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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, May 15, 2015, Vol. 18, No. 095


                            Headlines


A U S T R A L I A

ACLAND GROUP: First Creditors' Meeting Set For May 21
ATA FLEET: First Creditors' Meeting Slated For May 21
CTS TRAVEL: Agency Placed in Liquidation
CUT & SPRAY: First Creditors' Meeting Set For May 21
URBAN CARGO: First Creditors' Meeting Set For May 25


I N D I A

AAKASH TILES: ICRA Withdraws D Rating on INR48.75cr Term Loan
ALFA VITRIFIED: CRISIL Reaffirms B+ Rating on INR162.6MM Loan
AMAN HOME: ICRA Suspends B- Rating on INR10cr Fund Based Loan
BHAVESH OIL: ICRA Withdraws B+ Rating on INR4cr Cash Credit
CENZER INDUSTRIES: CRISIL Cuts Rating on INR95MM Loan to B-

CHANDI CHARAN: CRISIL Ups Rating on INR69.5MM Loan to B-
COTTON BLOSSOM: CRISIL Ups Rating on INR393.4MM Loan to B+
DAZARO ECOGREEN: ICRA Lowers Rating on INR8.86cr Term Loan to B
DHANLAXMI BOARD: CRISIL Puts B Rating on INR51.9MM LT Loan
DR. DATSONS: Placed Into Liquidation

EAGLE MOTORS: CRISIL Cuts Rating on INR78MM Funding Loan to D
EVA ALU: ICRA Withdraws 'B' Rating on INR8.26cr LT Loan
GENNEXT ABASAN: CARE Assigns B Rating to INR2cr LT Bank Loan
GREEN MIRROR: CARE Assigns 'B' Rating to INR11.50cr LT Loan
HARI MARINE: CARE Assigns B+ Rating to INR10cr Long Term Loan

KAMALA COLD: CRISIL Ups Rating on INR63.5MM Cash Loan to B-
KUTTI SPINNERS: CRISIL Cuts Rating on INR120MM LT Loan to B
MAHALAKSHMI ROLLER: CARE Assigns B+ Rating to INR6cr LT Loan
MANTHAN GROUPS: CRISIL Suspends B+ Rating on INR60MM Cash Loan
MANTRAM TECHNOFAB: ICRA Reaffirms B+ Rating on INR16cr Term Loan

MITTAL TRADERS: CRISIL Suspends B+ Rating on INR70MM Cash Loan
NAWA ENGINEERS: CRISIL Cuts Rating on INR220MM Cash Loan to 'D'
ORIILON INDIA: CARE Assigns 'B' Rating to INR9.02cr LT Loan
ORIILON INDIA: CRISIL Ups Rating on INR210MM Term Loan to B
PERTH CERAMIC: CRISIL Assigns B+ Rating to INR330MM LT Loan

PRASAD SUGAR: CRISIL Suspends D Rating on INR148.8MM Loan
PRECISION BEARINGS: CARE Ups Rating on INR5cr Loan From B+/A4
PRIYADARSHINI SAHAKARI: CRISIL Cuts Rating on INR200MM Loan to D
RAIPUR BOTTLING: CRISIL Suspends B Rating on INR100MM Cash Loan
RAKESH KUMAR: CARE Assigns B+ Rating to INR8.8cr Long Term Loan

ROOBHA CREATIONS: CRISIL Assigns B Rating to INR20MM LT Loan
SAI SANNIDHI: ICRA Reaffirms B Rating on INR7.41cr FB Loan
SAMIRA REALTY: CRISIL Suspends 'D' Rating on INR103.5MM Loan
SASI EDUCATIONAL: CRISIL Assigns B- Rating to INR85MM LT Loan
SATYA SUBAL: CRISIL Ups Rating on INR68.6MM Term Loan to B-

SHREYASH GINNING: ICRA Withdraws B Rating on INR5.25r Bank Loan
SHRI SAI: ICRA Withdraws B+ Rating on INR10cr Term Loan
SHRUTI TIMBER: ICRA Suspends B+ Rating on INR2.25cr LT Loan
SIDDESHWAR MULTIPURPOSE: CRISIL Ups Rating on INR53.5M Loan to B-
SIDDHI VINAYAK: CRISIL Rates INR16.38BB Long Term Loan at D

SILPA PROJECTS: CRISIL Cuts Rating on INR300MM Cash Loan to C
SIMRAN MOTORS: CRISIL Reaffirms B Rating on INR193MM Cash Loan
SMT MACHINES: CRISIL Cuts Rating on INR90MM Cash Loan to D
STELLAR MARINE: ICRA Suspends B+ Rating on INR2cr Cash Credit
STERIL-GENE: CRISIL Rates INR223.2M Loan at B; Suspension Revoked

SUDAMO IMPEX: ICRA Puts B+ Rating on INR11.25cr Fund Based Loan
SURAJ CORPORATION: ICRA Suspends B- Rating on INR10cr Loan
SYNERGY TELECOM: CRISIL Cuts Rating on INR285MM Cash Loan to D
SYNERGY THRISLINGTON: CRISIL Cuts Rating on INR200MM Loan to D
TUNGNATH EDUCATIONAL: ICRA Assigns B- Rating to INR7.03cr Loan

WHITE GOLD: ICRA Suspends B+ Rating on INR14cr Cash Credit


I N D O N E S I A

PROFESIONAL TELEKOMUNIKASI: Fitch Ups Long Term FC IDR to 'BB+'


J A P A N

IMAGEEPOCH: Game Developer Files For Bankruptcy


N E W  Z E A L A N D

HENDERSON GROUP: David Henderson Wins Nod to Sue Liquidator
KIWI FORESTRY: Employees Out Of Work, But Not Unemployed
MCVITTY PROPERTIES: Liquidation Leaves BNZ With NZ$2.6M Shortfall
PLANET MEDIA: Under Students Association Review Over Insolvency
* NZ: Bill Aims to Help Farmers as Receivership Threatens


S I N G A P O R E

ALJUNIED-HOUGANG-PUNGGOL: Town Council "Technically Insolvent"


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ACLAND GROUP: First Creditors' Meeting Set For May 21
-----------------------------------------------------
Mitchell Ball of BPS Recovery was appointed as administrator of
Acland Group Plumbing Pty Ltd on May 11, 2015.

A first meeting of the creditors of the Company will be held at
BPS Recovery, Level 18, 201 Kent Street, in Sydney, on May 21,
2015, at 10:00 a.m.


ATA FLEET: First Creditors' Meeting Slated For May 21
-----------------------------------------------------
David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed as administrators of ATA Fleet Repairer Group Pty
Limited on May 14, 2015.

A first meeting of the creditors of the Company will be held at
Level 12, 88 Pitt Street, in Sydney, on May 21, 2015, at
9:30 a.m.


CTS TRAVEL: Agency Placed in Liquidation
----------------------------------------
Cliff Sanderson at Dissolve.com.au reports that CTS Travel
Services (Altona Meadows) Pty Ltd has been put into liquidation.
William Roland Robson and Bill Cotter of Robson Cotter Insolvency
Group have been appointed liquidators of the company, the report
says.

Dissolve.com.au relates that the liquidators have confirmed that
the travel agency has limited assets. According to the report, the
liquidators will investigate the affairs of the company to see if
any matters must be referred to the Australian Security and
Investments Commission.


CUT & SPRAY: First Creditors' Meeting Set For May 21
----------------------------------------------------
David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed as administrators of Cut & Spray Services Pty Ltd on May
13, 2015.

A first meeting of the creditors of the Company will be held at
Level 12, 88 Pitt Street, in Sydney, on May 21, 2015, at
10:30 a.m.


URBAN CARGO: First Creditors' Meeting Set For May 25
----------------------------------------------------
Geoffrey Reidy of Rodgers Reidy was appointed as administrator of
Urban Cargo Pty Limited on May 13, 2015.

A first meeting of the creditors of the Company will be held at
Level 2, 230 Clarence Street, in Sydney, on May 25, 2015, at 11:00
a.m.



=========
I N D I A
=========


AAKASH TILES: ICRA Withdraws D Rating on INR48.75cr Term Loan
-------------------------------------------------------------
ICRA has withdrawn the suspended rating of long term rating of
[ICRA]D assigned to the INR13.00 crore cash credit facility,
INR48.75 crore term loan facility and short term rating of [ICRA]D
assigned to the INR5.00 crore letter of credit and INR3.00 crore
bank guarantee facilities of Aakash Tiles Private Limited. As per
ICRA's policy on withdrawals, ICRA can withdraw the rating in case
the rating remains suspended for more than three years.


ALFA VITRIFIED: CRISIL Reaffirms B+ Rating on INR162.6MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Alfa Vitrified Pvt Ltd
(AVPL) continue to reflect the company's below-average financial
risk profile, marked by high gearing, and its large working
capital requirements. These rating weaknesses are partially offset
by the extensive industry experience of AVPL's promoters and the
strategic location of its manufacturing facility.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          35       CRISIL A4 (Reaffirmed)

   Cash Credit              80      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       36.7    CRISIL B+/Stable (Reaffirmed)

   Term Loan               162.6    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AVPL will continue to benefit over the medium
term from its strategic location in Morbi (Gujarat) and its
promoters' extensive experience in the ceramic tiles industry. The
outlook may be revised to 'Positive' if the company records more-
than-expected revenue growth and profitability and improves its
working capital management. Conversely, the outlook may be revised
to 'Negative' if AVPL's revenue and profitability are less than
expected or if the company takes up a major debt-funded capital
expenditure programme or witnesses a stretch in its working
capital cycle.

Update
AVPL reported net sales of INR550.4 million for the year ended
March 31, 2014, on account of increase in its scale of operations
and stabilisation of its plant. Operating margin of company
declined because of increased in competition and remained around
13.5 per cent for 2013-14 (refers to financial year, April 1 to
March 31). The margins and revenue are expected to remain at
similar levels for 2014-15.

The company's net worth increased marginally in 2013-14 but total
debt of company also increased because of increase in working
capital requirements. Gearing has been on the higher side with
2.86 times as on March 31, 2014, but is estimated to improve to
1.94 times as on March 31, 2015, with increase in net worth of the
company. Its liquidity remains moderate, aided by moderate cash
accruals, while its financial flexibility is supported by capital
and unsecured loans from the promoters.

AVPL, incorporated in 2011, was promoted by Mr. Lalitbhai Sanghai.
The company manufactures ceramic vitrified tiles and has capacity
of 6500 boxes per day at its Morbi plant. It commenced production
in August 2012.


AMAN HOME: ICRA Suspends B- Rating on INR10cr Fund Based Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR10.00 crore fund based bank facilities of Aman Home
Appliances Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


BHAVESH OIL: ICRA Withdraws B+ Rating on INR4cr Cash Credit
-----------------------------------------------------------
ICRA has withdrawn the suspended rating of long term rating of
[ICRA]B+ assigned to the INR4.00 crore cash credit facility and
short term rating of [ICRA]A4 assigned to the INR7.00 crore
warehouse facility of Bank Loans Programme of Bhavesh Oil
Industries. As per ICRA's policy on withdrawals, ICRA can withdraw
the rating in case the rating remains suspended for more than
three years.


CENZER INDUSTRIES: CRISIL Cuts Rating on INR95MM Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Cenzer Industries Ltd (CIL) to 'CRISIL B-/Stable' from 'CRISIL
B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           55        CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed Long Term
   Bank Loan Facility    95        CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects further weakening of CIL's business
risk profile, marked by cumulative cash losses of more than INR250
million over the three years through 2014-15 (refers to financial
year, April 1 to March 31), leading to erosion of its net worth.
This has led to deterioration in the company's financial risk
profile, as reflected in its weak debt protection metrics in 2014-
15. However, CIL does not have any term debt obligations and its
cash credit limits remained moderately utilised at an average of
71 per cent over the 12 months ended January 2015.

The rating reflects CIL's modest scale of operations, customer
concentration in its revenue profile, weak financial risk profile,
and large working capital requirements. These rating weaknesses
are partially offset by the extensive experience of CIL's
promoters in the electronic products and lighting industry, and
the company's established business relationships with suppliers
and customers.
Outlook: Stable

CRISIL believes that CIL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the company records a significant and
sustained improvement in its revenue and margins. Conversely, the
outlook may be revised to 'Negative' in case of a substantial
decline in CIL's revenue and margins, or lengthening of its
working capital cycle, or further cash losses, leading to pressure
on its financial risk profile, particularly its liquidity.

