRA Suspends 'B+/A4' Rating on INR19cr Loan
KANAIYA EXPORTS: ICRA Assigns 'B' Rating to INR5.11cr Loans
KAVVERI TELECOM: ICRA Suspends 'D' Rating on INR100cr Loan
KIRPA RICE: CRISIL Reaffirms B+ Rating on INR250MM Cash Credit

PINE EXPORTERS: ICRA Assigns 'B' Rating to INR0.50cr Loan
PIONEER COMBINES: CRISIL Assigns 'D' Rating to INR150MM Loans
QUADRA INFRATEL: CRISIL Puts 'B-' Rating on INR60MM Loans
RATTAN POLYCHEM: CRISIL Cuts Rating on INR100MM Loans to 'D'
RJ RISHIKARAN: ICRA Reaffirms 'B' Rating on INR35cr Term Loan

SAI SHAKTI: ICRA Suspends 'B+' Rating on INR11cr Loans
SHIV SHAKTI: ICRA Upgrades Rating on INR6cr Loan to B+
SHIVA TRADING: ICRA Assigns 'B+' Rating to INR1.0cr Loan
SHIVSHAKTI REALHOMES: ICRA Reaffirms B+ Rating on INR45cr Loans
SHREE ADHYASHAKTI: CRISIL Assigns 'B+' Rating to INR50MM Loan

SHREE CHHATRAPATI: ICRA Reaffirms 'B' Rating on INR9.84cr Loans
SHRI RAM: CRISIL Reaffirms 'B+' Rating on INR210MM Loan
SILVER SPRING: CRISIL Assigns 'B+' Rating to INR125MM Loans
SIONC PHARMACEUTICALS: ICRA Suspends 'B' Rating on INR24cr Loan
SKH POULTRY: CRISIL Lowers Rating on INR90MM Loans to 'D'

SONAI CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR120MM Loan
SUN ENTERPRISE: ICRA Assigns 'B+' Rating to INR7cr Loan
SUN PSYLLIUM: ICRA Assigns 'B+' Rating to INR7cr Loan
T.S.B. OVERESEAS: ICRA Suspends B+ Rating on INR5.40cr Loan
TEENA LABS: ICRA Suspends 'B+' Rating on INR15cr Loan

TEJRAJ PROMOTERS: CRISIL Assigns B+ Rating to INR180MM Loans
TORQUE CARS: ICRA Assigns 'B' Rating to INR3.0cr Cash Credit
UNICON ENGINEERS: ICRA Reaffirms 'B' Rating on INR8cr Loan
VADSOLA CERAMIC: ICRA Assigns 'B' Rating to INR10cr Loans


J A P A N

DTC ONE: S&P Affirms BB Rating on Class E Notes


N E W  Z E A L A N D

JAMES DEVELOPMENTS: Liquidator Loses Bid For Charging Order


S I N G A P O R E

IBC CAPITAL: Moody's Assigns (P)B2 Corporate Family Rating


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


A1 SHEETMETAL: Jirsch Sutherland Appointed as Administrators
------------------------------------------------------------
John Kukulovski -- JohnK@jirschsutherland.com.au -- and Trent
Andrew Devine -- TrentD@jirschsutherland.com.au -- of Jirsch
Sutherland were appointed as administrators of A1 Sheetmetal Pty
Ltd on July 11, 2014.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Level 4, 55 Hunter Street, in Sydney, on
July 23, 2014, at 11:00 a.m.


DEAN'S TRUCK: APL Insolvency Appointed as Administrators
--------------------------------------------------------
Colin Roland Tuckwell -- colin@aplinsolvency.com.au and
Jeremy Robert Abeyratne -- jack@aplinsolvency.com.au -- of APL
Insolvency were appointed as administrators of Dean's Truck
Repairs Pty Ltd on July 15, 2014.

A first meeting of the creditors of the Company will be held at
The Boardroom, APL Insolvency, Level 5, 150 Albert Road, in South
Melbourne, on July 24, 2014, at 10:30 a.m.


DEVENISH SANDS: In Administration; First Meeting Set For July 25
----------------------------------------------------------------
Richard Rohrt of Hamilton Murphy Pty Ltd was appointed
administrator of Devenish Sands Pty Ltd on July 15, 2014.

A first meeting of the creditors of the Company will be held at
Hamilton Murphy, Level 1, 269 Swan Street, in Richmond, Victoria,
on July 25, 2014, at 10:00 a.m.


DSG HOLDINGS: KordaMentha Gets 55 Expressions of Interest
---------------------------------------------------------
Nick Clark at The Mercury reports that KordaMentha has received 55
expressions of interest in parts of Jan Cameron's discount retail
chain DSG Holdings Australia, which went into receivership on July
1.

The Mercury notes that Ms. Cameron's Bicheno Investments invested
more than AUD100 million into the company which operated Crazy
Clarks and Sams Warehouse stores.

According to The Mercury, a Korda Mentha spokesman said 40 stores
had been closed so far with about 25 more expected to go today,
July 18 -- a total loss of about 1,000 jobs.

The spokesman said expressions of interest in the remaining 85
stores had come from other retailers although none was for the
total, the report relates.

DSG Holdings owes staff entitlements of more than AUD10 million
and is seeking to sell as much stock as possible, says The
Mercury.

The report relates that the spokesman said expressions of interest
closed July 17 and receivers would then ask for a bid.

Deloitte, the liquidator of Ms Cameron's Retail Adventures, parent
company of Chickenfeed, is preparing to publicly examine her
financial affairs on August 4, according to the report.

Deloitte believes the chain traded while insolvent from July 2011
until it collapsed in October 2012. It is seeking up to
AUD48.24 million for creditors.

                        About DSG Holdings

DSG Holdings Australia Pty Limited operates retailers Crazy Clarks
and Sam's Warehouse.  It currently employs approximately 2,500
people across 143 retail outlets, has a distribution centre in
Queensland and a head office at North Ryde.

David Winterbottom and Rahul Goyal of KordaMentha Restructuring
have been appointed Receivers and Managers of DSG Holdings
Australia Pty Limited.  This follows the appointment of Steve
Nicols of Nicols + Brien as Voluntary Administrator of DSG.


HAMPDEN BRIDGE: Child Care Centre Shuts Doors; 9 Jobs Affected
--------------------------------------------------------------
Ken Grimson at The Daily Advertiser reports that the financially
stricken Hampden Bridge Child Care Centre will close today,
July 18, throwing nine people out of work and forcing more than 30
families to look for alternative care at short notice.

The report says the closure comes at a time when a former employee
of the centre has been served with a court attendance notice
alleging she stole AUD60,000 from the organisation.

According to the report, Centre director Karen Earsman said the
centre -- a not-for-profit community organisation run by a parent
management committee -- had been placed into voluntary insolvency.

"It's devastating," the report quotes Mrs. Earsman, a long-serving
employee who took over as director in the past month, as saying.
"All the families are upset, too, because you get a connection
with them."

The Daily Advertiser relates that Mrs. Earsman said a decision to
close the centre was taken at a meeting of the parent committee on
July 9.

She said the Hampden Bridge Child Care Centre catered for 52
children belonging to 39 families, the report says.

"The majority of them have found other places," Mrs. Earsman, as
cited by The Daily Advertiser, said.  "Some have decided they will
not look for other places because their children don't have a long
wait to start school."

She said none of the seven full-time and two casual staff had
found other jobs yet, the report relays.

Hampden Bridge Child Care Centre has been operating since 1986 and
offers long day care and preschool programs for children aged up
to five.


MISSION NEW ENERGY: Awaits Final Ruling on Aborted Joint Venture
----------------------------------------------------------------
Mission NewEnergy Limited said it is awaiting the final ruling
from the arbitration panel regarding the terminated Indonesian
joint venture.  The date for the decision reading was due to be
held on July 11, 2014.  The Arbitration Tribunal has now deferred
this matter until today, July 18, 2014.

                       About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

The Company's balance sheet at Dec. 31, 2013, showed $4.92 million
in total assets, $13.96 million in total liabilities and a $9.04
million total deficiency.

Mission NewEnergy disclosed net profit of A$10.05 million on
A$8.41 million of total revenue for the year ended June 30, 2013,
as compared with a net loss of A$6.19 million on A$38.20 million
of total revenue during the prior fiscal year.

BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million.  These conditions, along with other
matters, raise substantial doubt the Company's ability to continue
as a going concern.


QSRH BORROWING: Moody's Assigns (P)B2 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2
corporate family rating (CFR) to QSRH Borrowing Co Pty Ltd (QSRH).
QSRH is the parent entity of Quick Service Restaurant Holdings,
which is the franchisor of quick service restaurants in Australia.

Moody's has also assigned provisional (P)B1 senior secured ratings
to a proposed 7-year 1st lien USD term loan B and a 5-year
revolving debt facility (equivalent to around AUD197 million and
AUD10 million respectively), as well as a provisional (P)Caa1
senior secured rating to its proposed 7.5-year 2nd lien term loan
facility (equivalent to around AUD59 million).

This is the first time that Moody's has assigned ratings to QSRH.
The ratings outlook is stable.

QSRH and US FinCo, will be the borrowers of the term loans, while
QSRH will be the borrower under the revolving credit facility.
Both instruments will be guaranteed by all material subsidiaries.
Moody's expects the proceeds from the issue of the term loans to
be used to refinance all of the company's existing indebtedness,
and for general corporate purposes.

The assignment of a definitive CFR and senior secured ratings is
subject to review of final documentation and successful close of
the transaction.

Ratings Rationale

"QSRH's ratings principally reflect its highly levered capital
structure," says Mary Anne Low, a Moody's Analyst. Following the
proposed transaction, Moody's expects financial leverage -- as
measured by Moody's adjusted total debt to EBITDA -- to be around
low to mid 5x in fiscal year ending June 2015.

"Such a highly leveraged position limits the company's financial
flexibility and constrains its ratings at their current levels,"
says Low.

The ratings are predicated on Moody's expectations that the
existing intercompany loans -- between QSRH and its ultimate
parent company, Quick Service Retaurant Group - totaling around
AUD170 million, will be converted to common equity in the next 2-4
weeks, consistent with management's plan. Should that not occur,
there will likely be negative pressures on QSRH's ratings, given
its high financial leverage relative to the rating tolerance.

"The ratings also incorporate the expectations that the company
will be able to execute on its operational and financial targets
over the next 12-to-18 months, as a result of the recent
improvements in brand enhancement and cost savings initiatives,
delivered so far across its different brands," adds Low.

The ratings recognize QSRH's position as one of the leading quick
service restaurants in Australia, with longstanding brand
presence, which Moody's expects to continue. Such a position
mitigates QSRH's exposure to adverse economic trends in the highly
competitive industry.

The company's multi-branded restaurant portfolio and geographic
diversity in the resilient Australian economy provide support in a
competitive industry, while its similarly-rated global peers
continue to be challenged by soft economic backdrops.

QSRH's ongoing business profile reflects its earnings visibility
which is underpinned by its franchise-based business model, which
is expected to generate positive free cash flow, given the minimal
capital expenditure requirements associated with its business
model. This should enhance QSRH's financial flexibility in the
event of unforeseen adverse economic conditions.

The stable outlook reflects Moody's expectation of QSRH's ability
to execute on its operational and financial targets over the next
12-to-18 months, generating predictable revenue and cash flows
which are underpinned by resilient economic conditions in
Australia.

The (P)B1 senior secured ratings assigned to the proposed 1st lien
USD term loan B and revolving facility reflect a one notch uplift
to QSRH's CFR of (P)B2, indicative of its superior secured
position and claim in the company's capital structure.

The (P)Caa1 senior secured rating assigned to the proposed 2nd
lien USD term loan reflects a two notch lower rating to QSRH's CFR
of (P)B2, reflecting its inferior position and claim in QSRH's
capital structure.

The ratings could be upgraded if there is an establishment of a
track record and evidence of the company's ability to deliver
successfully on its operational and financial targets.
Additionally, there could be upward rating momentum if the company
de-leverages beyond Moody's expectations. An indication of this
improvement is the ability to keep Moody's adjusted total debt to
EBITDA (excluding intercompany loans) below 5.0x on a consistent
basis.

On the other hand, QSRH's ratings could be downgraded if its
financial leverage exceeds 6.5x on a Moody's adjusted total debt
to EBITDA (excluding intercompany loans). There is likely to be
negative pressures on QSRH's ratings, should the existing
intercompany loans not be fully converted to common equity within
the timeframe specified by its management, given its high
financial leverage relative to the rating tolerance.

The ratings could also be downgraded if the company's performance
declines beyond Moody's expectations, through poor earnings
performance, particularly through declining systemwide same-store
sales or sustained weak customer traffic, and/or other adverse
industry conditions. Other negative pressures such as an erosion
in liquidity, causing negative free cash flow, or if the company
incurs material additional debt to fund its capital investments or
equity returns could also negatively pressure the ratings.

The principal methodology used in this rating was the Global
Restaurant Methodology published in June 2011.

QSRH is the parent entity of Quick Service Restaurant Holdings.
QSR Holdings, headquartered in Sydney, Australia, is the
franchisor of approximately 580 quick service restaurants
specializing in chicken under the brand names Oporto, Red Rooster
and Chicken Treat. QSRH is owned by funds managed and advised by
Archer Capital Pty Limited, one of the leading private equity
firms in Australia.


SL BUILDINGS: Placed in Administration
--------------------------------------
Timothy James Clifton -- tclifton@cliftonhall.net.au -- and Daniel
Lopresti -- dlopresti@cliftonhall.net.au -- of Clifton Hall were
appointed as administrators of SL Buildings Pty Ltd, formerly
known as Spanlift Buildings Pty Ltd, on July 15, 2014.