CIL set up in 1992 by Mr. Joitkumar Jain and his family members,
manufactures compact fluorescent lamps (CFLs) and electronic
calculators. It supplies CFLs to Crompton Greaves Ltd, Nippo
Batteries Co Ltd, Philips India Ltd and others.

CIL, on a provisional basis, reported a net loss of INR49 million
on net sales of INR455 million for 2013-14, against a net loss of
INR154 million on net sales of INR427 million for 2012-13.


CHANDI CHARAN: CRISIL Ups Rating on INR69.5MM Loan to B-
--------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Chandi Charan Cold Storage Private Limited (CCCSPL) to 'CRISIL
B-/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        1.8        CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit          69.5        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Long Term   18.2        CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')

   Term Loan            35.5        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Working Capital      10.4        CRISIL B-/Stable (Upgraded
   Demand Loan                      from 'CRISIL D')

The ratings upgrade reflects timely repayment of interest and term
debt obligations and seasonal cash credit by CCCSPL in the last 6
months ended March 2015.

The ratings reflect CCCSPL's weak financial risk profile, marked
by a high gearing and weak debt protection metrics, and are
exposed to the highly regulated and intensely competitive cold
storage industry in West Bengal. However, CCCSPL benefits from its
promoters' extensive industry experience.
Outlook: Stable

CRISIL believes that CCCSPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company registers a
substantial increase in its revenue and operating margin.
Conversely, the outlook may be revised to 'Negative' if SATPL
reports a decline in its revenue or operating margin, or
significant deterioration in its financial risk profile because of
large debt-funded capital expenditure or lengthening of its
working capital cycle.

CCCSPL was set up in 2011 by the Gorai family of Kolkata (West
Bengal). The company has a cold storage unit (with two chambers)
in Bankura (West Bengal).


COTTON BLOSSOM: CRISIL Ups Rating on INR393.4MM Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Cotton Blossom India Pvt Ltd (CBIPL) to 'CRISIL B+/Stable' from
'CRISIL B-/Stable', and has reaffirmed its rating on the company's
short-term facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee           1         CRISIL A4 (Reaffirmed)

   Cash Credit             70         CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Packing Credit         637         CRISIL A4 (Reaffirmed)

   Packing Credit         100         CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Proposed Long Term     393.4       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B-/Stable')

   Term Loan              386.6       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Working Capital         92         CRISIL B+/Stable (Upgraded
   Term Loan                          from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that CBIPL will
maintain its improved liquidity over the medium term supported by
steady cash accruals. The company is likely to post adequate
accruals, ranging from INR121 million to INR149 million over the
medium term against repayment obligations of INR79.8 million to
INR87.6 million for the same period.

The ratings reflect CBIPL's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, the
susceptibility of its margins to volatility in raw material price
and foreign exchange rates, and its exposure to customer
concentration risk. These rating weaknesses are partially offset
by the extensive industry experience of CBIPL's promoters in the
ready-made garments industry and the company's established
relationships with prominent customers.
Outlook: Stable

CRISIL believes that CBIPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
established customer relationships. The outlook may be revised to
'Positive' if the company reports substantial cash accruals,
driven by improvement in profitability, or improves its working
capital management while diversifying its customer base.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the company's financial risk profile,
particularly liquidity, most likely because of decline in
profitability, or stretch in working capital cycle, or large debt-
funded capital expenditure.

CBIPL was established as a partnership firm in 1997 by Mr. Milton
Ambrose John, his brother Mr.Joseph Antony John and their sister
Ms.Philomena; the firm was reconstituted as a private limited
company in 2004. CBIPL manufactures and exports knitted ready-made
garments.


DAZARO ECOGREEN: ICRA Lowers Rating on INR8.86cr Term Loan to B
---------------------------------------------------------------
ICRA has downgraded the long term rating from [ICRA]B+ to [ICRA]B
for the INR8.86 crore term loan facility and INR3.00 crore cash
credit facility of Dazaro Ecogreen Private Limited. The rating of
[ICRA]A4 has been reaffirmed to the INR0.75 crore short term non
fund based bank guarantee of (DEGPL).

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans            8.86       [ICRA]B; revised
   Cash Credit           3.00       [ICRA]B; revised
   Bank Guarantee        0.75       [ICRA]A4 reaffirmed

The revision in rating primarily takes into account the poor
operational and financial performance on account of delays in
project stabilizations as per the expected operating parameters,
post commencement of operation .The rating further incorporates
absence of the promoter's experience in the AAC block
manufacturing and the sensitivity of the company's cash flows to
the capacity utilization as well as its pricing power as compared
to established players in this space ICRA also notes that ; given
DEPL's small scale of current operations ,ability of the company
to ramp up its capacities to achieve expected revenue growth and
maintain the performance parameters would remain critical.
The ratings however take comfort from the advantages that AAC
blocks offer over its substitutes and locational advantage on
account of proximity to major consumption centers.

DEGPL is a closely held company incorporated in 2013 and has set
up an AAC (Autoclaved Aerated Concrete) blocks manufacturing plant
with installed capacity of 1, 50,000 mtr3 in Pratij, Gujarat. The
company is owned and managed by Mr. Prakash Tated and Mr. Bhushan
Thakkar and Mr.Girdhar Patek along with other family members. The
promoters are engaged in various businesses through other entities
involved in construction; ceramics etc.The promoters of the
company are also associated with "Sapna Marbles", "Specific
Ceramics" & "Narmada Sagar Agri Seeds Private Limited".

Recent Results
For the year ended, DEPL reported an operating income of INR3.84
crore and net loss of INR0.35 crore (as per provisional numbers).


DHANLAXMI BOARD: CRISIL Puts B Rating on INR51.9MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Dhanlaxmi Board and Papers Pvt Ltd (DBPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility     51.9        CRISIL B/Stable
   Cash Credit            50          CRISIL B/Stable
   Long Term Loan         13.1        CRISIL B/Stable

The rating reflects the company's modest scale of operations in
the highly competitive paper industry. The rating also factors in
the company's large working capital requirements. These rating
weaknesses are partially offset by the promoters' extensive
industry experience and strong dealership network.
Outlook: Stable

CRISIL believes that DBPL will benefit from its promoters'
extensive experience in the paper industry over the medium term.
The outlook may be revised to 'Positive' if the company's scale of
operations improves substantially along with efficient working
capital management. Conversely, the outlook may be revised to
'Negative' if DBPL's financial risk profile deteriorates due to
large working capital requirements or more-than-expected debt-
funded capital expenditure or low cash accruals.

Incorporated in Bareja, Kheda district (Gujarat) in 2001, DBPL is
promoted by Mr. Sanjay Garg and his family. The company
manufactures absorbent kraft and corrugated kraft paper. It is
planning to set up a facility to manufacture paper for newspaper
printing; the facility is expected to begin commercial production
by August 2015.

DBPL reported a net profit of INR0.13 million on net sales of
INR150 million for 2013-14 (refers to financial year, April 1 to
March 31), as against a net profit of INR0.95 million on net sales
of INR167.9 million for 2012-13.


DR. DATSONS: Placed Into Liquidation
------------------------------------
Cliff Sanderson as Dissolve.com.au reports that Dr. Datsons Labs
Limited has been placed into liquidation.  The report says the
liquidator is tasked to take charge or possession of the
properties, assets, books of account, stock in trade and bank
account of the company.

Pursuant to the court order, the company's registered office
together with its movables was possessed by the liquidator. The
company's shares were last trading at INR8.94 in Bombay Stock
Exchange, Dissolve.com.au relates.

Dr.Datsons Labs Ltd., formerly Aanjaneya Lifecare Limited, is an
India-based integrated pharmaceutical company. The Company is
engaged in the manufacturing and marketing capabilities in
Contract Research and Manufacturing Services, and active
pharmaceutical ingredients. The Company focuses on anti-malarial
and finished dosage forms (FDFs), catering to diverse therapeutic
segments. The Company manufactures second generation anti-malarial
APIs like quinine and salts as well as third generation anti-
malarial products like Artemisinin-based salts. The Company
engages in contract manufacturing for leading Indian
pharmaceutical brands namely Wockhardt, Cipla, Zydus Cadila, Lupin
and Glenmark, among others. The Company's subsidiaries include
Eros Pharmachem Pte Limited, Aanj Pharmalabs Limited Fze, Fair
Success (Hongkong) Limited and Dr. Datsons Labs Limited (the
United Kingdom.


EAGLE MOTORS: CRISIL Cuts Rating on INR78MM Funding Loan to D
-------------------------------------------------------------
CRISIL has downgraded its long term rating on the bank facility of
Eagle Motors Private Limited (EMPL) to 'CRISIL D' from 'CRISIL C'.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Inventory Funding        78         CRISIL D (Downgraded from
   Facility                            'CRISIL C')

The rating downgrade reflects delays by EMPL in servicing the
interest on the inventory funding facilities on account of weak
liquidity.

The rating reflects EMPL's weak liquidity and weak financial risk
profile, marked by aggressive capital structure, and weak debt
protection metrics.

Incorporated in 2005 and based in Rajkot (Gujarat), EMPL is
promoted by Mr. Manish Bavaria. It is the authorized dealer of
Ford India Private Limited's cars in Rajkot, Jamnagar, and
Junagadh (all in Gujarat).


EVA ALU: ICRA Withdraws 'B' Rating on INR8.26cr LT Loan
-------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]B assigned to the
INR8.26 crore long term fund based facilities and suspends short
term rating of [ICRA]A4 rating to the INR0.24 crore bank
facilities of Eva Alu Panel Limited. As per ICRA's policy on
withdrawals, ICRA can withdraw the rating in case the rating
remains suspended for more than three years.


GENNEXT ABASAN: CARE Assigns B Rating to INR2cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Gennext Abasan Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       2        CARE B Assigned
   Short-term Bank Facilities      7        CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Gennext Abasan
Private Limited (Gennext) are primarily constrained on account of
its modest scale of operations with low networth base, short track
record of the company and its weak financial risk profile
characterized by leveraged capital structure and weak debt
coverage indicators. Furthermore, the ratings are also constrained
on account of volatility in prices of traded goods, foreign
exchange fluctuation risk, customer and supplier concentration
risk coupled with intense competition and low profit margin due to
the trading nature of operations.

The ratings, however, derive strength from the long experience of
the promoters in the plastic industry.

Increase in the scale of operations, along with improvement in
profit margins and capital structure in light of competitive
nature of the industry and manage its working capital requirement
efficiently are the key rating sensitivities.

Incorporated in 2007, Indore-based (India) Gennext is engaged in
the wholesale trade of plastic granules mainly Poly vinyl chloride
(PVC) resins, Polypropylene (PP) granules, High-density
Polyethylene (HDPE) granules, Low-density Polyethylene (LDPE)
granules, Linear-Low Density Polyethylene (LLDPE) granules. It
also imports PVC resin as well as plastic granules from Taiwan and
Saudi Arabia via high sea sales but majorly procures plastic
granules locally from India. Gennext sells both raw and recycled
plastic granules to wholesale plastic traders and plastic products
manufacturers within India.

During FY14 (refers to the period April 1 to March 31), Gennext
reported a total operating income (TOI) of INR24.72 crore and PAT
of INR0.05 crore as against a TOI of INR8.01 crore and a PAT of
INR0.02 crore during FY13.


GREEN MIRROR: CARE Assigns 'B' Rating to INR11.50cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of green mirror
Buildcon pvt ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.50      CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Green Mirror
Buildcon Private Limited (GMBPL) is primarily constrained on
account of the project implementation and stabilization risk
associated with the ongoing greenfield project, its presence
in a competitive industry alongwith the risks pertaining to the
cyclical real estate industry.

However, the rating derives strength from the promoters'
experience coupled with support from group entities engaged
in plywood business, locational advantage and good demand outlook
for Autoclaved Aerated Concrete (AAC) blocks industry.

The ability of GMBPL to successfully complete its debt-funded
capex and quickly stabilize its operations are the key rating
sensitivities.

Incorporated in September 2013, Ahmedabad-based (Gujarat) GMBPL is
promoted by Mr Suresh Badgujar and Mr Jitendra Badgujar. GMBPL is
undertaking a greenfield project to manufacture AAC blocks/bricks
with proposed installed capacity of 100,000 Cubic Meters per Annum
(CMPA) at its plant located at Kheda district of Gujarat.

The total cost of the project is estimated at INR16.05 crore which
is proposed to be funded through equity contribution of
INR6 crore, unsecured loan of INR0.05 crore and term loan of INR10
crore. GMBPL has already achieved financial closure for
the project. However, the project has been delayed by one year on
account of delay in approval from concerned authorities and hence
the project will start from July 2016 instead of July 2015. Till
March 31, 2015, the management had incurred a total cost of
INR1.09 crore towards the project.


HARI MARINE: CARE Assigns B+ Rating to INR10cr Long Term Loan
-------------------------------------------------------------
CARE assigns CARE B+ rating to the bank facilities of Hari Marine
Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       10       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Hari Marine Pvt. Ltd
(HMPL) is constrained by its project implementation risk involved
with the setting up sea food processing unit including yet-to-be-
achieved financial closure for the debt, susceptibility of
profitability margin to foreign exchange rate fluctuations being a
proposed 100% export-oriented unit and highly fragmented sea food
processing industry coupled with inherent risk associated with
regulatory policies and seasonality associated with the industry.

The aforesaid constraints are partially offset by the experience
of the promoters in the sea food processing industry and its
proximity to raw material procurement area.

The ability of the company to complete the envisaged project
without cost and time overrun and derive benefits there from are
the key rating sensitivities.

HMPL was incorporated in June 2014 by Mr Himanshu Kumar Das and Mr
Sangram Kumar Das with an objective of setting up a sea food
processing unit at Banaparia, Balasore, wherein it will undergo
processing and packing of shrimps in different sizes and standards
for 100% export purpose with proposed processing capacity of 105
lakh Kg per annum (LKPA). The total cost of the project is
estimated at INR17.73 crore (excluding margins for working
capital) to be funded at a debt equity ratio of 2.93:1. The
project is expected to be commissioned by April 2016.


KAMALA COLD: CRISIL Ups Rating on INR63.5MM Cash Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Kamala Cold Storage Pvt Ltd (KCSPL) to 'CRISIL B-/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           1.6      CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit             63.5      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term
   Bank Loan Facility       1.1      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Working Capital
   Demand Loan             13.4      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The ratings upgrade reflects timely repayment of interest and
seasonal cash credit by KCSPL in the last 6 months ended March
2015.

The ratings reflect KCSPL'S weak financial risk profile, marked by
a high gearing and weak debt protection metrics, and are exposed
to the highly regulated and intensely competitive cold storage
industry in West Bengal. However, KCSPL benefits from its
promoters' extensive industry experience.

KCSPL was set up in 1996 by the Gorai family of Kolkata (West
Bengal). The company has a cold storage unit (with two chambers)
in Bankura (West Bengal).


KUTTI SPINNERS: CRISIL Cuts Rating on INR120MM LT Loan to B
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kutti Spinners Pvt Ltd (KSPL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

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

   Long Term Loan       120         CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Long Term
   Bank Loan Facility    87         CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that KSPL's
operating performance will remain constrained over the medium term
by intense competition and volatility in raw material prices. The
operating profitability declined to 7.5 per cent in 2014-15
(refers to financial year, April 1 to March 31) from 16.3 per cent
in 2013-14 due to volatile raw material prices. The weakening in
operating performance has also weakened the financial risk
profile, especially, debt protection metrics, and resulted in a
negative net worth.

CRISIL's ratings on the bank facilities of KSPL reflect its modest
scale of operations, large working capital requirements, and
below-average financial risk profile marked by a negative net
worth and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of KSPL's
promoters in the textile industry.
Outlook: Stable

CRISIL believes that KSPL will continue to benefit over the medium
term from its promoters' extensive experience in the textile
industry. The outlook may be revised to 'Positive' in case of
significant improvement in the company's revenue, profitability
and capital structure. Conversely, the outlook may be revised to
'Negative' if decline in yarn realisations translates into lower
accruals; if deterioration in working capital management adds to
the pressure on liquidity; or if any large debt-funded capital
expenditure weakens the financial risk profile.

KSPL, set up in 1990 and based in Namakkal (Tamil Nadu),
manufactures cotton yarn. Its operations are managed by Mr. T
Gunasekharan.


MAHALAKSHMI ROLLER: CARE Assigns B+ Rating to INR6cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' ratings to bank facilities of Mahalakshmi
Roller Flour Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       6        CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Mahalakshmi Roller
Flour Mills Private Limited (MRFM) is primarily constrained on
account of its small scale of operations coupled with low net
worth base and weak financial risk profile.

The rating further factors in its working capital-intensive nature
of operations, volatility in raw material prices influenced
by government policies on agro commodity and highly competitive
agro processing industry with low entry barriers. The rating,
however, draws comfort from experienced management team & MRFM's
long track record of operations.

Going forward, the ability of the company to increase the scale of
operations while registering improvement in profitability margins
and efficiently manage its working capital requirements shall be
the key rating sensitivities.

Mandi, Himachal Pradesh-based MRFM was incorporated in 1982 by Mr
B. D. Gupta. The company commenced its operations in 1986. The
company is currently being managed by Mr.Harsh Gupta and Mr.Karun
Gupta. The company is engaged in processing of wheat grains into
wheat flour, maida and suji. The company has installed capacity of
150 metric ton per day as on February 28, 2015, from its
processing unit at Mandi, H.P. The main raw material of the
company is wheat which is procured from farmers located in Punjab,
Haryana and Uttar Pradesh as per the prevailing market price
and also from stockiest during off season. MRFM sells its products
under the brand name "Dev Bhog" through its dealers in the states
like Himachal Pradesh, Punjab, Jammu, etc.

MRFM reported a PAT of INR0.03 crore on a total income of INR13.03
crore in FY14 as against PAT of INR0.02 crore on a total income of
INR11.62 crore in FY13. During FY15, MRFM has achieved a total
operating income of INR17.00 crore till February 2015.


MANTHAN GROUPS: CRISIL Suspends B+ Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Manthan
Groups Builders and Developers (MGBD).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            60        CRISIL B+/Stable
   Proposed Cash
   Credit Limit           40        CRISIL B+/Stable

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

Set up in 2006, MGBD is engaged in real estate development,
primarily in Hubli (Karnataka). The firm primarily undertakes
residential real estate projects. Its managing partner, Mr. Manoj
Raykar, manages its day-to-day operations.


MANTRAM TECHNOFAB: ICRA Reaffirms B+ Rating on INR16cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed its [ICRA]B+ rating on the INR29.00 crore fund
based limits of Mantram Technofab Private Ltd.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits     13.00      [ICRA]B+; reaffirmed
   Term loans            16.00      [ICRA]B+; reaffirmed

ICRA's reaffirmation continues to factor in highly leveraged
capital structure of MTPL owing to debt funded capex and working
capital requirements leading to modest debt coverage indicators as
reflected in Total Debt/OPBITDA of 4.1x and NCA/Total debt of 11%
in FY2014. Though there has been some improvement in coverage
indicators in FY2014, they continue to remain moderate. The rating
is also constrained by highly competitive industry structure with
low entry barriers and limited product differentiation,
vulnerability of profitability to fluctuations in polymer prices,
weak bargaining power with raw material suppliers due to their
dominant market position. The rating is however supported by
favourable long term demand outlook arising from cement and
fertilizer sectors as well as partial deregulation of the food
grain segment for packaging and satisfactory utilisation of the
newly added capacity leading to healthy revenue growth of 29% in
FY2014 over preceding year. Though the company is eligible for
fiscal benefits like 5% interest subsidy under Technology
Upgradation Fund Scheme and state level subsidy like exemption of
75% VAT however there was no cash inflow in FY2014 on account of
subsidies.

Going forward the ability of the company to improve its capital
structure, conversion margins while maintaining high capacity
utilisation, thereby resulting in improved profitability and
return indicators will be the key rating sensitivities.

MTPL is promoted jointly by Manjeet Group and Agarwal family of
Sendhwa. Manjeet Group is essentially involved in cotton ginning &
trading and also has small presence in spinning as well. The other
shareholder, Agarwal family is engaged in agriculture, agro-based
trading, cotton ginning & spinning and infrastructure development
activities.

MTPL has set-up a green field facility for manufacturing high
density polyethylene (HDPE)/polypropylene (PP) woven fabrics and
sacks in Sendhwa, Madhya Pradesh and commenced operations from
November 2010. HDPE/PP bags are used for packing and transport of
products in the cement, textiles, soapstone, fertilisers, food
grains, chemicals and salt industries. It uses polymers such as
HDPE and PP, which are primarily sourced domestically. The company
has installed capacity of 8400 MT per annum which was increased in
FY2014 from 4200 MT.

Recent results: During FY14, the company reported profit after tax
(PAT) of INR0.9 crore on a turnover of INR62.6 crore as compared
to PAT of INR0.3 crore on a turnover of INR48.6 crore during the
corresponding period last year.


MITTAL TRADERS: CRISIL Suspends B+ Rating on INR70MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Mittal
Traders (Delhi) (Mittal).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           70         CRISIL B+/Stable
   Standby Line of
   Credit                 10        CRISIL B+/Stable

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

Mittal is a Delhi based partnership firm engaged in the trading of
writing and printing (W&P) paper. The company operates from their
office in Chawri Bazar, Delhi. The firm is promoted by Mr. Ram
Avtar Mittal, who has been in the paper trading business for over
30 years. The day-to-day operations of the business are managed by
Mr. Ram Avtar Mittal, his brother Mr. Surander Mittal and son Mr.
Anish Mittal.


NAWA ENGINEERS: CRISIL Cuts Rating on INR220MM Cash Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Nawa
Engineers and Consultants Pvt Ltd (Nawa Engineers) to 'CRISIL
D/CRISIL D' from 'CRISIL BB/Negative/CRISIL A4+'.

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

   Cash Credit           220        CRISIL D (Downgraded from
                                    'CRISIL BB/Negative')

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

The rating downgrade reflects instances of delay by Nawa
Engineeers in servicing its debt. The delays have been caused by
weakening of the company's liquidity arising from a stretch in its
working capital cycle.

Nawa Engineers has large working capital requirements, and is
exposed to risks related to cyclicality in the infrastructure
industry. However, the company benefits from its promoters'
extensive industry experience.

Nawa Engineers was set up in 1998 by Mr. G N Raju and his family
members. The company designs and fabricates various crusher
plants. It also executes aggregate crushing, screening, and
material-handling equipment projects on a turnkey basis. The
company is based in Hyderabad.


ORIILON INDIA: CARE Assigns 'B' Rating to INR9.02cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Oriilon India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.02      CARE B Assigned
   Long-term/Short-term Bank      5.00      CARE B/CARE A4
   Facilities                               Assigned
   Short-term Bank Facilities     0.85      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Oriilon India
Private Limited (OIPL) are primarily constrained on account of
nascent stage of operations coupled with project implementation
and stabilisation risk. The ratings are further constrained due to
the company's presence in highly competitive and fragmented
textile industry and susceptibility of operating margins to
fluctuation in raw material prices and foreign exchange rate.
The ratings, however, take into consideration the promoters'
extensive experience into textiles industry and location advantage
with presence in Surat -- the largest manmade fibre cluster in
India -- with proximity to a large customer base resulting in
reduced transportation costs.

Going forward, OIPL's ability to increase its scale of operations
by successfully completing envisaged project within estimated
timeline and cost parameters will be crucial. Furthermore,
improvement in the profit margins, capital structure and efficient
management of working capital is the key rating sensitivity.

Incorporated in 2008, OIPL (erstwhile formally known as "Vandana
Suppliers Pvt. Ltd.") is engaged in the manufacturing of Nylon
Filament Yarn (NFY), which is mainly used in the textile industry,
with an installed capacity of 18,000 metric tonnes per annum
(MTPA) as on March 31, 2014. The entity is a part of "Rangoli
Group of companies" located in Gujarat. The group has been into
the textile industry for about two decades. The manufacturing
facility is located at Surat in Gujarat.

During FY14 (refers to the period April 1 to March 31), OIPL
reported a total operating income (TOI) of INR16.31 crore and PAT
of INR0.32 crore as against TOI of INR0.09 crore and PAT of
INR0.06 crore during FY13. During FY15 (provisional), OIPL has
achieved a TOI of INR50 crore.