A first meeting of the creditors of the Company will be held at
The Quality Inn Presidential, 154-156 Jubilee Highway West, in
Mount Gambier, South Australia, on July 24, 2014, at 11:00 a.m.


VINCENT AVIATION: In Liquidation; Archerfield's Bid Stalls
----------------------------------------------------------
Cameron Atfield at Brisbane Times reports that Archerfield
Airport's ambitious bid to attract regular passenger services has
hit a stumbling block, with one of two interested airlines going
into liquidation and negotiations with the other stalling.

Vincent Aviation, which operated direct flights between Brisbane
Airport and Narrabri and Roma, was grounded when the company went
into receivership in May, Brisbanes Times notes.

Vincent also operated in northern Australia, including Cairns and
Darwin, where the New Zealand airline based its Australian
operations, the report says.

Brisbane Times says prior to going into receivership, Vincent
Aviation was in negotiations to operate its 13-tonne, 34-seat SAAB
340s out of Archerfield.

According to the report, Archerfield Airport general manager
Corrie Metz said he remained hopeful regular passenger transport
services would become a feature of Brisbane's secondary airport,
in the city's south-west.

"We were negotiating with two airlines for RPT," the report quotes
Mr. Metz as saying.  "One of the airlines we were negotiating with
was Vincent Aviation and they've gone into liquidation, so that
has stopped . . . the other negotiations have gone quiet, so we're
not talking with anyone right now."

"But I try to give people as much notice as I can if we do
introduce those types of services and we're still committed to
doing full public consultation should we introduce one of those
services."

The report relates that Mr. Metz said fly-in, fly-out services to
regional sites continued to operate out of Archerfield.

Brisbane Times states that Archerfield's bid to be considered
Brisbane's second airport has been challenged by the privately
funded Brisbane West Wellcamp Airport at Toowoomba, which is
scheduled to open later this year.

A spokeswoman for Wagners, the company building Brisbane West
Wellcamp, said negotiations with airlines to fly in and out of the
Toowoomba airport were at the "pointy end" of negotiations, the
report relays.

Andrew Fielding and Gerald Collins of BDO were appointed
receivers and managers to Darwin-based Vincent Aviation
(Australia) Pty Limited on May 28, 2014.

The company, which has satellite bases in Brisbane and Sydney, is
wholly owned by New Zealand-based Vincent Aviation Limited and
operates nine medium-sized turbo prop passenger aircraft including
Beechcraft 1900s and SAAB 340s, and employs approximately 80
staff.



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C H I N A
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CHINA ZHENGTONG: Land Acquisition No Impact on Moody's Ba3 CFR
--------------------------------------------------------------
Moody's Investors Service says that China ZhengTong Auto Services
Holdings Ltd's acquisition of a land parcel in Shenzhen is credit
negative, but the acquisition will not have any impact on its Ba3
corporate family rating or stable outlook.

On July 14, 2014, ZhengTong announced that Cheng Tong Developments
Limited (unrated) -- its wholly-owned subsidiary -- entered a
share purchase agreement with Dawn Charm Holdings Limited
(unrated) to acquire an entire equity interest in Landtime
International Limited (unrated) for approximately RMB550 million.
Landtime owns a land parcel of approximately 41,000 square meters
in the Longhua New District of Shenzhen in China.

ZhengTong plans to build an automobile plaza on the land parcel,
which will offer multiple luxurious automobile brands for sale and
involve opening at least five 4S dealerships.

"ZhengTong's land acquisition will likely increase its financial
leverage to a modest degree, but its current financial cushions
and expected increase in earnings mean that its financial profile
will remain in line with its Ba3 rating level over the next 12-18
months," says Chenyi Lu, a Moody's Vice President and Senior
Analyst.

Assuming that the entire consideration will be funded with debt,
ZhengTong's adjusted debt of RMB7.6 billion at end-2013 will
increase by 7.3%, and its adjusted debt/EBITDA will grow by about
0.3x.

Nonetheless, Moody's expects the company's financial leverage to
stay at 3.5x-4.0x over the next 12-18 months, which is similar to
the 3.7x in 2013. This level is in line with its Ba3 rating.

Moody's view is based on (1) a slight improvement in profitability
and year-on-year revenue growth in the mid-to-high single digits,
driven by higher revenue contributions from after-sales services
and the ramp-up of its newly built stores during the past two
years; and (2) implementation of a prudent expansion strategy,
which will add ten new stores in each of 2014 and 2015.

The transaction demonstrates ZhengTong's strategy to strengthen
its network footprint in Shenzhen and Guangdong Province; the
company had 37 outlets in the province at end-2013.

The principal methodology used in this rating was the Global
Retail Industry published in June 2011.

Incorporated in 1999, China ZhengTong Auto Services Holdings
Limited is one of the leading players in the luxury car dealership
market in China. ZhengTong mainly focuses on luxury and ultra-
luxury brands. It has 13 premium brands, which accounted for 82.6%
of its dealership outlets and 88.3% of its new car sales in 2013.
It also provides after-sales services and automotive logistics and
lubricant oil services, which accounted for approximately 10.9% of
its total revenue in 2013.



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I N D I A
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ARJANDASS & SONS: ICRA Assigns B+ Rating to INR1.50cr Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR1.50
crore fund-based limits of Arjandass & Sons. A short term rating
of [ICRA]A4 has also been assigned to the INR6.00 crore non fund
based limits of the firm.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Fund-        1.50      [ICRA]B+ assigned
   Based Limits (CC)

   Short Term Non Fund    6.00      [ICRA]A4 assigned
   Based Limits (LC)

The assigned ratings are constrained by the small scale of
operations of Arjandass & Sons, a weak financial profile
characterized by decline in revenues following slowdown in demand,
low profitability and stretched receivables. The ratings also take
into consideration the susceptibility of revenues to the
competitive pressure prevailing in the market and to the
cyclicality inherent in the industry. The ratings also incorporate
the risk of capital withdrawals, given its constitution as a
partnership firm.

The assigned ratings, however favourably factor in the significant
experience of the proprietor in the steel trading business and
long-term relationship with customers, which has resulted in
repetitive business.

Arjandass & Sons (ADS) is a proprietary concern promoted by Mr.
Harichand Gupta, incorporated in 2000. The firm is a trading house
engaged in the business of trading various forms of steel products
in the domestic market. ADS is also a supplier of tea, coffee
premixes and other hot/cold beverages powders and is also the
authorized distributor of Coca Cola's Georgia brand of tea/coffee
powders. The firm has its registered office in Carnac Bunder,
Mumbai and a godown in Mulund (Mumbai).

Recent Results:

As per the provisional numbers of FY14, the firm has reported a
net profit of INR0.17 crore on an operating income of INR25.38
crore.


BAFNA PHARMA: CRISIL Cuts Rating on INR1.01BB Loans to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Bafna Pharmaceuticals Ltd to 'CRISIL D/ CRISIL D' from 'CRISIL
BB+/Negative/CRISIL A4+'. The rating downgrade reflects recent
delays by Bafna in servicing its debt. The delays have been caused
by weak liquidity on account of increased working-capital-
intensity and lower than expected profitability in 2013-14 (refers
to the financial year, April 1 to March 31).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            220       CRISIL D (Downgraded from
                                    'CRISIL BB+/Negative')

   Cash Credit            150       CRISIL D (Downgraded from
                                    'CRISIL BB+/Negative')

   Export Packing Credit   80       CRISIL D (Downgraded from
                                    'CRISIL BB+/Negative')

   Foreign Bill            50       CRISIL D (Downgraded from
   Discounting                      'CRISIL BB+/Negative')

   Letter of credit &     100       CRISIL D (Downgraded from
   Bank Guarantee                   'CRISIL A4+')

   Letter of credit &     150       CRISIL D (Downgraded from
   Bank Guarantee                   'CRISIL A4+')

   Long Term Loan         216.5     CRISIL D (Downgraded from
                                    'CRISIL BB+/Negative')

   Proposed Long Term       1.5     CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB+/Negative')

   Supplier Line of        42       CRISIL D (Downgraded from
   Credit                           'CRISIL A4+')

Bafna has a below-average financial risk profile marked by weak
debt protection metrics and limited financial flexibility.
However, it benefits from company's established position and
healthy demand prospects for the Indian pharmaceutical industry.

Bafna was set up in 1981 as a proprietary concern by Mr. Bafna
Mahaveer Chand; it was reconstituted as a public limited company
in 1995. The promoter, along with relatives and friends, owns
40.61 per cent of Bafna's equity; the remaining is owned by the
public and others.

Bafna commenced production in October 1984 with a tablet
manufacturing facility at Madhavaram in Chennai (Tamil Nadu), and
added capsule and oral syrup facilities. In 2001, the company set
up a unit for producing betalactam products. While Bafna has, over
the years, focused on institutional and generic supplies of
pharmaceutical products, it has also steadily increased the number
of product registrations in the international market. The company
commissioned its second manufacturing facility in Grantylon (Tamil
Nadu). The unit is the 35th of its kind in the Indian
pharmaceutical industry to be approved by the Medicines and
Healthcare Products Regulatory Agency. Bafna has also set up a
formulations research and development unit at the Grantylon unit.
The unit manufactures non-betalactam products for regulated
markets in the UK and the US, and new products for markets in
India and Sri Lanka. Bafna acquired the Raricap brand from Johnson
and Johnson Ltd in April 2011.


BEST TANNING: CRISIL Upgrades Rating on INR45MM Loan to 'B+'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Best Tanning Industries Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and reaffirmed its rating on the company's short-term
bank facilities at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           45        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit      10        CRISIL A4 (Reaffirmed)

   Packing Credit         5        CRISIL A4 (Reaffirmed)

The rating upgrade reflects CRISIL's belief that BTIPL's business
risk profile will be better than CRISIL's previous expectation
driven by diversification into the more profitable upper shoe
segment. BTIPL's revenue registered healthy growth of 29 per cent
in 2013-14 (refers to financial year, April 1 to March 31) driven
by addition of new customers in the upper shoes segment, and will
continue to grow at a moderate rate of around 15 per cent over the
medium term. The company's operating profitability is expected to
remain moderate, around 7.5 per cent, over the medium term with
continued high revenue contribution of the upper shoe segment. The
rating upgrade also factors in expected sustenance of improved
working capital cycle driven by lower debtor days. The company's
gross current assets declined to 169 days as on March 31, 2014,
from 248 days as on March 31, 2013, and are expected at less than
180 days over the medium term. Debtor realisation is better in the
upper shoe segment than in the finished leather segment, which
will lead to steady improvement in BTIPL's financial risk profile
despite proposed debt-funded capital expenditure of around INR40
million in 2014-15.

CRISIL's ratings continue to reflect BTIPL's large working capital
requirements, small scale of operations, susceptibility to intense
competition in the leather industry, and weak financial risk
profile marked by small net worth, high gearing, and weak debt
protection metrics. These rating weaknesses are partially offset
by BTIPL's strong track record in the leather industry with
diversified revenue profile.

Outlook: Stable

CRISIL believes that BTIPL will continue to benefit over the
medium term from its strong industry track record and increasing
presence in the export market. The company's liquidity is expected
to remain constrained by its large working capital requirements.
The outlook may be revised to 'Positive' in case of significant
growth in scale of operations, leading to substantial increase in
cash accruals and improved liquidity. Conversely, the outlook may
be revised to 'Negative' if BTIPL's liquidity deteriorates because
of increase in working capital requirements or if its capital
structure weakens because of large debt-funded capital
expenditure.

BTIPL was incorporated in 1993, promoted by Mr. Mohsin Sharif and
his family. Its capacity utilisation is around 80 per cent. Its
facility is in Kanpur (Uttar Pradesh). It manufactures chrome and
vegetable-tanned leather, and uppers, among other types of
leather.


CITY INN: ICRA Assigns 'B' Rating to INR21cr Term Loan
------------------------------------------------------
ICRA has assigned '[ICRA]B' rating for the INR21.0 crore fund-
based bank facilities of City Inn Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan              21.0      [ICRA]B Assigned

The assigned rating takes into consideration the experience of
promoters in the real estate sector and their understanding of the
real estate market with various multi storied housing projects in
Agra, Uttar Pradesh. The rating also factors in favourably the
strategic location of the hotel under construction; being situated
in the financial hub of Agra and the proximity to the Taj Mahal,
one of the preferred tourist destinations, could help the hotel to
attract guests. However, the rating is constrained by the project
implementation risk with respect to the timely completion of the
proposed project within the budgeted cost and the significant
competitive intensity the hotel would face with several hotels in
the 3star category in Agra. High competitive intensity coupled
with moderate demand for hospitality services could adversely
impact the cash flows if the projected occupancy levels and ARRs
are not achieved, Going forward, the ability of the company to
complete the project under the projected time schedule and to
attract guests in the region will be the key rating sensitivities.

City Inn Private Limited was incorporated in 1994 and currently
has a three star hotel under construction in Agra, Uttar Pradesh.
The hotel, P. L. Palace by City Inn Private Limited, a 3 star
hotel is under construction in Sanjay Place in Agra. The hotel
will be 3 storied hotel with two basements and the total land area
is about 4000 Mtr2. The 54 room hotel will have banquet halls, a
restaurant and a coffee shop.