ORIILON INDIA: CRISIL Ups Rating on INR210MM Term Loan to B
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Oriilon
India Private Limited (OIPL) to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           8.5       CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Cash Credit             80         CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

   Term Loan              210         CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects the timely servicing of debt by OIPL
over the four months through April 2015. The upgrade also reflects
CRISIL's belief that the company will continue to service its
maturing debt on time, supported by cash accruals that are
adequate for the purpose.

The company, however, remains susceptibility to risks associated
with volatility in input prices, and working-capital-intensive
operations. These rating weaknesses are partially offset by
company's moderate gearing levels. The ratings also factor in the
extensive industry experience of OIPL's promoters.
Outlook: Stable

CRISIL believes that OIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if successful stabilisation
of additional capacities results in substantially higher revenue
and profitability and stronger cash accruals. Conversely, the
outlook may be revised to 'Negative' if low cash accruals and
delays in off take from new facilities add to the strain on OIPL's
liquidity.

OIPL, incorporated in 2008-09 (refers to financial year, April 1
to March 31), manufactures nylon filament yarn in Surat (Gujarat).
The company is promoted by Mr. Vikas Jhujhunwala and Mr. Vishal
Kejriwal.

OIPL reported a provisional profit after tax (PAT) of INR16.7
million on net sales of INR425 million for 2014-15 against a PAT
of INR3.2 million on net sales of INR160.5 million for 2013-14.


PERTH CERAMIC: CRISIL Assigns B+ Rating to INR330MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Perth Ceramic Pvt Ltd (PCPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      10         CRISIL B+/Stable
   Long Term Loan         330         CRISIL B+/Stable
   Cash Credit            125         CRISIL B+/Stable
   Letter Of Guarantee     60         CRISIL A4

The ratings reflect the company's low offtake risk due to
outsourcing work undertaken for HR Johnson (India) Ltd, and NITCO
Ltd and also through the existing marketing network of Elica
Vitrified Pvt Ltd. These rating strengths are partially offset by
the company's large working capital requirements, and the initial
phase and modest scale of operations in the fragmented ceramic
industry. PCPL's production is expected to commence by May 2015.
Outlook: Stable

CRISIL believes that PCPL will maintain its business and financial
risk profiles over the medium term, backed by the extensive
experience of its promoters. The outlook may be revised to
'Positive' if the firm's scale of operations increases and it
sustains its profitability, leading to larger-than-expected
accruals or improvement in working capital management. Conversely,
the outlook may be revised to 'Negative' if PCPL's operating
margin declines or if the financial risk profile deteriorates on
account of a stretch in the working capital cycle or larger-than-
expected debt-funded capital expenditure.

Incorporated in 2014, PCPL is promoted by Mr. Rupesh Kumar
Manganlal Kotadiya, Mr. Dilipkumar Jivrajbhai Barasara, and Mr.
Parshotam Kachrabhai Patel. The company is setting up a plant to
manufacture vitrified tiles that is expected to commence
production in May 2015.


PRASAD SUGAR: CRISIL Suspends D Rating on INR148.8MM Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Prasad
Sugar and Allied Agro Products Limited (PSAPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Pledge Loan           32.4       CRISIL D
   Rupee Term Loan      148.8       CRISIL D

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

PSAPL, based in Ahmednagar (Maharashtra), was established in 2007
to set up a sugar-manufacturing unit. The company is promoted by
Mr. Prasad Tanpure and his family along with the Deshmukh family.
PSAPL's plant was commissioned in June 2011.


PRECISION BEARINGS: CARE Ups Rating on INR5cr Loan From B+/A4
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Precision Bearings Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term           5         CARE BB/CARE A4
   Bank Facilities                          Revised from
                                            CARE B+/CARE A4

   Short-term Bank Facilities    27         CARE A4 Reaffirmed

Rating Rationale
The revision in the long-term rating assigned to the bank
facilities of Precision Bearings Private Limited (PBPL) takes into
account the significant improvement in its PAT margin coupled with
improvement in its capital structure and debt coverage indicators
during FY15 (refers to the period April 1 to March 31).

The ratings, however, continue to remain constrained on account of
its fluctuating turnover, working capital-intensive nature of
operations, foreign exchange fluctuation risk and presence in
highly competitive bearing manufacturing industry. The ratings
also factor in the marginal dip in its total operating income and
PBIDT margin during FY15 along with elongation in its operating
cycle.

The ratings, however, continue to favorably take into account long
experience of its promoters in manufacturing of ball bearings,
established track record of operation, certified manufacturing
facilities, approved product portfolio, strong marketing setup and
moderate PBILDT margin.

PBPL's ability to increase its scale of operations along with
improvement in its capital structure and margins in light of
competitive nature of industry and fluctuating exchange rates
along with better working capital management are the key rating
sensitivities.

Ahmedabad-based (Gujarat) PBPL is a private limited company
established in 1996 by Mr Danesh Shah, Mr Arvind Shah, Mr Sukesh
Shah, Mr Dhiren Shah and Mr Bhagyesh Shah. PBPL is engaged in the
manufacturing of ball, spherical, taper roller, cylindrical,
needle roller, pillow block, automobile bearings. PBPL has various
certifications like ISO 9001:2008, TS 16949:2009 and Star Export
House Certificate and is also an approved vendor of Indian
Railways and Indian Defense Department. PBPL also supplies its
products in around 45 countries. Directors of PBPL have stake in
group entities, ie, Bearing & Marine Corporation (BMC) and Bearing
Trade Center (BTC), both the entities are engaged in trading
activities of bearings and other engineering goods in Maharashtra
and Gujarat, respectively. Combined turnover of PBPL, BMC and BTC
for FY14 (A) stood at INR82.12 crore.

As per the provisional results for FY15, PBPL reported a Profit
after Tax (PAT) of INR3.05 crore on a total operating income (TOI)
of INR71.24 crore as against a PAT of INR1.05 crore on a TOI of
INR74.47 crore.


PRIYADARSHINI SAHAKARI: CRISIL Cuts Rating on INR200MM Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Priyadarshini Sahakari Soot Girni Ltd (PSSGL) to 'CRISIL D/CRISIL
D' from 'CRISIL B-/Negative/CRISIL A4'.

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

   Cash Credit           150        CRISIL D (Downgraded from
                                    'CRISIL B-/Negative')

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

   Term Loan             200        CRISIL D (Downgraded from
                                    'CRISIL B-/Negative')

   Working Capital
   Demand Loan            20        CRISIL D (Downgraded from
                                    'CRISIL B-/Negative')

The rating downgrade reflects instances of delays by PSSGL in
servicing of its term debt obligations; the delays have been
caused because of its weak liquidity.

The ratings also reflect the below-average financial risk profile
of PSSGL marked by high gearing and subdued debt protection
metrics, and the susceptibility of its operating margins to
volatility in the prices of raw materials. These rating weaknesses
are partially offset by its promoters' extensive industry
experience.

PSSGL was established in 1991 in Yavatmal (Maharashtra) to assist
development of the small-scale cotton yarn manufacturing industry
in the region. It was formed as a joint initiative of the
Government of Maharashtra and the Ministry of Textiles. PSSGL
manufactures cotton yarn.


RAIPUR BOTTLING: CRISIL Suspends B Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Raipur
Bottling Company (RBC).

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

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

RBC, setup in 1998, is a sole proprietorship concern of Mr. Sucha
Singh Rai. The concern is engaged in processing and bottling of
liquor. The concern's manufacturing unit is located in Raipur
District in Chhattisgarh.


RAKESH KUMAR: CARE Assigns B+ Rating to INR8.8cr Long Term Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Rakesh
Kumar Gupta Rice Mills Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.80      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Rakesh Kumar Gupta
Rice Mills Pvt. Ltd. (RPL) are constrained by its small scale of
operation with low profitability margins in the highly fragmented
and competitive agro industry, volatility in profit margins
subject to government regulations, leveraged capital structure
owing to high working capital intensity of operations, seasonal
nature of availability of paddy and exposure to vagaries of
nature.

The aforesaid constraints are partially offset by the experience
of the promoters in the agri industry and advantages arising out
of proximity to the raw material sources.

The ability of the company to grow its scale of operations and
improve its profitability margins along with effective working
capital management would be the key rating sensitivities.

RPL was incorporated in November 2005 by the Gupta family of
Patna, Bihar. The company is engaged in the processing and milling
of rice. The milling unit of the company is located at Patna,
Bihar, with processing capacity of 42,240 metric tonne per annum
(MTPA). RPL procures paddy from farmers & local agents and sells
its products through the wholesalers and distributors across 9
states in India and Nepal.

During FY14 (refers to the period April 1 to March 31), RPL
reported a total operating income of INR41.12 crore and a profit
of INR0.12 crore. In 9MFY15, the company has maintained to achieve
sales of around INR31.60 crore.


ROOBHA CREATIONS: CRISIL Assigns B Rating to INR20MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Roobha Creations (RC).

                             Amount
   Facilities              (INR Mln)      Ratings
   ----------              ---------      -------
   Foreign Bill Discounting     40        CRISIL A4
   Long Term Loan               20        CRISIL B/Stable

The ratings reflect RC's large working capital requirements and
modest scale of operations in the intensely competitive readymade
garments industry. These rating weaknesses are partially mitigated
by the extensive experience of the promoters in the readymade
garments industry, the firm's moderate financial risk profile,
marked by moderate capital structure and comfortable debt
protection metrics.
Outlook: Stable

CRISIL believes that RC will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if significant ramp-up in
scale of operations, stable operating profitability, and efficient
working capital management result in stronger cash accruals and
liquidity for the firm. Conversely, the outlook may be revised to
'Negative' if RC's financial risk profile weakens owing to decline
in cash accruals or working capital management, or significant
withdrawals of capital by the promoters.

Incorporated in 2002, RC manufactures and exports readymade
garments. The firm derives its revenue entirely from exports to US
retailers. Based in Tirupur (Tamil Nadu) the firm has capacity to
manufacture 5000 to 6000 pieces of garment per day, depending upon
the complexity of design involved. RC has an in-house
manufacturing unit for cutting, stitching, ironing and finishing
activities. The firm procures cotton yarn in India and outsources
dyeing, printing and compacting activities.

For 2013-14 (refers to financial year, April 1 to March 31), RC
reported a profit after tax (PAT) of INR1.1 million on operating
income of INR165.5 million, against a PAT of INR0.3 million on
operating income of INR50.2 million for 2012-13.


SAI SANNIDHI: ICRA Reaffirms B Rating on INR7.41cr FB Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
INR7.41 crore fund based limits (reduced from INR7.63 crore) and
INR0.59 crore (revised from 0.37) unallocated limits of Sai
Sannidhi Agro Tech.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits     7.41        [ICRA]B reaffirmed
   Unallocated           0.59        [ICRA]B reaffirmed

The reaffirmation of rating continues to be constrained by
intensely competitive nature of rice industry with presence of
several small-scale players which further increases the pressure
on the operating margins; weak financial risk profile of the firm
characterized by high gearing levels of 3.47 times, low
profitability of operating margin 3.18% & weak interest coverage
ratio of 1.59 times in FY2015; and risks inherent in a partnership
nature of the firm. This apart, the rating is also constrained by
the susceptibility of profitability & revenues to agro-climatic
risks which impact the availability of the paddy in adverse
weather conditions. The rating however takes comfort from the
experience of promoters in the rice milling business and presence
of the firm in major rice growing area resulting in easy
availability of paddy & favorable demand prospects for rice with
India being the second largest producer and consumer of rice
internationally.

Founded in the year 2012 as a partnership firm Sai Sannidhi Agro
Tech (SSAT) is engaged in milling of paddy and produces raw rice
and steamed rice. The firm started its commercial production in
February 2013. The rice mill is located at Manvi village of
Raichur district, Karnataka. The installed production capacity of
the rice mill is 6 tons per hour.

Recent Results
For FY2015 (unaudited & provisional), the firm reported an
operating income of INR51.28 crore and operating profits of
INR1.63 crore as compared to operating income of INR33.90 crore
and operating profits of INR1.50 crore for FY2014.


SAMIRA REALTY: CRISIL Suspends 'D' Rating on INR103.5MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Samira
Realty Projects Pvt Ltd (SRPPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit            76.5        CRISIL D
   Proposed Term Loan    103.5        CRISIL D

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

SRPPL was incorporated in 2007 as a joint venture between Samira
Construction Ltd and IL&FS IndiaReit Fund. It is part of the
Samira Habitat group, promoted by Mr. Sameer Nerurkar. The Samira
Habitat group is a leading lifestyle and infrastructure company
which is actively developing the PARK region.