The directors of the company include Mr P. L. Sharma and Mr Shivam
Sharma. Mr P. L. Sharma is a law graduate with over 25 years of
experience in the field of Real Estate Development. Mr Sharma is
running several real estate projects such as: Buland Valley at
Fatehabad Road and Buland City comprising of 228 flats (under
construction). Besides being a real estate developer Mr Sharma has
also been engaged in other businesses. He is running a business of
Mineral/Packaged drinking water under the name of Shikha Beverages
Private Limited. Mr Shivam Sharma, son of Mr P. L. Sharma, is
currently pursuing B. Com from Delhi University.


DAMCOSOFT PVT: CRISIL Reaffirms 'B+' Rating on INR160MM Loans
-------------------------------------------------------------
CRISIL rating on the long-term bank facilities of Damcosoft Pvt
Ltd continues to reflect DSPL's modest scale of operations in the
competitive information technology (IT) industry and large working
capital requirements. These rating weaknesses are partially offset
by DSPL's above-average financial risk profile marked by low
gearing and above-average debt protection metrics, and its
promoters, extensive experience in the IT industry through parent
company, Damco Solutions Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            5        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term     8.6      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan            146.4      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DSPL will continue to benefit from its
promoters' extensive experience in the IT industry and its above-
average financial risk profile marked by low gearing and above-
average debt protection metrics. The outlook may be revised to
'Positive' if DSPL scales up its operations significantly leading
to higher-than-expected cash accruals. Conversely, the outlook may
be revised to 'Negative' if there is a further delay in
commencement of operations at the company's upcoming facility
leading to lower-than-expected growth in sales and cash accruals.

Update
DSPL, on provisional basis, reported net sales of INR82.9 million
for 2013-14 (refers to financial year, April 1 to March 31)
vis-a -vis net sales of INR52.0 million for 2012-13. The company's
net sales have shown an increasing trend, with a compound annual
growth rate of 192 per cent over the three years through 2013-14.
The company has completed the construction of its new building
where it is expected to commence full-fledged operations by
September 2014. There are no other major capital expenditure plans
over the medium term. CRISIL believes that incremental sales
growth, expected from ramp-up of operations at DSPL's new building
block, will remain the key rating sensitivity factor over the
medium term.

DSPL's operating profitability is estimated to improve to around
12 to 14 per cent in 2013-14 compared to 10.4 per cent in 2012-13
due to higher employee utilisation rate. CRISIL believes that
DSPL's operating profitability will remain stable at around 14 per
cent over the medium term. DSPL's working capital requirements
increased in 2013-14, with gross current assets (GCAs) of 204 days
as on March 31, 2014, vis-a-vis 141 days a year earlier, primarily
due to increase in debtors which stood at 109 days, compared to 79
days a year earlier. The increase in debtors was due to delay in
meeting the regulatory requirement required for the payments
received for exports. CRISIL believes that the working capital
cycle will improve over the medium term.

The company's financial risk profile continues to remain above-
average with low gearing estimated at 0.75 times as on March 31,
2014. DSPL is estimated to generate sufficient cash accruals to
meet its maturing debt obligations in 2014-15 and 2015-16. The
company's utilisation of its fund-based bank limits is low at 18
per cent on average over the twelve months through February 2014.
CRISIL expects that the DSPL's financial risk profile will remain
supported by its increasing cash accruals and low bank limit
utilisation over the medium term.

DSPL was incorporated in 2009 by Mr Manish Gupta. The company
provides IT and IT-enabled services to its clients, including
application development, enterprise integration solutions, and
mobile-based custom applications. DSPL is a wholly-owned
subsidiary of Damco Solutions Ltd (DSL), which is based in the
United Kingdom (UK). The company derives around 50 per cent of its
revenues from projects outsourced by DSL. The company is
establishing its development center at Rajiv Gandhi Technology
Park (Chandigarh).

DSPL reported a profit after tax (PAT) of INR1.9 million on net
sales of INR52.0 million for 2012-13, as against a PAT of INR1.5
million on net sales of INR37.1 million for 2011-12.


DGP STEEL: CRISIL Lowers Rating on INR67.5MM Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
DGP Steel Star Engineering Pvt Ltd to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         40       CRISIL D (Downgraded from
                                   'CRISIL A4')

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

   Proposed Long Term      2.5     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

   Term Loan               5       CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The rating downgrade reflects delays by DGP in servicing of its
term debt obligations owing to the company's weak liquidity. The
term debt obligation due on May 31, 2014, was serviced with a
delay on June 9, 2014. Liquidity is weak driven by the company's
stretched debtors. CRISIL believes that DGP's liquidity will
remain weak over the medium term driven by the company's working-
capital-intensive operations.

CRISIL's rating on the bank facilities of DGP continue to reflect
the company's working-capital-intensive operations and its small
scale of operations and customer concentration in its revenue
profile. These rating weaknesses are partially offset by the
company's healthy order book, providing good revenue visibility
over the medium term.

DGP was originally set up in 1973 as a proprietorship firm. In
1990, the firm was reconstituted as a corporate entity. It is
primarily engaged in industrial construction, including
construction of industrial buildings, setting up and commissioning
of industrial machinery and equipment such as boilers in power
plants, and fabrication and erection of rolling mill structures.
The company's day-to-day operations are looked after by its
current promoter-director, Mr. PS Mukherjee.

DGP reported profit after tax (PAT) of INR3.9 million on net sales
of INR194.1 million for 2012-13 (refers to financial year, April 1
to March 31) against PAT of INR5.3 million on net sales of
INR141.4 million for 2011-12.


DIVINE INFRACON: CRISIL Reaffirms 'D' Rating on INR3.73BB Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Divine Infracon
Pvt Ltd continues to reflect instances of delay by DIPL in
servicing its debt. The delays have been caused by the company's
weak liquidity, arising from operating losses.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan            3,730        CRISIL D (Reaffirmed)

DIPL also has a weak financial risk profile marked by high gearing
and weak debt protection metrics, and is susceptible to
cyclicality in the hospitality segment. However, DIPL benefits
from the extensive experience of its operations and management
(O&M) partner, Carlson, in the hotel management industry.

CRISIL has treated DIPL's unsecured loans of INR2213 million from
promoters (as on September 30, 2013) as neither debt nor equity,
as the loans are non-interest-bearing and the directors have
undertaken to retain the loans in the business until the company's
bank loans are repaid.

Update
DIPL commenced operations in April 2011 and recorded revenue of
INR238 million for the first half of 2013-14 (refers to financial
year, April 1 to March 31), which was its third year of
operations. The company incurred an operating loss of INR424
million in the first half of 2013-14, mainly because of low
occupancy rate resulting in low cash generation. Its operating
margin will remain constrained over the medium term till its
business is stabilised with higher occupancy.

Large project debt and losses led to a weak financial risk profile
for DIPL, marked by high gearing and weak debt protection metrics.
The company's liquidity is weak and is expected to remain weak
over the medium term because of its initial phase of operations
and constrained accruals compared with sizeable debt obligations.

Incorporated in 2006, DIPL operates a five-star hotel, Radisson
Blu, in Dwarka (New Delhi) under the Radisson brand managed by its
O&M partner, Carlson. The company is promoted by Mr. Sant Lal
Aggarwal and Mr. Satish Kumar Pahwa, who have experience in the
real estate industry.


GHAZIABAD MECHFAB: ICRA Assigns B+ Rating to INR4.50cr Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR4.50
crore fund based limits of Ghaziabad Mechfab Pvt Ltd and a short-
term rating of [ICRA]A4 to the INR6.0 crore non-fund based
facilities of GMPL.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits       4.50      [ICRA]B+ assigned
   Non Fund Based Limits   6.00      [ICRA]A4 assigned

The ratings assigned to GMPL are constrained by the intensely
competitive nature of the fabrication industry which coupled with
GMPL's modest scale of operations results in low bargaining power
and low pricing flexibility for the company. As a result, the
company's profitability remains vulnerable to adverse movement in
prices of raw materials such as cold rolled steel products. The
ratings also take into account the high client concentration risk
with top five customers accounting for 87% of GMPL's total sales;
however this risk is partly mitigated by the company's established
relationship with its clients. While assigning the ratings, ICRA
has also noted the stretched liquidity position of the company as
reflected by high utilization of fund based working capital
limits. Nevertheless, the ratings draw comfort from the long
experience of promoters in the pre engineered building industry
and favorable demand prospects for GMPL's products driven by
government's emphasis on infrastructure and rural development in
India. Going forward, ability of the company to increase its scale
of operations in a profitable manner while maintaining working
capital intensity will be key rating sensitivities.

Ghaziabad Mechfab Private Limited was established in the year 1996
as a private limited company. It is promoted by Mr. Subodh Gupta
who has more than a decade of experience in the fabrication
industry. The company is engaged in manufacturing of pre
engineered buildings and components. The manufacturing facility of
the company is located at Ghaziabad in Uttar Pradesh.

Recent Results

GMPL reported profit before tax of INR1.02 crores on an operating
income of INR31.10 crores in FY14 (provisional results) as against
profit after tax of INR0.44 crores on an operating income of
INR29.13 crores in FY13.


GOVIND AGRO: CRISIL Reaffirms 'B+' Rating on INR250MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Govind Agro
Foods continues to reflect GAF's weak financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics. The rating also factors in the firm's large
working capital requirements, small scale of operations, and
susceptibility to changes in government policies and to erratic
rainfall. These rating weaknesses are partially offset by the
extensive industry experience of GAF's promoters and benefits
expected from the healthy growth prospects for the basmati rice
industry.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           180      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     53.5    CRISIL B+/Stable (Reaffirmed)

   Term Loan              16.5    CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has treated the unsecured loans
of INR62.0 million extended to GAF by its promoters as neither
debt nor equity, as the loans are interest-free and have been
subordinated to bank debt.

Outlook: Stable

CRISIL believes that GAF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's capital
structure improves significantly, most likely because of higher
accruals or significant equity infusion. Conversely, the outlook
may be revised to 'Negative' if GAF's liquidity deteriorates with
an increase in its working capital requirements or larger-than-
expected debt-funded capital expenditure.

GAF was set up in July 2009 as a partnership firm by Mr. Subhash
Chand and his son, Mr. Neeraj Kumar. It processes basmati rice and
sells to domestic companies, most of which export to the Middle
East.


GRISHI MANGO: CRISIL Reaffirms 'D' Rating on INR89.5MM Loans
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D' rating to the bank facilities
of Grishi Mango Products and Exports Tamil Nadu Pvt Ltd. The
rating reflects instances of delay by Grishi in servicing its term
debt; the delays have been caused by the company's weak liquidity,
driven by large working capital requirements.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            45         CRISIL D (Reaffirmed)
   Long Term Loan         44.5       CRISIL D (Reaffirmed)

Grishi's financial risk profile remains weak, marked by a highly
leveraged capital structure. The company is also susceptible to
intense competition in the fruit juices and drinks industry. The
company, however, benefits from the entrepreneurial experience of
its promoters.

Grishi, established in 2004, primarily manufactures fruit drinks.
The company also manufactures aerated drinks and ready-to-eat
packaged snacks. The day-to-day operations of Grishi are managed
by Mr. E Prasanna, Mr. P Rajesh Kumar, and Mr. M Pratap Singh.

Grishi's reported a net loss of INR6 million on net sales of
INR146.7 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR6.1 million on net sales of
INR161.1 million in 2011-12.


JADHAO LAYLAND: CRISIL Assigns 'B' Rating to INR50MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Jadhao Layland Private Limited.

                             Amount
   Facilities               (INR Mln)    Ratings
   ----------               ---------    -------
   Working Capital Facility     50       CRISIL B/Stable

The rating reflects JLPL's nascent stage of operations and below-
average financial risk profile marked by modest net worth, high
gearing, and subdued debt protection metrics. These rating
weaknesses are offset by the extensive experience of the promoters
in the agricultural tools industry.

Outlook: Stable

CRISIL believes that the JLPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
higher than expected growth in its revenues and margins, while
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' in case of a significant decline in revenues
and profitability of the company, or if there is elongation of its
working capital cycle or if it undertakes any large debt-funded
capex, thereby weakening its financial risk profile.

JLPL was incorporated in July 2011, by Mr. Sanjay Jadhao and his
family members. The company is into manufacturing and sales of
rotavators, cultivators and other tractor mounted farm equipments.
The company's manufacturing facility is located in Amravati,
Maharashtra. JLPL began commercial operations in July 2013.


JAI VENKTESH: ICRA Suspends 'B+/A4' Rating on INR19cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings assigned to the
INR19 crore bank facilities of Jai Venktesh Concast Pvt Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


KANAIYA EXPORTS: ICRA Assigns 'B' Rating to INR5.11cr Loans
-----------------------------------------------------------
The long-term rating of '[ICRA]B' has been assigned to the INR5.00
crore fund based facility (enhanced from INR4.40 crore) and to the
INR0.11 crore term loans of Kanaiya Exports Private Limited. The
rating of '[ICRA]A4' has also been assigned to the INR10.00 crore
(enhanced from INR7.00 crore) short-term fund based facilities of
KEPL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits        5.00       [ICRA]B assigned
   Term Loan                0.11       [ICRA]B assigned
   Export Packing Credit   10.00       [ICRA]A4 assigned

The ratings continue to take into account the company's modest
scale of operations and its weak financial profile characterized
by high gearing levels, low profitability and weak coverage
indicators. The ratings further takes into account the high
competitive intensity in agro-commodities trading resulting from
low entry barriers; exposure of company's profitability to foreign
exchange fluctuations and any adverse changes in export
incentives; vulnerability of the company's operations to
government's export policies and to agro-climatic conditions. The
rating however positively considers the experience of the promoter
in agro-commodities trading, favourable location of the company
with proximity to raw material sources and stable export prospects
for agro-products.

Kanaiya Exports Private Limited (KEPL) was incorporated in 1994
and is primarily engaged in the trading of psyllium Husk, sesame
seeds, cumin seeds, fennel seeds and other agro products. The
company is currently managed by Mr. Rameshchandra Nayak and Mr.
Ashvin Nayak and the family has been in this business since last
20 years.

Recent Results

During FY13, KEPL reported an operating income of INR65.73 crore
(as against INR65.99 crore during FY12) and profit after tax of
INR0.43 crore (as against INR0.35 crore during FY12).


KAVVERI TELECOM: ICRA Suspends 'D' Rating on INR100cr Loan
----------------------------------------------------------
ICRA has suspended the '[ICRA]D' rating assigned to the INR100
crore fund based facilities of Kavveri Telecom Products Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


KIRPA RICE: CRISIL Reaffirms B+ Rating on INR250MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kirpa Rice
Mills continues to reflect KRM's small net worth, on account of
its low operating margin, and its susceptibility to volatility in
raw material prices. These rating weaknesses are partially offset
by the extensive experience of the firm's partners in the rice
business.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         250        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KRM will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if KRM scales up its operations and
improves its profitability, leading to higher cash accruals, or if
its capital structure improves significantly because of equity
infusion by the partners. Conversely, the outlook may be revised
to 'Negative' if the firm's capital structure weakens
significantly, most likely because of substantial debt-funded
capital expenditure, or if its profitability declines, thereby
further constraining its liquidity.

Update
KRM's operating income is estimated at INR825 million for 2013-14
(refers to financial year, April 1 to March 31), vis-a-vis
INR588.8 million reported for 2012-13. The increase was driven by
higher sales to its largest customer; the firm's business risk
profile is constrained by high customer concentration as around 70
per cent of its sales is to single customer. Its operating margin
is estimated to have remained in the range of 4.0 to 4.5 per cent
in 2013-14, in line with historical trends. CRISIL expects the
firm's operating income to grow by 10 to 15 per cent, and its
operating margin to remain at the current level, over medium term.

KRM has a weak financial risk profile, marked by high gearing,
estimated at around 7 times as on March 31, 2014; its interest
coverage ratio is estimated at 1.8 times and net cash accruals to
total debt ratio at 0.06 times for 2013-14. Moreover, it had a
small net worth, estimated at INR26 million as on March 31, 2014,
and low cash accruals because of its low operating margin. CRISIL
expects the firm's financial risk profile to remain weak over
medium term, driven by high reliance on external debt to fund its
working capital requirements. KRM has moderate liquidity, marked
by average utilisation of 45 per cent of its cash credit facility
of INR290 million and the absence of any long-term debt. CRISIL
expects the firm's liquidity to remain moderate over medium term,
driven by the absence of any long-term debt.

For 2012-13, KRM reported a profit after tax (PAT) of INR1.9
million on net sales of INR588.8 million against a PAT of INR1.3
million on net sales of INR462.2 million for 2011-12.

KRM was established by Mr. Satpal along with his three sons, Mr.
Surinder Pal, Mr. Krishan Lal, and Mr. Ashok Kumar, as a
partnership firm in 1998. The firm is engaged in processing and
sale of basmati rice in the domestic market.


PINE EXPORTERS: ICRA Assigns 'B' Rating to INR0.50cr Loan
---------------------------------------------------------
The rating of [ICRA]B has been assigned to the INR0.50 crore long
term fund based facilities of Pine Exporters Private Limited. The
rating of [ICRA]A4 has also been assigned to the INR4.59 crore
short-term non-fund based facilities of PEPL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit              0.50       [ICRA]B assigned
   Forward Contract Limit   0.09       [ICRA]A4 assigned
   Letter of Credit         4.50       [ICRA]A4 assigned

The assigned ratings are constrained by PEPL's small scale of the
operations with limited track record and weak financial profile,
as characterized by operating losses, adverse capital structure,
and weak debt protection metrics. The ratings also factor in the
highly competitive business environment on account of the
fragmented industry structure and low entry barriers for the new
players. The ratings are further constrained by the vulnerability
of the company's profitability to adverse fluctuations in imported
timber prices as well as to currency fluctuations, with entire raw
material requirement currently being met through imports, in the
absence of a formal currency hedging policy.
The assigned ratings, however, favourably factor in the long track
record of the key promoter in the timber business. The ratings
also take into consideration the locational advantages arising
from the presence of the manufacturing facility in close proximity
to Kandla port.

Incorporated in 2011, Pine Exporters Pvt. Ltd is engaged in
trading of timber logs as well as cleaning and sawing of timber
logs to manufacture clean squared timber wood at its factory
located at Gandhidham (Gujarat). Mr. Manojkumar Surana, the key
promoter of the company, has long standing experience of more than
25 years in timber trading through the partnership firm Pine
Exporters based out of Delhi. The company majorly deals in Radiata
Pine logs which majorly find application in furniture making and
light construction work.

Recent Results

For the year ended 31st March 2014, PEPL has reported an operating
income of INR10.19 crore and profit after tax (PAT) of INR0.09
crore (as per provisional unaudited results).


PIONEER COMBINES: CRISIL Assigns 'D' Rating to INR150MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Pioneer Combines Pvt Ltd. The rating reflects
continuous overutilisation of PCPL's cash credit limits for more
than 30 days. The overutilisation is caused by the company's weak
liquidity.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            98         CRISIL D
   Proposed Long Term
   Bank Loan Facility     52         CRISIL D

PCPL also have small scale of operation in a highly fragmented
coal trading business and have low profitability owing to trading
nature of business. However, the company benefits from the
considerable experience of its promoters in trading of iron ore.

PCPL was established in 2007 in the style of a partnership firm.
Later, it was reconstituted as corporate body in 2010. The company
is based out of Odisha and is engaged in trading of iron-ore fines
and lumps. The company is primarily engaged in exports and derived
around 70 percent of its turnover from exports. The day-to-day
operations of the company are looked after by Mr. Nihar Satpathy,
Mr. B.B. Acharya and Mr. Pradyumna Mohanty who are the directors
of the company.


QUADRA INFRATEL: CRISIL Puts 'B-' Rating on INR60MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/ CRISIL A4' ratings to
the bank facilities of Quadra Infratel Synergies Pvt Ltd.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term       10         CRISIL B-/Stable
   Bank Loan Facility

   Bank Guarantee           20         CRISIL A4

   Cash Credit              50         CRISIL B-/Stable

The ratings reflect QIPL's below-average financial risk profile,
marked by weak liquidity, leveraged capital structure and average
interest coverage ratio. The rating also factors in the company's
modest scale of operations, in the intensely competitive industry;
along with working capital intensity of its operations. These
rating weaknesses are partially offset by its promoters' extensive
industry experience, and their financial support.

Outlook: Stable

CRISIL believes QIPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant improvement in the
company's financial risk profile, particularly liquidity, driven
by better than expected cash accruals or substantial equity
infusion while improving working capital management. Conversely,
the outlook may be revised to 'Negative' if QIPL undertakes any
debt-funded expansions; reports sustained pressure on revenues and
profitability or a stretch in its working capital cycle, weakening
its financial risk profile.

QIPL, a Noida (Uttar Pradesh)-based company is an engineering,
procurement and construction (EPC) contractor for telecom
projects. The company provides civil construction, erection and
electrification of telecom towers. It also undertakes upgradation
and maintenance of telecom towers.


RATTAN POLYCHEM: CRISIL Cuts Rating on INR100MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Rattan
Polychem Pvt Ltd (Rattan) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            45       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Letter of Credit       15       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long Term     20       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

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

The rating downgrade reflects instances of delay by Rattan in
servicing its term debt; the delays have been caused by the
company's weak liquidity arising from working-capital-intensive
operations.

Rattan also has an average financial risk profile marked by small
net worth and moderate gearing, small scale of operations in a
highly fragmented industry, and is susceptible to volatility in
raw material prices. However, the company benefits from funding
support from its promoters.

Incorporated in 2009 by Mr. Yashweer Dagar and his family members,
Rattan has been manufacturing expandable polystyrene of various
grades and diameters since 2010-11 (refers to financial year,
April 1 to March 31). The products are used to manufacture
thermocol, which is used for packaging and other purposes. The
company's manufacturing unit is in Faridabad (Haryana).


RJ RISHIKARAN: ICRA Reaffirms 'B' Rating on INR35cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' for the
INR35.0 crore (enhanced from INR20.0 crore) term loan facility of
of RJ Rishikaran Projects Private Limited.

The rating assigned takes into account the long experience of the
promoters in construction and real estate development demonstrated
through execution of 40 projects with a development of 3 msft area
into residential, commercial, hospitality and hospitals segments.
The rating assigned also positively factors in the good location
of the project (KR Puram, Bengaluru) which should lower the
marketing risk to some extent. The rating also derives comfort
from the fact that all the major requisite approvals with regard
to land development have been obtained.

However the rating is constrained by the fact that the project is
at very nascent stage of construction and hence significant
execution risk is associated with it. The rating assigned takes
into consideration the funding risk associated with the project as
significant project cost is proposed to be funded through customer
advances from pre-sale bookings and with interest subvention
scheme the same would require significant bookings to meet the
construction schedule. Rating also factors in significant
competition from other ongoing projects in the project locality
and marketing risk associated with the project as the project has
witnessed sluggish bookings during the first year of soft launch.

Going forward, the timely execution of the project and the buyer
response to the same will be the key rating sensitivities.

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

Project Profile: Lake Gardenia
RJ Lake Gardenia project is being developed under JDA mode between
RJ Rishikaran Projects Pvt. Ltd. (RRPPL-group concern of RJ group)
and Mysore Metal Industries (partnership firm) in accordance with
Joint Development Agreement (JDA) executed on 26th May'2013. The
agreement stipulates sharing of built up area as 37%- Mysore Metal
Industries and 63%- RRPPL. The project company RRPPL is a private
limited entity incorporated as on 28th Feb'2013 with an authorized
capital of INR1 lakh. The company's shareholding comprises 75%
shares of Mr Rathnakar Shetty and balance 25% with Mr. Karan
Shetty.

RJ Lake Gardenia is a luxury apartment project spread over ~2.10
acre of land located at Old Madras Road, KR Puram Bangalore East.
The project Lake Gardenia has total built-up area of 0.67 msft and
saleable area of 0.40 msft; out of the same 0.26 msft is on
account of company and remaining 0.14 msft is on account of the
land owner (Mysore Metal Industries). The estimated construction
period of the project is ~34 months commencing from Aug'13 with a
scheduled completion date of June'16. The project structure
comprise of 2, 27 Storey Residential towers with 173 units having
3,4 BHK apartments and duplex units. RRPPL has awarded work orders
for various aspects of development to the reputed contractors
namely Pratibha Industries for civil works, Sterling Engineering
for structural design, Jones Lang Lasalle for project management
and Zoras U.K. for landscape architect.


SAI SHAKTI: ICRA Suspends 'B+' Rating on INR11cr Loans
------------------------------------------------------
ICRA has suspended the rating of '[ICRA]B+' assigned to the
INR10.35 crore fund based limits and Rs.0.65 crore of unallocated
limits of Sai Shakti Kraft Papers Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


SHIV SHAKTI: ICRA Upgrades Rating on INR6cr Loan to B+
------------------------------------------------------
ICRA has upgraded the long term rating assigned to INR6.00 crore
fund based limits of Shiv Shakti International from [ICRA]B to
[ICRA]B+.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits      6.00       [ICRA]B+ (Upgraded)

The rating upgrade takes into account the improvement in financial
profile of SSI in FY2014 marked by healthy growth in its scale of
operations and moderation in its working capital intensity.
Moreover, the rating continues to factor in the long experience of
the promoters in the basmati rice industry, favourable demand
outlook for basmati rice industry and the location advantage
enjoyed by the firm due to its milling facilities based out of
Haryana which is a major rice growing state facilitating easy
availability of paddy and rice.

The rating is however constrained by SSI's small scale of
operations, its weak profitability, relatively high debt levels
and hence high gearing. High gearing coupled with weak
profitability has resulted in modest debt protection indicators.
The rating also factors in the highly competitive and fragmented
nature of rice industry which limits pricing power of players
including SSI. Further, the rating takes into consideration the
vulnerability of SSI's profitability to adverse movement in
foreign exchange rates given the sizeable portion of export
income, vulnerability to agro climatic risks impacting the supply
and hence pricing of paddy and the risks inherent in the
partnership firms like limited ability to raise capital and risk
of dissolution upon death/insolvency of partners.

Shiv Shakti International (SSI) was incorporated in the year 2005.
SSI is engaged in the business of milling and processing of
basmati rice and has an installed milling capacity of 8 tons/hour
of paddy and a sorting capacity of 8.0 tons/hour. The firm's plant
is in Mithhapur (Ambala), Haryana. The operations of the firm are
managed by Mrs. Anju Bala and her son Mr. Ankur Garg.

Recent Results

The firm reported a net profit after tax of INR0.12 crore on an
operating income of INR37.74 crore in FY2014 as against a net
profit after tax of INR0.04 crore on an operating income of
INR20.72 crore in FY2013.