SASI EDUCATIONAL: CRISIL Assigns B- Rating to INR85MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long term
bank facilities of Sasi Educational Society (SES).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      7.5        CRISIL B-/Stable
   Long Term Loan         85          CRISIL B-/Stable
   Overdraft Facility     17.5        CRISIL B-/Stable

The rating reflects SES's modest scale of operations and intense
competition in the engineering colleges' segment due to the
presence of numerous engineering colleges in Andhra Pradesh and
its weak financial risk profile marked by high gearing and low net
worth. The rating also factors SES's susceptibility to regulatory
changes in the education sector. These rating weaknesses are
partially offset by the benefits derived by SES from the extensive
industry experience of its promoters and diverse revenue profile.
Outlook: Stable

CRISIL believes that SES will continue to benefit over the medium
term from the extensive experience of its promoters in the
education sector. The outlook may be revised to 'Positive' if the
society reports higher than expected revenue and profitability
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if SES undertakes a
larger-than-expected debt-funded capital expenditure programme, or
records a steep decline in its revenues and surplus, deteriorating
its financial risk profile.

Set up in 1980, SES runs educational institutes in Andhra Pradesh.
The society is promoted by Mr. Burugupalli Venu Gopala Krishna.

SES reported deficit (excess of expenditure over income) of
INR32.4 million on an income of INR213.3 million for 2013-14
(refers to financial year, April 1 to March 31) as against a
surplus (excess of income over expenditure) INR4.7 million on an
income of INR202.6 million for 2012-13.


SATYA SUBAL: CRISIL Ups Rating on INR68.6MM Term Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Satya
Subal Himghar Pvt Ltd (SSHPL) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee         1         CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit           44.8       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Long Term    54.6       CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')

   Term Loan             68.6       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Working Capital Loan   6         CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade reflects SSHPL's timely payment of principal
and interest obligation on its term loan over the four months
through March 2015.

The ratings reflect SSHPL's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and exposure to
intense competition in the cold storage industry in West Bengal.
These rating weaknesses are partially offset by the extensive
industry experience of SSHPL's promoters.
Outlook: Stable

CRISIL believes that SSHPL will continue to benefit over the
medium term from its established relationships with clients and
its promoters' industry experience. The outlook may be revised to
'Positive' if the company registers a substantial increase in its
revenue and operating margin. Conversely, the outlook may be
revised to 'Negative' if SSHPL reports a decline in its revenue or
operating margin, or significant deterioration in its financial
risk profile because of large debt-funded capital expenditure or
lengthening of its working capital cycle.

Incorporated in 2013, SSHPL provides cold storage facilities for
potatoes. Its promoters also undertake opportunistic trading in
potatoes. SSHPL's cold storage is in Paschim Medinipur (West
Bengal). The company's day-to-day operations are managed by five
brothers: Mr. Bhaskar Ghosh, Mr. Dipankar Ghosh, Mr. Sasanka
Ghosh, Mr. Shankar Ghosh, and Mr. Kinkar Prasad Ghosh.


SHREYASH GINNING: ICRA Withdraws B Rating on INR5.25r Bank Loan
---------------------------------------------------------------
ICRA has withdrawn the suspended rating of long term rating of
[ICRA]B assigned to the INR5.25 crore bank limits of Shreyash
Ginning & Pressing Factory. As per ICRA's policy on withdrawals,
ICRA can withdraw the rating in case the rating remains suspended
for more than three years.


SHRI SAI: ICRA Withdraws B+ Rating on INR10cr Term Loan
-------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR10.0
crore term loans of Shri Sai BuildInfra Pvt Ltd, as the company
has fully repaid the facility. There is no amount outstanding
against the rated instrument.

Shri Sai Buildinfra Private Limited is a special purpose vehicle
executing a residential real estate project called 'RAS Town' in
Talawali Chanda, near Dewas naka, AB Road in Indore, Madhya
Pradesh. The company is promoter by Mr. Saifee Raja, Mr. Rajeev
Shrivastav and their associates. The entire project consists of
thirteen G+ 6 towers which comprise of 768 flats. The company is
launching the towers in phases. In the first phase it launched
three towers followed by two towers in the second phase. The
company availed term loan to part fund the first three towers with
192 flats (1/2 BHK) and aggregate super built up area of 1.75 lakh
sq ft. The company plans to deliver the first phase by Jun 2014 as
against previous expectation of Dec 2013, and complete the entire
project by 2016.


SHRUTI TIMBER: ICRA Suspends B+ Rating on INR2.25cr LT Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR2.25 crore long term fund based limits, [ICRA]A4 rating
assigned to the INR9.25 crore non fund based limits and
[ICRA]B+/[ICRA]A4 rating assigned to the INR0.50 crore unallocated
bank limits of M/s Shruti Timber Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


SIDDESHWAR MULTIPURPOSE: CRISIL Ups Rating on INR53.5M Loan to B-
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Siddeshwar Multipurpose Heemghar Pvt Ltd (SMHPL) to 'CRISIL B-
/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        1.2       CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit          53.5       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Long Term   50.9       CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Term Loan            35.9       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Working Capital       8.5       CRISIL B-/Stable (Upgraded
   Loan                            from 'CRISIL D')

The rating upgrade reflects SMHPL's timely payment of principal
and interest on its term loan over the nine months through March
2015.

The ratings reflect SMHPL's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and its exposure to
intense competition in the cold storage industry in West Bengal.
These rating weaknesses are partially offset by the extensive
industry experience of SMHPL's promoters.
Outlook: Stable

CRISIL believes that SMHPL will continue to benefit over the
medium term from its healthy relationships with clients and its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company's revenue and operating
margin increase substantially. Conversely, the outlook may be
revised to 'Negative' if SMHPL's revenue and operating margin
decline, or if its financial risk profile deteriorates
significantly because of large debt-funded capital expenditure or
stretch in its working capital cycle.

Incorporated in 2011, SMHPL provides cold storage facilities for
potatoes. Its facilities are in Chandrakona (West Bengal). The
company's day-to-day operations are managed by three brothers: Mr.
Bhaskar Ghosh, Mr. Dipankar Ghosh, and Mr. Sasanka Ghosh.


SIDDHI VINAYAK: CRISIL Rates INR16.38BB Long Term Loan at D
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Siddhi Vinayak Logistic Ltd (SVLL) and has
assigned its 'CRISIL D' rating to the bank facilities.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          120       CRISIL D (Assigned;
                                     Suspension revoked)

   Cash Credit            1325       CRISIL D (Assigned;
                                     Suspension revoked

   Long Term Loan       16,381       CRISIL D (Assigned;
                                     Suspension revoked)

The rating was previously 'suspended' by CRISIL on January 12,
2015, as SVLL had not provided the necessary information required
for the rating review. SVLL has now shared the requisite
information, enabling CRISIL to assign the rating to its bank
facilities.

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

The rating factors in the company's aggressive capital structure,
counter party risks, operating efficiencies marred by sub-optimal
fleet utilisation, and high working capital intensity. These
rating weaknesses are partially offset by SVLL's established
market position in the domestic road transport industry, with a
large self-owned fleet, and established relationships with large
players.

SVLL was set up as a private limited company in 2002; it was
reconstituted as a public limited company in 2006 with its
business operations commencing only in October 2006. It provides
logistics services and is based in Surat (Gujarat).


SILPA PROJECTS: CRISIL Cuts Rating on INR300MM Cash Loan to C
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Silpa Projects and Infrastructure India Pvt Ltd (SPIPL) to
'CRISIL C' from 'CRISIL B-/Stable', while reaffirming its rating
on the company's short-term facility at 'CRISIL A4'.

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          400        CRISIL A4 (Reaffirmed)

   Cash Credit             300        CRISIL C (Downgraded from
                                      'CRISIL B-/Stable')

   Proposed Long Term        3        CRISIL C (Downgraded from
   Bank Loan Facility                 'CRISIL B-/Stable')

   Standby Line of          30        CRISIL C (Downgraded from
   Credit                             'CRISIL B-/Stable')

   Term Loan                10        CRISIL C (Downgraded from
                                      'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by SPIPL in
servicing its debt (not rated by CRISIL). The delays have been
caused by the company's weak liquidity.

The ratings also reflect SPIPL's working-capital-intensive
operations and geographical concentration in its revenue profile.
These rating weaknesses are partially offset by the company's
established regional market position in the civil construction
segment, extensive industry experience of its promoter, and its
established customer relationships.

SPIPL was originally established in 1987 as a proprietorship firm,
Silpa Projects; the firm was subsequently reconstituted as a
private limited company with the current name in 2007. Promoted by
Mr. T S Sanil, SPIPL undertakes civil construction in Kerala.


SIMRAN MOTORS: CRISIL Reaffirms B Rating on INR193MM Cash Loan
--------------------------------------------------------------
CRISIL ratings on the bank facilities of Simran Motors Private
Limited (SMPL) continues to reflect its weak financial risk
profile, marked by an average net worth, high gearing, and weak
debt protection metrics, due to its large debt-funded capital
expenditure (capex) and investments in real estate.

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         10         CRISIL A4 (Reaffirmed)

   Cash Credit           193         CRISIL B/Stable (Reaffirmed)

   Inventory Funding
   Facility              130         CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     10         CRISIL B/Stable (Reaffirmed)

The ratings also factor in SMPL's working-capital-intensive
operations, and exposure to risks related to its low bargaining
power with its principal and to intense competition in the
automobile dealership market. These rating weaknesses are
partially offset by SMPL's moderate scale of operations, extensive
industry experience of its promoters and its established
relationship with its principal, Maruti Suzuki India Ltd (MSIL;
rated 'CRISIL AAA/Stable/CRISIL A1+').
Outlook: Stable

CRISIL believes that SMPL's financial risk profile will continue
to be constrained over the medium term by its high gearing driven
by its large, debt-funded capex. However, SMPL will benefit from
its association with MSIL and from its promoters' extensive
experience in the automobile dealership businesses, over this
period. The outlook may be revised to 'Positive' in case of an
increase in SMPL's scale of operations and profitability, leading
to higher cash accruals and thus to an improvement in its
financial risk profile, particularly its liquidity. Conversely,
the outlook may be revised to 'Negative' if SMPL's cash accruals
are less than expected, or its debt-funded capex is larger than
expected, leading to further deterioration in its financial risk
profile.

SMPL was incorporated in 2007, promoted by Mr. Swarnapal Singh
Kohli and Mrs. Arvinder Kaul Kohli. The company is an authorised
dealer of MSIL's vehicles in Maharashtra. SMPL has five showrooms-
cum-workshops at Panvel, Alibagh, Mahad, Wadhakal and Karjat. It
also has one body shop in Vora.


SMT MACHINES: CRISIL Cuts Rating on INR90MM Cash Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of SMT Machines India Ltd (SMT) to 'CRISIL D' from 'CRISIL B-
/Stable'. The rating downgrade reflects recent instances of delay
by SMT in servicing its debt; the delays were because of the
company's weak liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               90       CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Term Loan                  2       CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Working Capital
   Demand Loan                7       CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Working Capital
   Term Loan                 40       CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

SMT's working capital cycle is stretched because of inventory
pile-up and delays/defaults in payments by customers. Also, muted
demand and delayed offtake by customers has further stretched the
company's liquidity. CRISIL believes that SMT's debt servicing
ability will be highly contingent on its order book and timely
payments by customers, over the medium term.

SMT has weak operating profitability because of increasing
competition; moreover, it has large working capital requirements
and a weak financial risk profile marked by low interest coverage
and net cash accruals to total debt coverage.  Also, the company
is exposed to end-user industry concentration risk. However, SMT
benefits from its established market position with geographically
diversified revenue profile.

Set up in 1992, SMT is promoted by Mr. Surinder Kumar Mittal and
his family. It designs and manufactures steel rolling mill plants.
The company was originally incorporated as Aman Multilateral Pvt
Ltd. It got its current name in the late 1990s.


STELLAR MARINE: ICRA Suspends B+ Rating on INR2cr Cash Credit
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR2.00
crore cash credit facility (sublimit of short term fund based
facilities) of Stellar Marine Foods. ICRA has also suspended
[ICRA]A4 rating assigned to the INR10.00 crore short term fund
based facilities and to the INR1.00 crore non-fund based
facilities of Stellar Marine Foods (SMF). The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Promoted by Mr. Jayant Mirani in 2009, M/s Stellar Marine Foods is
a proprietorship concern engaged in the business of processing and
exporting various types of fishes, cephalopods and crustacean
shrimps. SMF is part of the Nikom Group of Companies which has a
presence in diversified business segments including marketing
pharmacy products, exporting marine foods and providing ocean and
air cargo services. The seafood processing and cold storage
activity of SMF is undertaken by its group company Libran Cold
Storage Private limited which has an installed capacity to process
10 metric ton per day. The processing unit of Libran Cold Storage
Private limited is HACCP approved, adhering to national and
international standards.


STERIL-GENE: CRISIL Rates INR223.2M Loan at B; Suspension Revoked
-----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Steril-Gene Life Sciences Pvt Ltd (SLPL) and
assigned its 'CRISIL B+/Stable' rating to the facilities. CRISIL
had, on December 27, 2014, suspended the rating as SLPL had not
provided necessary information required to maintain a valid
rating. SLPL has now shared the requisite information, enabling
CRISIL to assign a rating to the bank facilities.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           50         CRISIL B/Stable (Assigned;
                                    Suspension Revoked)

   Long Term Loan       223.2       CRISIL B/Stable (Assigned;
                                    Suspension Revoked)

The rating reflects SLPL's modest scale of operations in a
fragmented industry and the company's below-average financial risk
profile, marked by weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
SLPL's promoters in the pharmaceuticals industry and their strong
funding support to the company.
Outlook: Stable

CRISIL believes that SLPL will continue to benefit over the medium
term from its promoters' extensive industry experience and funding
support. The outlook may be revised to 'Positive' if SLPL scales
up its operations and improves its profitability resulting in
increased cash accruals, and consequently, to a better financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the company's scale of operations or profitability declines or
if its working capital management deteriorates or if it undertakes
a large debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile.

Set up in 2008, SLPL manufactures pharmaceutical formulations and
has its manufacturing unit in Puducherry. The company's daily
operations are managed by Mr. A Sulaiman.

SLPL reported net loss of INR87.5 million on revenue of INR352.8
million in 2013-14 (refers to financial year, April 1 to
March 31) as against net loss of INR81.8 million on revenue of
INR211.4 million for 2012-13.


SUDAMO IMPEX: ICRA Puts B+ Rating on INR11.25cr Fund Based Loan
---------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR11.25
crore long term fund based and non fund based limits of Sudamo
Impex Pvt. Ltd.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits       11.25      [ICRA]B+ assigned
   Non-fund Based Limits  (10.50)     [ICRA]B+ assigned

The assigned rating takes into account Sudamo Impex Private
Limited's (SIPL) moderate scale of operations and highly geared
capital structure, which is likely to deteriorate further on
account of debt funded capital expansion plan. ICRA also notes
that the net working capital intensity of the company has remained
high owing to high inventory levels and high receivables high
inventory levels, entailing stretched liquidity and full
utilization of bank limits. The rating is also constrained by
vulnerability of the margins to fluctuations in the prices of raw
materials and to the competitive pressure prevailing in the
textile industry. The rating, however, favorably factors in the
significant experience of promoters in the business of textiles
and locational advantages due to presence in Surat, which provides
east accessibility to key raw materials.

Incorporated in July 2006, Sudamo Impex Private Limited (SIPL) is
engaged in manufacture of synthetic fabrics for suiting, shirting,
sarees for ladies, ladies dress materials, embroidery fabrics, and
home textiles. Mr. Shrikant Mundra, Mr. Deepal Mundra and Mr.
Girdhagopal Mundra are involved in day to day operations of the
company. The company is a part of the Madhusudan Group which is
into the business of textiles since 1982. The Group is vertically
integrated textile manufacturer from yarn to a variety of finished
fabric. The company has its registered office in Surat and weaving
unit in Palsana, Surat. Currently, the company has 24 rapier looms
and 21 waterjet looms with an installed capacity of 33.27 lakh
metre/annum.

Recent Results
SIPL recorded a net profit of INR0.48 crore on an operating income
of INR29.90 crore for the year ending March 31, 2014. The company
has also recorded profit before tax of INR0.52 crore on an
operating income of INR24.59 crore in the first ten months of FY15
(provisional).


SURAJ CORPORATION: ICRA Suspends B- Rating on INR10cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B- and [ICRA]A4 ratings assigned to
the fund based, non fund based and unallocated limits aggregating
to INR10.00 crore of Suraj Corporation. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Promoted by the Shah family Suraj Corporaton is a proprietorship
concern engaged in trading of chemicals dyes & pigments which
primarily caters to the textile and plastic industries. The firm
obtains most of its revenue from the sale of its two principal
products Fluorescent yellow 8GF and Optical brightener (grades: OB
and OB-1). The concern has its head office in South Mumbai and
stores inventory in a family owned warehouse in Bhiwandi, Thane


SYNERGY TELECOM: CRISIL Cuts Rating on INR285MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Synergy
Telecommunications (Synergy) to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+' on account of irregularities in bank
limits. This is based on our discussion with the banker.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              285       CRISIL D (Downgraded from
                                      'CRISIL BB+/Stable')

   Letter of Credit          11       CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Proposed Long Term
   Bank Loan Facility       254       CRISIL D (Downgraded from
                                      'CRISIL BB+/Stable')


Synergy, set up in 2006, is a partnership firm that provides
passive infrastructure services to various telecom operators and
is a supplier of pre-fabricated building structures. The firm's
day-to-day operations are managed by Mr. Harpal Singh and his
wife, Mrs. Rachana Singh.


SYNERGY THRISLINGTON: CRISIL Cuts Rating on INR200MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on bank facilities of Synergy
Thrislington (ST) to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+' on account of irregularities in bank
limits. This is based on our discussion with the banker.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          50        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit            200        CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

   Proposed Long Term
   Bank Loan Facility      17.2      CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

   Term Loan               12.8      CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

ST was originally set up in 2008 as a proprietorship firm by Mr.
Harpal Singh; it was reconstituted as a partnership firm with
effect from April 2011. The firm manufactures and erects pre-
fabricated structures for construction of commercial and
residential buildings, demountable office partitions, ceiling
panels, and polyurethane foam and expanded polystyrene panels. Its
plant is in Mohali, Punjab.


TUNGNATH EDUCATIONAL: ICRA Assigns B- Rating to INR7.03cr Loan
--------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B- to the INR10.00
crore fund based bank facilities of Tungnath Educational Society.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term: Fund
   Based                 2.97       [ICRA] B-; Assigned

   Unallocated           7.03       [ICRA] B-; Assigned

ICRA's rating is constrained on account of TES' modest scale of
operations as reflected in total strength of ~1820 students in AY
2014-15 and moderate occupancy levels in its flagship engineering
courses. The rating is also constrained on account of the net
deficit incurred by the society, which coupled with high debt
levels has led to weak debt protection indicators. The rating
however, favorably factors in the improvement in the society's
liquidity position owing to refinancing undertaken by the society,
which has resulted in a higher repayment tenor and additional
working capital facility to fund the cash flow mismatches arising
out of the lumpiness of cash inflows vis a vis monthly debt
servicing obligations and fixed expenses. The rating also factors
in the moderately healthy admissions in AY 2014-15 which have more
than doubled compared to the last year. Despite the improvement in
admissions, the occupancy and total strength continue to remain
modest.

Going forward, the ability of the society to improve the occupancy
levels further will be critical for improvement in its
profitability levels and hence will be the key rating sensitivity.

Established in 2006, TES operates the 'Satya Group of
Institutions' (SGI) in Palwal, Haryana. SGI is affiliated to
Maharishi Dayanand University, Rohtak and offers both
undergraduate and post graduate programs in engineering and
management, as well as diploma courses.

Recent Results
TES reported Revenue Receipts (RR) of INR8.48 Crore and a net
deficit of INR0.71 Crore in FY2013-14, as against RR of INR8.00
Crore and a net deficit of INR1.09 Crore in the previous year.


WHITE GOLD: ICRA Suspends B+ Rating on INR14cr Cash Credit
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR14.00
crore cash credit facility of White Gold Cotton Industries. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in October 2007, White Gold Cotton Industries
commenced operations in 2009. The firm is promoted by Mr. Hitesh
Gajera, Mr. Ram Sakaria and their family members. The firm is
engaged in the ginning and pressing of raw cotton to produce
cotton bales and cotton seeds. Earlier, the partners of the firm
were involved in trading of cotton bales. WGCI has an associate
proprietorship firm, Heerubai Enterprise which is engaged in the
trading of cotton bales and cotton seeds.


=================
I N D O N E S I A
=================


PROFESIONAL TELEKOMUNIKASI: Fitch Ups Long Term FC IDR to 'BB+'
---------------------------------------------------------------
Fitch Ratings has upgraded Indonesia-based PT Profesional
Telekomunikasi Indonesia's (Protelindo) Long-Term Foreign Currency
Issuer Default Rating to 'BB+' from 'BB'. The Outlook is Stable.
Simultaneously, Fitch Ratings Indonesia has also upgraded
Protelindo's National Long-Term Rating, National senior unsecured
rating, and rating on its IDR1trn senior unsecured bond to
'AA+(idn)' from 'AA-(idn)'. The Outlook for the National Long-Term
Rating is Stable.

The upgrade follows Protelindo's track record of deleveraging and
gradual improvement in its cash flow generation since 2012.
Protelindo's funds flow from operations (FFO)-adjusted net
leverage decreased to 2.2x at end-2014 from 4.2x at end-2012 due
to rising EBITDA. At the same time, Protelindo's cash flow
generation has been solid, with positive free cash flows of
IDR734bn in 2014 (2013: IDR277bn).

'AA' National Ratings denote expectations of very low default risk
relative to other issuers or obligations in the same country. The
default risk inherently differs only slightly from that of the
country's highest rated issuers or obligations.

KEY RATING DRIVERS

Current Scale Supports Growth: Fitch believes that Protelindo's
current scale can support a combination of organic and inorganic
growth without any material impairment to its credit profile. The
agency forecasts that annual addition of 1,800 towers,
opportunistic acquisition of 1,000 towers, and dividend payment
amounting to 90% of its pre-dividend free cash flows will not push
Protelindo's FFO-adjusted net leverage above 3.5x.

Protelindo had EBITDA of IDR3.4trn (USD274m) in 2014 and we
forecast EBITDA to grow at least 10% a year as the company adds
1,500-2,000 towers each year.

Consistent Financial Policy: The upgrade also reflects
Protelindo's commitment to maintain a consistent financial policy
with net debt/ EBITDA (last quarter annualised) of around 3.0x-
3.5x. Since it started, the company has been willing to forego
dividends in favour of growth. However, it has been disciplined on
acquisitions and consequently has deleveraged to below its target
net debt/EBITDA.

Gradual Improvement in Tenancy Risk: Protelindo's tenancy mix has
been gradually improving with greater contribution from
investment-grade telcos. Contribution from these telcos accounted
for 52% of revenue in the first three months of 2015 from 47% in
2013. Although the improvement has been slower than Fitch's
expectations, the agency believes that the counterparty risk will
be lower in the future as most of the additional tower tenants
will be Indonesia's top-three telcos, which have investment-grade
ratings: PT Telekomunikasi Selular (AAA(idn)/Stable), PT XL Axiata
Tbk (BBB/Stable/AAA(idn)), PT Indosat Tbk (BBB/Stable/AAA(idn)).

Exposure to Weaker Tenants: The company continues to have
significant exposure to tenants with weaker credit profiles. PT
Hutchison 3 Indonesia accounted for 37% of Protelindo's 2014
revenue and PT Smartfren Telecom Tbk (CCC(idn)) accounted for 8%.
However, we believe that Protelindo's low leverage will help
mitigate counterparty risks from these weaker telcos. We estimate
that if PT Hutchison 3 Indonesia were to default and its towers
were dismantled in 2016, Protelindo's FFO-adjusted net leverage
will not rise above 4.0x.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

  - Annual construction of 1,500-2,000 towers

  - Addition of 500 co-location leases in 2015, with the number
    to gradually increase throughout 2016-2018

  - Most of the pre-dividend free cash flows will be distributed
    to shareholders

  - Opportunistic tower portfolio acquisition will be funded by
    debt

RATING SENSITIVITIES

Positive: Future developments that could individually or
collectively lead to positive rating actions include:

  - Improving tenancy mix so that investment-grade telcos account
    for more than 75% of revenue while maintaining positive free
    cash flows.