SHIVA TRADING: ICRA Assigns 'B+' Rating to INR1.0cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' to INR3.50
crore cash credit facilities and INR1.00 crore proposed fund based
facilities of Shiva Trading Company. ICRA has also reaffirmed the
short term rating of [ICRA]A4 to the INR4.00 crore letter of
credit facilities and INR1.00 crore proposed non fund based
facilities (revised from INR0.50 crore) of the entity.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   LT-Cash Credit        3.50       [ICRA]B+/reaffirmed
   Facilities

   LT-Proposed fund      1.00       [ICRA]B+/assigned
   based facilities

   ST-Letter of Credit   4.00       [ICRA]A4/reaffirmed

   LT-Proposed non fund  1.00       [ICRA]A4/reaffirmed
   based facilities

The ratings consider the long standing experience of the promoters
in the steel trading industry, stable financial performance of the
firm, in line with ICRA's expectations, and strong visibility
towards revenue growth supported by steady demand and established
relationship with its existing customers and addition of new
customers in the last two years. The rating however remains
constrained by entity's small scale of operation with an operating
income of INR19.4 crore (up 6% YoY), operating in a highly
competitive industry which restricts pricing flexibility, and
moderate financial profile characterised by thin margins (on
account of trading nature of business) and moderate working
capital indicators. As on March 31, 2014, the firm's working
capital intensity stood at 42% with an operating cycle of over 5
months resulting in stretched cash flows, this was on account of
delays in collections from its customers. Going forward, the
entity's ability to improve its scale of operations, accruals, and
collection terms will be key in enabling improvement in overall
cash flows.

Shiva Trading Company is a proprietorship concern promoted by Mr.
Vijay Gupta in the year 1991 and it is engaged in trading of
stainless steel coils and mild steel. The entity imports stainless
steel from countries like Malaysia, China, Vietnam and Spain and
also procures domestically from Steel Authority of India, Jindal
Steel etc. The entity caters mainly to small/medium manufacturers
in Chennai and Coimbatore region. STC has a slitting unit at
Ambattur, where the coils are cut in to the size desired by its
customers.

Recent Results

As per the provisional results, during 2013-14, the entity has
reported a profit after tax of INR0.5 crore on an operating income
of INR19.4 crore as against a profit after tax of INR0.4 crore on
an operating income of INR18.3 crore during the corresponding
previous year.


SHIVSHAKTI REALHOMES: ICRA Reaffirms B+ Rating on INR45cr Loans
---------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ assigned to
the INR45.00 crore fund based limits (enhanced from INR20.00
crore) of Shivshakti Realhomes Private Limited.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------           -----------   -------
   Fund Based Facilities    5.00      [ICRA]B+ (Reaffirmed)
   Unallocated             40.00      [ICRA]B+ (Reaffirmed)

The reaffirmation of SRPL's rating favorably factors in the
healthy booking levels achieved in its first project "Shankra
Residency" aided by its- favorable location and low approval risk
for the in-progress projects. Besides this, the rating takes
comfort from SRPL's healthy land bank majorly concentrated in the
Omaxe City on Ajmer Road, Jaipur which provides scope for future
development. Within the same location, the company has recently
launched its second project "Shivraj Residency". The rating
continues to be constrained due to limited track record of the
promoters as real estate developers which along with the fact that
the two on-going projects are in the construction phase leads to
execution risks. Further, the high dependence on customer advances
for project funding and pending debt sanction for the newly
launched project exposes the company to high funding risks. ICRA
notes that the region of SRPL's upcoming projects is likely to see
high competitive pressures given that a number of projects are
under construction by established builders which can put pressure
on company's sales volume. In the current year, SRPL has made a
sizeable investment towards purchase of Fun Cinemas in Triton
Mall, Jaipur which is expected to keep the gearing levels high
owing to significant debt employed to fund the investment. Going
forward SRPL's ability to achieve bookings in the on-going
projects at the expected rates, efficiently collect advances and
achieve financial closure in a timely manner in order to adhere to
the construction schedule would be the key rating sensitive
factors.

Based in Jaipur, Shivshakti RealHome Pvt Ltd was incorporated in
2010 by Mr. Sanjeev Sanghi and is involved in the business of
construction and real estate. The company is closely held by
promoters with Mr. Sanjeev Sanghi and his brother Mr. Rajeev
Sanghi serving as the directors of the company. The promoters
previously worked in the field of real estate as consultants
before starting SRPL. The company is presently undertaking two
projects both of which are located in Omaxe City, Jaipur.

Recent Results

As per the provisional numbers for FY14, SRPL reported a Profit
after Tax (PAT) of INR1.25 crore on a turnover of INR37.84 crore.
For the financial year ending 2012-13, the company achieved a PAT
of INR0.28 crore on a turnover of INR7.05 crore.


SHREE ADHYASHAKTI: CRISIL Assigns 'B+' Rating to INR50MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Shree Adhyashakti Industries.

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

The rating reflects the firm's weak financial risk profile marked
by small net worth and high gearing, and its modest scale of
operations in the highly competitive agricultural commodity
business. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoters, leading to
established relationship with customers and suppliers.

Outlook: Stable

CRISIL believes that Shree Adhyashakti Industries will continue to
benefit over the medium term from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' in
case of significant improvement in the firm's scale of operations,
resulting in large accruals, or equity infusion by promoters,
leading to improvement in financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
financial risk profile on account of low profitability, large
working capital requirements, or major debt-funded capital
expenditure.

Established in 2004, Shree Adhyashakti Industries is a partnership
firm engaged in processing of wheat products such as maida, suji,
atta, rava, and bran. Its manufacturing facility is in Godhra
(Gujarat), and has milling capacity of 150 tonnes per day. The
firm's day-to-day operations are managed by Mr.Harshad Modhiya,
Mr.Vishal Modhiya, and Mr.Ronak Modhiya.


SHREE CHHATRAPATI: ICRA Reaffirms 'B' Rating on INR9.84cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' to INR6.84
crore term loan and INR3.00 crore cash credit facilities of Shree
Chhatrapati Shahu Milk and Agro Producer Company Limited.

                          Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Long Term-Term Loan     6.84      [ICRA]B Reaffirmed
   Long Term-Cash Credit   3.00      [ICRA]B Reaffirmed

The rating reaffirmation takes into account the established
presence of Shahu Group in Kolhapur district of Maharashtra along
with presence in value added dairy products such as ghee, curd,
butter etc. The share of value added products currently remains
small; though it is expected to increase in future with increasing
management focus on value added products. The rating however
remains constrained by continuing losses incurred by the company
since inception owing to suboptimal capacity utilization which has
resulted in stretched financial profile with weak capital
structure and coverage indicators. The revenue has also declined
on the back of drop in milk procurement levels and intense
competition faced by the company from both established players and
small milk processors in the region. Further, milk being an animal
product; the availability remains contingent on the agro climatic
conditions as well as health status of the dairy animals. The
dairy sector is also vulnerable to regulatory changes like
procurement pricing and export restrictions ultimately influencing
the revenues of the company. Going forward, ensuring healthy milk
procurement levels and scaling up operations while achieving
optimum capacity utilization will be key rating sensitivities.

Incorporated in September 2009, Shahu Milk is a co-operative unit
engaged in milk procurement, milk processing, selling of milk and
milk products. Installed milk processing capacity of the plant is
1,00,000 litres per day. Shahu Milk started actual operations from
April 21, 2010. The company procures milk from cooperative
societies located largely in Kagal and Karveer talukas in Kolhapur
district. The company has also set up two chilling centres in
Kolhapur district which will help the company improve shelf life
of the collected milk. The company has products like cow milk,
full cream milk, toned milk, ghee, Shreekhand, amrakhand, lassi,
curd, basundi among others in its portfolio. Products of the
company are currently sold in Kolhapur, Pune, Sindhudurg and
Ratnagiri districts in Maharashtra. Some products are also sold in
Goa and parts of Karnataka. The company also provides services
like veterinary services, supply of concentrate, artificial
insemination, and assistance in bank finance for buying cattle.


SHRI RAM: CRISIL Reaffirms 'B+' Rating on INR210MM Loan
-------------------------------------------------------
CRISIL's rating on the bank facilities of Shri Ram Impex (India)
Pvt Ltd continues to reflect SRIPL's susceptibility to
fluctuations in foreign exchange (forex) rates, low profitability
and SRIPL's average financial risk profile marked by average total
outside liabilities to tangible net worth (TOLTNW) ratio and
average debt protection metrics, These rating weaknesses are
partially offset by the extensive industry experience of SRIPL's
promoters' and their funding support and moderate working capital
requirements.

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

CRISIL had assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of SRIPL on May 30, 2014.

Outlook: Stable

CRISIL believes that SRIPL will continue to benefit from the
extensive industry experience of SRIPL's promoters' and their
funding support. The outlook may be revised to 'Positive' if SRIPL
generates higher-than-expected cash accruals while prudently
managing its working capital cycle. Conversely, the outlook may be
revised to 'Negative' if its working capital cycle lengthens, or
its revenues and profitability come under pressure.

SRIPL was incorporated in 2000 by Mr. Vineet Bhatia. It imports
and trades tin plates. It is based in New Delhi.

For 2013-14 (refers to financial year, April 1 to March 31), on
provisional basis, SRIPL reported net sales of INR767.0 million.
For 2012-13, SRIPL reported a profit-after-tax of INR5.4 million
on net sales of INR729.9 million for 2012-13.

SRIPL was incorporated in 2000 by Mr. Vineet Bhatia. It imports
and trades tin plates. It is based in New Delhi.

For 2013-14 (refers to financial year, April 1 to March 31), on
provisional basis, SRIPL reported net sales of INR767.0 million.
For 2012-13, SRIPL reported a profit-after-tax of INR5.4 million
on net sales of INR729.9 million for 2012-13.


SILVER SPRING: CRISIL Assigns 'B+' Rating to INR125MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Silver Spring Spinners India Pvt Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Rupee Term Loan         15        CRISIL B+/Stable
   Cash Credit             60        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      50        CRISIL B+/Stable

The rating reflects SSSPL's modest scale of operations in the
intensely competitive textile industry and the susceptibility of
its margins to volatility in raw material prices. These rating
weaknesses are partially offset by SSSPL's moderate financial risk
profile marked by comfortable capital structure and the extensive
experience of its promoters in the spinning industry.

Outlook: Stable

CRISIL believes that SSSPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's scale of operations and profitability
leading to improvement in its business risk profile. Conversely,
the outlook may be revised to 'Negative' in case of stress on the
company's financial risk profile resulting from low cash accruals
or large working capital requirements or debt-funded capital
expenditure.

SSSPL was incorporated in 1997 in Virudhunagar (Tamil Nadu). The
company manufactures cotton yarn. It is managed by Mr. Sridhar and
Ms. Menaka.

SSSPL reported, on a provisional basis, profit after tax (PAT) of
INR0.95 million on net sales of INR412.0 million for 2013-14
(refers to financial year, April 1 to March 31), against PAT of
INR0.05 million on net sales of INR367.7 million for 2012-13.


SIONC PHARMACEUTICALS: ICRA Suspends 'B' Rating on INR24cr Loan
---------------------------------------------------------------
ICRA has suspended the ratings of '[ICRA]B' assigned to the
INR24.00 crore fund based limits and '[ICRA]A4' assigned to the
INR1.00 crore of non fund limits of Sionc Pharmaceuticals Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SKH POULTRY: CRISIL Lowers Rating on INR90MM Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
SKH Poultry (P) Limited to 'CRISIL D' from CRISIL B/Stable.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            10         CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term     30         CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan              50         CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects instances of delays by SKH in
servicing its debt; the delays have been caused by the company's
weak liquidity.

SKH is exposed to risks related to timely completion, and
stabilisation of its on-going project. SKH also has a weak
financial risk profile marked by its small net-worth and high
gearing levels, and is exposed to intense competition and to risks
inherent in the poultry industry. However, the company benefits
from the extensive entrepreneurial experience of SKH's promoter.

SKH was set up in 2011 by Mr. K Koteshwar Rao in Chitoor (Andhra
Pradesh). The company is setting up a poultry farm.


SONAI CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR120MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sonai Constructions Pvt
Ltd continue to reflect SCPL's modest scale and working capital
intensive operations in the fragmented civil construction
industry. The ratings also factor in the company's average
financial risk profile, marked by a modest net worth, high
gearing, and average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
SCPL's promoter in the irrigation projects segment, and its
moderate current order book, providing revenue visibility over the
medium term.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        15         CRISIL A4 (Reaffirmed)
   Cash Credit          120         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoter's extensive experience in execution of
irrigation projects and its moderate order book; however, its
credit risk profile will remain sensitive to timely release of
funds by the concerned government departments. The outlook may be
revised to 'Positive' if the company achieves a sustainable
increase in its scale of operation while improving its working
capital management, leading to a better capital structure.
Conversely, the outlook may be revised to 'Negative' if SCPL's
financial risk profile, especially its liquidity, deteriorates
significantly, due to lower-than-expected revenue and cash
accruals, or a stretch in its working capital cycle, driven most
likely by delayed release of funds by government departments.

SCPL, promoted by Mr. Ramesh Ahirrao, a technocrat, in 2000, is
engaged in civil construction. The company is a specialist in
execution of major irrigation projects comprising of masonry and
earthen concrete dams and other related hydraulic structures. The
Ahirrao family has been engaged in civil construction for more
than three decades.