Negative: Future developments that could individually or
collectively lead to negative rating action include:

  - FFO-adjusted net leverage rising above 3.5x on a sustained
    basis



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


IMAGEEPOCH: Game Developer Files For Bankruptcy
-----------------------------------------------
AnimeNewsNetwork reports that Japanese game developer Imageepoch
as well as affiliate company Smile Online Game filed for
bankruptcy with the Tokyo District Court on May 8.

The deadline for the companies to file their credit is June 4. The
company will also hold a meeting for a report on its assets on
July 30, the report says.

Imageepoch lists around JPY1.1 billion (around US$9.17 million) in
debt to 43 creditors, AnimeNewsNetwork discloses. Affiliate
company Smile Online Games lists around JPY3 million (around
US$25,015) to five creditors, according to the report.

According to AnimeNewsNetwork, the company earned an income of
JPY1.7 billion (US$14 million) in the fiscal year ending in
September 2011. AnimeNewsNetwork relates that rising development
costs and failure to reach sales targets put its annual income at
JPY410 million (US$3.4 million) in the fiscal year ending in
September 2013. The company was unable to recover, and by November
last year, it had suspended all major development activity, the
report notes.

Idea Factory CEO Yoshiaki Sato first reported that he was unable
to contact Imageepoch CEO Ryohei Mikage last month, the report
says.  Mikage's Twitter account was taken offline as of May 7,
adds AnimeNewsNetwork.

Imageepoch was established in 2004, and developed such games as
Luminous Arc, 7th Dragon, Fate/Extra, and Time and Eternity.



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


HENDERSON GROUP: David Henderson Wins Nod to Sue Liquidator
-----------------------------------------------------------
Martin Van Beynen at Stuff.co.nz reports that the High Court has
allowed Christchurch bankrupt David Henderson to sue the Crown and
a liquidator over claims they breached his privacy and other
rights.

According to the report, Mr. Henderson's proceedings relate to a
2011 police search of his Christchurch offices in which computer
records were seized and handed to Robert Walker, an accountant and
liquidator of companies in the Henderson group.

Stuff.co.nz relates that police have this month conceded the
search warrants authorising the search were unlawful and their
execution inconsistent with the Bill of Rights Act.  Mr. Henderson
has accepted a compensation package, the details of which are
undisclosed.

Early last year Mr. Henderson, 60, lodged an action against Grant
Slevin, a senior lawyer for the NZ Insolvency and Trustee Service,
the Attorney General, Walker and Walker's employee Ryan Eathorne
seeking compensation -- for emotional distress and economic loss -
- for actions flowing from the search, the report recalls.

According to the report, Mr. Henderson alleged each defendant
breached his Bill of Rights Act right to not be subjected to
unreasonable search and seizure, breached his privacy and intruded
upon his seclusion.

Stuff.co.nz relates that Mr. Henderson, who is representing
himself, said in pleadings for the case that after the seizure of
his computer in April, 2011, at least three people came into
possession of his electronic records, some of them personal to
himself and his wife, Kristina Louise Buxton.

The report says the court had to decide an application to strike
out all Mr. Henderson's actions and, alternatively, whether Mr.
Henderson needed to pay a security for costs. The case was heard
in September last year, the report notes.

In a decision in March, Associate Judge Rob Osborne struck out Mr.
Henderson's breach of Bill of Rights Act claim against Slevin,
Walker and Eathorne because the claim was untenable.

". . . it is the Crown, rather than individuals, which is held
accountable for (Bill of Rights) breaches . . ." the report quotes
Judge Osborne as saying.

He ordered Mr. Henderson to provide further and better particulars
of the allegations of unreasonableness and bad faith against the
Attorney General - for the Ministry of Economic
Development/Official Assignee, now Ministry of Business,
Innovation and Employment (MBIE), Stuff.co.nz relates.


KIWI FORESTRY: Employees Out Of Work, But Not Unemployed
--------------------------------------------------------
Michael Sergel at Newstalk ZB reports that creditor action against
a forestry company has left some employees out of work -- but not
unemployed.

Hundreds of Northland workers lost their jobs in March, when
creditors seized the property of some of the Kiwi Forestry
International group of companies, according to the report.

Newstalk ZB relates that First Union said up to 25 Auckland
workers haven't been let go or given redundancy, but have been
told to stop coming to work.

General secretary Robert Reid said if the companies are insolvent,
regulators shouldn't be letting them operate, the report relays.

"These organisations should be keeping a watchful eye in
regulating how business operates," the report quotes Mr. Reid as
saying.

Despite this, Mr. Reid said regulators haven't started monitoring
the companies, the report states.

"If these companies are insolvent, then they should not be trading
while insolvent, and that is actually against the law," Mr. Reid,
as cited by Newstalk ZB, said.


MCVITTY PROPERTIES: Liquidation Leaves BNZ With NZ$2.6M Shortfall
-----------------------------------------------------------------
The Business Desk reports that McVitty Properties, one of two
failed farm investment companies owned by Manawatu farmers Robert
and Margaret McVitty, has completed its liquidation, leaving
creditor Bank of New Zealand (BNZ) with a shortfall of about
NZ$2.6 million.

McVitty Properties, which invested in dairy, dairy support, sheep
and beef farms in the Manawatu and Hawkes Bay, was put into
receivership in March 2010 when it was unable to make payments on
debts including NZ$43 million owed to BNZ, according to the
report.

Unsecured creditors are owed NZ$151,780, according to the final
liquidators' report from Richard Simpson and David Ruscoe of Grant
Thornton, the report notes.

Falling farm prices had further eroded the bank's security and
McVitty Properties was also guarantor for a number of related
party debts including Patoka Dairies, which was put into
receivership the same month, owing BNZ NZ$40.2 million, the report
relays.

McVitty Properties held about 67 percent of Patoka, which owned
six dairy or dairy support farms in Hawkes Bay and which is also
in liquidation.

The receiverships came just months after the high-profile Crafar
Farms were put into receivership in October 2009, owing Westpac
Banking Corp, Rabobank and PGG Wrightson Finance some NZ$200
million, the report relays.

Like the Crafars, McVitty Properties was controversial, being
charged for obstructing an animal welfare officer in 2006 who was
trying to prevent him shooting a cow, the report recalls.

However, the sale of McVitty and Patoka farms hasn't been
controversial, and the selldown has allowed BNZ to recoup most of
what it was owed, the report notes.

The repost discloses that the Reserve Bank said that 25 percent of
farmers are currently carrying debts above 65 percent of the value
of their assets and trading in negative equity, and they would be
under pressure in the face of weak dairy prices.

"Another year of low prices that would be a worry for the economy,
no question, and also that would be a worry for farmers in terms
of their debt capacity," Governor Graeme Wheeler told a
parliamentary hearing into the bank's six monthly financial
stability report, Business Desk adds.


PLANET MEDIA: Under Students Association Review Over Insolvency
---------------------------------------------------------------
Radio New Zealand News reports that Otago University students
could be forced to foot the bill for its student media company,
which owes hundreds of thousands of dollars.

Radio NZ says Planet Media Dunedin Limited which runs Critic
magazine and Radio One, owes the university's students'
association about NZ$250,000.

A spokesperson for the association said the company had been in
debt for a number of years but the situation had worsened and it
had been forced to make a tough call, the report says.

The students' association will conduct a review of the student
media company, Radio NZ notes.


* NZ: Bill Aims to Help Farmers as Receivership Threatens
---------------------------------------------------------
New Zealand First has lodged a Bill to help farmers facing
financial strain stay out of receivership.

"Our farmers are world beaters but carry huge debt," said New
Zealand First List Member of Parliament Ron Mark, who lives in
Wairarapa.

"The Reserve Bank's Financial Stability report reveals that about
1,200 dairy farmers owe nearly NZ$10 billion.

"Farming is a complex business and, as the Reserve Bank
highlights, '10 per cent of [dairy] farms accounted for around
one-third of total sectoral debt'.

"At present many farmers and share milkers with watch list loans
are under stress, that's why New Zealand First has lodged the
Receiverships (Agricultural Debt Mediation) Amendment Bill.

"Dairy prices are down with no signs of immediate recovery as the
Russia/Ukraine stand-off displaces billions of liters of European
milk.  Lamb schedules have tracked down while parts of New Zealand
continue to struggle with drought, especially Canterbury.

"Our Bill will require independent debt mediation before a
receivership can start. We hope mediation will bring an agreement
on the debt and the financial relationship between farmers and
creditors.

"The Bill places obligations on the Banking Ombudsman Scheme to
administer Agricultural Debt Mediation.  Our Bill will also remove
any financial limit for scheme compensation.

"The need for this was proved by the successful Commerce
Commission interest rate swaps investigation, which only landed
ANZ, Westpac and ASB with small financial penalties relative to
what it cost affected farmers.

"In 1999, when former New Zealand First MP Doug Woolerton's Farm
Debt Mediation Bill was read, agricultural debt was NZ$11.7
billion.  As of May 13, it is NZ$54 billion.

"So we don't wish to burn a generation of farmers and our Bill is
the least we can do as parliamentarians," said Mr. Mark.



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


ALJUNIED-HOUGANG-PUNGGOL: Town Council "Technically Insolvent"
--------------------------------------------------------------
Kimberly Spykerman at Channel News Asia reports that the Aljunied-
Hougang-Punggol East Town Council (AHPETC) is "technically
insolvent", according to the Ministry of National Development
(MND), which wrapped up its case on May 5, following a court
hearing into whether independent accountants should be appointed
to, among other things, safeguard Government grants.

This charge was not challenged by the town council, the report
says.

According to CNA, the court heard on May 4 and May 5 that the town
council had failed to make two mandatory payments to its sinking
fund, which is used for long-term estate maintenance. With about
SGD14 million in Government grants currently being withheld, the
town council does not have sufficient income from its service and
conservancy charges to make those payments, the report notes.

"If the defendant (AHPETC) had complied with the mandatory
obligation to make their 2014 Q3 and Q4 quarterly transfers, they
would not have sufficient monies," the report quotes MND's legal
counsel Aurill Kam as saying.

The report relates that Ms Kam said that from that point of view,
it would not be an overstatement to say that the Workers' Party-
run town council is "technically insolvent". She also charged that
the town council had been "economical with the truth", when its
leaders told Parliament in February that it had been making
transfers to the sinking fund for 2014, the report relays.

Payments to the fund are made quarterly, but at that time, the
town council had already missed the payment for the third quarter,
CNA states.

The report says Ms Sylvia Lim, Chairman of AHPETC, maintained that
what she said in Parliament is factual. "When it comes to what I
said to Parliament, I filed an affidavit to explain, and it's
still my position today that what I said is factual," the report
quotes Ms Lim as saying.

CNA relates that in her affidavit, Ms Lim said her statement to
Parliament that the town council had been making transfers to the
fund was true and correct, as two payments totaling about SGD8
million had already been made.

The court also heard that the town council has sufficient funds to
last till June, but this would mean not making the mandatory
payments to the sinking fund, the report relays.

The report adds that Ms Kam said these breaches took place despite
the town council's public assurances and statements that it was
aware of this obligation and was complying with it.

"Does the defendant (AHPETC) view its obligations to comply with
the Town Councils Act and the Town Councils Financial Rules
seriously? They treat their mandatory obligations as malleable and
that is a matter of concern," she told the court, the report
relays.



===============
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

ACONEX LTD                ACX             36.38        -152.68
ADCORP AUSTRALIA          AAU             17.86          -0.81
ATLANTIC LTD              ATI             64.03        -517.87
AUSTRALIAN ZI-PP        AZCCA             16.99         -71.67
AUSTRALIAN ZIRC           AZC             16.99         -71.67
AXXIS TECHNOLOGY          AYG             19.18          -1.88
BIRON APPAREL LT          BIC             19.71          -2.22
BLUESTONE GLOBAL          BUE             46.32          -2.40
BRIDGE GLOBAL CA          BGC             19.38        -121.51
BULLETPROOF GROU          BPF             11.11          -2.99
CLARITY OSS LTD           CYO             13.99         -15.57
CONTINENTAL COAL          CCC            141.26          -6.69
IPH LTD                   IPH             22.71          -7.54
LOVISA HOLDINGS           LOV             19.02          -3.43
MBD CORP LTD              MBD             14.63          -0.20
MIRABELA NICKEL           MBN            158.54        -375.82
NORSEMAN GOLD PL          NGX             36.28         -43.40
OPUS GROUP LTD            OPG             63.26          -8.99
RIVERCITY MOTORW          RCY            386.88        -809.13
RUTILA RESOURCES          RTA             34.45          -3.90
SAVCOR GRP LTD            SAV             25.90         -10.32
SIGNATURE METALS          SBL             33.09         -18.85
SPHERE MINERALS           SPH            108.81         -64.95
STERLING PLANTAT          SBI             59.64         -12.67
STONE RESOURCES           SHK             21.76         -14.91
SUBZERO GROUP LT          SZG             31.95          -3.19


CHINA

ANHUI GUOTONG-A           600444          75.07          -7.31
BAIOO                       2100          88.34          -3.21
CHINA ESSENCE GR            CESS          48.99        -108.56
GCL SYSTEM INT-A            2506         577.79        -465.36
JIANGXI CHANG-A           600228         109.53         -11.09
LINEKONG INTERAC            8267          40.79        -112.57
LUOYANG GLASS-A           600876         203.45          -2.05
LUOYANG GLASS-H             1108         203.45          -2.05
NANNING CHEMIC-A          600301         257.94         -14.09
SHAANXI QINLIN-A          600217         339.47         -24.55
SHANG BROAD-A             600608          39.94          -0.31
SONGLIAO AUTO -A          600715          27.06          -6.12
TIANGE                      1980         139.51         -13.82
WUHAN BOILER-B            200770         193.47        -235.12
XIAKE COLOR-A               2015         268.17         -18.47

CHINA HEALTHCARE             673          26.86         -17.33
CHINA MINING RES             340          97.56          -1.90
CHINA OCEAN SHIP             651         315.16         -76.51
CNC HOLDINGS                8356          50.95         -10.22
GR PROPERTIES LT             108          17.83         -52.36
GRANDE HLDG                  186         194.96        -302.44
HARMONIC STR                  33          33.31          -2.82
MASCOTTE HLDGS               136          17.72          -4.61
TITAN PETROCHEMI            1192         422.49      -1,073.54


INDONESIA

APAC CITRA CENT          MYTX            174.01         -17.22
ARPENI PRATAMA           APOL            166.39        -336.11
ASIA PACIFIC             POLY            323.36        -862.79
BAKRIE & BROTHER         BNBR            937.98        -160.00
BAKRIE TELECOM           BTEL            627.41        -271.18
BENTOEL INTL INV         RMBA            854.30         -17.77
BERAU COAL ENERG         BRAU          1,876.65         -29.46
BERLIAN LAJU TAN         BLTA            766.11      -1,173.91
BERLIAN LAJU TAN         BLTA            766.11      -1,173.91
BORNEO LUMBUNG           BORN          1,050.10        -541.61
BUMI RESOURCES           BUMI          6,595.57        -320.93
ICTSI JASA PRIMA         KARW             53.53         -10.11
JAKARTA KYOEI ST         JKSW             24.64         -34.00
MERCK SHARP DOHM         SCPI             92.25          -0.08
ONIX CAPITAL TBK         OCAP             13.75          -2.96
RENUKA COALINDO          SQMI             15.99          -0.30
SUMALINDO LESTAR         SULI             77.28         -34.38
TRUBA ALAM ENG           TRUB            216.87         -34.67
UNITEX TBK               UNTX             20.62         -17.28


INDIA

ABHISHEK CORPORA         ABSC             53.66         -25.51
AGRO DUTCH INDUS          ADF             85.09         -22.81
ALPS INDUS LTD           ALPI            201.29         -41.70
ARTSON ENGR               ART             11.64         -10.64
ASHAPURA MINECHE         ASMN            162.39         -16.64
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
BHARATI SHIPYARD         BHSL          1,428.69         -17.76
BINANI INDUS LTD          BZL          1,163.38         -38.79
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            462.53         -52.19
DISH TV INDI-SLB       DITV/S            462.53         -52.19
DUNCANS INDUS             DAI            122.76        -227.05
ELECTROTHERM IND          ELT            501.15         -96.22
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            314.24         -76.26
GANESH BENZOPLST          GBP             44.05         -15.48
GANGOTRI TEXTILE         GNTX             54.67         -14.22
GOKAK TEXTILES L         GTEX             48.71          -5.00
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             15.26        -304.68
GUPTA SYNTHETICS        GUSYN             44.18          -6.34
HARYANA STEEL            HYSA             10.83          -5.91
HEALTHFORE TECHN         HTEC             14.74         -46.64
HINDUSTAN ORGAN           HOC             57.24         -51.76
HINDUSTAN PHOTO          HPHT             49.58      -1,832.65
HIRAN ORGOCHEM             HO             14.56          -4.59
HMT LTD                   HMT            106.62        -454.42
ICDS                     ICDS             13.30          -6.17
INDAGE RESTAURAN          IRL             15.11          -2.35
INDOSOLAR LTD            ISLR            193.78          -6.91
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          2,856.84        -697.07
JET AIRWAYS -SLB      JETIN/S          2,856.84        -697.07
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
KSL AND INDUSTRI        KSLRI            269.42         -14.19
LML LTD                   LML             43.95         -78.18
MADHUCON PROJECT        MDHPJ          1,226.74         -21.90
MADRAS FERTILIZE          MDF            289.78         -34.43
MAHA RASHTRA APE         MHAC             14.49         -12.96
MALWA COTTON             MCSM             44.14         -24.79
MAWANA SUGAR             MWNS            142.07         -32.88
MODERN DAIRIES            MRD             38.61          -3.81
MOSER BAER INDIA          MBI            727.13        -165.63
MOSER BAER -SLB         MBI/S            727.13        -165.63
MPL PLASTICS LTD         MPLP             17.67         -51.22
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             55.11         -52.44
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            105.10        -183.38
QUINTEGRA SOLUTI          QSL             16.76         -17.45
RADHA MADHAV COR         RMCL             10.33         -48.95
RAMSARUP INDUSTR         RAMI            433.89         -89.28
RATHI ISPAT LTD          RTIS             44.56          -3.93
RELIANCE MED-SLB        RMW/S            279.61        -144.47
RENOWNED AUTO PR          RAP             14.12          -1.25
RMG ALLOY STEEL           RMG             66.61         -12.99
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             53.12         -30.47
SBEC SUGAR LTD          SBECS             92.44          -5.61
SERVALAK PAP LTD         SLPL             61.57          -7.63
SHAH ALLOYS LTD            SA            168.13         -81.60
SHALIMAR WIRES           SWRI             21.39         -24.28
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
SHREE RENUKA SUG         SHRS          2,162.34         -82.52
SHREE RENUKA-SLB       SHRS/S          2,162.34         -82.52
SIDDHARTHA TUBES          SDT             44.95         -15.37
SIMBHAOLI SUGARS         SBSM            268.76         -54.47
SPICEJET LTD             SJET            489.96        -170.22
SQL STAR INTL             SQL             10.58          -3.28
STATE TRADING CO          STC            556.35        -392.74
STELCO STRIPS            STLS             11.65          -5.73
STI INDIA LTD            STIB             21.69          -2.13
STL GLOBAL LTD           SHGL             30.73          -5.62
STORE ONE RETAIL         SORI             15.48         -59.09
SURYA PHARMA             SUPH            370.28          -9.97
SUZLON ENERG-SLB       SUEL/S          5,061.62         -53.02
SUZLON ENERGY            SUEL          5,061.62         -53.02
TAMILNADU JAI            TNJB             17.07          -1.00
TATA METALIKS             TML            122.76          -3.30
TATA TELESERVICE         TTLS          1,311.30        -138.25
TATA TELE-SLB          TTLS/S          1,311.30        -138.25
TIMEX GROUP IND          TIMX             20.14          -0.42
TIMEX GROUP-PREF        TIMXP             20.14          -0.42
TODAYS WRITING           TWPL             18.58         -25.67
TRIUMPH INTL             OXIF             58.46         -14.18
TRIVENI GLASS            TRSG             19.71         -10.45
TUTICORIN ALKALI         TACF             17.17         -22.86
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
WEBSOL ENERGY SY         WESL            105.10         -23.79


JAPAN

GOYO FOODS INDUS            2230          11.13          -1.81
LCA HOLDINGS COR            4798          21.73          -1.75
OPTROM INC                  7824          15.63          -4.50
PIXELA CORP                 6731          13.97          -0.02


KOREA

HYUNDAI CEMENT              6390         454.92        -262.92
SAMWHAN CORP                 360         624.46          -9.54
SAMWHAN CORP-PRE             365         624.46          -9.54
SHINIL ENG CO              14350         199.04          -2.53
STX CORPORATION            11810       1,275.13        -484.08
STX ENGINE CO LT           77970       1,170.67         -62.72
TEC & CO                    8900         139.98         -16.61
TONGYANG INC                1520       1,068.15        -452.52
TONGYANG INC-2PF            1527       1,068.15        -452.52
TONGYANG INC-3RD            1529       1,068.15        -452.52
TONGYANG INC-PFD            1525       1,068.15        -452.52


MALAYSIA

BIOSIS GROUP BHD          BGH             10.39          -7.66
DING HE MINING            705             48.83         -57.14
HAISAN RESOURCES          HRB             23.80         -20.90
HIGH-5 CONGLOMER         HIGH             29.86         -65.83
LION CORP BHD            LION          1,128.18        -160.72
ML GLOBAL BHD             MLG             13.23          -4.07
OCTAGON CONSOL           OCTG             14.55         -53.99
PERWAJA HOLDINGS         PERH            515.46        -163.63


NEW ZEALAND

PULSE ENERGY LTD          PLE             15.04          -4.52


PHILIPPINES

CYBER BAY CORP         CYBR               13.68         -25.95
DFNN INC               DFNN               14.84          -2.76
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
METRO GLOBAL HOL        MGH               40.90         -15.77
PICOP RESOURCES         PCP              105.66         -23.33
STENIEL MFG             STN               21.07         -11.96
UNIWIDE HOLDINGS         UW               50.36         -57.19


SINGAPORE

CHINA GREAT LAND        CGL               12.24         -21.26
GPS ALLIANCE HOL        GPS               15.91          -0.61
OCEANUS GROUP LT      OCNUS               81.89         -13.92
QT VASCULAR LTD        QTVC               17.99         -11.99
SCIGEN LTD-CUFS         SIE               46.71         -55.42
SINGAPORE EDEVEL        SGE               12.81          -3.18
SINOPIPE HLDS          SPIP              146.50         -80.06
TERRATECH GROUP        TEGP               13.55          -5.24
UNITED FIBER SYS        UFS               46.83         -87.24


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
BIG CAMERA COP-F      BIG/F               19.86         -13.03
BIG CAMERA CORP         BIG               19.86         -13.03
BIG CAMERA -NVDR      BIG-R               19.86         -13.03
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
ITV PCL-NVDR          ITV-R               36.02        -121.94
K-TECH CONSTRUCT    KTECH/F               38.87         -46.47
KTECH CONSTRUCTI      KTECH               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
PAE THAI PUB CO         PAE               42.42          -0.28
PAE THAI-FRGN         PAE/F               42.42          -0.28
PAE THAI-NVDR         PAE-R               42.42          -0.28
PATKOL PCL               PK               52.89         -30.64
PATKOL PCL-FORGN       PK/F               52.89         -30.64
PATKOL PCL-NVDR        PK-R               52.89         -30.64
PROFESSIONAL WAS        PRO               10.68          -1.71
PROFESSIONAL-F        PRO/F               10.68          -1.71
PROFESSIONAL-N        PRO-R               10.68          -1.71
SHUN THAI RUBBER      STHAI               13.16          -6.13
SHUN THAI RUBB-F    STHAI/F               13.16          -6.13
SHUN THAI RUBB-N    STHAI-R               13.16          -6.13
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              169.38        -510.60
TT&T PCL-NVDR        TTNT-R              169.38        -510.60
TT&T PUBLIC CO-F     TTNT/F              169.38        -510.60
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



                             *********

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

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

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


                            *********


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

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

Copyright 2015.  All rights reserved.  ISSN: 1520-9482.

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



                 *** End of Transmission ***