SUN ENTERPRISE: ICRA Assigns 'B+' Rating to INR7cr Loan
-------------------------------------------------------
The long-term rating of '[ICRA]B+' has been assigned to the
INR7.00 crore fund based facility (enhanced from INR6.50 crore) of
Sun Enterprise. The rating of '[ICRA]A4' has also been assigned to
the INR10.00 crore (enhanced from INR7.50 crore) short-term fund
based facilities of SE.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits         7.00      [ICRA]B+ assigned
   Export Packing Credit    10.00      [ICRA]A4 assigned

The ratings continue to take into account the modest size of the
firm's operations; vulnerability of profitability to fluctuations
in the raw material prices on account of agro-climatic risks
associated with psyllium seed production and the high financial
risk profile, as characterised by low profitability, adverse
capital structure, weak coverage indicators and high working
capital intensity. The ratings also reflect the vulnerability of
its profitability to foreign currency fluctuations and
partial/complete withdrawal of various export incentives extended
by the Government of India. ICRA also notes that SE is a
partnership firm and any significant withdrawals from the capital
account could adversely impact its net worth and thereby the
capital structure. The ratings, however, favourably factor in the
established track record of the firm in the manufacture and export
of psyllium husk; low demand risk for psyllium husks; established
relations with international customers and location advantage
arising from proximity to ports and raw material sources.

Sun Enterprise was established in 1995 and the firm is primarily
engaged in the processing of psyllium husk (Isabgol husks) powder
from agriculture product called psyllium seeds or isabgol seeds.
The firm is currently managed by Mr. Praveen Patel, Mr. Bharat
Patel and Mr. Vishnu Patel. The processing plant is located at
Unjha, Gujarat and has a capacity to process 8400 metric tonnes
per annum (MTPA) of seeds.

Recent Results

During FY2013, SE reported an operating income of INR47.85 crore
(as against INR28.06 crore during FY 2012) and profit after tax of
INR0.63 crore (as against INR0.43 crore during FY 2012).


SUN PSYLLIUM: ICRA Assigns 'B+' Rating to INR7cr Loan
-----------------------------------------------------
The long-term rating of '[ICRA]B+' has been assigned to the
INR7.00 crore fund based facility (enhanced from INR6.50 crore) of
Sun Psyllium Industries. The rating of '[ICRA]A4' has also been
assigned to the INR10.00 crore (enhanced from INR7.50 crore)
short-term fund based facilities of SPI.

                            Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Fund Based Limits         7.00      [ICRA]B+ assigned
   Export Packing Credit    10.00      [ICRA]A4 assigned

The ratings continue to take into account the modest size of the
firm's operations; vulnerability of profitability to fluctuations
in the raw material prices on account of agro-climatic risks
associated with psyllium seed production and the high financial
risk profile, as characterised by low profitability, adverse
capital structure, weak coverage indicators and high working
capital intensity. The ratings also reflect the vulnerability of
its profitability to foreign currency fluctuations and
partial/complete withdrawal of various export incentives extended
by the Government of India. ICRA also notes that SPI is a
partnership firm and any significant withdrawals from the capital
account could adversely impact its net worth and thereby the
capital structure. The ratings, however, favourably factor in the
established track record of the firm in the manufacture and export
of psyllium husk; low demand risk for psyllium husks; established
relations with international customers and location advantage
arising from proximity to ports and raw material sources.

Sun Psyllium Industries was established in 1989 and the firm is
primarily engaged in the processing of psyllium husk (Isabgol
husks) powder from agriculture product called psyllium seeds or
isabgol seeds. The firm is currently managed by Mr. Praveen Patel,
Mr. Bharat Patel and Mr. Vishnu Patel. The processing plant is
located at Unjha, Gujarat and has a capacity to process 8400
metric tonnes per annum (TPA) of seeds.

Recent Results

During FY2013, SPI reported an operating income of INR56.87 crore
(as against INR36.24 crore during FY 2012) and profit after tax of
INR1.00 crore (as against INR0.63 crore during FY 2012).


T.S.B. OVERESEAS: ICRA Suspends B+ Rating on INR5.40cr Loan
------------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]B+' assigned to
the INR5.40 crore fund based facilities of T.S.B. Overeseas. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Based in Delhi, T.S.B. Overseas is a proprietorship firm that was
established in the year 2006. The firm started as a partnership
firm between the current proprietor Mr. Sarbinder Singh Bindra and
his father Mr. T.S. Bindra; thereafter it became a proprietorship
since 2008. TSB is engaged in trading of imported fabrics 'made to
measure men suits' and sell it in the domestic market through
various retailers.


TEENA LABS: ICRA Suspends 'B+' Rating on INR15cr Loan
-----------------------------------------------------
ICRA has suspended long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 assigned to INR15.00 crore* bank facilities of
Teena Labs Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


TEJRAJ PROMOTERS: CRISIL Assigns B+ Rating to INR180MM Loans
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Tejraj
Promoters and Builders Pvt Ltd continues to reflect TPBPL's
susceptibility to project implementation risks and to cyclicality
in the real estate industry in India. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the real estate industry and the funding support it
receives from them.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Term Loan      100       CRISIL B+/Stable
   Term Loan                80       CRISIL B+/Stable

CRISIL had re-affirmed its long term rating on TPBPL's bank
facilities to 'CRISIL B+/Stable' vide its rating rationale dated
June 5, 2014.

Outlook: Stable

CRISIL believes that TPBPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
their funding support. The outlook may be revised to 'Positive' in
case of timely completion of the company's project along with
better-than-expected customer bookings, resulting in an
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' in case of a time or cost overrun in the
project or lower-than-expected ramp up in customer bookings,
leading to weak cash inflows, or larger-than-anticipated financial
exposure to group companies.

TPBPL was incorporated in 2011 in Pune (Maharashtra), promoted by
Mr. Tejraj Patil; it commenced commercial operations in August
2012 with a residential redevelopment project in Pune in
association with the occupants of the property. The project is
being marketed under the name HariTej; it is expected to be
completed in September 2015. The company, part of the Pune-based
Tejraj group, has now taken up two new projects, Tejbliss and
Tejaswa.


TORQUE CARS: ICRA Assigns 'B' Rating to INR3.0cr Cash Credit
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' and a short term
rating of '[ICRA]A4' to the INR9.0 crore bank facilities of Torque
Cars Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3.0        [ICRA]B assigned
   Bank Guarantee         6.0        [ICRA]A4 assigned

The assigned rating takes into account the experience of the
promoters of Torque Cars Private Limited in the auto dealership
business and their support in the form of unsecured loans. The
rating also takes into account the growth prospects for TCPL given
the current limited penetration of Volkswagen India Private
Limited (VWIPL) in the domestic passenger vehicle market, the
expected growth from the introduction of new models and the
facelift version of Polo. However, the ratings remain constrained
by the nascent stage of operations of the company, thin margins
and weak bargaining power with the principal. The company's
financial profile is stretched, with high debt levels and net
losses and the stiff competition it faces from other passenger car
dealers given the highly competitive environment in the Indian
passenger car segment with aggressive model launches and expansion
of service network. The company remains exposed to the inherent
cyclicality of the automobile industry. TCPL's ability to scale
up, improve its capital structure and debt protection metrics will
be the key rating sensitivities.

Torque Cars Pvt. Ltd. was incorporated in September 2011 by Mr.
Harjeet Singh Chadha and his family. The company commenced
operations in March 2012 as an authorised dealership of passenger
vehicles manufactured by Volkswagen India Private Limited (VWIPL).
TCPL operates out of its showroom and workshop situated at two
premises located in Ghaziabad, Uttar Pradesh.


UNICON ENGINEERS: ICRA Reaffirms 'B' Rating on INR8cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' to the
INR8.00 crore fund based facility of Unicon Engineers. ICRA has
also reaffirmed short-term rating of '[ICRA]A4' to the INR11.00
crore non-fund based facilities of Unicon.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based facility     8.00       [ICRA]B reaffirmed
   Non-fund based
   Facilities             11.00       [ICRA]A4 reaffirmed

The reaffirmation of ratings considers the experience of the
partners in the business of manufacturing, erection and
commissioning of pollution control equipment for about two
decades, and the firm's healthy order book position which provides
revenue visibility in the near term. The ratings also consider the
modest scale of operations of the firm, which restricts financial
flexibility/ability to bag large-sized orders, its stretched
working capital intensity due to high level of receivables, and
the high competition in the business, which restricts pricing
flexibility as reflected in the thin operating margins. Given its
limited bargaining power with both suppliers and customers, the
firm's profitability is susceptible to volatility in input prices.
While the weak macro-economic environment is expected to moderate
order inflows and profitability at least in the near term, demand
outlook for the domestic capital goods industry in the medium-to-
long term is expected to be favourable.

Established in 1991, Unicon Engineers is a partnership firm, which
is primarily engaged in the manufacturing, erection and
commissioning of pollution control equipment. Its manufacturing
facility is located in Coimbatore, Tamil Nadu. The firm primarily
caters to power and cement industries in India. The firm is
managed by the two equal partners, Mr. P. Ponram and Mr. M.
Palanikani.

Recent results

Unicon reported a net profit of INR0.1 crore on an operating
income of INR13.2 crore during 2013-14, against a net profit of
INR0.6 crore on an operating income of INR21.3 crore during 2012-
13.


VADSOLA CERAMIC: ICRA Assigns 'B' Rating to INR10cr Loans
---------------------------------------------------------
ICRA has assigned an '[ICRA]B') rating to the INR7.00 crore term
loan and INR3.00 crore fund based cash credit facilities of
Vadsola Ceramic. ICRA has also assigned an '[ICRA]A4' rating to
the INR1.50 crore short term non fund based facilities of VC.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             7.00       [ICRA]B assigned
   Cash Credit Limit     3.00       [ICRA]B assigned
   Bank Guarantee        1.50       [ICRA]A4 assigned

The assigned ratings take into account the lack of track record of
Vadsola Ceramics operations, limited product portfolio of ceramic
wall tiles constraining institutional sales and the highly
competitive business environment given the fragmented nature of
the tiles industry. Further, the assigned ratings are constrained
by the vulnerability of VC's profitability to the cyclicality
associated with the real estate industry as well as to increasing
prices of gas and power. While assigning the ratings, ICRA also
notes that the financial profile is expected to remain stretched
in the near term given the debt funded nature of the project and
the impending debt repayment.

The assigned ratings, however, favourably consider experience of
partners in the ceramic industry coupled with the marketing
support from the established group concern and the location
advantage, giving it easy access to raw material.

Established in August 2013, Vadsola Ceramic is engaged in the
manufacture of digitally printed ceramic glazed wall tiles. The
manufacturing unit of the firm is located in Morbi, Gujarat, with
an installed capacity of 40,000 MTPA. The commercial production is
expected to commence in August 2014. The firm is promoted and
managed by Mr. Ramnik Vadsola, Mr. Bharat Vadsola along with four
other partners having experience in ceramic business.



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


DTC ONE: S&P Affirms BB Rating on Class E Notes
-----------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on all 19
classes of pass-through notes issued by DTC One SPC (DTC1), DTC
Two Funding Ltd. (DTC2), and DTC Three Funding Ltd. (DTC3).

The affirmations reflect S&P's views on the following.

  -- The construction company Daito Trust Construction Co. Ltd.
     has entered into a master lease agreement with each obligor
     of the apartment loans underlying these transactions.  The
     obligors continue to repay principal and pay interest on the
     apartment loans using the stable income from the master
     leases.  As a result, the delinquency and default rates of
     the pools of apartment loans underlying these transactions
     have been extremely low since closing.

  -- The vacancy rates of the collateral properties have hovered
     at relatively low levels, even though the age of each
     property exceeds 10 years.  Under S&P's current base-case
     scenario for each transaction, it assumes an average vacancy
     rate of 8%-9% for the transactions' apartment loan pools and
     a roughly 10% decrease in rental rates from the levels seen
     when the loans were extended.

  -- Although the apartment loans in these transactions are
     officially nonrecourse loans extended to landowners to fund
     the construction costs and expenses of rental apartment
     buildings, obligors put up the land for the apartment
     buildings as collateral, in addition to the apartment
     buildings.  S&P considers that the degree of recourse has
     increased because repayment of principal has progressed over
     the 10 years since the loans were extended.  In S&P's view,
     even if rental income from the collateral assets declines or
     the obligors' loan repayment burdens increase because
     of a surge in market interest rates, allocation of an
     obligor's assets and income (other than rental income from
     the collateral assets) to repay principal and pay interest
     on the apartment loans becomes increasingly likely.

  -- Under S&P's base-case scenario for each transaction, it
     assumes a foreclosure frequency for the mortgage loans
     currently outstanding of about 9%-12%.  In S&P's analysis,
     it also considers the effects of the expiration of the
     master lease agreements.

  -- Principal redemption for the rated notes has progressed and
     the transactions' credit enhancement levels have increased,
     reflecting both scheduled principal repayments as well as
     prepayments on the apartment loans.  On the other hand, the
     number of outstanding loans backing each transaction has
     decreased, thereby lowering the diversification of the
     pools and constraining the likelihood of any upgrades.

  -- Regarding DTC3, an advancing agent has not yet been found to
     replace Lehman Brothers Tokyo Branch, which had acted as the
     advancing agent before it went bankrupt in late 2008.  On
     the other hand, DTC3 is structured such that its liquidity
     reserve is maintained at a certain level over the course of
     the transaction.  As a result, S&P sets the current maximum
     rating on the transaction at 'AA'.

The DTC1, DTC2, and DTC3 transactions are each backed by a pool of
apartment loans that Lehman Brothers Commercial Mortgages
(formerly, New Century Finance Co. Ltd.) originated.  The
apartment loans were extended to finance the construction costs
and miscellaneous expenses of newly constructed rental apartments
that Daito Trust Construction built.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS AFFIRMED

DTC One SPC
JPY6.09 billion pass-through notes due November 2034
Class             Rating             Initial issue amount
A-1               AAA (sf)           JPY0.5 bil.
A-2               AAA (sf)           JPY4.4 bil.
A-3               AAA (sf)           JPY0.02 bil.
B                 AAA (sf)           JPY0.32 bil.
C                 AAA (sf)           JPY0.18 bil.
D                 AA (sf)            JPY0.32 bil.
E                 BB (sf)            JPY0.35 bil.
Nonrated class F notes (initial issue amount: about JPY0.22 bil.)
were also
issued under this transaction.

DTC Two Funding Ltd.
JPY18.9 billion pass-through notes due June 2035
Class             Rating              Initial issue amount
A                 AAA (sf)            JPY7.56 bil.
B                 AAA (sf)            JPY0.47 bil.
C                 AAA (sf)            JPY0.28 bil.
D                 AA (sf)             JPY0.38 bil.
E                 BB+ (sf)            JPY0.85 bil.
J                 AA (sf)             JPY8.69 bil.
Nonrated class F notes (initial issue amount: about JPY0.67 bil.)
were also
issued under this transaction.

DTC Three Funding Ltd.
JPY17.312 billion pass-through notes due February 2036
Class             Rating              Initial issue amount
A-1               AA (sf)             JPY8.22 bil.
A-2               AA (sf)             JPY5.61 bil.
B                 AA (sf)             JPY0.87 bil.
C                 AA (sf)             JPY0.54 bil.
D                 AA- (sf)            JPY0.69 bil.
E                 BB (sf)             JPY0.776 bil.
Nonrated class F notes (initial issue amount: about JPY0.61 bil.)
were also issued under this transaction.



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


JAMES DEVELOPMENTS: Liquidator Loses Bid For Charging Order
-----------------------------------------------------------
Frank Marvin at Mountain Scene reports that Queenstown developer
Chris James has won his latest court battle with the liquidator of
James Developments.

Liquidator Grant Reynolds lost a High Court bid last week for a
"pre-judgment charging order" over Jack's Point land owned by a
trust of which Mr. James is a beneficiary.

According to Mountain Scence, the New Zealand Herald reported
earlier this week that the James trust bought the 8925sq m Jack's
Point block to build "a very substantial home".

According to the report, Mr. Reynolds sought the charging order
-- a form of security -- ahead of a court verdict on whether
NZ$740,000 advanced by James Developments to the trust should be
recovered for company creditors.

The report relates that Justice Rachel Dunningham said the
NZ$740,000 was allegedly "re-documented" as a NZ$500,000 advance
from James personally and a NZ$240,000 advance from another James
company.

While Mr. Reynolds has a "strongly arguable" claim to retrieve the
NZ$740,000, the judge said, the tests for a charging order weren't
met, Mountain Scene relays.

The report adds that the judge also noted Mr. Reynolds has a
caveat on the Jack's Point property and saw no need for a charging
order, especially with the full case scheduled to be going to
court soon.

This was the latest in a legal battle between James and Mana
Property Trustee after James Developments failed to settle on a
disputed NZ$5 million purchase of Cromwell land in 2008, Mountain
Scene notes.


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


IBC CAPITAL: Moody's Assigns (P)B2 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2
corporate family rating (CFR) to IBC Capital Limited, the parent
holding company of guarantor Goodpack Limited (together Goodpack),
a provisional (P)B2 instrument rating to its $520 million first
lien term loan due 2021 and a provisional (P)B3 instrument rating
to its $200 million second lien term loan due 2022. The outlook on
the ratings is stable.

Proceeds from the term loans, a $680 million equity contribution
by Kohlberg Kravis Roberts (KKR) and cash on hand will be used to
finance the $1.4 billion acquisition of Goodpack, the retirement
of existing debt and other related fees and expenses.

Moody's will remove the provisional rating status on the ratings
upon completion of the acquisition by KKR and satisfactory review
of the final loan documentation.

Ratings Rationale

"The (P)B2 CFR reflects the high leverage employed by KKR to
execute its leveraged buyout of Goodpack, which will result in
adjusted debt-to-EBITDA of around 6.5x and debt-to-revenue of over
3.0x at close" says Brian Grieser, a Moody's Vice President and
Senior Analyst.

"While we view this as an aggressive capital structure, the rating
is supported by the strength of Goodpack's margins and cash flow
profile and its leading position in the niche logistics and
packaging market for natural and synthetic rubber," adds Grieser,
also Moody's Lead Analyst for Goodpack.

Goodpack's business is concentrated by customer and end-market
verticals. Its top ten customers represent roughly 60% of its
sales and are premised on long term relationships averaging around
12 years and multi-year contracts. On the supply side, Goodpack
relies on a single supplier for its patented intermediate bulk
containers (IBC).

Balancing these concentration risks, Goodpack has doubled its
revenue over the past 5 years driven by a combination of its
penetration of the synthetic rubber market and continued customer
expansion, two trends Moody's expect to continue.

Furthermore, Goodpack's ability to distribute and collect the IBCs
on a global basis provides customers with a cost efficient way to
manage their shipping needs. Proprietary and reusable IBCs are an
integrated component of its customers supply chain creating high
barriers to entry as it is costly to switch IBC providers.

The stable outlook incorporates Moody's expectation for leverage
to decline below 6.0x in the next 12-18 months from a combination
of debt reduction and EBITDA growth. Moody's also expect Goodpack
to maintain its EBITDA margins at or around 50% while continuing
to grow its customer base over the next 12-18 months.

Given its revenue base of $206 million for the twelve months
ending March 2014, Moody's would expect Goodpack to maintain a
healthy liquidity profile, supported by minimum cash balances of
around $20 million and positive free cash flow generation over the
next 12-18 months.

The (P)B2 rating on the $520 million first lien term loan and
(P)B3 rating $200 million second lien tem loan reflect guarantees
from key operating entities and first or second lien security in
substantially all assets. It also incorporates Moody's view that
Goodpack's assets would not support a full recovery on either
facility in a distressed scenario.

Ratings are unlikely to be upgraded in the next 12 -- 18 months
given Goodpack's relatively small scale and high leverage. Rating
momentum would evolve if Goodpack demonstrates a commitment to
reduce its financial leverage such that it remains in the 4.0-4.5x
range and EBIT/interest exceeds 3.0x over a sustainable period
while maintaining its revenue and EBITDA growth rates and good
liquidity profile.

Conversely, the ratings may come under pressure if Goodpack raises
debt to fund any acquisitions or to fund a shareholders
distribution, leverage remains above 6.0x for an extended period,
or if it were to lose one or more of its top customers.

The principal methodology used in this rating was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010.

Goodpack, with a fleet of 3.3 million IBCs, provides bulk cargo
packaging and logistics solutions for its customers largely in the
natural rubber and synthetic rubber markets. It has operations in
more than 70 countries servicing more than 5,000 delivery and
drop-off points.



===============
X X X X X X X X
===============


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------

AUSTRALIA


AAT CORP LTD             AAT               32.50       -13.46
ANITTEL GROUP LT         AYG               18.43        -0.26
ATLANTIC LTD             ATI              490.17       -25.68
AUSTRALIAN ZI-PP         AZCCA             77.75        -2.57
AUSTRALIAN ZIRC          AZC               77.75        -2.57
BIRON APPAREL LT         BIC               19.71        -2.22
BOUNTY MINING LT         BNT               10.54        -0.94
CLARITY OSS LTD          CYO               33.12       -11.66
CMA CORP LTD             CMV              127.41       -51.00
CWH RESOURCES LT         CWH               10.71        -3.03
IDM INTERNATIONA         IDM               30.99       -23.62
LIONHUB GROUP LT         LHB               19.21       -26.52
MIRABELA NICKEL          MBN              335.09      -179.03
NATURAL FUEL LTD         NFL               19.38      -121.51
PACT GROUP HOLDI         PGH            1,120.30      -982.11
PENRICE SODA HOL         PSH              122.46       -26.85
RIVERCITY MOTORW         RCY              386.88      -809.13
RUBICOR GROUP LT         RUB               45.20       -75.31
STERLING PLANTAT         SBI               59.08        -6.07
STIRLING RESOURC         SRE               16.53        -8.12
STRAITS RESOURCE         SRQ              208.51       -29.73
SWAN GOLD MINING         SWA               36.43        -9.08
TZ LTD                   TZL               12.88        -8.73


CHINA

ANHUI GUOTONG-A          600444            79.12       -10.53
CHANG JIANG-A            520              770.91      -176.56
CHINA GREAT LAND         CGL               16.52       -19.01
CHINA OILFIELD T         COT               22.00       -16.71
FORGAME HOLDINGS         484               83.73       -21.92
HEBEI BAOSHUO -A         600155           114.00      -104.15
HULUDAO ZINC-A           751              507.79      -532.25
HUNAN TIANYI-A           908               59.37        -1.14
JIANGSU ZHONGDA          600074           338.59       -29.88
NANNING CHEMIC-A         600301           391.41       -43.60
QINGDAO YELLOW           600579           122.36       -71.04
QINGHAI SUNSHI-A         600381           394.70       -78.28
SHENZ CHINA BI-A         17                28.50      -283.65
SHENZ CHINA BI-B         200017            28.50      -283.65
SHIJIAZHUANG D-A         958              241.31      -111.50
SHUNFENG PHOTOVO         1165             411.73       -51.06
TAIYUAN TIANLO-A         600234            63.28       -17.71
WUHAN BOILER-B           200770           217.13      -213.03
WUHAN XIANGLON-A         600769            77.45      -103.43
YUNNAN JINGGU FO         600265            84.92        -2.90


HONG KONG

BIRMINGHAM INTER         2309              59.95       -12.80
BUILDMORE INTL           108               17.36       -70.34
CHINA ENVIRONMEN         986               66.65        -0.87
CHINA HEALTHCARE         673               34.76        -0.75
CHINA OCEAN SHIP         651              248.21      -106.72
CNC HOLDINGS             8356              99.16        -9.03
CROSBY CAPITAL           8088              16.40       -20.27
EFORCE HLDGS LTD         943               60.73        -9.56
GRANDE HLDG              186              255.10      -208.18
INNO-TECH HLDGS          8202              84.54      -116.82
LANGHAM -SS              1270             684.55       -86.21
LONG SUCCESS INT         8017              50.05        -7.44
MASCOTTE HLDGS           136               57.51       -81.70
MEGA EXPO HOLDIN         1360              17.00        -0.53
MELCOLOT LTD             8198              13.69       -28.83
NORSTAR FOUNDERS         2339              21.97       -56.33
PALADIN LTD              495              159.65        -9.17
PROVIEW INTL HLD         334              314.87      -294.85
SINO RESOURCES G         223               29.34       -24.77
SURFACE MOUNT            SMT               32.88       -10.68
VXL CAPITAL LTD          727               74.79        -0.16


INDONESIA

APAC CITRA CENT          MYTX             176.66        -6.99
ARPENI PRATAMA           APOL             249.84      -319.77
ASIA PACIFIC             POLY             375.58      -815.83
BUMI RESOURCES           BUMI           7,027.47       -18.17
ICTSI JASA PRIMA         KARW              56.41        -6.12
JAKARTA KYOEI ST         JKSW              24.92       -34.90
MATAHARI DEPT            LPPF             209.66       -89.74
ONIX CAPITAL TBK         OCAP              13.22        -1.03
RENUKA COALINDO          SQMI              15.84        -0.48
SUMALINDO LESTAR         SULI              95.14       -18.99
UNITEX TBK               UNTX              18.83       -18.53


INDIA

ABHISHEK CORPORA         ABSC              53.66       -25.51
AGRO DUTCH INDUS         ADF               85.09       -22.81
ALPS INDUS LTD           ALPI             201.29       -41.70
AMIT SPINNING            AMSP              12.85        -7.68
ARTSON ENGR              ART               11.81       -10.16
ASHAPURA MINECHE         ASMN             161.89       -51.58
ASHIMA LTD               ASHM              63.23       -48.94
ATV PROJECTS             ATV               48.47       -43.93
BELLARY STEELS           BSAL             451.68      -108.50
BENZO PETRO INTL         BPI               26.77        -1.05
BHAGHEERATHA ENG         BGEL              22.65       -28.20
BLUE BIRD INDIA          BIRD             122.02       -59.13
CELEBRITY FASHIO         CFLI              24.96        -8.26
CHESLIND TEXTILE         CTX               20.51        -0.03
CLASSIC DIAMONDS         CLD               66.26        -6.84
COMPUTERSKILL            CPS               14.90        -7.56
DCM FINANCIAL SE         DCMFS             18.46        -9.46
DFL INFRASTRUCTU         DLFI              42.74        -6.49
DIGJAM LTD               DGJM              99.41       -22.59
DISH TV INDIA            DITV             579.01       -28.55
DISH TV INDI-SLB         DITV/S           579.01       -28.55
DUNCANS INDUS            DAI              122.76      -227.05
ENSO SECUTRACK           ENSO              15.57        -0.46
EURO CERAMICS            EUCL             110.62        -6.83
EURO MULTIVISION         EURO              36.94        -9.95
FERT & CHEM TRAV         FCT              311.92       -35.19
GANESH BENZOPLST         GBP               44.05       -15.48
GANGOTRI TEXTILE         GNTX              54.67       -14.22
GOKAK TEXTILES L         GTEX              46.36        -0.29
GOLDEN TOBACCO           GTO               97.40       -18.24
GSL INDIA LTD            GSL               29.86       -42.42
GSL NOVA PETROCH         GSLN              16.53        -1.31
GUJARAT STATE FI         GSF               10.26      -303.64
GUPTA SYNTHETICS         GUSYN             44.18        -6.34
HARYANA STEEL            HYSA              10.83        -5.91
HEALTHFORE TECHN         HTEC              14.74       -46.64
HINDUSTAN ORGAN          HOC               74.72       -24.07
HINDUSTAN PHOTO          HPHT              49.58    -1,832.65
HMT LTD                  HMT              108.71      -572.12
ICDS                     ICDS              13.30        -6.17
INDAGE RESTAURAN         IRL               15.11        -2.35
INTEGRAT FINANCE         IFC               49.83       -51.32
JCT ELECTRONICS          JCTE              80.08       -76.70
JENSON & NIC LTD         JN                16.49       -71.70
JET AIRWAYS IND          JETIN          3,368.77      -335.45
JET AIRWAYS -SLB         JETIN/S        3,368.77      -335.45
JOG ENGINEERING          VMJ               45.90        -5.28
KALYANPUR CEMENT         KCEM              23.39       -42.66
KERALA AYURVEDA          KERL              13.97        -1.69
KIDUJA INDIA             KDJ               11.16        -3.43
KINGFISHER AIR           KAIR             515.93    -2,371.26
KINGFISHER A-SLB         KAIR/S           515.93    -2,371.26
KITPLY INDS LTD          KIT               14.77       -58.78
KLG SYSTEL LTD           KLGS              40.64       -27.37
LML LTD                  LML               43.95       -78.18
MADRAS FERTILIZE         MDF              167.72       -56.20
MAHA RASHTRA APE         MHAC              14.49       -12.96
MAHANAGAR TELE           MTNL           4,845.41      -511.72
MAHANAGAR TE-SLB         MTNL/S         4,845.41      -511.72
MALWA COTTON             MCSM              44.14       -24.79
MILTON PLASTICS          MILT              17.67       -51.22
MODERN DAIRIES           MRD               38.61        -3.81
MOSER BAER INDIA         MBI              727.13      -165.63
MOSER BAER -SLB          MBI/S            727.13      -165.63
MTZ POLYFILMS LT         TBE               31.94        -2.57
MURLI INDUSTRIES         MRLI             262.39       -38.30
MYSORE PAPER             MSPM              87.99        -8.12
NATL STAND INDI          NTSD              22.09        -0.73
NAVCOM INDUS LTD         NOP               10.19        -3.53
NICCO CORP LTD           NICC              71.84        -4.91
NICCO UCO ALLIAN         NICU              23.25       -83.90
NK INDUS LTD             NKI              141.35        -7.71
NRC LTD                  NTRY              63.70       -53.01
NUCHEM LTD               NUC               24.72        -1.60
PANCHMAHAL STEEL         PMS               51.02        -0.33
PARAMOUNT COMM           PRMC             124.96        -0.52
PARASRAMPUR SYN          PPS               99.06      -307.14
PAREKH PLATINUM          PKPL              61.08       -88.85
PIONEER DISTILLE         PND               53.74        -5.62
PREMIER INDS LTD         PRMI              11.61        -6.09
PRIYADARSHINI SP         PYSM              20.80        -2.28
QUADRANT TELEVEN         QDTV             150.43      -137.48
QUINTEGRA SOLUTI         QSL               16.76       -17.45
RAMSARUP INDUSTR         RAMI             433.89       -89.28
RATHI ISPAT LTD          RTIS              44.56        -3.93
RELIANCE BROADCA         RBN               86.97        -0.59
RELIANCE MEDIAWO         RMW              425.22       -21.31
RELIANCE MED-SLB         RMW/S            425.22       -21.31
RENOWNED AUTO PR         RAP               14.12        -1.25
RMG ALLOY STEEL          RMG               66.61       -12.99
ROLLATAINERS LTD         RLT               22.97       -22.24
ROYAL CUSHION            RCVP              14.70       -75.18
SAAG RR INFRA LT         SAAG              12.54        -4.93
SADHANA NITRO            SNC               16.74        -0.58
SANATHNAGAR ENTE         SNEL              49.23        -6.78
SANCIA GLOBAL IN         SGIL              78.82       -25.13
SBEC SUGAR LTD           SBECS             92.44        -5.61
SCOOTERS INDIA           SCTR              19.75       -13.35
SERVALAK PAP LTD         SLPL              61.57        -7.63
SHAH ALLOYS LTD          SA               168.13       -81.60
SHALIMAR WIRES           SWRI              22.79       -27.18
SHAMKEN COTSYN           SHC               23.13        -6.17
SHAMKEN MULTIFAB         SHM               60.55       -13.26
SHAMKEN SPINNERS         SSP               42.18       -16.76
SHREE GANESH FOR         SGFO              44.50        -2.89
SHREE KRISHNA            SHKP              14.62        -0.92
SHREE RAMA MULTI         SRMT              38.90        -4.49
SIDDHARTHA TUBES         SDT               75.90       -11.45
SIMBHAOLI SUGAR          SBSM             268.76       -54.47
SITI CABLE NETWO         SCNL             219.45        -9.68
SPICEJET LTD             SJET             563.64       -41.19
SQL STAR INTL            SQL               10.58        -3.28
STATE TRADING CO         STC              826.29      -276.56
STELCO STRIPS            STLS              14.90        -5.27
STI INDIA LTD            STIB              21.69        -2.13
STL GLOBAL LTD           SHGL              30.73        -5.62
STORE ONE RETAIL         SORI              15.48       -59.09
SUPER FORGINGS           SFS               14.62        -7.00
SURYA PHARMA             SUPH             370.28        -9.97
TAMILNADU JAI            TNJB              17.07        -1.00
TATA METALIKS            TML              156.70        -5.36
TATA TELESERVICE         TTLS           1,311.30      -138.25
TATA TELE-SLB            TTLS/S         1,311.30      -138.25
TODAYS WRITING           TWPL              18.58       -25.67
TRIUMPH INTL             OXIF              58.46       -14.18
TRIVENI GLASS            TRSG              19.71       -10.45
TUTICORIN ALKALI         TACF              19.86       -19.58
UDAIPUR CEMENT W         UCW               11.38       -10.53
UNIFLEX CABLES           UFCZ              47.46        -7.49
UNIWORTH LTD             WW               149.50      -151.14
UNIWORTH TEXTILE         FBW               22.54       -35.03
USHA INDIA LTD           USHA              12.06       -54.51
VANASTHALI TEXT          VTI               14.59        -5.80
VENUS SUGAR LTD          VS                11.06        -1.08
WANBURY LTD              WANB             141.86        -3.91


JAPAN

FLIGHT HOLDINGS          3753              10.10        -2.62
GOYO FOODS INDUS         2230              11.79        -1.51
HARAKOSAN CO             8894             186.55        -8.07
IDEA INTERNATION         3140              23.66        -0.08
KANMONKAI CO LTD         3372              42.64        -0.81


KOREA

DVS KOREA CO LTD         46400             17.40        -1.20
ORIENTAL PRECISI         14940            224.92       -79.83
ROCKET ELEC-PFD          425              111.09        -0.42
ROCKET ELECTRIC          420              111.09        -0.42
SHINIL ENG CO            14350            199.04        -2.53
SSANGYONG ENGINE         12650          1,231.13      -119.47
STX OFFSHORE & S         67250          7,627.42    -1,124.38
TEC & CO                 8900             139.98       -16.61
TONGYANG NETWORK         30790            311.91       -36.46
WOONGJIN HOLDING         16880          2,197.34      -635.50


MALAYSIA

HAISAN RESOURCES         HRB               41.31       -11.54
HIGH-5 CONGLOMER         HIGH              41.63       -34.19
HO HUP CONSTR CO         HO                59.28       -16.64
PETROL ONE RESOU         PORB              51.39        -4.00
SUMATEC RESOURCE         SMTC             169.12       -26.18
VTI VINTAGE BHD          VTI               17.74        -3.63


NEW ZEALAND

NZF GROUP LTD            NZF NZ Equity     11.69        -4.60
PULSE ENERGY LTD         PLE NZ Equity     11.29        -3.44


PHILIPPINES

CYBER BAY CORP           CYBR              14.14       -21.59
FIL ESTATE CORP          FC                40.90       -15.77
FILSYN CORP A            FYN               23.11       -11.69
FILSYN CORP. B           FYNB              23.11       -11.69
GOTESCO LAND-A           GO                21.76       -19.21
GOTESCO LAND-B           GOB               21.76       -19.21
LIBERTY TELECOMS         LIB              108.53       -19.42
MRC ALLIED INC           MRC               27.06        -2.56
PICOP RESOURCES          PCP              105.66       -23.33
STENIEL MFG              STN               21.07       -11.96
UNIWIDE HOLDINGS         UW                50.36       -57.19


SINGAPORE

ADVANCE SCT LTD          ASCT              19.68       -22.46
CEFC INTL LTD            SUNE              95.25        -0.31
HL GLOBAL ENTERP         HLGE              83.11        -4.63
IGG INC                  8002              21.53       -55.84
SCIGEN LTD-CUFS          SIE               68.70       -42.35
SUNMOON FOOD COM         SMOON             20.26       -17.36
TT INTERNATIONAL         TTI              298.35       -82.84
UNITED FIBER SYS         UFS               65.52       -56.60


THAILAND

ABICO HLDGS-F            ABICO/F           15.28        -4.40
ABICO HOLDINGS           ABICO             15.28        -4.40
ABICO HOLD-NVDR          ABICO-R           15.28        -4.40
ASCON CONSTR-NVD         ASCON-R           59.78        -3.37
ASCON CONSTRUCT          ASCON             59.78        -3.37
ASCON CONSTRU-FO         ASCON/F           59.78        -3.37
BANGKOK RUBBER           BRC               77.91      -114.37
BANGKOK RUBBER-F         BRC/F             77.91      -114.37
BANGKOK RUB-NVDR         BRC-R             77.91      -114.37
CALIFORNIA W-NVD         CAWOW-R           28.07       -11.94
CALIFORNIA WO-FO         CAWOW/F           28.07       -11.94
CALIFORNIA WOW X         CAWOW             28.07       -11.94
CIRCUIT ELEC PCL         CIRKIT            16.79       -96.30
CIRCUIT ELEC-FRN         CIRKIT/F          16.79       -96.30
CIRCUIT ELE-NVDR         CIRKIT-R          16.79       -96.30
DATAMAT PCL              DTM               12.69        -6.13
DATAMAT PCL-NVDR         DTM-R             12.69        -6.13
DATAMAT PLC-F            DTM/F             12.69        -6.13
ITV PCL                  ITV               36.02      -121.94
ITV PCL-FOREIGN          ITV/F             36.02      -121.94
ITV PCL-NVDR             ITV-R             36.02      -121.94
K-TECH CONSTRUCT         KTECH             38.87       -46.47
K-TECH CONSTRUCT         KTECH/F           38.87       -46.47
K-TECH CONTRU-R          KTECH-R           38.87       -46.47
KUANG PEI SAN            POMPUI            17.70       -12.74
KUANG PEI SAN-F          POMPUI/F          17.70       -12.74
KUANG PEI-NVDR           POMPUI-R          17.70       -12.74
MANGPONG 1989 PC         MPG               11.83        -0.91
MANGPONG 1989 PC         MPG/F             11.83        -0.91
MANGPONG 19-NVDR         MPG-R             11.83        -0.91
PATKOL PCL               PATKL             52.89       -30.64
PATKOL PCL-FORGN         PATKL/F           52.89       -30.64
PATKOL PCL-NVDR          PATKL-R           52.89       -30.64
PICNIC CORP-NVDR         PICNI-R          101.18      -175.61
PICNIC CORPORATI         PICNI            101.18      -175.61
PICNIC CORPORATI         PICNI/F          101.18      -175.61
SAHAMITR PRESS-F         SMPC/F            27.92        -1.48
SAHAMITR PRESSUR         SMPC              27.92        -1.48
SAHAMITR PR-NVDR         SMPC-R            27.92        -1.48
SHUN THAI RUBBER         STHAI             19.89        -0.59
SHUN THAI RUBB-F         STHAI/F           19.89        -0.59
SHUN THAI RUBB-N         STHAI-R           19.89        -0.59
SUNWOOD INDS PCL         SUN               19.86       -13.03
SUNWOOD INDS-F           SUN/F             19.86       -13.03
SUNWOOD INDS-NVD         SUN-R             19.86       -13.03
TONGKAH HARBOU-F         THL/F             62.30        -1.84
TONGKAH HARBOUR          THL               62.30        -1.84
TONGKAH HAR-NVDR         THL-R             62.30        -1.84
TRANG SEAFOOD            TRS               15.18        -6.61
TRANG SEAFOOD-F          TRS/F             15.18        -6.61
TRANG SFD-NVDR           TRS-R             15.18        -6.61
TT&T PCL                 TTNT             589.80      -223.22
TT&T PCL-NVDR            TTNT-R           589.80      -223.22
TT&T PUBLIC CO-F         TTNT/F           589.80      -223.22
WORLD CORP -NVDR         WORLD-R           15.72       -10.10
WORLD CORP PCL           WORLD             15.72       -10.10
WORLD CORP PLC-F         WORLD/F           15.72       -10.10


TAIWAN

BEHAVIOR TECH CO         2341S             30.90        -0.22
BEHAVIOR TECH-EC         2341O             30.90        -0.22
HELIX TECH-EC            2479T             23.39       -24.12
HELIX TECH-EC IS         2479U             23.39       -24.12
HELIX TECHNOL-EC         2479S             23.39       -24.12
POWERCHIP SEM-EC         5346S          2,036.01       -52.74
TAIWAN KOL-E CRT         1606U            507.21      -147.14
TAIWAN KOLIN-EN          1606V            507.21      -147.14
TAIWAN KOLIN-ENT         1606W            507.21      -147.14


                             *********

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 2014.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



                 *** End of Transmission ***